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The place of the Bordeaux First Growths in a changing fine wine market

  • Once the dominant force in the fine wine market, the Bordeaux First Growths have lost market share due to its broadening.
  • In the last decade, Château Mouton Rothschild has been the best price performer, up 43.2%.
  • Château Haut-Brion offers the best value, with the highest average critic score and the lowest average price per case.

The Bordeaux First Growths in a broadening market

The Bordeaux First Growths have long been the cornerstone of the fine wine investment market. Back in 2010, they made up close to 90% of all Bordeaux trade by value – at a time, when Bordeaux’s share of the total market stood at 96%.

With the broadening of the market, their share has decreased and they now regularly account for around 30% of all Bordeaux secondary market trade (which itself has fallen below 35% annual average).

This trend was also reflected in the 2022 Power 100 list, which offered a snapshot of the ever-changing landscape of the secondary market. For the first time ever, no Bordeaux wines featured among the top ten most powerful fine wine labels.

Even if trade for these brands remains consistent or increases, the First Growths are facing greater competition. Still, they are among the wines with the greatest liquidity, attracting regular demand and high praise from critics year after year.

First Growths’ price performance

In terms of price performance, the five First Growths have followed a similar trajectory (i.e. rising post-Covid and dipping in the last year in line with the current market reality). The relative outcast has been Château Latour, whose performance was impacted by the decision to leave the En Primeur system in 2012. The wine has been the worst-performing First Growth, up just 17.9% in the last decade.

The best performer has been Château Mouton Rothschild, with an increase of 43.2%. Recent releases have elevated the performance of the brand, like the 2020 vintage, which boasts 100-points from The Wine Advocate’s William Kelley, 99-100 from James Suckling, 98-100 from Jeff Leve and 99 from Antonio Galloni (Vinous). ‘Off’ vintages like 2011, 2013 and 2014, which have greater room to rise, have also fared well over the last five years.

The second-best performer has been Château Margaux, which is also the second most affordable First Growth. Similarly, its biggest price risers have been 2014, 2011 and 2013. Less classical years reveal the strength of these brands, as demand for the First Growths remains consistently high regardless of the vintage.

First Growths’ price and score comparison

The table below shows the average price per case and critic score of the First Growths for vintages since 2000.

Château Haut-Brion tops the list with the highest average score (95.9) and the lowest average price per case (£4,595). With a price per point of £48, the wine seems to offer the best value among the First Growths. Vintages that have received 100-points from The Wine Advocate include 2018 (LPB), 2016 (LPB), 2015 (LPB), 2009 (LPB) and 2005 (RP).

Looking at the average prices, Château Lafite Rothschild stands out as the most expensive of the First Growths. The wine has achieved 100-points from The Wine Advocate for its 2019 (WK), 2018 (LPB), 2010 (LPB) and 2003 (RP) vintages.

In conclusion, the First Growths remain an important part of the changing secondary market, offering brand strength, consistently high quality and stable growth.

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

Chateau Lafleur
  • 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’

 

Beychevelle

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?’

 

Cheval Blanc

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

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’

 

Lafleur

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.

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Neal Martin awards three Bordeaux 2022 wines potential 100 points

En Primeur Neal Martin Bordeaux 2022
  • 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

Neal Martin's top-scoring Bordeaux 2022 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.

Cheval Blanc prices and scores

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.

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.

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Jancis Robinson MW releases Bordeaux 2022 scores

Bordeaux En Primeur 2022
  • 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.

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

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Wine Advocate’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 20th 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.

 

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.