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Fine Wine as a Wasting Chattel

Fine Wine as a Wasting Chattel

From April 6, the British government will move to reduce the deficit through a number of measures, including very significant changes to capital gains tax thresholds. However, investors may find that “wasting chattel” investments could be a worthwhile solution to this.

From the new financial year 2023-2024, the threshold for paying capital gains tax (CGT) will be slashed, from £12,300 to £6,000 this year, and then again to £3,000 the following year – a full 75% fall. This added tax burden will inevitably eat into investor returns. However, the category of investments known as “wasting chattel” is exempt from CGT altogether, meaning that any gains made on these investments will allow investors to keep more of their profits.

Wasting chattel investments are assets with a predictable useful life not exceeding 50 years and can include things such as art, furniture, vehicles, and most importantly, fine wine. These may provide investors with a tax-efficient way to profit.

If you’re looking to balance out tax losses and protect your portfolio against inflation, then allocating more of your portfolio to wasting chattels may be a smart move. Collectible assets such as fine wine are often inflation-resistant and have a long history of good returns. They can therefore provide a much-needed buffer against the current economic environment; helping ensure the long-term success of your portfolio and the security of your financial well-being.

In these difficult economic times, adaptability is paramount, and it is essential for investors and portfolio managers to remain flexible by considering all investment tools and vehicles. Wasting chattels kick back against the upcoming tax hits, and can be an excellent option.

If this sounds like something of interest to you, why not schedule a consultation with WineCap? Our wine investment experts would be only too happy to guide you through the process.

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Fine Wine Taxation | Guide

Two fine wine bottles next to an oak barrel

Fine wine offers you a sound and lucrative investment. While traditional investors have only fairly recently discovered the tremendous opportunities available with fine wine, collectors have known about its profit-making value for hundreds of years. Through the centuries, shrewd wine lovers have been selling part of their collections as a way of subsidising their consumption, leveraging the gains of a uniquely rarifying asset against their own cellars.

Granting easy access to this highly lucrative asset, WineCap offers extensive advice from a team of seasoned experts who can help with sourcing, storage and other crucial aspects to wine investment. With the benefit of our industry-leading technology, we can help you make the most of a bespoke portfolio and reach your investment goals. 

Acting as agents, we take care of sourcing your wine and organising its storage and insurance while you remain in complete control over your investment. Thanks to our links to the UK, you’ll benefit from the most developed secondary fine wine market there is. You’ll also enjoy access to the worldwide wholesale market via the London International Vintners Exchange known as Liv-ex, allowing you to secure a fast and fruitful sale once you’ve reached your investment goals. Lastly, we feature an unparalleled global reach while being tactically positioned in London, the fine wine market’s premier hub.

Click the button below to download our Fine Wine Taxation Guide and learn more about our proven strategy for investment success. Do not hesitate to get in touch and speak to one of our wine investment advisors for further information and to reserve your allocations.

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Chinese Wine Imports on the Road to Recovery

Chinese wine buyers, tasting wine

Chinese wine imports have begun their revival as borders reopened to international travel following three long years of Covid restrictions that isolated the world’s most densely populated country.

As families reunite and look forward to a much needed period of recovery, the wine trade breathes a collective sigh of relief after surviving 2022, the year that saw the wine industry “hit rock bottom in both import and domestic market[s]”

An article, published by China’s leading wine news site Vino Joy News, examines the potential for a rebound in Chinese wine imports which dropped significantly in 2020 due to the successive lockdowns of the pandemic. The decline in corporate activities and cultural gatherings which usually drive crucial sales peaks saw revenues affected drastically. Experts are positive that the recent lifting of Covid restrictions will rejuvenate the market akin to the swift recovery of the restaurant industry since December’s relaxation of pandemic constraints.

The key factor driving this optimism is the increased demand for better quality wine from China’s increasingly affluent middle class. This is set to be further boosted by the recent relaxation of import tariffs, making wine more affordable for Chinese consumers. This year’s Spring Festival has seen revenues spike which suggests that other events like the Mid-Autumn Festival and National Day will have a similar effect.

Though there is a potential for the relaxation of Chinese food and beverage standards this is unlikely to affect the fine wine market, and overall the long-term outlook for Chinese wine imports remains very promising.

A key indicator of the market’s recovery will be the upcoming Chengdu wine fair in April, an event considered “a bellwether of China’s drinks industry” and likely a strong reflection of the country’s enthusiasm for fine wine.

With any luck, this will be the year that sees this major player in the fine wine market return to form.

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Bordeaux 2020 in Bottle

Bottles of Mouton Rothschild 2020

A number of key critics have delivered their thoughts on the third and final of the vintage triumvirate – Bordeaux 2020. The wines are characterized by lower alcohol levels, tension, and precision as a result of the warm and dry conditions with well-timed rainfall.

As the wines continue to become available in bottle, attentions have refocused on this vintage thanks to the unusual circumstances that surrounded it. With summer ripening and harvest taking place in the thick of the Covid-19 lockdown, restricted access to the estates meant that the growing season and processes took place relatively quietly and without the usual commentary. En primeur tastings were undertaken either remotely, or under tightly controlled conditions.

More recent tastings have revealed, however, that Bordeaux 2020 might be the champion of the three. Antonio Galloni concluded in his report, titled “Saving the Best for Last”, that “2020 is a great modern-day Bordeaux vintage. From the standpoint of both peaks and overall consistency, it surpasses 2018 and 2019.” Neal Martin notes in his report that “Overall, the 2020 vintage delivers the goods. It seals the trio of great Bordeaux vintages, albeit sculpted in a modern style” referencing that of the three vintages that encountered warmer conditions “by 2020, they knew a hell of a lot more than in 2018”.

Both praised Pauillac’s Lafite Rothschild and Mouton Rothschild, as well as the “epic” Château Margaux, powerful Montrose, and Pétrus, which Neal Martin proclaimed “an absolute killer”.

Jane Anson was fortunate enough to be one of a handful of people able to experience en primeur in Bordeaux itself. In her Bordeaux 2020 vintage overview she mentions the significance of a more focused year. Where producers could be fully dedicated to winemaking alone, this “allowed estates to put the spotlight on their own processes, and perhaps question certain accepted practices, or double-down on others.”

Anson also notes that Bordeaux 2020 has seen only limited trading so far, but that it is likely to pick up the pace soon as more wines become available.

Bordeaux 2020 looks to be a vintage with a lot to offer, and potentially one of those rare occasions where the third in the series is considered the best. At WineCap, we see excellent performance potential here and will be in touch with new offers on this promising offering soon.

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Digital Advancements Bring a New Generation of Wine Investors

Digital Advancements in Investments

NFTs (Non-Fungible Tokens) and fine wine may seem like an unlikely pairing. After all, wine is one of the very oldest investments, while NFTs are among the newest digital advancements. The markets couldn’t be more different either. While 20-somethings snap up digital tokens in the metaverse, 60-somethings traditionally dominate the fine wine universe at auction houses. But it’s precisely this titanic clash of old and new which is firing up the market so vigorously.

Like a jolt of electricity, a surge of digital advancements is jump-starting the established wine industry … and it’s bringing floods of eager new buyers along with it.

Vineyards get a taste for blockchain

Over the past year, esteemed vineyards have started to sell NFTs with bottles attached to them. Just like a certificate or receipt of purchase, but far more secure. When the investor is ready, they will redeem the NFT for the physical bottle. In the meantime, it’s usually stored securely for them.

Since blockchain cannot be altered or tampered with, some wineries are using the technology to guarantee quality and combat fraud. In recent years, counterfeit bottles and scammers have plagued the industry, costing wine investors upwards of 2.7 billion euros a year[1]. Using certified NFTs reassures buyers that the bottles they’re paying for are indeed the ones they’re getting.

Some vineyards, such as Màquina y Tabla, use this technology to sell wine en primeur[2] – or as wine futures. The international nature of NFTs lends itself well to this. Within the blockchain, investors can check exactly what chemicals, conditions and processes were used to make the wine. They can closely scrutinize the sustainability levels too.

Some experts are even suggesting that the default currency of fine wine could soon become crypto as the pound continues to encounter volatility.

New investors enter the wine market

The emerging NFT space couldn’t be more different from the traditional wine market. At the time of writing, most NFT investors come from India, Vietnam, Hong Kong, Singapore, and Brazil[3]. The age demographic is different too. Most NFT investors are between 18 and 34 years old.

While most NFT investors are true digital natives, they’ve also grown up in a snowball of recessions. This makes asset-backed digital investments like fine wine a welcome and intriguing option. Unlike most other NFTs, it’s something you can touch, with intrinsic value.

At the time of writing, this new breed of wine NFT investors seem keen, and they have money. Penfold’s 2021 NFT famously sold within just 12 seconds[4]. And in summer 2022, an NFT linked to an exclusive champagne bottle went for an eyewatering $2.5 million[5].

Additional income streams will benefit vineyards

As well as the new clientele, there’s another compelling reason why vineyards may be keen to sell NFTs with bottles attached. Perhaps it’s the strongest incentive of them all. Each time the NFT is traded, the vineyard can opt to get a small cut of the price.

Over time, as the wine NFT changes wallets, these incremental profits can stack up.

Extra streams of passive income will surely be very welcome to vineyards, as the industry grapples with climate change and forest fires. Producers can use the revenue to continue adapting, experimenting, or simply making up a cash shortfall – all of which is good news for wine investors.

Vineyards are keen to develop and invest in the NFT space. Some of the most famous wine families, including the houses of Rouzaud (Champagne Roederer and Château Pichon-Comtesse), Reybier (Saint-Estèphe’s Château Cos d’Estournel), Moueix (Videlot) and Perrin (Château de Beaucastel) poured a whopping 6 million euros into Winechain, a new wine NFT platform. It surely goes without saying that they’re likely looking for a return on their investments.

Vineyards can be more creative with NFTs

Trading NFTs online also gives vineyards a chance to include the kind of extras and luxuries that investors enjoy. There is almost unlimited room for creativity.

Château Angélus, for example, also include digital artwork and virtual wine-tasting sessions in the fine wine NFT package. The art appeals to NFT investors keen to build on their collection of unique digital assets. They can showcase these in their metaverse home or sell on to others. The wine tasting, of course, appeals to almost everyone.

New Zealand-based vineyard, Hello Fam, took things even further. This vineyard partnered with Graham Norton – voice of Eurovision and host of the One Show – to offer NFTs for their limited edition “HeDevil” wine. The NFT includes two bottles, physical artwork, and one lucky buyer got to attend a virtual tasting with Norton himself.

Unlike traditional bottles and barrels, vineyards can truly tailor wine investments and experiences around buyers. This opens the door to new potential, new markets, and new possibilities.

Investors should be wary of risks

While there is a world of possibility around these new digital advancements, there are drawbacks too.

The world of NFTs moves fast… a little too fast. With all the hype and possibilities around these digital advancements, it can be easy to get carried away. But – as always with investing – it’s important not to get swayed by the market noise.

As the oracle of Oklahoma, Warren Buffet, famously said, “The most important quality for an investor is temperament, not intellect. You need a temperament that neither derives great pleasure from being with the crowd nor against the crowd”.

Before diving into the fast-paced world of NFT wines and metaverse investments, investors should consider their long-term strategy and conduct careful analysis. Although vineyards create authentic NFTs, there are likely to be fakes around.

What’s more, NFTs are traded using cryptocurrency, so investors cannot buy and sell them with fiat money like pounds, euros, or dollars. This comes with its own set of headaches. Firstly, these digital coins are famously volatile. In March 2022 – an especially bad time – the value of Bitcoin fell by a colossal 60%[6]. Over 2023, some experts are predicting a further 40% drop[7]. The second largest cryptocurrency, Ethereum, has also been on a rollercoaster. In December 2021, a single coin was worth $4,624, fast-forward one year and it’s $1,296 – less than a third of the value[8].

The process of mining and trading cryptocurrencies – and by extension – NFTs is also reportedly detrimental to the environment. By contrast, fine wine investments are usually quite sustainable, and so NFTs could undo many of those important benefits.

Another consideration consideration of digital advancements in the industry is that cryptocurrency has been banned in nine countries, including China. This means that the waves of Asian investors entering the wine market, are probably coming through the traditional route.

The value of fine wine is likely to increase … But at what cost?

The new generation of buyers is likely to increase the market value of fine wine. As any economist will tell you, when demand outstrips supply, prices go up. It’s excellent news for today’s investors who may find that they can sell bottles for higher prices with greater liquidity.

However, investors who are looking to buy into NFT wines themselves should exercise caution. The space is still new and emerging, and regulations are being discussed as we write.

The environmental impact of NFTs and cryptocurrency on vineyards is already raising some eyebrows. Climate change alters the value of fine wine more than almost any other factor. While the marketplace welcomes new buyers and innovations, the integrity of fine wine must always come first.

Find out more about the latest fine wine trends and prices.

 

[1] Source: EU IPO

[2] Source: Club Enologique

[3] Source: Finder

[4] Source: Decanter

[5] Source: NFT Evening

[6] Source: CNBC

[7] Source: CNBC

[8] Source: Yahoo Finance

 

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Antonio Galloni’s 2019 Barolo Report

2019 Barolo

In his new report reviewing 2019 Barolo releases, Antonio Galloni has showered this “stellar vintage” with praise, noting that even though the summer brought intense heat, opportune rain and instinctive decision-making on the winemakers’ part led to wines that “don’t taste like wines from a warm vintage at all.” Following an inconsistent 2018, this return to form might very well signal a new cycle of strong to exceptional vintages for this storied appellation.

Those who value Nebbiolo’s complexity and finesse will be enthralled by the 2019 Barolo wines and their powerful, tightly-wound structures, which currently have the sort of youthful austerity akin to vintages like 2016, 2005, and 1999.

A relatively dry winter and typically warmer-than-average temperatures marked the start of the year before colder conditions and rainfall saw bud break delayed by two weeks. Though persistent rain threatened a repeat of the previous year, thankfully it turned out to be quite benign. The summer months were met with warmer weather balanced with rainfall and cool nights which led up to an ideal, slightly later harvest.

Among the stars are Vietti, with Barolo Ravera earning 100 points from Galloni, citing its energy and tension as exciting characteristics. Giacomo Conterno’s Barolo Riserva Monfortino comes in just behind at 97-99 points showing incredible refinement for its relative youth, and showing plenty of tannin and structure. Also, following the sad passing of Luciano Sandrone, both Barolo Le Vigne and Aleste scored 97 points and were praised for their energy and potential development.

WineCap sees a real opportunity in Italy at the moment and the wines of Piedmont in general. Keep an eye out for offers coming over the next few weeks. Many of these wines are not available yet, but rest assured that when they are, we will be certain to let you know.

Read more about Why Fine Wine Might be a Better Investment Than You Thought.

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Q4 2022 | Report

Bottles of fine wine

Our Q4 report, analysing the trends that shaped the fine wine market over the past three months, is now available to download. The report also provides a summary of the year in fine wine and a look ahead to 2023, accounting for the macroeconomic environment and core factors such as inflation, currency moves, new releases, supply, and levels of demand.

Fine wine shows remarkable resilience in 2022

The fine wine market remained bullish in the face of severe headwinds, which only started to impact its performance in the final quarter. 2022 brought a perfect storm of pandemic, war, inflation, climate change and unsteady politics, which led currencies, bonds and equities spiralling downwards. But fine wine did not experience any of the volatility that affected mainstream markets. Instead, all major fine wine indices finished the year with increases. Rare Burgundy and vintage Champagne enjoyed soaring demand and peaking prices.

graph of liv-ex 100 performing well against mainstream equities

What to expect in 2023

If 2022 was all about Burgundy and Champagne, 2023 is likely to see the return of more subdued market players, which offer value and quality. Stability will be a key theme in the new year as the economic outlook remains uncertain.

Although fine wine might experience a temporary drift following its bull run, many wines continue to set trading records. Among them in Q4 were some of the critics’ ‘wines of the year’ such as Talbot 2019 and Lynch Bages 2014. Bordeaux remains the market’s driving force, with heightened demand across both ‘on’ and ‘off’ vintages. But demand is also getting broader, with more wines considered investment-worthy than at any other point in history, be it grower Champagne, the Rhône, Italy, California or further afield.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by fine wine. Download our brand new report below for your summary of the past quarter in fine wine.

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6 Questions to Ask Yourself Before Investing in Fine Wine

Wine rack

Investments in fine wine have proved exceptionally popular over the recent years, bringing in new buyers and record trades[1]. And it’s easy to see why! There are many advantages to investing in fine wine, especially in the current high-inflation environment. However, before diving in, it’s important to take a step back and consider how fine wine could fit into your overall investment strategy.

Here are six questions to ask yourself before investing:

1. What is your investment goal?

Investment goals are unique to the investor. Some people dream of going on a lavish round-the-world trip, while others are simply looking to afford a comfortable retirement. Whatever your personal goal (or goals), take a moment to write it down.

Calculate how much your goal will cost and how much time you’ve got to get there. This forms the backbone of your investment strategy.

For example, if you’re hoping to put down a £150,000 deposit on a property in a decade, and you can afford to put aside £1,000 a month towards it, you will need to find the additional £30,000. This means your investment goal is to generate £30,000 over the next ten years. The way that you approach it depends on your unique time horizon and risk tolerance.

2. What is your time horizon?

The general rule is the more time you have, the more risk you can afford to take. Of course, there is always a chance with investing that you may get back less than you put in, but over longer periods this risk is mitigated.

Experts mostly agree that if you will need your money in less than five years – say one or two – it’s normally better to put it in a high-interest savings account. If you need it within the next five to ten years, a lower-risk and highly diversified portfolio could be the best option. Blue chip stocks, AAA graded bonds and market index funds could make up the bulk of your portfolio. If you have more than ten years to invest, you can probably afford to take more risk.

Pension fund managers normally follow this rule. Generally, young employees – who have multiple decades of work ahead – will be invested in high-risk illiquid assets. By contrast, those closer to retirement will be transitioned to low-risk, liquid investments.

Time is an important factor to consider as you begin to explore fine wines and consider how they could complement your strategy. As you research bottles, check that the maturity date matches your strategic timeline. Luckily, there are many different fine wines out there to suit different investors. You can effortlessly stay updated on the latest trends fine wine with Wine Track.

3. How much tolerance do you have for risk?

Your investment risk tolerance is nothing to do with your normal risk appetite. It’s about how you feel when the markets are volatile. It’s about whether the idea of your investments soaring and plunging in value makes you excited or nauseous. You could be a sky-diving, base-jumping crocodile physiologist and still feel queasy at thought of market downturns.

Figuring out the level of risk you’re prepared to take with your wealth is a crucial part of designing your investment strategy. After all, you don’t want to lose sleep over your investments, they are there to help you dream – not give you nightmares!

Different asset classes can be broadly grouped into different risk levels. On the lower-risk side, there’s investments like gold, property, or fine wine. These tend to provide stable and steady returns over time. On the higher risk-side are assets like crypto assets, high yield bonds, derivatives, or equity in start-ups. These are more volatile in nature, often soaring and plummeting quickly.

In the current environment, investors looking to mitigate their risk might be interested in inflation-shielding assets. These are usually physical and tangible investments like property, art, gold, collectibles, and of course, fine wine.

4. How much liquidity do you need?

If things take a turn for the worse, how much money will you quickly need to access from your investment portfolio? Or in other words – how much liquidity do you need?

Ideally, investors should not liquidate their portfolio before the right time. Doing so could unbundle the entire investment strategy and mean missed opportunities later down the line. For this reason, experts recommend keeping three to six months’ worth of living costs aside in a high-interest savings account. And many will also advocate to have a healthy surplus in a current account too.

However, sometimes life happens, and investors have no choice but to liquidate. Think carefully about how much of your portfolio you would need to sell in an emergency and how quickly you’d need the cash. This is an important part of planning your strategy.

Some assets can be quickly converted into cash. For example, many of the blue-chip shares and funds – such as those on the FTSE100 or S&P500 could usually sell within 24 hours. However other assets – especially those on the private market – can take several weeks, months or even years.

Generally, for fine wine it can take between weeks and months to sell bottles. But it depends on the time of year, type of bottle and asset maturity. With Wine Track, you can keep a close on the demand and prices of fine wine, so that you’re always up-to-date.

5. How diversified are you?

Nobel-prize laureate Harry Markovitz famously revealed, “Diversification is the only free lunch in investing”. As you build your investment portfolio, it’s important to diversify your revenue streams. This can help to shield your overall wealth from market shocks and prevent one downturn from slashing the value across your entire investments.

Alternative investments – such as art, antiques, commodities, and fine wine – are often used to boost diversification and provide different sources of returns (hence the name).

Because assets like fine wine derive their value intrinsically, they are less affected by the market turbulence outside. They are also traded away from the stock market. This provides a different source of revenue and helps to diversify portfolios.

As you build your overall portfolio, experts recommend aiming for a blend of different asset classes, sectors, and geographical locations. Reaching as far and wide as possible is one of the most effective ways to mitigate exposure to market shocks.

6. What’s your impact on the world?

One of the most profound questions for investors to ask themselves is what effect they’re having on the world around them. How their money is invested can make a dramatic difference on the planet.

Fortunately, many vineyards and fine wine investors care deeply about the environment. The quality of grapes is closely linked to the climate, and many wineries are working hard to adapt and mitigate the effects of the crisis. As an investment that thrives on the prosperity of vines, there’s a strong case to be made that fine wine is an ESG investment.

As you build your portfolio, consider carefully what your wealth is being used for and whether you agree with it. Your choice of investment gives you power and influence, use it wisely.

Discover more about how fine wine reacts in a recession.

 

[1] Source: Liv-ex

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Sotheby’s Wine & Spirits Auction Sales Top Record $150 Million in ’22

Bidders holding paddles up at auction

Fine wine and spirits sales at Sotheby’s hit a record-beating $150 million last year, an increase of 14% compared to the year before. 

69 wine and spirits auctions were held by the top auction house during 2022, which represents 30% more than in 2021. This new record for fine wine and spirits sold at auction doesn’t include private sales and retail sales.

The main revenue source was fine wine: delivering a total of $121 million last year. Spirits also contributed double-digit growth of 15% year-on-year with a total of $29 million, underlining the rising interest in investment-grade whiskies and fine spirits. 

One particular highlight included a unique assortment case of 12 bottles from the 1990 vintage of Domaine de la Romanée-Conti which sold for an estimate-breaking $118,750.

The Macallan The Reach 81 Years Old single malt, an incredibly rare special edition, went on auction in September at Sotheby’s in London. It was the oldest whisky ever to be entered into an auction and sold for £300,000 (or $325,740).

In the US, spirits sales doubled: up from $5 million to $12 million. The key driver can be attributed to a stronger demand for luxury bottles.

Asia remains a key focus for Sotheby’s, with the auction house’s 2023 continued expansion plans in the region. Sales in Asia contribute the most to the house’s total revenue from auctions: $54 million. What’s more, the auction house reported that Asian buyers represented 41% of sales by value in 2022.

Commenting on total sales, Yves de Launay, Head of Auction Sales, said: ‘Overall 2022 saw a very strong performance in a very challenging market.’ ‘Bordeaux and Burgundy clearly led the way with an increasing demand for vintage Champagne and rare wines for other regions such as Tuscany or Rhône. Demand should remain strong for the finest and rarest wines in 2023.’

Read about Christie’s December 2022 London auction that reached over £2.12 million in sales. 

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Champagne Jacquesson Purchased by Pinault Family

Champagne Jacquesson front label

François Pinault, owner of Artémis Domaines, has finalised the acquisition of Champagne Jacquesson.

In February last year, Artémis Domaines took control of a minority stake of 33% in Champagne Jacquesson. At the time there was speculation that a full takeover would ensue later in the year. Managing the Dizy-based operation with his brother Laurent since 1990, Jean-Hervé Chiquet has confirmed that the complete takeover happened in December 2022. Chiquet commented: ‘When we bought back Michael Mackenzie’s shares (in the company) at the end of 2020, we started to think about a new partner and found that Artémis Domaines was interested. We started to discuss options with them and agreed on their arrival as a minority shareholder last February.’

‘Since then, we have had time to get to know each other and, as Laurent and I have no successor in our family, we have decided to put Jacquesson in the best hands possible to guarantee its future and to be sure that our dedication to quality will remain or even be improved,’ Chiquet added. Although he and his brother won’t be actively involved in managing the company, ‘we will continue to supply the company with grapes from our own vineyards and I will stay on as a member of the board but without an operational role,’ Jean-Hervé added.

Located in Dizy outside of Epernay, the Jacquesson estate was purchased by Jean-Hervé and Laurent’s father in the 1970s. The estate dates back to the 18th century and Joseph Krug worked there before he founded his own house in 1843. The brothers have shaken up the ‘Brut sans année’ market with the introduction of their Cuvée 700 concept. Their first release – Cuvée 728 – centred on the 2000 harvest and was released in 2004.

Chiquet, who has previously spoken about his and his brother’s approach, said: ‘The Cuvée 700 concept is unique in Champagne and is the opposite of a non-vintage wine. We seek excellence rather than homogeneity, respect for the character of the vintage rather than its denial, and the preference to create a “house style”, the doctrine most other producers in Champagne follow for their non-vintage blends. Our Cuvée 700 is the only blended wine we produce; it is meant to be the expression of a year and thus each year offers a different identity which we recognise by numbering the cuvée.’

Read more about the Pinault family’s 2022 acquisition of Champagne Henriot.