Tag: Bordeaux 2022

Report

En Primeur Report – Bordeaux 2022: Unfulfilled Potential

Post author By Desislava Lyapova
Post date July 3, 2023
No Comments on En Primeur Report – Bordeaux 2022: Unfulfilled Potential

Bordeaux 2022 is a great vintage that, despite its high quality, failed to reverse the waning sentiment for En Primeur. The excitement of the new was counteracted by the value on offer.

Although there was a significant increase in the number of visitors at the En Primeur tastings this spring, the campaign did not succeed in capitalising on this positive momentum.

Our latest report, Bordeaux 2022: Unfulfilled Potential, delves into the reasons why the campaign didn’t quite deliver on hopes and the event’s place within the industry in coming years.

Key findings:

Bordeaux 2022 is a high-quality vintage that has surpassed expectations, given the challenges of the growing season.
Neal Martin’s average 2022 in-barrel score was below 2020, 2019, and 2016, with most critics noting that it is a vintage to be selective.
The En Primeur tastings saw a significant increase in the number of visitors this spring, indicating continued interest in the region.
Some wines managed to offer value and were met with high demand upon release, including Château Cheval Blanc, Château Beychevelle, and Château Lafleur.
Average price increases between 15% and 25%, and as high as 55%, did not resonate well with the soft Bordeaux market.
Bordeaux 2022 vintage failed to reverse the declining sentiment for En Primeur due to high release prices in the context of older vintages offering better value.
Producers should evaluate the market dynamics to navigate the evolving fine wine market, and the role of En Primeur within it.

Tags Bordeaux 2022, En Primeur, Fine Wine, investment, report, value

News

En Primeur round-up: The best Bordeaux 2022 releases so far

Post author By Desislava Lyapova
Post date May 22, 2023
No Comments on En Primeur round-up: The best Bordeaux 2022 releases so far

Two weeks into the Bordeaux En Primeur campaign about a third of the most popular estates have released their 2022 vintage.
The releases so far have commanded 5% to 25% price premium on last year.
Some of the most successful releases included Beychevelle and Cheval Blanc.

The Bordeaux 2022 En Primeur campaign is now in full swing. The past two weeks have seen about twenty of the most important Bordeaux estates release their latest vintage, including Château Beychevelle, Château Cheval Blanc, Château Suduiraut and Château Lafleur.

The majority of the wines have been released at 5% to 25% premium on last year, with price rises often highlighting the relative value and better investment opportunities that back vintages offer.

The best new releases have represented an attractive point of entry into the brand, a combination of adequate pricing and good quality as measured by critic scores. Below we highlight four of them.

Château Beychevelle – ‘fabulous’

Château Beychevelle 2022 was released En Primeur at €67.50 per bottle ex-négociant, representing a 17.2% increase on the 2021. The wine was offered at £836 per 12×75, up 18.4% on the 2021’s opening price (£706 per 12×75).

However, in the context of back vintages, the 2022 became one of the most attractive offerings in the market today. The wine boasts 95-97 points from Neal Martin (Vinous), who said it was ‘one of the most seductive Beychevelles I have tasted from barrel’ and ‘one not to be overlooked’. Antonio Galloni scored it 94-96 points and called it ‘fabulous’.

Beychevelle has been a brand on the move, seeing consistent price growth both in the shorter and longer-term. In the past year, prices are up 6% on average; they have increased 24% over the last three, and 68% in the past decade.

Château Cheval Blanc – ‘wine of the vintage?’

Château Cheval Blanc 2022 has been another of this year’s campaign successes. The wine is Neal Martin’s highest-scoring vintage ever and the latest well-priced release from the château, which seems to have created a sustainable En Primeur strategy.

When we spoke to Cheval Blanc’s technical director, Pierre-Olivier Clouet, he stated:

“The release price depends on many things. The quality of the vintage, the economic context in the world, and the price of new vintages available on the market. At the end, the definition of the price En Primeur is not something so difficult to do. This is something mathematical. En Primeur should be forever the lowest price you can find in your bottle. If you purchase later, it’s going to be more difficult to find and it’s going to be more expensive.”

Cheval Blanc 2022 was released at €470 per bottle ex-négociant, up 20.5% on the 2021, and offered internationally for £5,760 per 12×75, up 21.5% increase on last year.

Numerous critics awarded the wine a potential 100-points, including Neal Martin (98-100), Antonio Galloni (98-100), Lisa Perrotti-Brown MW (98-100), Colin Hay (98-100), James Suckling (99-100), and Jean-Marc Quarin (100).

Other older vintages that represented good value for money included the 2021, 2020 and 2016. Prices on average have risen 20% in the last half decade.

Carruades de Lafite – ‘a real showstopper’

Carruades de Lafite, the second wine of Château Lafite Rothschild, is another anticipated release that enjoys high demand year after year. The 2022 was released at €180 per bottle ex-négociant, up 12.5% on the 2021. The wine was offered for £2,256 per 12×75, up 13.9% on the 2021 release, which has since risen in value.

Despite the price increases, the 2022 is the least expensive Carruades on the market today. This has not gone unnoticed and the wine has already traded at a premium of 21.2% on the secondary market.

Martin awarded it 90-92 points, and Kelley gave it 91-93. It also received 92-94 points from Galloni, who called it ‘a real showstopper’.

From an investment perspective, Carruades de Lafite prices have risen 22% over the last five years, and 63% in the last decade.

Château Lafleur – ‘intellectual and delicious’

In recent years, Château Lafleur has been offering considerable value in the high-rolling world of Pomerol. The latest release was no exception.

Lafleur 2022 was released at €610 per bottle ex-négociant, up 8.9% on the 2021. It was offered at £7,440 per 12×75, a 14.3% increase on the 2021 release, which has since experienced a significant price growth.

The 2022 received 97-99 points from Neal Martin, who said it was ‘an intellectual and delicious Lafleur – a lethal combination’. Galloni gave it 95-98 and noted that it was ‘shaping up to be majestic’.

The wine also received 98-100 points from Colin Hay and Jane Anson, and 100-points from Falstaff and Jean-Marc Quarin.

Lafleur prices have risen 38% in the last five years, and 83% in the last ten, making it an attractive investment wine.

You can now explore the historic performance of these wines on Wine Track. Our tool provides a clear overview of a fine wine’s track record, including critic scores, average price and investment 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.

Tags Beychevelle, Bordeaux 2022, campaign, Carruades de Lafite, Cheval Blanc, critic scores, En Primeur, Lafleur, price, releases, value

News

Neal Martin awards three Bordeaux 2022 wines potential 100 points

Post author By Desislava Lyapova
Post date May 17, 2023
No Comments on Neal Martin awards three Bordeaux 2022 wines potential 100 points

Bordeaux 2022 is predestined for long-term ageing rather than drinking young.
Martin found little difference between the First Growths and ‘the others’ in terms of quality.
He singled out Saint-Julien as an appellation to seek out.
Leoville Las Cases, Cheval Blanc and L’Eglise Clinet received 98-100 points.

Yesterday, Vinous published Neal Martin’s much anticipated Bordeaux 2022 report, titled “You’re unbelievable”.

Vintage observations

Martin found some ‘snow-capped peaks’, ‘show-offs whose talent cannot be denied’ as well as some ‘caveats’ in Bordeaux 2022. Like other critics, he commented on the ‘unbelievable’ freshness given the heat of the growing season.

He remarked that in 2022 ‘there is partial flattening of the hierarchical pyramid’. While ‘release prices will inevitably amplify differences in ranking, in terms of quality, there’s little difference between First Growths and “the others”,’ he observed.

On the question of Right vs Left Bank, the critic said the ‘vintage is more evenly balanced’ but singled out Saint-Julien as an appellation to watch out for, noting that ‘this is as good as it gets’.

He mentioned the wines’ higher alcohol levels compared to the 2021s, that are ‘often above 14%’ but feel ‘less blowsy than in 2018’. He also said that ‘unlike 2019 and 2020, most wines, particularly within its higher ranks, are predestined for long-term aging’.

However, he advised ‘those with a penchant for drinking Bordeaux young [to] seek out another vintage’.

In terms of buying opportunities, he argued that ‘the question is whether initial prices make any purchase worthwhile vis-à-vis other vintages currently on the market’.

Top-scoring wines

While Martin stated that En Primeur is more than just scores, it is important to note that three wines achieved his highest in-barrel range of 98-100 points.

Cheval Blanc 2022, which was among the first releases this campaign, is ‘a wine for those serious about their Bordeaux,’ according to the critic. Vinous’ Antonio Galloni also rated it 98-100 points, noting that ‘it is shaping up to be one of the wines of vintage’. It also makes an attractive investment, with Cheval Blanc prices rising an average of 22% over the last three years.

For Martin, Leoville Las Cases 2022 ‘surpasses the 2018-2020 trio and […] is a ‘tour de force’’.

He described L’Eglise Clinet as ‘a wine that may leave you spellbound’.

Martin also suggested some wines from the cellar which included Brane-Cantenac, La Conseillante, Léoville Barton, Phélan-Ségur, Pichon-Baron and Vieux-Château-Certan.

Tags Bordeaux 2022, critic scores, Fine Wine, Neal Martin, report, Vinous

News

Jancis Robinson MW releases Bordeaux 2022 scores

Post author By Desislava Lyapova
Post date May 9, 2023
No Comments on Jancis Robinson MW releases Bordeaux 2022 scores

Jancis Robinson MW and James Lawther MW reviewed the 2022 Bordeaux vintage.
Both critics found the reds to be extremely impressive, with surprising freshness.
Mouton Rothschild, Lafite Rothschild, Cheval Blanc and Pétrus received the highest scores.

Jancis Robinson MW and James Lawther MW reviewed the 2022 Bordeaux vintage and released a series of articles, covering the whites, red-bank and left-bank reds.

Both critics found the wines to be ‘extremely impressive’, with ‘amazing freshness’ given the hot and dry growing season.

In terms of the En Primeur tastings, Jancis remarked on the ‘record number of visitors’, with ‘Americans and Asians back in force’. According to her, the numbers at the UGC tastings were ‘even higher than in spring 2019, when the 2018 vintage was presented almost a year before pandemic lockdowns’.

This gives greater confidence in the success of the En Primeur campaign, which commenced last week.

Left-bank reds

According to the report, the 2022 harvest was the earliest on record, with most of the Cabernet Sauvignon and Merlot on the left bank picked before the end of September. Despite the early harvest, the grapes’ maturity reached optimal levels. The sugar levels were similar to those found in recent years, while the phenolic ripeness was comparable to or even higher than previous vintages.

Alcohol levels on the left bank were on the high side, with 14% to 14.5% being a regular occurrence. However, the wines were often balanced with freshness.

Lawther wrote that he ‘found the characteristics of most of the appellations respected’, with Margaux being more varied.

Right-bank reds

According to Robinson, Merlot did exceptionally well in 2022, with high sugar levels, deep color and ‘no shortage of tannins for a long life lurking below the alluring surface’.

Lawther also proclaimed the grape variety to be ‘the star of the vintage’. He added that ‘Cabernet Franc was also successful on the right bank in 2022 adding colour, floral fragrance, freshness and length’. The critic claimed that ‘combined with Merlot it has produced some stunning wines, even away from the limestone plateau – witness Cheval Blanc, one of the wines of the vintage’.

White wines

The hot and dry growing season led to lower acidity levels in the whites, which translated to lack of freshness in some. Robinson further revealed that Sauvignon Blanc and Sémillon were picked earlier than ever before since Bordeaux University records began. Domaine de Chevalier Blanc stood out among the dry whites, while Château Suduiraut received the highest score of 18+ points among the Sauternes.

Top-scoring wines

The First Growth Château Mouton Rothschild topped the list of the highest-scoring wines from the 2022 vintage. Lawther described the palate as ‘truly amazing’ and questioned if this isn’t ‘a modern 1986’.

Château Lafite Rothschild, Château Cheval Blanc and Pétrus followed with 18.5-points.

So far, Lafite and Cheval Blanc have been two of the favourite wines of major critics, also boasting potential 100-points from Jeff Leve, Jean-Marc Quarin, and James Suckling.

Tags Bordeaux 2022, critic scores, Fine Wine, Jancis Robinson, vintage

News

Wine Advocate’s top-scoring Bordeaux 2022 wines

Post author By Desislava Lyapova
Post date May 2, 2023
No Comments on Wine Advocate’s top-scoring Bordeaux 2022 wines

Wine Advocate Bordeaux 2022 - Château Canon

Bordeaux 2022 is a vintage of ‘potential greatness’ but also ‘heterogeneity’, according to the Wine Advocate’s En Primeur report.
The reviewers, William Kelley and Yohan Castaing, found potential for perfection in eight wines, and included a list of En Primeur recommendations.
Kelley noted that the second wines ‘merit more serious consideration than usual this year’.

Potential greatness and heterogeneity

During the En Primeur trade tastings last week, and following James Suckling’s report, another major publication released its assessment of the 2022 Bordeaux vintage – Robert Parker’s Wine Advocate. William Kelley and Yohan Castaing reviewed 459 wines ‘after several weeks of intensive tasting and hundreds of visits to wineries’.

The critics found ‘potential greatness’ in this vintage that has surprised many, but also ‘heterogeneity’.

Kelley explained that ‘Bordeaux has produced some monumental wines in 2022, but unlike many of the great vintages of the 20^th century, the year was not a rising tide that raised all boats’.

He added that ‘at its best, this is a vintage of remarkable concentration, energy and harmony’. According to him, ‘the accumulated experience of 2015, 2018, 2019 and 2020 meant that intelligent winemakers were ready to harvest at the right time, a choice of decisive importance’. However, he noted that ‘the less-successful wines are jammy, astringent and rustic’.

The vintage heterogeneity means that buyers will have to be selective; 2022 ‘is not a year to buy blind,’ the critic argued.

Top-scoring wines

The critics found potential for perfection in eight wines, with Canon, Les Carmes Haut-Brion and Montrose coming on top (99-100 points).

Among the three, Les Carmes Haut-Brion has been the best performing investment wine over the last five years, up 56%, while also having the lowest average case price. Castaing singled it out as ‘a strong candidate for the title of wine of the vintage’.

One First Growth, Château Latour, was also among contenders for perfection, although the wine is not released En Primeur. Meanwhile, Château Mouton Rothschild, received 96-99 points. Kelley called it ‘a brilliant wine that likely sits somewhere between the 2019 and 2020 in quality’.

Kelley also noted that second wines ‘merit more serious consideration than usual this year’. In 2022, they ‘often exhibit similar structure and texture to their grand vin counterparts’.

Apart from their top-scoring wines, the critics made a list of En Primeur recommendations to buy, which included Branaire-Ducru and Langoa Barton.

En Primeur pricing

A great vintage usually translates to expensive releases.

However, Kelley suggested that there were grounds ‘for optimism with regard to pricing this year,’ if the chateaux take into account the global economic uncertainty and the state of the secondary market.

He remarked that ‘it is not always necessary to purchase great Bordeaux as futures,’ as sometimes older vintages might represent better value today.

To spot the best value opportunities and explore the historic performance of any fine wine brand, visit Wine Track. Our tool provides a clear overview of a fine wine’s track record, including critic scores, average price and investment returns.

Tags Bordeaux 2022, critic scores, En Primeur, Fine Wine, report, Wine Advocate

News

Bordeaux 2022 – what to expect?

Post author By Desislava Lyapova
Post date April 28, 2023
No Comments on Bordeaux 2022 – what to expect?

The first Bordeaux 2022 En Primeur releases are expected early next month. Ahead of the campaign, we examine the key factors that shaped the 2022 vintage and the current market for Bordeaux.

Vintage overview

Bordeaux 2022 is full of promise. Early critical reports suggest that the winemakers have overcome the challenges of the growing season, characterised by extreme heat and drought, and have achieved quality on par with the recent trilogy of great vintages, namely the 2018, 2019 and 2020.

Rainfall levels in 2022 were similar to one of Bordeaux’s greatest vintages, the 2010, although temperatures were higher last year. According to Bordeaux expert, Jane Anson, this led to ‘small grapes, thick skins, and clear concentration’.

While one might expect to find ripeness and boldness in the wines, the first En Primeur tasting report, published by James Suckling last week, suggested that the winemakers have prioritised freshness and lower alcohol, and that the resultant wines have fine structured tannins. Moreover, the critic noted consistent excellence from bottom to top.

However, the apocalyptic hailstorms in June devastated the crop at some estates but provided needed respite from the heat for others. As such, there will be variation in yields between the chateaux.

In terms of overall volumes, the 2022 vintage sits about 15% below the ten-year average but is up 9% on last year. It is also higher than the low-yielding 2013 and 2017 vintages.

Bordeaux – back in vogue

The 2022 vintage arrives in a market that is experiencing somewhat of a Bordeaux renaissance.

While on the surface Bordeaux might be losing market share to other regions, secondary market reports suggest that trade for the region has continued to increase in absolute terms: close to 50% since 2010.

Bordeaux has come to represent good value for money, in the context of Burgundy’s, and most recently, Champagne’s relentless price rise.

Moreover, as the bedrock of an investment portfolio, Bordeaux continues to offer the best liquidity in the fine wine market. There is consistent demand for the classed growths, across the full spectrum of vintages, both young and mature. As our Q1 report highlighted, some Bordeaux 2011s have broken pricing records since the beginning of the year, spurred by purchasing of ‘rabbit’ vintages for Chinese New Year. Bordeaux proves its relevance again and again.

En Primeur is only one of the ways in which the region cements its place in the world of fine wine. The annual campaign generates considerable attention from trade and critics, the volume and value of wine released is unmatched anywhere in the world, and the best releases offer excellent returns on investment – often at the lowest possible point of entry into a top brand.

Tags Bordeaux 2022, En Primeur, market, vintage

News

James Suckling releases Bordeaux 2022 report

Post author By Desislava Lyapova
Post date April 20, 2023
No Comments on James Suckling releases Bordeaux 2022 report

‘A new benchmark’

James Suckling has released his report on the Bordeaux 2022 vintage ahead of the upcoming En Primeur campaign. The critic claimed that in the 40 years he has tasted Bordeaux in-barrel, he had ‘never come across anything like the 2022 vintage’.

2022 will stay in memory as one of the hottest years on record, featuring severe droughts and heatwaves. Despite the challenges, Suckling suggested that 2022 ‘gives us hope that both man and nature can adapt to these circumstance and produce outstanding wines, both red and white’.

He further observed that dryness and heat no longer mean bold ripeness in the resultant wines. Most winemakers have prioritised freshness and lower alcohol, ‘picking their grapes at optimal ripeness, with this “al dente” fruit giving a crunchy and clean character to the wines, with fine yet structured tannins’.

Suckling found the young wines to be ‘dynamic and fascinating’ and noted that ‘there was high quality from top to bottom’ – a sign of a great vintage.

Top-scoring wines

Suckling found nine candidates for perfection in Bordeaux 2022, awarding them a barrel range of 99-100 points.

Cheval Blanc stood out as his potential ‘wine of the vintage’, which ‘soars to new heights with its brightness and weightlessness’.

The critic was also full of praise for two Sauternes from Château Lafaurie-Peyraguey, calling the Crème du Tête ‘magical. The new 1929?’

Only one First Growth made the list, Château Lafite Rothschild, which Suckling described as ‘a classical Lafite that reminds me of something like the 1986 […] but it’s so today with its purity and precision’.

A white wine also featured among the top-scoring – Pavillon Blanc du Château Margaux. According to him, this ‘feels like a great Montrachet’ and is ‘one for the cellar’.

The question of pricing

Suckling’s verdict on the 2022 vintage is that the quality of the wines is ‘exceptional’ but ultimately ‘the market will decide’ the success of the new releases. ‘High interest rates, volatile stock prices and recent bank failures’ are some of the factors that will influence purchasing of young Bordeaux.

While the excitement of the new is guaranteed, high release prices might make older vintages look more attractive – especially if they offer value, and faster returns on investment.

Tags Bordeaux, Bordeaux 2022, critic scores, James Suckling, report, vintage, Wine Investment, wines

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