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Green shoots in the fine wine market

  • Green shoots are starting to appear in the fine wine market after a year of consistent declines.
  • On a regional level, prices for Champagne and Italian wine rose last month.
  • We highlight individual brands that have shown positive performances over the last three months.

Green shoots are starting to appear in the fine wine market after a year of consistent declines. The industry benchmark, the Liv-ex 100 index, has been on a freefall since March 2023, dipping 14.6% during this time. Meanwhile, the broader Liv-ex 1000 index has fallen 15.3%.

But the market is now showing modest signs of recovery. In February, the Champagne 50 index rose for the first time in 18 months (1% MoM). The Italy 100 index also went up in December last year, and again in February amid a flurry of new releases.

Green shoots generally refer to signs of growth during a downturn. These are especially visible in regional performances.

Looking at individual wines, there are more reasons for cautious optimism. Leading brands from Bordeaux, Champagne, Burgundy, Tuscany and Piedmont have been trending upward over the last three months.

Champagne bounces back

For instance, a number of Champagnes have risen between 2% and 7% since the end of last year, including Dom Pérignon (2%), Salon Le Mesnil-sur-Oger Grand Cru (4%), Pol Roger (6%) and Veuve Clicquot La Grande Dame Rosé (7%). By contrast, many of these wines were on a downward trend six months ago. Although they have made only small gains, it looks as if tables have started to turn.

Italy’s resilient performance

This theme can also be observed in Italy. From Tuscany, Ornellaia has risen 3% in the last three months, while Antinori’s Guado Al Tasso is up 2%. Even bigger moves have been made by some Piedmont brands, like Produttori del Barbaresco Montestefano Riserva up 7%. Comm. G.B. Burlotto Barolo and Vietti Barolo Brunate have increased by 3% and 2% respectively. As examined last week, recent high-quality Italian releases have stimulated demand and secondary market activity for the region.

Bordeaux and the search for value

In Bordeaux, value has proven to be key. Popular wines beyond the First Growths and the top names have enjoyed price appreciation. These include Château Malescot St. Exupéry (3%), Château Gruaud Larose (2%) and Château La Gaffelière  (2%). The average case price of these wines comfortably sits below £750.

Burgundy’s return to stability

Burgundy, which has fallen the most of all regions, also seems to be making a comeback with some high-flyers. Among them are Domaine Faiveley Gevrey-Chambertin Vieilles Vignes (12%) and Maison Louis Jadot Vosne Romanée Premier Cru Les Beaux Monts (7%).

While the general theme of the market continues to be one full of buying opportunities at cheaper-than-average prices, recent signs of growth suggest that a slow and steady recovery might soon be underway for some regions.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Italian wine enjoys demand amid new releases

  • New releases from Italy have led to increased secondary market activity for the region.
  • Italian fine wine prices rose in February with some wines enjoying double-digit returns.
  • The 100-point Sassicaia 2021 has traded with a premium since its release last month.

Italian wine is currently in the spotlight amid a flurry of new releases, including the high-quality Brunello 2019 vintage and the 2021 vintage of the Super Tuscans Sassicaia and Ornellaia.

Brunello 2019 enters the market

The 2019 Brunello vintage is shaping up to be exceptional, potentially surpassing the subsequent vintages of 2020, 2021, and 2022, which were characterised by significantly higher temperatures. In terms of quality, critics have placed it on par with 2016, 2010 and 2006.

While Brunello may not dominate the fine wine market as prominently as the Super Tuscans, it has potential for attractive investment returns, especially from producers like Biondi Santi, Poggio di Sotto, and Casanova di Neri. These wines often come at more appealing price points compared to their counterparts.

For instance, Biondi Santi Brunello di Montalcino has risen 73% in value over the last five years, outperforming the likes of Sassicaia and Masseto. Poggio di Sotto’s performance has been equally impressive, rising 187% in the last decade, while Casanova di Neri Tenuta Nuova has been up 126%. At the top end, the more expensive and highly sought-after Soldera Casse Basse has returned 237% over the same period.

The historic performance of these brands strengthens the case for buying in vintages where the quality is high, and where the releases offer relative value.

Super Tuscan releases

In the world of fine wine, the most talked about Italian releases have been Sassicaia and Ornellaia 2021.

Ornellaia 2021 was released at £1,850 per 12×75, the same price as the 2020 release. At this price, the wine is the most expensive recent vintage on the market since 2016. Antonio Galloni (Vinous) awarded it 99-points and said that it ‘captures all the magic of this sensational vintage on the Tuscan Coast’. Meanwhile, Monica Larner (Wine Advocate) gave it 96-points and described it as ‘a very open-knit and exuberant Tuscan red’.

Ornellaia

Sassicaia 2021 was released last month at £2,500 per case, up 4.2% on the 2020‘s release price. The wine has since traded at a premium on the secondary market. It received 100-points from Monica Larner who called it ‘a quintessential Sassicaia that represents the excellence of the vintage and also respects the unique taste profile of this distinguished Tuscan blend of Cabernets Sauvignon and Franc’. Galloni gave it 98+ points and noted that it was ‘one of the best young Sassicaias I can remember tasting’. ‘In a word: magnificent’, said the critic.

Sassicaia

Italy gathers momentum

Recent releases have stimulated the secondary market for Italian wine. The region has been the best performing fine wine market segment over the last two years, as well as in the last few months. In February, the Liv-ex Italy 100 index posted a modest rise of 0.1%, but some vintages of Fontodi Flaccianello delle Pieve Colli della Toscana Centrale, Tignanello and Giacomo Conterno Barolo Monfortino Riserva enjoyed double-digit returns.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Bordeaux 2021 in bottle: Vinous’ top-scoring wines

  • Neal Martin said Bordeaux 2021 shouldn’t be dismissed and identified an ‘overachiever’ among the wines in this challenging vintage.
  • According to Antonio Galloni, the quality is higher on the Left Bank than on the Right Bank.
  • A dry white wine and a Sauternes were the critics’ top-scoring wines from the vintage.

Vinous recently published two separate Bordeaux 2021 in-bottle reports by Neal Martin and Antonio Galloni. In this article, we summarise their views on this polarising vintage.

Why Bordeaux 2021 should not be ignored

In his report, titled ‘2+2=5: Bordeaux 2021 In Bottle’, Neal Martin explained why ‘irrationality tastes good’ and why Bordeaux 2021 shouldn’t be ignored. He said that ‘on paper, a cursory glance at the troubled growing season would make any rational person dismiss its wines’. But the critic argued that they would be wrong.

While Martin awarded few wines more than 95 points, he advised readers against ‘thinking that the 2021 vintage is incapable of giving sensory and intellectual pleasure’.

According to him, advanced technology and refined winemaking made a fundamental difference at the top end, and thus 2021 cannot be compared ‘with off-vintages like 1977, 1992 or arguably even 2013’.

Martin singled out Les Carmes Haut-Brion as an ‘overachiever’ that ‘halts you in your tracks’ and noted that ‘there is a cluster of very strong-performing wines on the Left Bank that merit attention and possess the substance to repay cellaring’. He added that ‘the Right Bank matches the Left Bank, particularly the usual names on the Pomerol plateau […] and likewise those in Saint-Émilion on free-draining limestone soils’.

Similarly, Galloni found ‘a wide range of compelling wines that merit attention’ within the context of a challenging growing season.

‘In many ways, 2021 can be summarized as a year in which classic Bordeaux weather of the past meets the technical know-how of today in both the vineyard and winery,’ the critic argued.

Overall, he said, ‘the quality is higher and more consistent on the Left Bank over the Right Bank, even though at the very top, the best Right Bank wines can only be described as stellar’.

Galloni called Calon Ségur, Ducru-Beaucaillou, Lafite Rothschild, Pichon-Comtesse and Rauzan-Ségla ‘magnificent’, Les Carmes Haut-Brion – ‘majestic’, Vieux Château Certan, Cheval Blanc, Canon, and Lafleur – ‘compelling’. He also made a special mention of the dry white wines, namely Smith Haut Lafitte Blanc, Haut-Brion Blanc and Domaine de Chevalier Blanc.

Top-scoring Bordeaux 2021 wines

Neal Martin Bordeaux 2021 scores

Neal Martin’s top-scoring Bordeaux 2021 was a dry white wine, La Mission Haut-Brion Blanc, while Galloni gave a near-perfect score to a wine from Sauternes – Suduiraut.

Wines that appeared in both critics’ top ten included Les Carmes Haut-Brion, Vieux Château Certan, Lafleur, and Cheval Blanc.

For Galloni, Vieux Château Certan ‘may very well be the wine of the vintage from the Right Bank’, while Martin commented that it ‘transcends the limitations of the growing season’, calling it ‘outstanding’.

Another wine that critics agreed on was Lafleur, which Galloni described as ‘incredibly fascinating’ in 2021, and Neal Martin noted as a ‘strong contender for the wine of the vintage’.

Antonio Galloni Bordeaux 2021 scores

Full report and tasting notes are available on Vinous.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Wine Advocate releases Bordeaux 2021 in-bottle scores

Bordeaux 2021
  • Wine Advocate has released William Kelley’s report on Bordeaux 2021 in-bottle.
  • According to the report, the best producers ‘especially those working with the best terroirs […] have produced some excellent wines’.
  • Haut-Brion, Cheval Blanc and Montrose were the highest-scoring wines of the vintage, receiving 97 points.

Wine Advocate has released William Kelley’s report on Bordeaux 2021 in-bottle based on his tastings, alongside his colleague Yohan Castaing. Kelley’s in-bottle verdict confirms his En Primeur assessment of this variable vintage.

A farmers’ vintage

Kelley wrote that the results were mixed, but ‘the best farmers, especially those working with the best terroirs and armed with the resources to take risks and make a strict selection, have produced some excellent wines’.

2021 is largely seen as a ‘farmers’ vintage’. According to Kelley, ‘the best 2021s are beautiful wines that exemplify how much technical progress Bordeaux has made over the last decade in the vineyards and in the winery’.

He attributes the best results to nurture over nature; however, this ‘doesn’t change the results in the glass’.

Vintage comparisons

Due to the heterogeneous nature of the 2021s, stylistic comparisons with back vintages are harder to make. For Kelley, ‘many wines are supple and charming, reminiscent of a modern-day version of the 1999 vintage: the perfect “restaurant vintage,” if one forgets their price’.

He added that ‘some of the best northern Médoc reds, with their serious, intensely Cabernet Sauvignon-driven personalities, evoke the 1996 vintage; whereas the Right Bank’s best 2021s are more sensual and seductive’.

When it comes to pricing, many 2021s are now available below their release price, making them an attractive investment proposition where quality is high.

The best Bordeaux 2021s

Kelley highlighted Cheval Blanc (97), Figeac (96+), Haut-Brion (97), Léoville-Las Cases (96+) and Montrose (97) as his wines of the vintage.

For Castaing, the 2021 First Growth reflects ‘the timeless elegance of Haut-Brions from cooler years [and] will delight Bordeaux purists’.

When it comes to Cheval Blanc, Kelley revealed that ‘director Pierre-Olivier Clouet even considers it to be superior to the 2020, a preference that I share’. The 2021 is one of the most affordable recent vintages from the estate.

The other highest-scoring wine, Montrose, got Kelley’s ‘nomination for the title of “wine of the vintage” in the Médoc’. The critic said it ‘entirely transcends the limitations of the year’.

Bordeaux 2021 in-bottle scores

Full report and tasting notes are available on the Wine Advocate’s website.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Assessing the Burgundy 2022 En Primeur campaign

Burgundy 2022
  • Burgundy prices continued to spiral downwards in January, falling 3.7%.
  • This created a challenging backdrop for the unfolding Burgundy 2022 campaign, which saw about 10% of producers reduce pricing year-on-year.
  • The current market dynamics offer investors a unique window to enrich their collections with both new gems and proven performers.

Burgundy took the spotlight at the beginning of the year with the unfolding 2022 En Primeur campaign. Already in our Q4 2023 report, we questioned the potential of the new releases to stimulate an otherwise dormant market. On the one hand, there was the excitement of the new mixed with high quality and quantity playing to the campaign’s advantage; on the other, much depended on pricing.

Market conditions and pricing challenges

Burgundy prices continued to spiral downwards in January, with the Liv-ex Burgundy 150 index starting the year with a 3.7% decrease. To say that this created a challenging backdrop for the new releases would be an understatement. Prices at release had to come down.

And partially they did. According to Liv-ex, about 10% of the top producers ‘lowered their prices year-on-year’. However, ‘about 40% raised their prices, even if only modestly’. Thanks to greater quantities, allocations were mostly restored.

Burgundy 2022 – ‘a treasure trove’

As the first releases landed, Burgundy 2022 enjoyed a positive reception from critics and trade. Neal Martin (Vinous) advised that ‘if your favourite growers’ price tags seem fair, then I would not hesitate diving in’. He described the 2022 vintage as ‘Burgundy’s latest trick: a treasure trove of bright ‘n bushy-tailed whites and reds in a season that implied such wines would be impossible, wines predestined to give immense drinking pleasure’.

Investment perspective and older vintages

However, prices for older vintages remain under pressure, creating buying opportunities for already physical and readily available wines. For instance, three of Burgundy’s outstanding long-term wine performers have all seen dips between 15% and 10% in the last year. Over the last decade, however, DRC Vosne-Romanée Cuvée Duvault Blochet is up 388%; Georges Roumier Bonnes Mares – 339%, and Armand Rousseau Chambertin – 279% on average.

Burgundy wines performance

Meanwhile, the Burgundy 150 index has decreased 16% in the last year. Still, the overall long-term index trajectory remains upwards, as the chart below shows.

Burgundy index

Searching for value

The current market dynamics offer investors a unique window to enrich their collections with both new gems and proven performers across older physically available vintages.

When it comes to the latest, the Burgundy 2022 En Primeur campaign presents a complex tapestry of quality, quantity, and pricing amidst challenging market conditions. Despite initial price pressures, the adjustments made by producers and the positive critical reception underscore the potential of the new releases. Neal Martin’s endorsement further elevates the vintage, suggesting that for the discerning buyer, Burgundy 2022 provides not just immediate drinking pleasure but also long-term investment opportunities.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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‘Dragon’ wines for Chinese New Year

Chateau Beychevelle dragon boat
  • The Chinese zodiac has historically impacted fine wine demand in Asia.
  • 2024 is the year of the Wood Dragon, with previous vintages under the same sign being 2012, 2000, 1988 and 1976.
  • We examine the best wines from these ‘Dragon’ years and other associated labels.

As the Lunar New Year draws near, that of the Wood Dragon, the fine wine market is feeling the influence of the Chinese zodiac. Historically, the zodiac has had an impact on buying, particularly in Asia, with increased demand for wines from previous vintages carrying the same zodiac sign or those symbolically linked to it. Which will be the trending ‘Dragon’ wines this year?

Past ‘Dragon’ vintages

The last four ‘Dragon’ vintages were 2012, 2000, 1988 and 1976.

2012

In terms of growing season, the most recent 2012 ‘Dragon’ year was challenging in many fine wine producing regions, including Bordeaux and Burgundy, which led to mixed quality. However, it is widely considered as one of the greatest Champagne vintages this century, with Tuscany and the Rhône also excelling in some areas. Famous 100-point (Wine Advocate) wines include M. Chapoutier Ermitage l’Ermite from the Rhône (rated by Jeb Dunnuck), L’Eglise-Clinet from Bordeaux (William Kelley), Pingus (Luis Gutiérrez) from Spain and Screaming Eagle (Robert Parker) from California.

2000

The 2000 vintage was brilliant in Bordeaux with many of the wines now reaching maturity. This classic vintage saw Parker award Pavie, La Mission Haut-Brion and Pétrus 100-point scores, with Lafleur receiving the same perfect score from Neal Martin, and Cheval Blanc from Antonio Galloni. The 2000 was also another legendary year for Champagne, with highly rated wines including Krug Clos du Mesnil, Louis Roederer Cristal and Dom Pérignon P2. In Burgundy, the vintage was largely seen as one for early consumption due to low acidity, but many of the wines are now drinking perfectly. The appellations that shone were Nuits-Saint-Georges, Chambolle-Musigny and Morey-Saint-Denis.

1988

A great year for the sweet wines of Bordeaux, 1988 Sauternes and Barsac have stood the test of time. Initially considered a Right Bank vintage, Lisa Perrotti-Brown MW (The Wine Independent) recently wrote that wines ‘from Saint-Émilion, Pomerol, and Pessac-Léognan […] should be drunk soon’. 1988 is another vintage to drink soon in Burgundy that produced classic, long-lived wines with good depth of fruit. The year was much more abundant in Chardonnay than in Pinot Noir, and hence better for reds than for whites.

1976

Going back close to 50 years, the 1976 vintage was a mixed bag for much of the wine world. In France, Champagne and Alsace fared better than Bordeaux and Burgundy, and Germany enjoyed a fantastic year. The most significant event was the Judgement of Paris tasting, which put California on the fine wine map. In terms of 100-point wines, Robert Parker’s 1976 favourites were Penfolds Grange and Guigal Côte-Rôtie La Mouline.

Beychevelle – the most famous ‘Dragon’ wine

When it comes to associations, Château Beychevelle is an apt choice for the ‘Dragon’ year as its Chinese name means ‘dragon boat’. The wine’s label also depicts a ship with the head of a griffin. Its 2012 vintage is ‘one of the stars of St. Julien’, according to Parker, who described it as ‘elegant and powerful, rich and intense, but light on its feet’. He recommended drinking it between 2019 and 2051.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Burgundy 2022: a promising vintage in a challenging market

  • The 2022 vintage boasts high quality and quantity – ‘the largest crop in 23 years’.
  • It is being launched in a downward market, following ten months of consistent price declines.
  • As demand has tempered and stock has (re-)entered the market, the success of the upcoming releases will largely depend on pricing.

Burgundy’s 2022 vintage is being launched in a downward market, following ten months of consistent price declines. The success of the upcoming releases will largely depend on pricing, but will its quality and quantity have the potential to turn the tables?

Critical opinions on Burgundy 2022

Critic reports thus far have been overwhelmingly positive, applauding both the quality and the quantity of the vintage. 2022 marks the largest crop in 23 years, with some producers seeing double the yields of the previous year. According to Matthew Hayes (JancisRobinson.com), ‘across the whole of Burgundy, 2022 offered a whopping 75.4% more wine (red, white and crémant) compared with 2021’.

Contrary to expectations, the vintage produced wines with typicity, purity, and freshness despite the extreme weather. Hayes commented that ‘2022 was the second-hottest year that the Côte d’Or has endured this century and should logically have followed in the footsteps of the equally stifling solaire years of 2019 and 2020, producing wines with rich, deep fruit profiles and vibrant acidities to ensure long life but […] the wines show a generally impeccable balance of tidy, ripe fruit, discreet acidity and equally (and mostly) refined tannins’.

Hayes revealed that ‘the best-sited and best-rooted vines appeared to have coped well with the heat and in the Côte d’Or the excellence of the top premiers and grands crus shines clearly’.

The prevailing opinion is that 2022 is an excellent year for white wines, reminiscent of 2017 and 2020. Meanwhile, tasting notes from the Côte de Beaune and Côte de Nuits highlighted dense red wines with well-integrated tannins, simultaneously offering elegance and concentration. The wines are expected to be approachable in youth but with significant ageing potential.

However, the market onto which they are released is just as important as the releases themselves.

The current market for Burgundy

In October 2022, the Liv-ex Burgundy 150 index reached an unprecedented peak, marking a staggering 809.4% increase since its inception in December 2003. Twenty years later, Burgundy remains the best-performing fine wine region.

However, since its peak, prices have tumbled 17.4%. This decline has been attributed to various macroeconomic factors that led to a shift in investor sentiment. As the economic landscape became more uncertain, fine wine buyers have grown increasingly risk-averse, causing a contraction in demand for more volatile investments.

This trend was particularly pronounced in Burgundy, which had soared too high across the whole spectrum. At these stratospheric prices, the market saw more sellers than buyers, with investors keen to liquidate their stock. Top-tier Burgundy (re-)entered the market as sellers were looking to make gains.

This perception of increased risk and a preference for stability among investors led to a decrease in Burgundy’s trade share by value. The falling prices further exacerbated this trend.

Burgundy fine wine prices

The market conditions present a challenging backdrop for the high-quality high-quantity Burgundy 2022 En Primeur campaign. Will the excitement of the new be enough to stimulate demand?

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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The impact of Mouton Rothschild’s artist labels on market value

  • This Friday will see the artist label announcement of Château Mouton Rothschild’s 2021 vintage.
  • Over the last ten vintages, the average price increase in the month following the announcement has been 5%, signalling a potential investment opportunity.
  • The 2000 vintage illustrates the power of the special label, perfectly weathering market downturns.

Every year, Château Mouton Rothschild commissions a different artist to produce the label for their Grand Vin. The tradition began in 1945 when Baron Philippe de Rothschild decided to celebrate the end of World War II by creating a special label featuring a ‘V’ for victory, designed by Philippe Jullian. Since then, the list of alumni has included the likes of Salvador Dalí, Pablo Picasso, Joan Miró, Andy Warhol, David Hockney, Jeff Koons, Anish Kapoor, Lucien Freud, and Wassily Kandinsky. This Friday will see the label reveal of the 2021 vintage.

How has the label announcement impacted prices?

Over the years, this innovative approach has turned the Mouton Rothschild labels into a fusion of fine art and fine wine, making each bottle a highly desirable collector’s item. What’s more, prices for Mouton Rothschild have consistently increased in the month following the announcement.

The increase averages just under 5% over the last ten vintages. The 2012 vintage, with a label by Miquel Barcelo, rose the most, up 14.9%, followed by the Xu Bing’s 2018, up 12.6%. Last year’s label reveal of the 2020 vintage drove prices 8.6% higher in a month. There has been only one exception to this pattern with the 2015 vintage, down 4.3%. However, the wine is still up 11% since release.

In the last decade, prices for the brand, represented by our Mouton Rothschild index, have risen 44% on average.

Which are the best value labels today?

While there is a strong investment case for the Grand Vin, which vintages offer the best value today? The 2020 boasts 100-points from The Wine Advocate and is 13% cheaper than the other 100-point 2016 vintage. Its price rose 8.6% after the label announcement, which was designed by Peter Doig.

The 2021 is the most affordable recent release with a current Market Price of £4,400 per 12×75. However, given the trend of price rises post-announcement, one can expect potential changes.

Otherwise, buyers might wish to look back at the 2019 vintage, which received 100-points from Lisa Perrotti-Brown MW (The Wine Independent) and 97 points from Neal Martin (Vinous). The wine’s label, ‘The solar iris of Mouton’, was created by Olafur Eliasson.

The case of the 2000 vintage

If there is one special bottle that illustrates the power of art driving prices, it is that of the 2000 vintage. The bottle itself features an intricate gold engraving of the famous ram (Mouton) of the Rothschild coat of arms and stands out for its elegance and symbolic significance.

Mouton Rothschild 2000 weathered the Bordeaux market downturn of 2011-2014, when prices for the other First Growths fell sharply. The label continued to enjoy heightened demand in the Asian market, which only increased in 2015 – the year of the sheep, according to the Chinese zodiac. The wine has risen close to 750% in value since its release – an investment case that speaks for itself.

The innovative tradition of artist-designed labels by Château Mouton Rothschild not only merges the worlds of fine art and winemaking but also significantly elevates the market value, making them coveted treasures for collectors and investors alike.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Wine Spectator ‘Wine of the Year’ and critics’ top picks

  • Argiano Brunello di Montalcino 2018 ranked at Wine Spectator’s Wine of the Year.
  • Laurent-Perrier Champagne Grand Siècle Iteration N.26 took the first spot in James Suckling’s annual rankings.
  • Poggio di Sotto Brunello di Montalcino 2018 was Wine Enthusiast’s top cellar recommendation.

On Friday, Wine Spectator announced its ‘Wine of the Year’ – Argiano Brunello di Montalcino 2018.

The publication wrote: ‘In the world of wine, a change of ownership or a stylistic paradigm shift can reap huge benefits, but there are always risks. In the case of Argiano, change has paid off in spades, as new owners arrived with a commitment to a return to a more traditional expression of Brunello. Reflecting more than $10 million in investment in the estate over a decade, the stellar quality of Argiano Brunello di Montalcino 2018 earns it Wine of the Year honors from Wine Spectator in 2023.’

The wine has enjoyed increased demand after the announcement and has traded at a 45% premium on its Market Price. This is not a new phenomenon. According to Liv-ex, ‘over the last few years, most of the Wine Spectator’s top wines have enjoyed significant trading activity and an uptick in price’.

For instance, the 2018 Wine Spectator’s wine of the year, Sassicaia 2015, has seen its Market Price double from £1,350 per 12×75 to £2,700 after the announcement. Similarly, the 2019 wine of the year – Château Léoville Barton 2016 – enjoyed an immediate price surge.

This year, other investment-grade wines that ranked in the publication’s top ten list include Château Lynch Bages 2020 (3) and Château Pichon Baron 2020 (8).

James Suckling’s top picks for 2023

James Suckling also released his Top 100 World Wines 2023 and Wine of the Year report, giving Laurent-Perrier Champagne Grand Siècle Iteration N.26 the first spot.

The critic said that ‘it’s not just an incredible bottle of Champagne, it’s the best wine we rated this year out of the almost 39,000 reviewed by myself and my team of seven tasters/editors’. This is the ‘the largest number of wines [they] have ever reviewed in a year, beating last year’s record of about 32,000’.

Suckling’s top ten also included the 100-point Seña 2021 (3) and Château Figeac 2020 (4).

Wine Enthusiast’s top cellar selections

Another Brunello di Montalcino stole the spotlight in Wine Enthusiast’s annual rankings. Poggio di Sotto Brunello di Montalcino 2018 was their top cellar recommendation for 2023.

Their report stated: ‘This list represents what’s next in Wine Enthusiast’s Cellar Selections—wines with consistency and structure that aren’t necessarily the biggest and boldest. The number one wine, for example, is Poggio di Sotto’s 2018 Brunello di Montalcino, not the most legendary in its region of Italy but what a wine!’

Their number two wine was Ribera del Duero Vega Sicilia Unico 2012, which they described as ‘a proven collectible’ and a ‘gem’ which ‘represents Spain as an underappreciated wine country full of discoveries’.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Jeb Dunnuck’s top-scoring Southern Rhône releases

  • Jeb Dunnuck recently reviewed two vintages from Southern Rhône – the 2021 in bottle and 2022 in barrel.
  • He described 2022 as a ‘clear step up over 2021’.
  • Château de Beaucastel’s Châteauneuf-du-Pape Roussanne Vieilles Vignes 2022 received 100 points from the critic, and prices for the label have risen 60% in the last five years.

Last week, Jeb Dunnuck released his latest Southern Rhône report, reviewing the 2021 vintage from bottle and the 2022 mostly from barrel.

The critic observed that ‘the time of truly bad vintages is mostly over’ given ‘the advances in viticulture and winemaking’. This is especially true for ‘a region like the southern Rhône, which has so much flexibility with grape varieties and different terroirs’.

2021 – drinking rather than collecting

The 2021 Southern Rhône vintage was marked by devastating springtime frosts, which dramatically reduced yields. A cool, rainy year led to ‘forward and charming [wines], with mid-weight, linear, fresher profiles,’ according to Dunnuck.

Dunnuck said that ‘2021 is not a great vintage’ when tasted next to a top 2019, 2016 or 2010. While he commended the accessibility and finesse of the wines, which would be ‘loved by sommeliers’, the critic noted that ‘it’s not a vintage to seek out or buy in massive quantities for the cellar’.

2022 – checks in ‘behind the greats’

Dunnuck described the 2022s as ‘a clear step up over 2021s’. He noted that the vintage bears some similarities ‘to 2020 and 2011, if not a more linear, mid-weight version of 2009’. For him, ‘2022 looks to check in behind the greats of 2019, 2016, 2010, and 2007’.

However, the critic concluded that ‘the divergent styles throughout the region make 2022 a difficult vintage to describe in broad statements, so it’s a vintage that readers will need to approach on an estate-by-estate basis’.

Dunnuck’s top-scoring wines across both years can be seen in the table below.

Across both years, Jeb Dunnuck found perfection in one wine – Château de Beaucastel’s Châteauneuf-du-Pape Roussanne Vieilles Vignes 2022. Awarding it 100 points, he called it ‘pure Beaucastel magic’. Average prices for the label have risen 101% over the last decade, and 60% in the last five years.

The Rhône’s investment performance in 2023

Prices for the top Rhône labels have been falling this year. Across the Liv-ex 1000 regional sub-indices, the Rhône 100 has experienced the biggest decline, down 18.1%.

However, young vintages like 2019 and 2020 have been in demand. Moreover, some wines from Southern Rhône such as Château de Beaucastel Châteauneuf-du-Pape Blanc have been on an upward trend, rising 32.8% on average.

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