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Older vintages dominate 2024’s best-performing wines

Domaine Pegau wine bottle
  • 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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Neal Martin’s top-scoring Bordeaux 2020 wines from the Southwold tasting

Southwold wine 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.

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Beyond Bordeaux releases: why back vintages offer better value

Seña wine bottles wine cellar
  • This autumn sees the annual beyond Bordeaux campaign via La Place. 
  • Most of the wines have been released at the same price level as last year. 
  • This is not enough to stimulate buyers given the current dip in market prices across all regions. 

This month’s La Place de Bordeaux campaign has seen a mix of notable releases beyond the traditional Bordeaux wines, featuring the latest vintages from esteemed producers like Opus One, Masseto, Solaia, Penfolds, and Viñedo Chadwick. However, as market prices dip across multiple regions, many of these releases have seen limited appeal. The enhanced availability of older vintages at more competitive prices makes back vintages a more attractive investment option.

Super Tuscan releases

The Super Tuscan Masseto 2021 kicked off this autumn’s La Place campaign at the same price as last year’s vintage. It marks one of the last vintages overseen by Alex Heinz, who transitioned to CEO of Château Lascombes in Bordeaux in 2022. 

The wine received a perfect 100-point score from Antonio Galloni (Vinous) who said it was ‘the most exquisite, refined young Masseto’ he had ever tasted. Monica Larner (Wine Advocate), while giving it 95 points, described it as a ‘very rich and elaborate expression’.

However, better value can be found in back vintages such as 2017, 2018, and 2019, where critic scores are more aligned across publications.

Masseto wine prices chart

In contrast, Solaia 2021 from Marchesi Antinori came in at a 15.7% premium over the 2020 vintage, with a recommended price of £3,240 per 12×75. 

Despite strong reviews – 97 points from Larner and a perfect 100 from Galloni – this price positions the 2021 Solaia above several recent vintages. 

Buyers seeking better value might prefer the 2018, 2019, or even the 100-point Solaia 2015, which comes with the added advantage of age.

Solaia wine prices chart

Chile’s iconic wines

Two of Chile’s most iconic wines were also released earlier this month, Seña 2022 and Viñedo Chadwick 2022.

Although Seña 2022 was offered at the same price as last year, it is still the most expensive vintage currently in the market due to a drop in value of the previous vintages. The 2019 and 2018 vintages, for instance, both have higher scores from Wine Advocate and cost less.

Mondavi & Chadwick, Seña wine prices chart

Similarly, Viñedo Chadwick 2022 was released at last year’s price but remains the second most expensive vintage, following the 2015 Joaquín Hidalgo (Vinous) awarded it 98 points, praising its ‘finessed Bordeaux-oriented style with the plush tannins of Maipo’.

From an investment perspective, the 2021 offers a more affordable, higher-scored alternative, while the 2018 and 2019 vintages are also solid options.

Errazuriz Vinedo Chadwick wine prices chart

Other notable releases

Château de Beaucastel Hommage à Jacques Perrin 2022 is another wine released at the same price as last year, which has since fallen in value. This makes it the second most expensive after the 2016. 

It received a range of 96-98 points from Nicolas Greinacher (Vinous), who said it was ‘on track to rank alongside the spectacular 2020’. Still, the 2018, 2017 and 2015 present better value alternatives. 

Beaucastel, Chateauneuf du Pape Hommage J Perrin wine prices chart

With a small increase of 1.3% on last year, Penfolds Grange 2020 was released at £4,740 per 12×75. 

Erin Larkin (Wine Advocate) described it as ‘lighter than the preceding 2019’ and gave it 95 points. It received the same score from Angus Hughson (Vinous) who suggested that it would benefit from a ‘couple more years in the cellar [that] will bring all the pieces together before a two-decade drinking window’.

When it comes to back vintages, the 2012, 2014 and 2015 all look more attractive. The 100-point 2013 vintage is also cheaper and has entered its early drinking window.

Penfolds Grange wine prices chart

Back vintages remain an untapped opportunity

As the latest La Place de Bordeaux campaign reveals, many new releases are being offered at prices that do not necessarily align with current market conditions.

In contrast, back vintages – often with comparable or superior critic scores – can provide better value and greater investment potential. With the market dip creating opportunities for buyers, it is a good time to focus on older, well-regarded vintages that offer both affordability and maturity.

Get in touch to discuss your allocations or to start building your fine wine collection. Schedule a consultation.

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The best of Dom Pérignon: top vintages and investment opportunities

  • Dom Pérignon is one of the most popular wine brands in the world, resonating with drinkers, collectors and investors.
  • This week saw the latest Dom Pérignon vintage release – the 2015. 
  • Dom Pérignon prices have risen on average 90% in the last decade.

Dom Pérignon is one of the most popular wine brands in the world. It consistently ranks in Wine-Searcher’s top five most searched-for wines, and its label resonates with drinkers, collectors and investors alike.

Latest vintage release: Dom Pérignon 2015

This week saw the latest vintage release from the renowned Champagne house – Dom Pérignon 2015, with a recommended retail price of £1,750 per 12×75 case. The wine boasts 96 points from Antonio Galloni (Vinous) who said that it ‘shows terrific energy’ and ‘is a fine showing in a vintage that has proven to be tricky’.

Brief history of Dom Pérignon

Dom Pérignon is named after a Benedictine monk, Dom Pierre Pérignon (1638–1715). As a cellar master at the Abbey of Hautvillers in the Champagne region of France, he significantly contributed to the quality and production methods of Champagne, such as blending grapes from different vineyards and improving clarity. Moët & Chandon introduced the Dom Pérignon brand as its prestige cuvée in the 20th century, with the first vintage released in 1921. Since then, the wine has become synonymous with luxury and celebration.

Dom Pérignon investment performance

Dom Pérignon has been one of the most popular Champagne brands for investment for a reason. On average, prices have risen 90% over the last decade. The Dom Pérignon index hit an all-time high in November 2022 (up 136% since June 2014). Prices have since come off their peak making now an opportune time to buy, given the overall upward trend. 

Dom Perignon index

The average Dom Pérignon price per case is £2,260, making it more affordable than other popular investment-grade Champagnes like Krug, Louis Roederer Cristal, Pol Roger Sir Winston Churchill, Bollinger RD and Philipponnat Clos des Goisses, all the while providing similar returns.

The highest-scoring Dom Pérignon vintages 

The highest-scoring Dom Pérignon vintage from Galloni is the 2008 (98+), which he describes as ‘magnificent’ and a ‘Champagne that plays in three dimensions’.

The 2004 (‘one of my favourite Dom Pérignons’) and 2002 (‘speaks to opulence and intensity’) boast 98-points from the critic. Up next with 97-points is 2012, which he called ‘a dynamic Champagne endowed with tremendous character’, and the ‘beautifully balanced, harmonious’ 2006. 

From Wine Advocate, the top-scoring Dom Pérignon vintages include 1996 (98 pts), 1961 (97 pts), and several vintages scoring 96 points, such as 2008, 2002, 2006, 1976, 1990, 1982, and 2012.

The best value Dom Pérignon on the market today

Dom Perignon prices

The 2004 and 2012 Dom Pérignon vintages are two of the most popular, not least because they offer great value in the context of other vintages. They are two of the most affordable on the market today, while also boasting high scores. The 2004 further benefits from additional time in bottle; however, these earlier vintages are often harder to source than the new releases.

Regardless of the vintage of choice, and whether for investment or collecting, Dom Pérignon remains the pinnacle of the Champagne world. Its strong branding, outstanding quality and investment performance make it a top choice for wine enthusiasts and investors alike.

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 2023 En Primeur: an overview of the current campaign

Cos d'estournel bordeaux wines
  • Three weeks into the Bordeaux 2023 En Primeur campaign, we examine the pricing trends of the releases so far.
  • In many cases, the current price cuts have highlighted the steady ascent of En Primeur release pricing in recent years.
  • The Bordeaux 2023 vintage is characterised by diverse critic scores and some high achievers.

This year’s Bordeaux En Primeur campaign kicked off early and rapidly gained momentum. The first 2023 releases landed in the last week of April, shortly after trade professionals had returned from the region and before the publication of most critic reports.

Pricing, as always, remained a central issue. Questions arose about whether châteaux would consider the current market conditions, whether anticipated price reductions would drive interest, and ultimately, whether the Bordeaux 2023 vintage would prove a worthy investment.

Three weeks into the campaign, several major châteaux, including First Growths like Haut-Brion, Mouton Rothschild, and Lafite Rothschild, have already launched their 2023 wines.

With most critic assessments now available and pricing trends becoming clearer, we delve into the details of the campaign so far.

Noteworthy releases

Château Léoville-Las Cases’ 2023 release marked a promising start to this year’s En Primeur. On April 30th, the wine was offered at a 40% discount on the previous year’s release. However, some older vintages still presented better value.

The first ‘great value’ release came from Château Lafite Rothschild in the same week. Its second wine, Carruades de Lafite, represented the lowest priced offering from the estate on the market today, playing on En Primeur’s original premise.

Similarly, Mouton Rothschild and Petit Mouton presented attractive opportunities for investors, released at 34.6% and 25.1% discounts on last year’s offerings respectively.

As a result, Liv-ex reported that both Château Lafite Rothschild 2023 and Château Mouton Rothschild 2023 have made their way onto the secondary market – although they have traded below their original release prices.

In many cases, the current price cuts have highlighted the steady ascent of En Primeur release pricing in recent years.

The average price cuts so far have been 21.5% compared to last year, with reductions ranging from 40% to none. Despite these cuts, many older vintages remain more affordable and often boast similar or better ratings, including those from 2019, 2017, and 2014.

Diverse scores and high achievers

The Bordeaux 2023 vintage has received a wide array of scores from leading critics, demonstrating a spectrum of quality across various appellations and estates.

Château Margaux consistently received high acclaim, with scores of 97-100 from both Antonio Galloni and William Kelley, and 99-100 from James Suckling. Neal Martin rated it as his second- highest wine of the vintage.

Another high achiever, Le Pin, received top marks with a perfect 100 from Peter Moser of Falstaff and 99-100 from Suckling. Château Montrose is also noteworthy, with a barrel range of 97-100 from Kelley and 99-100 from Suckling.

The critical consensus indicates a preference for wines from the Left Bank, which are noted to have fared better overall. The vintage is characterised by wines that lean towards a classic style, marked by their freshness and moderate alcohol content.

Despite the mixed nature of the vintage, there are several standout wines that show considerable promise. These wines are not only great for adding to a collection due to their potential to appreciate in value, but they also offer the kind of quality that makes them worth seeking out for those looking to enjoy fine wines in the years to come.

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 2023 wines

Mouton Rothschild 2023
  • According to Neal Martin (Vinous), Bordeaux 2023 is a heterogeneous vintage riddled with paradoxes.
  • Only one wine achieved his highest score of 98-100 points – L’Eglise Clinet.
  • Martin suggested that ‘deep [price] cuts’ are needed for the campaign to work.

 Now that the En Primeur campaign has kicked off, critics have started releasing their Bordeaux 2023 in-barrel scores. Vinous recently published Neal Martin’s assessment of this ‘Dalmatian’ vintage, characterised by ‘spots of astounding quality’ but also ‘all manner of shortcomings’ – even in some of the region’s most famous names.

Bordeaux 2023 vintage overview

‘A season riddled with paradoxes,’ Neal Martin described Bordeaux 2023 as a heterogeneous vintage. According to him, it ‘would sit uncomfortably on a mantelpiece alongside 2016, 2020 and 2022’. However, the critic acknowledged that ‘some châteaux pulled out magical wines from their top hat, surpassing those aforementioned years in one or two cases’.

The keyword that defined 2023 is ‘classicism’, meaning ‘lower alcohol levels in the 13-something range,’ without the opulence of previous vintages.

Martin further noted that ‘the 2023s are relatively more tannic than we’ve become accustomed to, more linear and vertical, though endowed with greater fruit concentration than the 2021s’. He continued: ‘The best wines embrace these traits while maintaining sufficient fruit and grip, occasionally harking back to the kind of barrel samples encountered in the early days of my career, and I mean that in a good sense’.

Overall, Martin claimed that ‘despite the disparity in quality, it cannot be denied that it is bejewelled with a clutch of spellbinding wines’.

Top-scoring Bordeaux 2023 wines

Neal Martin’s top-scoring Bordeaux 2023 wines can be seen in the table below. Only one wine achieved the maximum barrel range of 98-100 points – the 2023 L’Eglise Clinet. Martin said that ‘it’s very harmonious and fans out brilliantly on the finish’.

Three wines received a barrel range of 97-99 points: Margaux, Lafleur and Le Pin. In his tasting note, Martin called the First Growth a ‘quintessential Château Margaux’ but noted that it ‘will require ten years in bottle to really show what it is capable of’.

Regarding Lafleur, he said it was ‘one of the few profound wines this vintage’. He described Le Pin as ‘so pure and refined, it seems to embrace and gently hug the senses’.

En Primeur and the global market

Despite the virtues of the vintage, the question of whether it will present value is pertinent in the current economic climate. For Martin, the ‘newborn wines blink open their eyes to survey a bleak economic landscape and finger-pointing between various factions as to who’s to blame’. He said that ‘deep cuts, not gestures, are the only thing that will open wallets’.

This week’s first releases have seen discounts of up to 40% on last year. However, back vintages of similar quality that remain available for less continue to challenge the En Primeur tradition.

Stay tuned for our analysis of the best value releases.

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 is En Primeur? A short guide for wine investors

En Primeur
  • En Primeur is a three-tier system, involving châteaux, négociants, and courtiers.
  • It allows buyers to purchase wines early, while they are still in barrel.
  • It provides an opportunity to secure allocations of highly sought-after wines that might appreciate in value when bottled.

En Primeur, also known as ‘wine futures’, is a practice rooted deeply in the traditions of the French wine market, particularly prominent in Bordeaux. This unique system allows investors and wine enthusiasts to purchase wines early, while they are still in the barrel, well before they are bottled and released on the general market. This method not only provides a fascinating glimpse into the future of wine investment but also plays a critical role in the financial ecosystem of wine production.

Historical context

The concept of En Primeur dates back over 60 years and has its origins in the post-World War II landscape. During this period, French wine producers faced significant financial challenges. To alleviate these pressures, influential wine merchants, known as négociants, began purchasing wine while it was still maturing in barrels. This arrangement allowed them to lock in supplies at a potentially lower cost and gave the châteaux much-needed cash flow to continue operations.

The En Primeur campaign

Traditionally, the En Primeur campaign kicks off in the spring following the harvest. Wine merchants and critics are invited to sample the young, unfinished wines, which are still in the process of aging. Based on these tastings, they make decisions about purchasing the wines, several years before the final product will be ready for consumption.

The price of the wines can be influenced by several factors, including the perceived quality of the latest vintage, historical brand positioning, critic scores, and market conditions. Once the wine is eventually bottled and ready, it is shipped to the buyers, typically between 18 and 24 months after the sale.

Advantages for investors

Investing in En Primeur can offer several benefits. Firstly, it provides an opportunity to secure allocations of highly sought-after wines, which might be difficult to obtain after release due to limited quantities and high demand. Moreover, purchasing wines at this early stage can be cost-effective, as prices for these wines might significantly increase by the time they reach the market, following bottling and release.

Historically, certain vintages have shown high returns. For instance, the 2008 vintage has risen 79% in value on average since release. Such potential for appreciation makes En Primeur an attractive option for investors looking to diversify their portfolios.

Risks and considerations

However, investing in En Primeur is not without risks. The market can be volatile, and there is no guarantee that purchased wines will increase in value. Recent campaigns have seen negative returns in some cases; for instance, the average price of the 2020 vintage is down 10% since release, of the 2017 – 13%. This means that the wines are now cheaper in the physical market.

Economic downturns, changes in consumer taste, and low critic scores can affect the investment’s outcome. Additionally, buyers commit capital upfront without a guarantee of the wine’s quality at bottling.

The cost of participation can also be a barrier. En Primeur often requires purchasing by the case, which can be prohibitive for smaller investors. Furthermore, there are storage costs to consider, as these wines often need to be aged further in suitable conditions before reaching their optimal drinking window, which can span from five to fifty years.

The global influence of Bordeaux En Primeur

Still, the attention that Bordeaux En Primeur commands, and on a global scale, remains unrivalled. No other region attracts the same level of hype among press and trade. This success has inspired similar practices in other wine regions worldwide, including Burgundy, the Rhône Valley, and even non-French regions such as Italy, Spain, and parts of the New World. These regions have adopted the En Primeur model to varying degrees of success, influenced by their specific market demands and the exclusivity of the wines offered.

For buyers to take fill advantage of En Primeur, keen understanding of the wine market and insight into vintage variations is required. As with any investment, potential investors should perform due diligence, consulting with experts and considering their financial position and investment strategy.

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 2023: navigating climate challenges and market realities

Bordeaux 2023
  • The first Bordeaux 2023 En Primeur releases are expected next week.
  • According to early reports, 2023 is a heterogeneous vintage shaped by climate extremes.
  • The market expects lower release prices that last year, given the broader economic context.

The trade is now in Bordeaux tasting the 2023 vintage En Primeur, and the first releases are expected already next week. The campaign is set to be fast-paced and shorter than usual, and the price forecasts suggest discounts of up to 30% year-on-year.

The vintage is shaping up to be one of measured optimism, tempered by both climate challenges and shifting market dynamics. In the following paragraphs, we delve into what we know so far in terms of quality, volumes and the broader context of Bordeaux 2023 in the global wine market.

A year of extremes

Weather patterns play a significant role in defining a vintage’s potential. According to Bordeaux correspondent Colin Hay for the Drinks Business, 2023 was marked by uneven climatic conditions, with a particularly challenging start due to persistent rain and mildew threats. However, a shift in the latter half of the season brought drier, warmer conditions, providing a much-needed respite, and aiding in the maturation process. This dual phase growing season has resulted in a heterogeneous vintage that, while not exceptional, holds the promise of producing some truly outstanding wines.

Gavin Quinney’s comprehensive harvest report further underscores the impact of the weather, noting that despite the high mildew pressure similar to 2018, the consistent warmth towards the end of the season slightly tipped the scale towards better quality. The blend of early challenges and a fortuitous Indian summer echoes the sentiments of resilience and cautious optimism.

Bordeaux 2023 – quality and quantity

Major critics are yet to release their quality assessments after tasting in Bordeaux this month. Initial harvest reports suggest that 2023 is a good but not great year that may fall behind 2016, 2018, 2019 and 2020, but above 2017 and 2021 in terms of quality.

Gavin Quinney wrote that ‘everything points to what might be called a ‘classic’ Bordeaux vintage, one where the better wines show fruit and finesse over structure, richness and power’. He further noted that 2023 was ‘a year for fraîcheur (freshness) and équilibre (balance), brought about by terroir, gentle extraction, slightly lower alcohol and bright acidity’.

However, the varied impact of climate conditions has led to heterogeneity in grape quality, particularly between those estates that successfully managed mildew and those that did not.

When it comes to volumes, the overall production in 2023 was 384 million litres, below 2022 (411) and slightly above 2021 (377). However, this is considerably lower than the annual average of 487 million litres of the previous decade (2011-2020).

And while yields for the most prestigious appellations were comparatively generous, the volume of wine that may come to the market En Primeur might not be. Liv-ex noted that ‘many estates are reducing the amount of wine offered En Primeur in favour of drip-feeding the market with more mature vintages’. The average stock reduction in the already low-quantity 2021 vintage, for instance, was 30%.

The Bordeaux market and the role of En Primeur

The Bordeaux market has witnessed significant fluctuations over the past few years. The Liv-ex Bordeaux 500 index is down 13.8% in the past year, with many collectible wines seeing even sharper declines.

This trend underscores a shifting landscape where Bordeaux, despite maintaining a large share of the fine wine market, now competes more directly with other prestigious regions like Burgundy and the Napa Valley.

With the unfolding En Primeur tastings, the system itself faces scrutiny. Historically, En Primeur has offered an advantageous opportunity for all involved. While this system has benefited from ensuring early cash flow for producers and allowing buyers to secure potentially valuable wines at favourable prices, recent trends show a misalignment in pricing strategies. Recent back vintages are often available in the market at prices equal to or lower than release, raising questions about the future of the system.

Bordeaux 2023 – pricing and investment potential

Given the backdrop of a declining market and the historical data suggesting that many wines do not immediately appreciate in value post-release, pricing will be a crucial factor for the 2023 vintage. Industry insiders and potential investors will be looking closely at how châteaux price their offerings, seeking a balance between fair value and market dynamics. The hope is that producers will heed the market’s call for more reasonable pricing to reinvigorate interest in En Primeur purchases.

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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Which Bordeaux First Growth has the lowest price per point?

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  • The price-per-point metric allows for a comparison of wines based on their market price and perceived quality.
  • This article examines the prices per point of the most liquid group of wines – the Bordeaux First Growths.
  • It also looks at their historic market performances.

Price per point is an indicator of value; it is calculated by dividing the average case price of a given wine by its average critic score. For some wines, prices and points line up. Typically, a 100-point wine will cost more than a 95-point one, though not always. The price-per-point metric allows for a comparison of wines based on both their market price and perceived quality, offering a nuanced view of their value.

Today we examine the price-per-point ratios of the most liquid and popular group of wines – the Bordeaux First Growths. Which Grand Vin has the lowest price per point and thus offers the best value as a brand?

First Growths – price per point

An average case price of £4,429 makes Château Haut-Brion the most affordable of the First Growths. Meanwhile, it has the highest average Wine Track score of 95.9 points. While there is divergence in prices and scores on a vintage-specific level, Château Haut-Brion has the lowest price per point among the First Growths overall.

First Growths average prices and scores

At the other end of the spectrum, Château Lafite Rothschild has the highest price per point of £64, owing to the highest average case price of £6,129 and a Wine Track score of 95.8.

What does this mean for the wines’ performance?

Historically, the First Growths have followed a similar trajectory of highs and lows. They all peaked during the China-led bull market (H1 2011) and experienced a subsequent downfall. Prices started to rise again following the Brexit referendum and have since largely maintained their level. They have fallen in the last year in line with the broader market (the Liv-ex 50 which tracks the First Growths is down 15.3% over one year – the same as the broadest measure, the Liv-ex 1000 index).

First Growths performance

Of the five First Growths, Lafite has risen the most, with our index peaking in February 2011. Recently, however, it has been the biggest faller, dipping 19% in the last year. Haut-Brion, which has been a more modest performer without delivering the same heights, has dipped the least of the First Growths (10%) during the same period. With a more stable market performance, Haut-Brion offers further opportunities for investors and collectors where the price per point remains comparatively low.

Wines that offer value perform the best

In the case of Haut-Brion, value plays an important role in market performance. POP wines (those with a lower price per point) have outperformed the rest over 15 years. These include vintages 2002, 2004, 2006, 2007, 2008, 2011, 2012, 2013, 2014, 2017 and 2019 (the only prime vintage among the POP wines).

The second-best-performing index comprises older ‘prime’ vintages – wines with high scores pre-2000. However, this index has shown higher volatility due to the limited availability and trading volumes of these wines.

The index comprising younger ‘on’ vintages like 2015, 2016, 2018 and 2020 has underperformed the rest of the pack. However, these wines have also had less time in the market and their evolution is yet to be seen.

Haut-Brion vintage performance

In conclusion, looking at price per point gives an indication of value and quality. However, historic market performance is telling for investors looking for stability or higher risk and potentially higher rewards.

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 releases Bordeaux 2021 in-bottle scores

Bordeaux 2021
  • Wine Advocate has released William Kelley’s report on Bordeaux 2021 in-bottle.
  • According to the report, the best producers ‘especially those working with the best terroirs […] have produced some excellent wines’.
  • Haut-Brion, Cheval Blanc and Montrose were the highest-scoring wines of the vintage, receiving 97 points.

Wine Advocate has released William Kelley’s report on Bordeaux 2021 in-bottle based on his tastings, alongside his colleague Yohan Castaing. Kelley’s in-bottle verdict confirms his En Primeur assessment of this variable vintage.

A farmers’ vintage

Kelley wrote that the results were mixed, but ‘the best farmers, especially those working with the best terroirs and armed with the resources to take risks and make a strict selection, have produced some excellent wines’.

2021 is largely seen as a ‘farmers’ vintage’. According to Kelley, ‘the best 2021s are beautiful wines that exemplify how much technical progress Bordeaux has made over the last decade in the vineyards and in the winery’.

He attributes the best results to nurture over nature; however, this ‘doesn’t change the results in the glass’.

Vintage comparisons

Due to the heterogeneous nature of the 2021s, stylistic comparisons with back vintages are harder to make. For Kelley, ‘many wines are supple and charming, reminiscent of a modern-day version of the 1999 vintage: the perfect “restaurant vintage,” if one forgets their price’.

He added that ‘some of the best northern Médoc reds, with their serious, intensely Cabernet Sauvignon-driven personalities, evoke the 1996 vintage; whereas the Right Bank’s best 2021s are more sensual and seductive’.

When it comes to pricing, many 2021s are now available below their release price, making them an attractive investment proposition where quality is high.

The best Bordeaux 2021s

Kelley highlighted Cheval Blanc (97), Figeac (96+), Haut-Brion (97), Léoville-Las Cases (96+) and Montrose (97) as his wines of the vintage.

For Castaing, the 2021 First Growth reflects ‘the timeless elegance of Haut-Brions from cooler years [and] will delight Bordeaux purists’.

When it comes to Cheval Blanc, Kelley revealed that ‘director Pierre-Olivier Clouet even considers it to be superior to the 2020, a preference that I share’. The 2021 is one of the most affordable recent vintages from the estate.

The other highest-scoring wine, Montrose, got Kelley’s ‘nomination for the title of “wine of the vintage” in the Médoc’. The critic said it ‘entirely transcends the limitations of the year’.

Bordeaux 2021 in-bottle scores

Full report and tasting notes are available on the Wine Advocate’s website.

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.