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Part II Bordeaux climate change: adaptive viticulture the way forward?

With vineyard temperatures on the rise in Bordeaux, WineCap spoke with leading Bordeaux estates about how they’re fighting back to protect both wine heritage and future generations.

  • Adaptive viticulture is a widespread method of coping with climate change.
  • Traditional and experimental moderating methods are both in use.
  • High temperatures can be beneficial for recent and, potentially, near-term vintage quality.

Vineyard layout, clones, rootstocks, and varietal proportion: Château Beau-Séjour Bécot, Château Margaux, Château La Conseillante, and Château Pavie

To moderate the impact of climate change, Julien Barthe, co-owner of Beau-Séjour Becot has implemented a radical vineyard layout change to prevent berry burn. ‘The vineyard was formerly planted in an east-west direction. From mid-day to 1 pm, the sun arrived on the west side, right on the berries. This is why we changed the orientation from north to south ­— to avoid the same effect.’

Philippe Bascaules, managing director of Château Margaux has taken the same approach. ‘We decided to change the orientation of our rows,’ he told WineCap.

Barthe also explained that the house is using new clonal selections of Cabernet Franc to help retain the freshness in its Merlot-dominant blends.

Cultivating resilient vines was, similarly, the approach of Marielle Cazaux, the general manager of La Conseillante. ‘Climate change is a big question. We are thinking long term about rootstocks and grape variety.’

Referring to early-ripening Merlot’s vulnerability to climate change, Cazaux stressed the importance of preserving its classic wine profile. ‘We are adapting the rootstock to be more resilient against hydraulic stress and thinking about changing the clones a little bit.’

Olivier Gailly from Château Pavie said that his team had already begun experimenting with climate-resistant proportions of grape varietals at the turn of the century. The house replanted its vineyards with an increased quantity of later-ripening Cabernet Sauvignon and similarly-behaving Cabernet Franc to blend with Merlot. This proportion has helped to maintain wine freshness as temperatures rise. 

Adaptive vineyard management: Château Cheval Blanc, Château Angelus, and Château Calon Segur

Traditional vineyard management techniques such as dense canopy cultivation, durable old vine revival, and biodiversity practices that support the mitigation of climate change have been intensified around Bordeaux since at least the millennium. While some methods have a short time frame, Pierre-Oliver Clouet, winemaker and technical manager at Château Cheval Blanc, which famously voluntarily withdrew from the Saint-Émilion classification system in 2021, spoke about the need for a long-term view.

‘We should adapt today to preserve Cheval Blanc in 20 years,’ he told WineCap. ‘Global warming is going to be a problem because, with two or three more degrees, the wine quality is still going to be good enough, but the identity will not be the same.’

Clouet said the château implements cover crop techniques to protect the soil from high temperatures, enhance soil nutrients and resilience, and to conserve rainwater more efficiently. He has also planted trees to expand cooling shade for vines and is training plants that are heat- and disease-resistant.

Saint-Émilion peer Château Angelus, which also opted out of the appellation’s classification system in 2022, uses a device that assists with hydrating and cooling vines in a region with stringent irrigation rules. President and CEO Stéphanie de Boüard-Rivoal explained: For hail, we have a device that is a balloon that auto launches. It’s blown with helium and contains salt crystals so when it’s swollen by a cloud, it spreads out the salt and allows the ice to melt. Instead of having hail, we have rain,’ she told WineCap.

Cooling heat-stressed plants was also a priority for Vincent Millet, general manager of Château Calon Ségur. He told WineCap how he and his team are refining a mechanism to conserve cooling dampness in vineyard plots: ‘We are setting up specific enclosure systems which can trap and return humidity to the plant.’

Research and experimentation: Château La Dominique

While age-old vineyard methods are adapted to counter the perils of global warming, innovation is a key part of Château La Dominique’s philosophy.

General manager, Gwendoline Lucas, detailed the producer’s efforts in this area. ‘We are very concerned about climate change, so we started working with Bordeaux Sciences Agro years ago to do some research about how we can better manage our vineyard,’ she told WineCap. ‘We are also part of VitiREV, which is the first European fund specialising in viticultural ecological transition. We are like a laboratory testing new solutions from startups. We see a lot of proposals and when we think that something is quite interesting, we try it in our vineyard.’

Beneficial natural environment: Château Pavie, Château Canon, Cos d’Estournel, and Château Margaux

While acknowledging the potential hazards of climate change, several producers told WineCap that they had, to date, avoided any serious consequences of rising temperatures across Bordeaux by dint of resilient terroir. Whether location or soil composition, nature provides a mitigating influence to the heat, ensuring balance and traditional character in yield and wines.

‘We are fortunate to have this exceptional limestone terroir which really keeps a lot of freshness in the wine,’ said Olivier Gailly, commercial director of Saint-Émilion house Château Pavie. ‘Then we have the forests around the château which are very important to keep a bit cooler.’

Soil make-up was also cited by Nicolas Audebert, winemaker and general manager at fellow Saint-Émilion house, Château Canon. Referring to climate change, he said: ‘We see it in berry ripeness every day, but we still have a long way to go before we get into trouble because we are on a fantastic, limestone terroir.’

The water-retaining freshness of limestone guarantees that vines do not suffer severe heat stress, Audebert added, also noting the benefits of micro-practices.

‘There are a lot of fantastic wine producing regions in the world where the climate is warmer than here and they manage,’ he said. ‘I spent ten years in Argentina making wine so I have some experience of how we can evolve our viticulture to protect it. There are thousands of small things we can adapt to keep that elegant, vibrant, precise, style we like.’

Vineyard coolness was also cited by Charles Thomas, commercial director at Cos d’Estournel. ‘We are lucky enough to be in the north part of the Médoc where we have the Gironde River providing freshness to the vineyard.’

Not all Bordeaux producers regard climate change unfavourably and are optimistic that, with a responsive approach, the trials of the decades ahead will be overcome.

‘I think we are just at the beginning,’ Philippe Bascaules of Château Margaux told WineCap. ‘For the last ten years, summer drought and heat have helped us to make even better wine. But, of course, we know that if the temperatures continue to increase, we will be in big trouble because it will not only change the quantity of wine but also the style of the wine we want to produce.’

To this end, the chateau continues to be attentive and flexible in the face of global warming. ‘At least for the next 50 years, I’m quite optimistic that we will find the parameters and the techniques to continue to produce the wine of Château Margaux as it exists today,’ he said. ‘I don’t know about after that because who knows what the temperature will be in Bordeaux in 50 years?’

See also our Bordeaux I Regional Report

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Climate change in Bordeaux: are new varieties the answer?

WineCap spoke with leading Bordeaux estates on the much-discussed possibility of introducing new, heat-resistant grape varietals to this leading wine region to mitigate the impact of global warming.

    • Adaptive viticulture and winemaking were the prevalent answers to coping with climate change.
    • The minority considered old resilient Bordeaux varietals and new grapes.
    • Heritage and current appellation laws are significant.

 Adaptive winemaking: Château Pichon-Baron

Christian Seely, managing director of AXA Millésimes, owner of Château Pichon-Baron was firm that the response to climate change was not the introduction of new cultivars but rather adaptive winemaking.

‘Here at Pichon, 25 years ago, the blend tended to be around 65% Cabernet Sauvignon, 35% Merlot. These days, it’s 80% or more Cabernet Sauvignon and 20% Merlot,’ he told WineCap. ‘It’s not an answer to climate change, but it’s how we’re adapting because we are having more hot, sunny years which enable us to get the Cabernets magnificently ripe. In the old days, when we hadn’t got the Cabernets perfectly ripe, a nice bit of ripe Merlot was a useful element in the blend. It’s still a useful element, but we need less of it.’

This approach also softens the grape alcohol content that has steadily risen along with warmer growing seasons. ‘Merlot grapes here will probably have one degree more of alcohol than Cabernet. If you want to keep your wines under 14% abv, which we do at Pichon, one way of doing that is to increase the proportion of Cabernet Sauvignon.’

Traditional vineyard management and quality over trend: Château Canon-la-Gaffelière and Château Calon Segur

Stéphane von Neipperg, proprietor of Château Canon-la-Gaffelière, was uncompromising on his views about new varieties, preferring skilled, traditional viticulture instead.

‘Increasingly, some technical people are speaking about new varieties for wines. I’m just against it,’ he told WineCap. ‘They’re not proving that the quality is outstanding. They only prove that they don’t need to spray against mildew.’

Von Neipperg stressed the château’s effective practice of copper spraying which complements the composition of its vineyard soils and its cultivation of old vines that display hardiness to warmer summers.

‘We are well known for old vines. We have our own genetics and I think this is much more important than these new varieties.’

Vincent Millet, general manager of Château Calon Ségur has a similar approach to dealing with rising temperatures: massal selection and a decades-long vineyard restructuring plan to be completed in 2035.

‘We recovered old Merlot vines from 1940, Petit Verdot from the 1930s, and Cabernet Franc from the 1970s. We have created our own collection,’ he told WineCap. ‘This collection allows us to preserve a genetic heritage…which allows us to try to resist the increases in temperature.’

Under this climate change-defying scheme, rather than planting new cultivars, the château plans to plant more Cabernet Sauvignon and adjust the quantities of the other traditional Bordeaux varietals.

Potential of resilient Bordeaux varieties: Château Saint Pierre and Château Beychevelle

For co-owner of Château Saint Pierre, Jean Triaud, there is the possibility of regional heat-tolerant grape varieties thriving in warmer climates, making a comeback. He cited Malbec, a varietal that originated and still grows in southwest France and now flourishes in Argentina and Carménère, formerly planted widely in the Médoc and now the flagship black grape of Chile.

‘Those great varieties come from Bordeaux, but finally work much better in other places thanks to the weather. Why not come back?’

However, referring to appellation laws, he acknowledged that the situation was complex. ‘But it’s not so easy because here we don’t decide all the rules,’ he added.

While acknowledging the strict limitations of the appellation system, Philippe Blanc of Château Beychevelle had a similar perspective.

‘The most sensible thing would be to take varieties coming from the south, mainly Spain and Portugal, and see how they adapt here,’ he told WineCap. ‘It’s always this way. You go north and plant Pinot Noir in Sweden or Brittany or Chardonnay in Kent. Maybe it’s good to invest in Brittany or Normandy to make new vineyards in the future.’

Restrictive appellation laws: Château Beychevelle

General manager of Château Beychevelle, Philippe Blanc, is open to the possibility of introducing new heat-resistant grape varieties but recognises that the French appellation system is slow to react and evolve.

‘It takes a lot of time to reach an agreement. If I decide to plant Shiraz, I can make Vin de France, but I can’t make Saint-Julien. So, in terms of value, it’s difficult to do,’ he said. ‘I’ve got no new varieties but, we’ll keep an eye on this and as soon as we’re allowed to plant new grapes, even 2% or 3%, we’ll do it.’

Value of regional heritage and legacy: Château Margaux and Château Troplong Montot

Philippe Bascaules, managing director of Château Margaux said that the estate has the possibility of cultivar changes in mind and a designated block of vineyard for experimentation with new varietals. However, he told WineCap, ‘it’s not decided’.

‘Cabernet Sauvignon is the core of the blend of Château Margaux. The decision to change that is a big one. I’m not considering doing it in the next 50 years.’

Commercial director of Château Troplong Montot, Ferréol du Fou, was more direct about the option to use heat-resistant grapes as a buffer against climate change.

‘Burgundy has Pinot Noir. Bordeaux has Merlot, Cabernet Franc, Cabernet Sauvignon, and Petit Verdot. The solution is to work more in the vineyard, it’s not planting Tempranillo. It’s a plaster, it’s a bandage. We have to think about the next generation,’ he told WineCap. ‘Making Tempranillo in Bordeaux is stupid. I’m a bit harsh, but this is the truth for me.’

See also our Bordeaux I Regional Report

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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What makes a great vintage?

  • Grape quality and winemaking are central to vintage calibre.
  • The importance of the vintage varies according to the region.
  • An ‘average’ vintage can also increase in value.

‘A year of extremes’, ‘good yields’, ‘a cool start and wet finish’, ‘poor’, ‘outstanding’. These are typical phrases that describe the character of a particular vintage – but how do they, ultimately, translate into quality? Anyone interested in wine investment needs to be aware of the vintage impact on price and performance.

This article explores the factors that shape a ‘great vintage’ – from vineyard conditions to winemaking methods. Key figures at Bordeaux estates also weigh in with their comments on their preferred vintages from their châteaux. 

What does vintage mean?

The vintage indicates the year grapes were harvested. The wine made from such fruit reflects the weather conditions that the vine growth cycle experienced. Features like terroir and winemaking methods also impact the quality and character of a wine. However, winemakers often comment that wine is made in the vineyard meaning that the condition of the fruit is the dominant factor in a wine’s profile, cellar-worthiness and, ultimately, value. 

Is vintage always important?

The vintage year is of vital importance in some regions but of little significance in others. This depends on the local climate. 

If a climate features variable weather conditions each season, the resulting wine will display different traits every year. For example, in one particular year, grapes could contain higher or lower acidity than in previous vintages, more or less fruit concentration, or different sugar levels. Such factors affect the quality and identity of the wine, its age-worthiness, its valuation and the potential for this valuation to grow.

Regions where weather conditions are inconsistent year-on-year include Bordeaux, Burgundy, Champagne, the Rhône Valley, Napa Valley, Tuscany, and parts of Australia. This is why vintages from these areas frequently feature in discussion on drinkability, ageing potential and wine investment opportunities.

In places where climate and weather are more stable and wine character more uniform, vintage is, generally, less important. Such wine-producing countries and regions include Argentina, Chile, Spain, parts of California and New Zealand.

What factors influence a vintage’s quality?

The natural factors that contribute to the quality of a particular vintage include optimal weather conditions. Throughout the growth cycle of the vine, a balance of adequate rainfall, warm and dry conditions during the growing season, and cool nights aid the development of quality fruit. This means that the harvested berries contain an ideal balance of acidity, sugars, and tannic potential for the style of wine being made. Extremes like frost, hail, heatwaves and heavy rain can negatively impact the delicate equilibrium of these features, influencing the calibre of the wine. 

On the occasions when all environmental conditions line up harmoniously, the result is exceptional fruit and what is often referred to as a ‘legendary’, ‘exceptional’ or ‘outstanding’ vintage. Such years are rare and, therefore, memorable with resulting wines much sought after. 

The human influence on vintage quality encompasses a wide spectrum of vineyard practices that are utilised whenever necessary to mitigate unfavourable weather. Skilled vineyard management includes:

  1. Protection against frost with vineyard heating strategies.
  2. Organic and/ or biodynamic practices that can affect wine quality and potential.
  3. Disease pressure tackling to help prevent damaging vine ailments like rot or mildew.
  4. Hydric stress or excess rainfall management implemented at key stages to ensure balanced grape flavour concentration.
  5. Canopy management and foliage thinning to enhance grape quality.
  6. Timely harvest for optimal flavour and ripeness balance.

These vineyard approaches are the outcome of years, decades and even centuries of vinicultural experience and constitute part of the heritage of each wine region, adding to a vintage’s esteem and worth. Winemaking expertise similarly contributes to enhancing the value of a vintage.

Can vintage value evolve?

In wine investment, the value of a vintage is not necessarily fixed. While great vintages tend to enjoy ongoing value growth, other years can also display value development potential.

In short, while vintage is an anchor for a wine’s value in regions where it is a factor, it does not bear the sole influence on valuation. Other important determinants include:

  • Provenance
  • Age-worthiness
  • Producer/ winemaker/ brand reputation
  • Critic scores
  • Storage conditions 
  • Scarcity
  • Market trends

The Bordeaux perspective

WineCap asked Bordeaux winemakers which of their own vintages they would purchase and why. The replies illustrated some of the elements that make a great vintage.

Stéphanie de Boüard-Rivoal, co-owner and CEO of Château Angelus spoke of cellaring potential. ‘I would get a 2016,’ she said. ‘It is an incredible vintage, particularly for its depth, its complexity, and 100 years plus aging potential’.

Nicolas Audebert, winemaker and General Manager of Second Growth Château Rauzan-Ségla in Margaux mentioned how a vintage with a small crop led to an unexpectedly notable wine. ‘The concentration, the roundness, juiciness and intensity of the fruit in the 2018 is fantastic. It is a little bit outside of the classic, elegant style of Rauzan and Margaux, but so interesting in the reflection of the climate we had that year’.

Aline Baly, co-owner of Château Coutet, in the Barsac appellation highlighted excellent conditions and vineyard management for her choice: ‘The 2009 vintage is a combination of exceptional weather and exceptional work in the vineyard’.

For General Manager of Saint-Émilion Grand Cru Classé, Château La Dominique, Gwendoline Lucas, provenance and reputation were key to her vintage selection. ‘That would be 2019, because it’s the first vintage we created with Yann Monties, the technical director and also it is the 50th vintage for the Fayat family because they bought the château in 1969. So it is a very good vintage in terms of quality, but also full of history’.

Rarity and value-for-money drove the choice for Stéphane von Neipperg, owner of Château La Mondotte, a Premier Grand Cru Classé house in Saint Emilion. ‘It is very difficult to find 2009 of La Mondotte, but a very outstanding vintage if you want to invest in it in the future. Also, it is not so expensive’. 

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 winemakers reveal their top vintages for investment

WineCap has spoken with key figures from leading Bordeaux estates on their wine investment preferences. They share their thoughts about where they would invest €10,000 today.

  • Vintage quality is cited as the main driver of choice.
  • There is a variety of investment-worthy vintages across the region.
  • All interviewees chose vintages younger than 2015. 

Château Clinet, Pomerol – 2020 vintage

‘If I had €10,000 to spend on a vintage of Château Clinet for collecting, that would probably be the 2020 vintage’, said Ronan Laborde, Managing Director and owner of the house. ‘The 2020 vintage is a wine with a lot of qualities. It is very smooth, highly complex and has lot of vibrating intensity.’ 

Laborde said that, in terms of recent vintages, it was probably the one he was most proud of and recognised that 2020 had been highly supported by great weather conditions – plus ‘sometimes you have luck on your side’. ‘When I taste the wine now, I say, wow, it is the one I would like to invest for collection,’ he told WineCap.

The 2020 vintage was an illustration of how optimal weather conditions throughout the growing season and harvesting support excellent wine quality. The wine received 94 points from Neal Martin and 95 points from Antonio Galloni (Vinous), who called it ‘hugely impressive, as it was from barrel’. Jeb Dunnuck awarded it 98 points, naming it ‘one of the finest Pomerols in the vintage’. The wine has fallen 13.5% in value since release. On a brand level, Clinet has enjoyed a 47% increase in the last decade

Château Pontet-Canet, Pauillac – vintage diversity

Justin Tesseron, co-owner of Château Pontet-Canet had a more philosophical approach, emphasising ‘vertical’ cellaring for variety and value growth potential. ‘I would buy wine for every occasion…wine to drink now…wine to keep. I would buy wine for the future generations,’ he told WineCap.

‘But I think what is good in wine is to have one vintage for every kind of occasion. So, I would not spend €10,000 on one vintage. I would buy maybe the last ten vintages or similar.’

The majority of the last decade of Bordeaux vintages fell into ‘excellent’ and ‘legendary’ categories with 2015, 2016 and 2018 in Pauillac particularly notable years. When it comes to value and growth potential, the 2014, 2017 and 2020 vintages stand out. Prices for Pontet-Canet are up 11% in the last five years, and 28% over the last decade.

Château Troplong Mondot, Saint-Émilion – 2015 & 2019 vintages

For Ferréol du Fou, Commercial Director and Sales Manager of the château, dividing such a sum between collectible and ready-to-drink wines and among several vintages would be the best approach. 

‘If you have to invest, then invest in 2015,’ he said. ‘It still has a very good price and it will increase in the future, I’m sure. It is a huge vintage’. 

At the ten-year mark, critics have started to re-taste the 2015 vintage. The 2015 Troplong-Mondot currently sits 6.8% below its release price. For Antonio Galloni, it was ‘one of the stars of the vintage’ and ‘a viscerally exciting, resonant wine’. When writing for the Wine Advocate, Lisa Perrotti-Brown MW gave it 96-points and said: ‘This pedal-to-the-metal beauty is the ultimate indulgence for the hedonists!’

Ferréol du Fou also advised buying the 2019 vintage for investment, released during Covid: ‘It is first of all an amazing vintage. Plus it is one of the cheapest vintage from Bordeaux and Troplong Mondot’. ‘So this is the one you have to invest as soon as possible to make sure to have first few bottles in your cellar and to feel that you have landed a good deal,’ said Fou. 

The wine is currently available 15.0% below its release price and remains one of the most undervalued Troplong-Mondot vintages in the market today. On average, prices for the brand have risen 49% in the last decade.

Château Pichon Comtesse, Pauillac – 2019 vintage

Nicolas Glumineau, CEO and winemaker at Château Pichon Comtesse did not hesitate in his selection of an investment-friendly vintage. ‘I would have the 2019 Pichon Comtesse,’ he said.

Pichon Comtesse 2019 was one of only two wines during the En Primeur campaign to receive a potential perfect score from Vinous’s Neal Martin (98-100). The critic claimed that ‘you are not looking at a modern day 1982 or 2016, but something even better and more profound’. Upon tasting in bottle, Martin gave it 99 points, calling it ‘stunning’ and noting that ‘the nose reminds [him] of Latour’. Galloni was also full of praise: ‘One of the most elegant Pichon-Longueville Comtesse de Lalande I can remember tasting’. 

The vintage also presents great investment value. It is one of the best priced vintages, along with the lower-scoring 2014 and 2017. 

Château Lafon-Rochet, Saint-Estèphe – 2020 vintage

With €10,000, Basile Tesseron, General Manager of Lafon-Rochet, would invest in a relatively recent vintage. ‘I would buy 2020 for keeping,’ he told WineCap.

The wine received 96 points from Antonio Galloni, who called it ‘superb’ and ‘one of the classiest, more refined Saint-Estèphes’. Neal Martin (93 points) also agreed that it was ‘excellent’.

The 2020 vintage has fallen in value since release and sits below the brand’s average price. Our Lafon-Rochet index is up 57% in the last decade.

Cos d’Estournel, Saint-Estèphe – 2016, 2018 & 2020 vintages

Charles Thomas, Commercial Director of Cos d’Estournel admitted that he did not see wine as an asset class but rather a product to be enjoyed with friends. ‘But if I had to, obviously I would take 2016, 2018 and 2020’.

Of these three vintages, only the 2016 is currently more expensive than at release, up 10.5%. The wine boasts three 100-point scores from Neal Martin, James Suckling and Lisa Perrotti-Brown MW. Meanwhile, the 2020 Cos d’Estournel is currently down 34.4% since release, and the 2018 – 43.8%. 

The brand’s value has risen 39% in the last decade. 

See also our Bordeaux I Regional Report

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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Are Bordeaux classifications still relevant for investors?

WineCap has conducted a series of interviews with key figures at major Bordeaux estates. Today we shed light on their perspectives on the relevance of historic classifications. 

  • Left and Right Bank producers think the 1855 and 1955 classifications are still important reference for investors.
  • Branding influence represents a counter pattern. 
  • Market forces bring lower-tier Growths to the fore but not trend-setting.

The majority of a tranche of wine producers interviewed by WineCap from both the Left and Right banks are confident that Bordeaux classification systems remain relevant, citing historical framework and terroir as the main factors in determining wine quality and value.

Châteaux also think that the 1855 Classification of Bordeaux and the Saint-Émilion Classification of 1955 will continue to have an impact on wine investor and consumer choices in the decades ahead.

‘This is the classification of terroir,’ said Château Cheval Blanc CEO, Pierre-Oliver Clouet. ‘The (original) classification was very clear and continues to be the same today’.

The classification systems

The 1855 Classification of Bordeaux is a ranking of the top wines from the Left Bank’s Médoc region, Graves, Sauternes and Barsac. It was established to coincide with Napoleon III’s Exposition Universelle de Paris, with wines categorised according to reputation and market price from Fifth to the top ranking of First Growth. With the exception of minor changes, it has never been altered. The houses in the highest level are Latour, Lafite Rothschild, Mouton Rothschild, Margaux and Haut Brion.

On the Right Bank, a wine classification hierarchy was founded in 1955 covering Saint-Émilion and Pomerol. Updated every decade with the last review held in 2022, it grades wines into the top tier of Premier Grand Cru Classé A, Premier Grand Cru Classé B, and the broader category of Grand Cru Classé.

Staying power

Philippe Bascaules managing director of First Growth Château Margaux said soil was the defining factor in the 1855 ranking. ‘I think for 90%, it’s still relevant because the quality of the wine is given by the soil, and the soil doesn’t change’. 

Philippe Blanc General Manager Château Beychevelle referred to the enduring legacy of the 1855 system. The Saint-Julien house that he oversees is ranked as a Fourth Growth and he does not see this changing in the future. 

‘I don’t think any serious people have ever written that first growths didn’t deserve their place,’ he told WineCap. ‘I would say in 30 years’ time, stick to the 1855 classification in Médoc’.

Vincent Millet, General Manager at the Third Growth Château Calon Segur in Saint-Estèphe agrees. ‘The 1855 classification was based not only on the observation of the winegrower through the constitution of his vineyard, but also of his wines,’ he said. ‘For me, it makes no sense to question it, because in a way, it reflects the potential of the different appellations’. 

Christian Seely is the managing director of AXA millésimes, the company that owns Second Growth Pichon-Baron in Pauillac. He hints at the foresight of the original ranking framework. ‘I would say that where around 80% of the châteaux were in the classification in 1855 is where they ought to be today. I don’t think another 20 years is going to change that’.

Brand over classification

However, as the global wine landscape shifts and changes, a significant number of Bordeaux winemakers are putting equal weighting in branding and, in some cases, over classification systems. 

Julien Barthe, the co-owner and managing director of Premier Grand Cru Classé B, Château Beau-Séjour Becot in Saint-Émilion is of this number. ‘We were very lucky in Beau-Séjour Becot because we were classified as Premier Cru Classé in 1955. Why? Maybe because we are a good winemaker family, but for sure because we have unique and outstanding soil and terroir’. 

Despite his acknowledgment of ranked terroir quality, Barthe believes that a house’s brand is gaining traction. ‘Do you know Beau-Séjour Becot or do you not know Beau-Séjour Becot? I really think that the brand will be more important than the classification’. In the last decade, their average wine price has risen 60%, outperforming fellow estates, La Mondotte, Clos Fourtet and Larcis Ducasse.

Calon Segur’s Vincent Millet agrees: ‘What is most interesting today is not so much the classification, but the strength of the brand. For example, you have properties that are ranked fifth in the classification and which have a reputation. A strong brand can be more important than certain Second great classified growths of Margaux, for example. We at Calon Ségur have this strength, this brand that we maintain through the quality of our wines’.

General Manager of Saint-Émilion Grand Cru Classé, Château La Dominique, Gwendoline Lucas said that both Right and Left Bank classifications were becoming irrelevant. ‘Today the consumer doesn’t drink First, Second or Third Growth or Saint-Émilion B or A. They drink a wine they know. They know the style of the wine, so they will drink Château La Dominique rather than Saint-Émilion Grand Cru Classé. So, I would say that the brand, the history and the wine itself, will override classification’. 

From an investing perspective, La Dominique has enjoyed a 96% price increase since 2015.

Lower tiers’ achievements

WineCap interviewees recognised the above-average performance of Growths from the lower end of the 1855 classification but were not certain that this constituted a solid trend.

Pichon-Baron’s Seely said: ‘You obviously get exceptional cases of some châteaux outperforming in relation to their classification. You have a Fifth Growth that performs like a Second Growth, and perhaps there are just one or two that perform a little lower than their original ranking. But those cases actually, I think, are the exceptions rather than the norm’. 

Evolution of Bordeaux’s investment performance

Bordeaux remains the most important wine investment region, accounting for over a third of the fine wine market by value today with a 200% average growth on top labels since 2005. The First Growths, their second wines and “super second” estates are often the cornerstones of investment portfolios. 

To find out more about the region, read our Bordeaux Regional Report.

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Bordeaux | Regional Report

Bordeaux has long been the most important fine wine region in the world. Its rich heritage, high-quality production, and unmatched ability to cultivate globally-recognised brands have all cemented its position at the pinnacle of the fine wine world. Already in 1787, Thomas Jefferson noted the collectible potential of the region’s top wines.

Bordeaux is, thus, naturally the cornerstone of the wine investment market as we know it today. At its peak in 2010, Bordeaux accounted for a staggering 96% of the fine wine market by value. The First Growths – Château Lafite Rothschild, Château Latour, Château Margaux, Château Haut-Brion, and Château Mouton Rothschild – drove the lion’s share of that dominance.

Despite the recent broadening of the market, Bordeaux remains the most influential player, with its performance often setting the tone for global fine wine investment.

Our Bordeaux Report delves into the fundamentals of this fascinating region, including the evolution of its investment market, historic performance, and key players.

Discover more about:

  • The First Growths and their second wines
  • En Primeur 
  • Bordeaux’s key appellations
  • Bordeaux’s future in a diversified market
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The evolution of Bordeaux’s vineyard prices: what’s behind the price tag?

  • Vineyard prices in Pauillac have risen over 700% in the last 30 years.  
  • Sauternes has faced a 90% decline during the same period. 
  • Pomerol has significantly outpaced Saint-Émilion, partly due to its compact size and luxury appeal.

The American Association of Wine Economists has released data on the evolution of Bordeaux vineyard prices from 1991 to 2023. Over this period, Bordeaux has become the centrepiece of a thriving, regulated wine investment market.

Global demand for Bordeaux wines has fueled remarkable growth, with top estates achieving iconic status as luxury brands. A 2011 valuation revealed that over 50 of Bordeaux’s leading châteaux belong to the €50 million club, with a combined market value exceeding €15 billion.

In the past two decades, Bordeaux fine wine prices have risen by an average of 200%, accompanied by significant increases in vineyard prices in its most sought-after appellations.

This article delves into the shifting dynamics of Bordeaux’s wine industry, examining their impact on vineyard prices and the contrasting trajectories of key sub-regions like Pauillac, Sauternes, Pomerol, and Saint-Émilion.

 American Association of Wine Economists Bordeaux vineyard prices

Pauillac’s extraordinary growth

Pauillac’s vineyard prices have experienced extraordinary growth over the past three decades, surging by 700.6% from €374,700 per hectare in 1991 to €3 million in 2023. The region is home to the First Growths Lafite Rothschild, Latour, and Mouton Rothschild.

When compared to other regions, Pauillac’s relatively small size – spanning approximately 1,200 hectares under vine – is a key factor contributing to its high vineyard prices. This limited vineyard area, combined with the prestige of its châteaux, creates a scarcity effect that drives up demand and valuation. Despite its compact footprint, Pauillac has managed to consistently dominate the fine wine market.

The rise of Pauillac aligns with the global increase in demand for fine Bordeaux wines, particularly during the 2000s and early 2010s, when new markets like China became major consumers. However, this growth has slowed in recent years. This could stem from market saturation, with collectors shifting their attention to other Bordeaux appellations or entirely different regions such as Burgundy and Champagne. 

The decline of Sauternes

In stark contrast to Pauillac, Sauternes has suffered a decline, losing nearly 90% of its vineyard value since 1991. Once valued at €293,000 per hectare – higher than Saint-Émilion at the time – Sauternes vineyards are now priced at around €30,000 per hectare, according to AAWE. This fall can largely be attributed to waning consumer interest in sweet wines.

The production costs associated with Sauternes, which involve the labour-intensive process of harvesting botrytised (noble rot) grapes further compound the issue. While top producers like Château d’Yquem continue to uphold the region’s reputation, the broader market for Sauternes is facing challenges due to changing consumer preferences.

Pomerol and Saint-Émilion: a tale of two trajectories

Pomerol and Saint-Émilion present an interesting comparison, with Pomerol emerging as a high-growth luxury niche and Saint-Émilion maintaining steady performance. From 1991 to 2023, Pomerol vineyard prices rose by 213.4%, reaching €2 million per hectare, while Saint-Émilion saw only a modest 14.7% increase to €300,000 per hectare. These differences can be explained by several key factors.

  1. Size and scale

Saint-Émilion spans a vast 5,400 hectares, compared to Pomerol’s much smaller 800 hectares. This sheer scale means Saint-Émilion includes a wide range of producers, from elite châteaux like Cheval Blanc and Ausone to lesser-known estates producing more affordable wines. In contrast, Pomerol’s compact size results in a higher concentration of prestigious vineyards, with fewer smaller players to dilute its overall market perception.

  1. Classification systems

Saint-Émilion’s classification system – updated every decade – categorises its estates into tiers such as Premier Grand Cru Classé A and B, and Grand Cru Classé. However, the frequent use of the “Grand Cru” designation (applied to over 60% of the region’s wines) might work against it, and partly diminish the exclusivity of this title.

Conversely, Pomerol lacks any formal classification system, allowing individual estates like Pétrus and Le Pin to dominate through their reputations alone. This lack of stratification has paradoxically bolstered the region’s image as a luxury appellation. Its reputation as a source of small-production, Merlot-dominant wines has further cemented its status as a ‘cult’ appellation among collectors and investors. 

  1. Smaller players and price dilution

Saint-Émilion’s large number of smaller, lesser-known producers contributes to its lower average vineyard price. These producers often operate outside the Grand Cru Classé system, pulling down the overall valuation of the region. In Pomerol, the scarcity of vineyards and the dominance of high-profile estates create a ‘halo effect’ that supports consistently high valuations, even for lesser-known properties.

Implications for the wine investment market

The contrasting trajectories of Bordeaux’s appellations highlight the complexity of the fine wine investment market. Pauillac’s recent plateau demonstrates that even the most prestigious regions are not immune to market saturation, while Pomerol’s steady growth underscores the enduring appeal of scarcity and exclusivity. In contrast, Sauternes illustrates the vulnerability of regions reliant on shifting consumer preferences. However, renewed efforts by producers to embrace sustainability, innovation, and rebranding may help revive interest in sweet wines and mitigate some of these challenges.

Despite fluctuations, Bordeaux’s iconic estates and global reputation remain a cornerstone of the fine wine market. For investors and collectors, navigating the nuanced landscape of vineyard prices and evolving market dynamics will be crucial to securing long-term success in this ever-changing industry.

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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Older vintages dominate 2024’s best-performing wines

  • The biggest price risers in 2024 reveal a strong preference for older vintages.
  • The best-performing wine came from the Rhône, having risen 80.5% in value year-to-date.
  • Tuscany, Ribera del Duero, Bordeaux and Sauternes also featured in the rankings.

The biggest price risers in 2024 reveal a strong preference for older vintages, underlining the importance of time in achieving wine investment returns.  

The Rhône leads performance

Although Rhône prices declined 9.9% on average this year, the region gave rise to some of the best-performing wines.

Domaine Pegau Châteauneuf-du-Pape Cuvée Réservée Rouge 2013 led the charge with an impressive 80.5% rise. Other regional standouts, including Clos des Papes Châteauneuf-du-Pape Rouge 2014 (61.2%) and Château de Beaucastel Rouge 2013 (31.1%), highlighted the enduring demand for Châteauneuf-du-Pape from highly rated mature vintages.

Highlights from Spain and Italy

While the Rhône claims several top spots, other regions also showcase the profitability of mature vintages. From Spain, the 2010 Vega Sicilia Unico achieved a notable 24.9% increase. Known for its high quality and limited production, Vega Sicilia continues to represent Spanish winemaking at its finest, cementing its status as a blue-chip investment wine.

Italy made a strong appearance with the 2014 Fontodi Flaccianello delle Pieve, which has risen 6.8% in value. This Tuscan gem, crafted from 100% Sangiovese, reflects the growing international appeal of Italy’s finest wines. Collectors are increasingly drawn to Italy not only for its iconic producers but also for its remarkable balance of accessibility and age-worthiness.

Top performing wines of 2024

Bordeaux’s resilience

No fine wine discussion is complete without Bordeaux, and 2024 is no exception. While price growth among Bordeaux wines in this dataset may be more modest, the region’s consistency remains its hallmark. The 2013 Ducru-Beaucaillou saw a solid 19.2% increase, while the 2012 Chateau L’Eglise-Clinet also featured among the top performers. 

Two Château Rieussec vintages, the 2015 and 2014, reflected Sauternes’ consistent market performance, although the category is often overlooked.

The allure of maturity

The unifying thread across these top-performing wines is their maturity. Each wine has benefited from time in the bottle, allowing its market value to increase. Mature vintages offer an enticing combination of drinking pleasure and investment potential, a dual appeal that drives demand among collectors and investors alike.

This preference for older wines reflects a broader trend within the fine wine market: a growing appreciation for provenance and readiness to drink. As global markets for fine wine continue to mature, buyers are prioritising wines with a proven track record, both in terms of quality and price appreciation.

What this means for investors

The list of the best-performing wines of 2024 shows the importance of patience and long-term approach when it comes to investing. Additionally, diversification across regions and styles can help mitigate risk and enhance returns.

The performance of these wines provides a clear takeaway: older vintages remain at the forefront of the fine wine market. 

For more read our latest report “Opportunities in uncertainty: the 2024 fine wine market and 2025 outlook”.

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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Mouton Rothschild: 2022 label and market performance

  • The 2022 Mouton Rothschild label has been revealed. 
  • Mouton Rothschild is the best performing First Growth over the last decade. 
  • The wine has also outperformed the Liv-ex 100 and Bordeaux 500 indices.

Unveiling the 2022 label

Bordeaux First Growth Château Mouton Rothschild revealed its 2022 label design on December 1st.  Created by French artist Gérard Garouste, the original artwork commemorates the 100th anniversary of Baron Philippe de Rothschild’s leadership at the family estate. 

The label showcases the château’s iconic front wall and a grapevine, elegantly framed by a portrait of Philippe de Rothschild and a ram, his signature emblem.

The tradition of artist-designed labels began in 1945, when Baron Philippe de Rothschild marked the end of World War II with a special artwork featuring a ‘V’ for victory, designed by Philippe Jullian.

As previously explored, this practice has significantly enhanced Mouton Rothschild’s collectability, and the wine’s value has typically risen in the month following the label reveal. 

Mouton Rothschild 2022 wine bottle label

Mouton Rothschild: ahead of the pack

While the artist designed labels alone are not the key drivers of Mouton Rothschild’s investment performance, the wine does lead the way among its peers. It is the best performing First Growth over the last decade. 

Mouton Rothschild prices have risen 50.3%, compared to 42.3% for Margaux and 36.9% for Haut-Brion. Both Lafite Rothschild and Latour have increased by close to 30% over the same period.

Bordeaux First Growths Wine chart

From the market’s low in June 2014 to its peak in September 2022, Mouton Rothschild recorded a 76% increase. It was the first First Growth to recover from the correction following the China-driven wine boom. 

During the recent market downturn, Mouton Rothschild has exhibited relative resilience. Prices have fallen 13.8% since its peak. Only Haut-Brion has seen a smaller decline of 13.1%. The biggest faller has been Lafite Rothschild, down 22.8% since September 2022. 

Mouton Rothschild and the broader market

Mouton Rothschild is also nicely positioned in the broader wine investment market. It has outperformed the industry benchmark, the Liv-ex 100 index, which is up 40.9% over ten years. It has also fared better than the Liv-ex 50 (17.5%), which tracks the price movements of the First Growths, and the broader Bordeaux 500 index (27.8%).

Mouton Rothschild performance

Mouton Rothschild has demonstrated consistent strength in the fine wine market, supported by its established history and strategic positioning. The estate’s practice of commissioning artist-designed labels has enhanced its collectability, strengthened by its reputation for quality.

The release of the 2022 label marks another milestone in the estate’s history. Mouton Rothschild’s performance, both in terms of relative resilience during market downturns and long-term growth, highlights its role as a reliable component in a well-diversified wine investment portfolio.

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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Neal Martin’s top-scoring Bordeaux 2020 wines from the Southwold tasting

  • Vinous published Neal Martin’s assessment of Bordeaux 2020 from the annual Southwold tasting.
  • Martin placed the 2020 vintage ahead of the 2018 but behind 2019 and 2022.
  • With 99 points, Pichon-Longueville Comtesse de Lalande was Martin’s top-scoring wine. 

The annual Southwold tasting presents major critics with the opportunity to blind taste a Bordeaux vintage four years on in peer groups, mostly within appellations. 

Last week, Vinous published Neal Martin’s assessment of Bordeaux 2020 – a vintage ‘born in a tumultuous world,’ due to the onset of the Covid-19 pandemic. Despite the challenges, the critic argued that it bestowed ‘Bordeaux-lovers with a bevy of outstanding wines that should stand the test of time.’ 

Neal Martin’s thoughts on Bordeaux 2020

Martin described the dry whites as a ‘little hit-and-miss’ and the Sauternes as ‘very good rather than excellent.’ When it comes to the reds, however, the critic said that they ‘are going to give a great deal of pleasure.’

In terms of vintage comparisons, Martin placed 2020 ahead of 2018 but behind 2019 and 2022, which were more ‘crammed with legends in the making’. He wrote: ‘Perhaps 2020 doesn’t quite possess the vaulting ambition of those two vintages, though in some cases, it surpasses the best of both.’

His favourite appellation was Saint-Julien, which ‘raised the bar with a cluster of outstanding wines.’ The critic argued that this flight ‘solidified 2020 as a bona fide great vintage on the Left Bank.’ He described Margaux as ‘solid,’ with the ‘real superstar’ being the First Growth.

From Saint-Estèphe, Martin highlighted Montrose as ‘the standout of the appellation,’ with the biggest surprise being the 2020 Phélan Ségur, ‘one of the best values given its reasonable price.’

Neal Martin’s top-scoring Bordeaux 2020 wines

Due to the nature of the Southwold blind tasting – wines grouped by appellation – Martin’s scores were ‘a little lower than when [he] encountered these wines at the end of 2022’.

His top-scoring wine, Pichon-Longueville Comtesse de Lalande, received 99 points. He described it as ‘a fabulous Pauillac that flirts with perfection.’ 

The rest of the wines in the top ten received 98 points. The highest-scored First Growth was Margaux, which the critic claimed was ‘among the greatest wines of the 2020 vintage.’ The ‘captivating’ and ‘mesmerising’ Cheval Blanc also scored among the best wines from the vintage. So did Trotanoy (‘an outstanding Pomerol’), and Canon (‘God made wine so it can taste as good as this’).

Investing in Bordeaux 2020

All of Martin’s top 2020 wines have fallen in value since release, apart from Trotanoy. 

This is partly because of the overall market direction in the last two years, but also due to the availability of older and in some cases higher-rated vintages available at a discount.

As Martin rightly noted, ‘the top wines in this report not only compete against each other, but also with themselves in terms of alternative available vintages.’

The lower-than-average prices at the moment, however, present great buying opportunities, especially for brands with a positive long-term performance. 

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.