Tag: Bordeaux

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La Place 2023: Critics’ verdict and top-scoring wines

  • Major critics have released their ‘Beyond Bordeaux’ reports, accessing the quality and value of this year’s La Place releases.
  • Tom Parker MW stated that there were ‘not as many hits as usual’.
  • Jane Anson awarded three wines 100-points.

As the La Place de Bordeaux campaign takes centre stage in September, major critics have shared their views on this year’s releases, including Jane Anson (Inside Bordeaux) and Tom Parker MW (JancisRobinson.com).

Both have commented on the quality of the wines but also on their pricing strategies and the value to be found. As discussed last week, a recurring theme in the campaign has been the price increases for the new releases, compared to previous vintages. This has done little to invigorate the market for buying at release for investment.

Tom Parker on the campaign’s ‘ambitious pricing’

In his ‘beyond Bordeaux’ assessment, Tom Parker MW expressed his wary view on the campaign’s strategy and pricing. He wrote that ‘the styles and regions are diverse, and the stories risk being lost in such a compressed release timetable’.

He added that ‘given the ambitious pricing for many of these wines, it is hard to see how they can all be sold through successfully’. Indeed, the campaign’s reception so far has been mediocre.

In terms of overall quality, Parker stated that ‘there were some excellent efforts though perhaps not as many hits as usual’.

Regional observations

Delving into individual regions, Parker noted the Californian producers’ split strategy, with ‘some releasing wines from the complicated 2020 vintage, with others choosing instead to offer museum releases and a few choosing to do both’. One such instance was Opus One, which opted for library release of its 2018 and 2019 vintages.

In terms of the Rhône releases, he observed that ‘Hommage à Jacques Perrin was good rather than great, and newly added and renamed Domaine de la Chapelle (formerly Jaboulet’s Hermitage La Chapelle) left a little to be desired in the tricky 2021 vintage’.

For him, ‘Argentina produced two of the most exciting wines’. He awared 18 out of 20 points to Zuccardi’s Finca Canal Uco and 17+/20 for Adrianna Vineyard from Catena Zapata.

Parker also complimented Australian wines which were ‘technically immaculate’ and named Wynn’s John Riddoch ‘a personal favourite’.

His top Italian pick was Masseto (18/20), which he described as ‘almost a guilty pleasure in 2020’ though ‘only for those with the deepest pockets’. Although the wine was released at a 10% premium on last year, the new release still offered value in the context of back vintages.

Jane Anson awards three wines 100-points

Among the releases so far, Jane Anson awarded three wines 100 points – Bibi Graetz Colore 2021, Yjar 2019, and Giaconda Chardonnay 2021. The La Place newcomer Chappellet, Pritchard Hill Cabernet Sauvignon 2019 received a near-perfect score of 99-points from the critic.

Anson drew attention to Sicily as a region that offers both quality and value, saying that ‘Sicilian reds, as ever, offer some of the best value wines not just of the September Releases, but of the wine industry in general’.

She also acknowledged that ‘there’s no doubt that the wider economic stresses globally are both helping and hurting the September Releases’.

Once again, this highlights the importance of correct pricing in a broadening fine wine market.

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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Four key market trends from the 2023 Liv-ex Classification

  • The fine wine market is diversifying, with Argentina and Switzerland making new entries in the 2023 Liv-ex Classification.
  • Bordeaux’s influence is waning, now accounting for less than 30% of wines in the classification, while other regions like Champagne rise in prominence.
  • Internal shifts in Burgundy indicate changing buying preferences, driven by the search for value and stock.

The Liv-ex Classification is a ranking of the world’s leading fine wine labels, based solely on their price. The classification takes into account minimum levels of activity and number of vintages traded over one year to present a more accurate picture of the market today. Like the 1855 Bordeaux Classification, the wines are divided into five tiers (price bands).

The 2023 edition featured 296 wines from nine countries. It presented a broad overview of the state of the secondary market – what is trading, and at what price levels. As the market continues to evolve, we break down four key trends from the 2023 Liv-ex classification.

Continued expansion in the world of fine wine

While the number of wines that qualified for inclusion in the 2023 rankings was lower than in the previous 2021 edition (349) due to changes in the methodology, the fine wine investment market has continued to diversify.

Argentina re-entered the rankings with five wines compared to having just one in 2019. Switzerland also joined the classification for the first time with Gantenbein Pinot Noir. Meanwhile, Spain and Chile saw 40% and 100% respective increases in the number of wines entering.

Regional diversity was particularly noticeable in the second-lowest priced 4th tier (£456-£637 per 12×75), which featured wines from France (24), Italy (16), Portugal (3), Australia (2), Spain (1), the USA (1), and Argentina (1).

Bordeaux among global competitors

It is no secret that Bordeaux’s dominance in the fine wine investment market has been fading since its glory days in 2009-2010. The continued broadening of the market has meant that the region has become one of many players, accounting for under 30% of the wines in the 2023 classification.

This has been further aided by its mediocre price performance relative to other regions. The Bordeaux 500 index has risen just 2.9% over the last two years, compared to a 19% move for its parental Liv-ex 1000 index, and a 36.7% increase for Champagne, which has been the best performer. All considered, Liv-ex wrote that ‘this pattern may well continue in future editions’ as new entrants challenge Bordeaux’s monopoly.

While Bordeaux’s influence wanes, other regions like Champagne are capturing the limelight.

The stellar rise of Champagne prices

Champagne has experienced a significant price surge in recent years, which has been reflected in the global rankings.

The majority of Champagnes (10) in the classification entered the first tier – wines priced above £3,641 per 12×75. The remaining 12 were split between tier 2 (£1,002-£3,640) and tier 3 (£638-£1,001). There were no Champagnes in tiers 4 and 5 (wines below £1,000 per case).

The most expensive Champagne was Jacques Selosse Millésime, with an average trade price of £32,516 per case, followed by Krug’s Clos d’Ambonnay (£30,426) and Clos du Mesnil (£17,509). The latter has risen 105% in value over the last five years.

On average, Champagne prices are up 62.8% during this time. They peaked in October 2022, following a year and a half of steady ascent. Since then, the Liv-ex Champagne 50 index has entered a corrective phase – but not significant enough to change the region’s trajectory. Sustained demand has been further buoying its performance.

Internal reshuffling in Burgundy

Burgundy, home to the most expensive wines in the rankings, has been undergoing an internal shift. New entrants have replaced many of the labels in previous editions, signalling changes in buying preferences.

Heightened demand for the region in 2022 led buyers to explore different wines within Burgundy, seeking both value and stock availability. Some of the new entrants in the 2023 classification include Prieuré Roch Ladoix Le Clou Rouge, Domaine Louis Jadot Gevrey-Chambertin Premier Cru Clos Saint-Jacques and Domaine Trapet Père et Fils Latricières-Chambertin Grand Cru.

Interestingly, while these new labels have entered the ranking, they seem to have replaced older, perhaps less active, Burgundy labels. Indeed, the overall proportion of Burgundy wines in the classification has remained steady, even as specific labels fall in and out of favour.

As new players emerge and existing ones adapt, one thing is clear: the fine wine market will continue to diversify and evolve, promising a fascinating future for everyone involved.

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

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The brands to watch in the 2023 autumn La Place de Bordeaux campaign

  • La Place de Bordeaux is a three-tier global wine distribution system with origins stretching back 800 years.
  • The autumn La Place de Bordeaux campaign sees the release of over 100 different wines from around the world.
  • Discover the brands released via La Place that have made the biggest gains over the past decade.

La Place de Bordeaux is a global wine distribution system that originated 800 years ago in France. The network was originally a hub used just for Bordeaux’s finest wines, where the château would sell to négociants who then sell to merchants.

In recent years, the system has considerably expanded its operations. Other than the spring Bordeaux En Primeur campaign, today La Place releases wines from other parts of the world in the autumn.

Over 100 different wines from Argentina, Australia, the USA, New Zealand, Austria, China, Italy, Spain, South Africa, Uruguay and French wines from Champagne and the Rhône have joined the marketplace since the first non-Bordeaux release of the Chilean brand Almaviva in 1998.

What is driving the La Place expansion?

By selling through La Place, producers have the opportunity to build a global following for their brands, benefitting from the négociants’ extensive reach and expertise in promoting and allocating wines to different markets. Meanwhile, this process guarantees the wines’ provenance, reduces risk, and effectively manages supply and demand.

Négociants also benefit from the expansion of the system beyond Bordeaux by diversifying their revenue streams and reducing their dependency on the châteaux. This is especially true in recent years, which have seen a declining sentiment for buying Bordeaux En Primeur (for more, see our En Primeur Report: Bordeaux 2022 – Unfulfilled Potential).

The transformation of La Place de Bordeaux also reflects the shift in broadening buying patterns in the fine wine investment market.

La Place brands to watch

This autumn will see the release of close to 120 wines from around the world through La Place de Bordeaux.

Some of the most anticipated releases each year include the Super Tuscans Solaia, Masseto and Bibi Graetz, Californian cult wine Opus One joined by estates such as Inglenook, Joseph Phelps and Promontory, the Chilean Almaviva, Vinedo Chadwick and Viña Seña.

Australian wine, which has faced challenges due to the ongoing Chinese tariffs in recent years, has also been aided by the network, with brands such as Penfolds and Jim Barry making waves.

La Place brands

*Explore the performance of different wines on Wine Track, our comprehensive fine wine index that enables you to identify investment grade wines, spot trends and wine investment opportunities.

The table above shows some of the best-performing wines released via La Place over the past decade. These wines, available at various price points, have delivered an all-round positive performance over the past five and ten years.

Rothschild & Concha Y Toro’s Almaviva has seen the most impressive price performance over the last decade, up 132%. Almaviva prices tend to rise with age, and the highly anticipated 2021 vintage is expected to be among the first releases of this autumn’s campaign.

In conclusion, the network’s continually broadening selection showcases its ability to adapt and thrive in a fluid market, acting simultaneously as an indicator of shifting consumer preferences and investment opportunities. As négociants broaden their range and producers tap into this distribution channel with global reach, the impact is poised to resonate well beyond the borders of Bordeaux.

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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2023 harvest forecasts for France and Italy: a balancing act

Harvest
  • France’s 2023 wine harvest projects between 44-47 million hectolitres, benefiting from potentially strong yields in Champagne and Burgundy.
  • Italy anticipates up to 14% reduction in its 2023 harvest due to extreme weather, marking it among its smallest harvests.
  • Historical trends showcase climatic vulnerabilities, emphasising the need for sustainable viticulture practices.

As harvest time approaches, we take a look at forecasts for the 2023 vintage in France and Italy. While France appears to be set for a stable year – in line with the five-year average, Italy’s harvest might shrink as a result of extreme weather, as climate change continues to leave its mark.

French wine regions face diverse conditions

According to the French agriculture ministry, France’s wine harvest in 2023 looks promising, with estimates suggesting a national production between 44 million and 47 million hectolitres. This figure nudges slightly ahead of the previous year’s 45.4 million hectolitres. One reason for optimism is the performance in regions like Champagne and Burgundy, which is expected to offset challenges in Bordeaux.

Indeed, Bordeaux has not had it easy. Consecutive thunderstorms, high temperatures, and downy mildew have plagued the region. Notably, Gironde’s chamber of agriculture reported that a whopping 90% of vines have been affected by downy mildew. Languedoc and Roussillon have also been suffering from persistent drought.

Meanwhile, Champagne and Burgundy are set for an above-average harvest. Champagne has successfully averted frost and hail damage and diseases have been contained. Similarly, Burgundy looks poised for grape production higher than the five-year average. The situation in neighbouring Beaujolais is also looking better than last year.

If projections hold, France may place as Europe’s largest wine producer in 2023, especially given the challenging outlook for Italy.

Italy’s climate woes

Italy is staring at a potentially reduced harvest in 2023. From searing heatwaves to devastating floods, the nation’s vintners have confronted multiple challenges. Extreme weather events could result in a harvest that is up to 14% smaller than in 2022. If this forecast proves accurate, 2023 could rank with years like 1948, 2007, and 2017 as one of Italy’s smallest harvests on record.

However, while the national outlook seems daunting, the situation varies by region. The north, including areas like Piedmont, Lombardy, and Veneto, has remained relatively stable despite recent fierce hailstorms. By contrast, southern and central Italy might see significant drops in production, with Sicily in particularly struggling with wildfires, heat, and mildew. Still, the Assovini Sicilia wine association noted that grape quality remains intact for 2023.

Historical context

France and Italy have witnessed harvest highs and lows over the decades. Historically, France’s most significant harvest was in 2004 with a record 58.3 million hectolitres. In contrast, 2017 saw a decline of almost 20% due to weather adversities.

Italy’s bumper harvest year was 1982, with a record production of 65 million hectolitres. The country’s most challenging years have been spaced apart, with significant lows in 1948, 2007, and potentially 2023.

In conclusion, the 2023 harvest projections for France and Italy offer a revealing snapshot into the challenges and opportunities presented by the ever-shifting climate. While France gears up for a potentially favorable yield, owing largely to robust performances in regions like Champagne and Burgundy, Italy grapples with the stark realities of climate change, which threatens to render 2023 one of its leanest harvests. These trends not only highlight the adaptability of the wine industry but also underscore the urgent need for sustainable practices and proactive measures to mitigate the impacts of adverse weather patterns on viticulture. As the historical data indicates, while wine-producing regions have faced fluctuations in the past, the growing unpredictability of climate patterns demands heightened vigilance and innovation in the realm of winemaking.

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

 

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The best-performing wines in H1 2023

H1 2023 - Château Climens
H1 2023 - Château Climens
  • The fine wine market softened in H1 2023 amid a complex economic landscape, creating opportunities for savvy investors to purchase well-priced stock.
  • The 2022 Bordeaux En Primeur campaign stimulated demand for older Bordeaux vintages, which in turn pushed their prices.
  • Sweet Bordeaux dominated the best-performing wines in H1 2023, with Château Climens 2014 claiming the top spot.

Market overview

The first half of 2023 brought a mixed bag of developments for the fine wine market, with interesting shifts underway. Amid a complex economic landscape, the market softened, creating opportunities for savvy investors to purchase high-quality stock at appealing prices. Major fine wine indices experienced a minor slump when calculated in sterling but remained steady in other currencies.

Meanwhile, the 2022 Bordeaux En Primeur campaign generated excitement among critics and buyers due to the high quality of the wines, yet its pricing underlined the value that back vintages offer. Indeed the majority of the best-performing wines so far this year have been older Bordeaux vintages, with two exceptions.

The top performers so far this year

While major fine wine indices have experienced a slowdown, demand remains robust and some wines have continued to overdeliver. The table below shows the best performers in H1 2023, which have all risen between 18% and 78%.

Five out of the top ten spots, including the prime position, have gone to Château Climens. Much of this stellar growth happened in the last quarter. Back vintages saw increased demand, following the 2022 En Primeur release, which was offered with a 139.4% increase on the 2016. Château Climens has also been one of the best-performing Bordeaux brands so far this year, according to Wine Track, rising 36%.

Another wine from Barsac, Château Coutet 2014, has also risen an impressive 32.8% in value over the past six months, cementing the prevalence of sweet Bordeaux among the biggest risers. It seems that a category often overlooked has come to the investment spotlight in 2023, replacing the stars of 2022 – Burgundy and Champagne.

The sixth and seventh spots went to red Bordeaux, with Château Palmer 2013, up 27.4%, and Le Clarence de Haut-Brion 2015, up 24.1%.

The exceptions to the Bordeaux-themed half were Giacomo Conterno Barolo Monfortino Riserva 2001 (22.8%) and Joseph Drouhin Montrachet Grand Cru Marquis de Laguiche 2011 (18.2%).

To find out more about the most recent developments in the fine wine market, download our Q2 2023 wine investment 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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Ten years on: the top-performing Bordeaux 2013 wines

Bordeaux 2013
Bordeaux 2013
  • The Bordeaux 2013 vintage saw a tepid response at release due to challenging weather conditions that impacted its quality and quantity.
  • The vintage provided a low entry point into top Bordeaux brands, and interesting investment opportunities.
  • Ten years on, some wines have risen over 200% in value, including second wines Petit Mouton and Carruades de Lafite.

As the 2013 Bordeaux vintage sees its tenth anniversary, critics are once again turning their attention to these wines. Our retrospective provides a glimpse into the market performance of the vintage, and the best-performing wines today.

Bordeaux 2013: a difficult year for winemaking

Bordeaux’s 2013 vintage was met with lukewarm reception upon release, primarily due to adverse weather conditions that took a toll on both its quality and quantity. Coming on the heels of two poorly priced campaigns did not help either.

A wet winter transitioned into an equally damp spring, delaying budburst and resulting in many grapes suffering from coulure. Unpredictable temperature fluctuations, frost, and an extraordinarily rainy May led to a disrupted flowering in June, further complicating the growing season.

July brought extreme heat, one of the hottest in over six decades, culminating in torrential rainstorms that significantly reduced yields in the Médoc and Pessac-Léognan appellations. August continued the trend with destructive hailstorms in the Entre-deux-Mers region. Consequently, growers were forced to discard damaged and unripe berries, causing further reductions in yield.

A mixed bag

Despite the less-than-ideal weather conditions, certain areas and grape varieties fared better than others. Saint-Estèphe, for instance, benefited from a drier growing season, resulting in some of the most successful wines of that year. Late-ripening varieties like Cabernet Sauvignon also made the best of the limited summer weather. However, earlier-ripening varieties like Merlot struggled due to the damp, cold start to the year.

In general, the 2013 vintage yielded smaller quantities of wine with dramatic variations in quality. The best reds were light, with lower alcohol content and a fresh fruity character, whereas the less successful examples were marked by overextraction and astringent tannins. Whites performed better overall, the best of which possessed aromatic freshness.

In terms of style, Bordeaux 2013 significantly deviates from the richer, sunnier vintages of recent years. It has produced lighter-bodied wines imbued with a tangy acidity, making them more suitable for short- to medium-term drinking rather than long-term cellaring. Many of the wines are now ready to drink.

A lower entry point into the market for Bordeaux

The inconsistency in quality led to a range of price points in the market. This presented an opportunity to acquire Bordeaux wines at lower prices than usual, especially those from estates with a proven track record of producing high-quality wines in challenging years.

This made the vintage an interesting entry point for those looking to invest in Bordeaux without the high initial price that other ‘on’ vintages command – a trend identified among buyers in Asia, and particularly for the First Growths and their second wines.

This has stimulated investment interest in the vintage, and some Bordeaux 2013 wines have seen considerable price appreciation, delivering over 200% returns in less than a decade.

A vintage for second wines

Four second wines are among the best performing Bordeaux 2013s. The second wine of Château Mouton Rothschild, Petit Mouton, leads the way with a 233% rise since release. The wine offered a low entry point into the brand at £750 per case; by comparison, this year’s 2022 vintage was released for £2,196 per 12×75.

The second wine of Château Lafite Rothschild has been the second-best performing label, up 230% in value since release.

Pavillon Rouge du Château Margaux and Le Clarence de Haut-Brion also feature among the biggest risers, with increases of 163.9% and 142.4% respectively.

Bordeaux 2013 – an unexpected opportunity

A decade on, the Bordeaux 2013 vintage has shown that even in challenging growing conditions, wines of interest and value can be produced. The vintage offered a lower entry point into Bordeaux, resulting in several significant performers. The legacy of the Bordeaux 2013 vintage may well be seen as a fascinating anomaly – an unexpected opportunity for wine collectors and investors.

 

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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Investment opportunities in back vintage Bordeaux

Investment in Bordeaux
  • Back vintages can often offer better investment prospects than new releases.
  • Looking at Bordeaux 2022 so far, the wines have been offered at a 16% premium on last year on average; some as high as 40%.
  • Prices for physical Bordeaux have declined since the start of the campaign, making older vintages even more affordable.

With the annual En Primeur campaign in full swing, many consider the investment opportunities in Bordeaux futures. What has become clearer in recent years, however, is that back vintages can often offer better prospects than the new releases.

For many châteaux, En Primeur is no longer the cheapest time to buy a bottle, with older vintages available in the market for less. This goes against the original premise of buying futures, which was an opportunity to acquire the wines at the lowest price possible.

Price and score inflation

Although Bordeaux has experienced improvements in quality, a trend evident in critic scores inflation, the price increases have been even more noticeable.

Looking at Bordeaux 2022 so far, the wines have been offered at a 15.6% premium on last year on average; some as high as 40%. For instance, Château Rauzan Segla was released with a 40.3% increase and Château Beau-Séjour Bécot – up 37.2%.

Château Climens, which did not produce wine in 2017, 2018 and 2021 due to weather challenges, launched its 2022 with a 139.4% increase on the 2016. As a result, back vintages like 2007, 2010 and 2011 enjoyed heightened demand, which in turn pushed prices. Château Climens has become one of the best-performing Bordeaux brands so far this year, according to Wine Track, rising 39%.

Prices for physical Bordeaux decline

Not all releases have enhanced a brand’s value. Since the start of the campaign, prices for physically available Bordeaux wines have declined 1.3% on average, according to the Liv-ex Bordeaux 500 index.

This is making back vintages look especially good value, in the context of rising En Primeur prices.

Take for instance one of the most recent releases, Château Lynch-Bages 2022, which was offered at £1,280 per 12×75, up 20.8% on last year. The 2022 surpasses the price of any vintage younger than 2010. The 2019 and 2016 look particularly good value, with higher critic scores and lower prices.

Lynch-Bages

Buyers will find opportunities in old vintage Bordeaux, such as 1995 and 1996, as well as the most recent years – 2021, 2020, 2019 and 2018. The recent trilogy of greats (2018-2020) offers plenty of options, with comparable quality to the new releases and lower prices.

For instance, the average Neal Martin score for the 2022 vintage is 94.8; in comparison, his 2019 is 95.2 and 2020 – 95.1.

The campaign’s successes

As discussed in a recent article, there have been some successful En Primeur releases such as Cheval Blanc, Beychevelle, and most recently, Les Carmes Haut-Brion. These wines were offered higher than last year but still represented an attractive point of entry into the brand, and immediately enjoyed demand.

Carmes Haut-Brion

Les Carmes Haut-Brion has become a collector’s favourite as quality has improved. Until 2010, 93-points was the highest score the wine had received. The newest release achieved 98-100 points from Antonio Galloni (Vinous) and 99-100 from Yohan Castaing (Wine Advocate). Neal Martin also credited it ‘as the best Carmes the new owners have overseen’. Its average score was higher than the more expensive Ausone, Haut-Brion, Lafite Rothschild, Margaux, Mission Haut-Brion and Le Pin.

At a quarter of the price of a First Growth, and half the price of wines like Léoville-Las Cases and Palmer, the wine has demonstrated considerable potential for continued appreciation. This has been reflected in the performance of its index, which has risen 41% over the last five years, making it one of the best-performing Bordeaux properties.

The successful 2022 releases have taken into consideration existing demand for the brand, vintage quality and, most importantly, offered value compared to back vintages.

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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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.

 

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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US Buyer Acquires Bordeaux’s Château Lascombes

Exterior of Chateau Lascombes from the vineyard

The US buyer whose recent purchase of Château Lascombes – that topped the list as the most expensive acquisition in the Médoc ever – has been revealed as Lawrence Family Wine Estates.

This is the US investor’s first acquisition in Bordeaux and, indeed, its first ever purchase in Europe. The family’s existing portfolio of brands include sought-after Napa names such as Heitz Cellars, Burgess and Stony Hill Vineyard.

While the full details of the sale haven’t been disclosed, it is a strategic and important one. Château Lascombes is a leading Second Growth located in the Margaux appellation. This top estate rubs shoulders with the four other leading Margaux châteaux including, Châteaux Rauzan-Ségla, Rauzan-Gassies, Brane Cantenac and Durfort-Vivens. What sets Lascombes apart is its size: the estate is the largest in the appellation and spans just over 110 hectares with an additional 10 hectares in neighbouring Haut-Médoc.

The French press reported the acquisition as the largest sole financial transaction in the Médoc’s history. However, what is interesting from the Lawrence Family Wine Estates’ press release is that, and there is little detail, a minority stake in Château Lascombes is to continue to be held by its previous owners, Mutuelle d’Assurance du Corps de Santé Français (MACSF)

Since its foundation in the 17th Century, the estate has changed hands a number of times. Most recently, in 2001, the USA’s Colony Capital bought it for $67 million and then sold it in 2011 to MACSF for an estimated €200 million.

Commenting on its recent acquisition, Gaylon Lawrence, owner of Lawrence Family Wine Estates’, said: ‘We are honoured to become the new stewards of such a historical estate. This Château has some of the greatest vineyards in Margaux and our family looks forward to caring for Château Lascombes for many generations to come’.

Currently, Lascombes represents great value when compared to other Second Growths. Its average price on Wine Track is £689, compared to Château Cos d’Estournel at £1,580, Château Montrose at £1,300 and Château Léoville las Cases at £1,980. Could this new purchase and the recent investment in new winemaking facilities be the beginning of a change in its price point, just like the ones we’ve seen in recent years at Châteaux Figeac and Canon?

Discover the other high profile acquisitions in the world of fine wine in our recent article. 

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Bordeaux’s ‘Earliest Ever’ Harvest

Bordeaux vineyard at sunrise

Producers in Bordeaux welcomed the rain and cooler temperatures that arrived at the start of August with open arms. After six weeks of no rain, and with a prolonged heatwave, July of 2022 was announced as the driest on record since 1959.

The first white grapes of one of the key varietals that makes up the Bordeaux Blanc blend – Sauvignon Blanc – began arriving at wineries in the communes of Entre deux Mers, Graves and Pessac-Léognan from the 16th of August. The 2003 harvest that was previously considered very early, began on the 18th of August, making 2022 now the earliest ever vintage.       

The president of the Pessac-Léognan syndicate, Jacques Lurton, commented on this ‘earliest ever harvest,’ to French press agency AFP. He said that it was caused by ‘the exceptional conditions of the year that have speeded up ripening. Right now the aromatics are high in Sauvignon Blanc, making it the perfect moment to start bringing them in’.

Yields are expected to come in slightly under the 50-year average and are predicted to be between 13-21% higher than the 2021 harvest that was severely affected by frost. While there was a summer drought this year, both flowering and fruit set took place at the perfect time which meant that yields weren’t impacted too much.

The recent rain, up to 20mm in the majority of communes, has helped refresh soils and vines, as well as increasing the size of the grapes which are reportedly still some 30% smaller than usual.  

However, Bordeaux hasn’t been the only French wine region to have begun harvesting grapes early this year. The Rhône began on the 22nd of August: eight days earlier than last year. Roussillon also started picking grapes as early as the 3rd of August. Producers in both regions have expressed that, while the production levels may be down on average, they’re hopeful that great quality wines will be made.

Read more about the small but exceptional Port vintage expected in the Douro here.