by Wine Owners
Posted on 2017-03-22
Few producers ever achieve the magical 100 point rating from the Wine Advocate. Parker’s ratings have been the most influential in the world, so to achieve the magic century is quite some accolade; to achieve it more than once is the stuff of dreams; to achieve it 28 times as have Guigal’s famed Cote Rotie triumvirate of La Landonne, La Turque and La Mouline (collectively nicknamed ‘the La Las’) is unprecedented. No other producer from a single appellation comes close.
You might have thought that these three wine with a claim to be among the finest in the world should cost the earth, shouldn’t they? Well, in fact they don’t – at least not in comparison with the finest wines of Bordeaux, Burgundy and California.
For the purposes of this analysis we’re going to look at the 2009 vintage, which paints a fairly typical picture for these wines. Historically there is very little variation in the values of the three wines, with prices often within a 3% range. So, this chart for La Mouline ’09 is mirrored closely by the other two. What is immediately noticeable is that prices have, until midway through last year, fallen consistently. This despite two 100 point scores in November 2013 and September 2014!
The fall in price is on a par with the falls in value of Bordeaux wines in the same period, but importantly the La Las did not have a huge price rise immediately prior to the falls that insulated many buyers from the slump. It seems, on the face of it that Guigal’s amazing wines were simply the victim of a lack of global interest in Rhone wines at the top end.
This seems to be changing however, as over the last 6 to 9 months the relatively attractive pricing has found favour, and sentiment seems to have turned positive. All good vintages across all three wines are moving upwards, and demand is out-stripping supply for the first time in many years.
La Mouline 09 is 15% up since July, and is on its way back to the £4000 a case level last seen in early 2013. In our view there is reason* to be confident that this recovery is a fundamental re-evaluation of the value of the wine, rather than simply the beneficial effect of weak Sterling, and there is definitely reason* to add this to a cellar, for both investment and drinking purposes.
So, what is this reason you may well ask?
Sadly, the La La’s were among the chosen wines of various boiler room, sales led operations who decided that they were ideal wines to sell as investments to unsuspecting investors at way over fair market prices. This created skewed pricing and led to reputational damage to the wines that caused prices to drop. Thankfully most of these operations have now closed down, and their negative impact on the market has dissipated. The secondary market is now a healthier place for these great wines, and prices are once again reflecting the supreme quality and longevity of Rhone’s finest.
by Wine Owners
Posted on 2016-12-13
2015 is the best Northern Rhone vintage in 55 years, according to this article on JancisRobinson.com. That’s some statement given the quality of vintages over the last 15 years or so, including the superb 1999, which at the top end is just coming into its drinking window.
Great though 2015 is, it isn’t going to satisfy drinking requirements in the short term, even at more modest levels, whereas my bottle of Chave Offerus (St. Joseph) 1999 is melt-in-the-mouth gorgeous now.
Outside of the Rhone elite and their blue chip labels that can appreciate markedly in value over the medium-to-longer term, along with some of the region’s special cuvees and bottlings, these are not wines to use as a store of value. They do not appreciate in value. They are wines to enjoy. But they need time to come around. As impressive as new vintages are, they express in youth only a general sense of the wine they will become.
In our estimation these are wines that are depressingly under-appreciated. As you’d expect from such a large region of production, styles vary enormously. They variously show varietal character, complexity, precision, texture, and depth of flavour with more than just a touch of minerality.
If you’ve not tasted mature white Rhone recently, you could well find the waxy texture, floral and white peach character refreshingly braided with acidity an exciting experience. For the quality and complexity these great wines offer, many are cheap. Not a word I use lightly, but they really are terrific value and hold their own in the company of any of the world’s great whites.
Though it’s tempting to buy into great new releases, and potentially worthwhile at the top of the tree, there’s no kudos in hanging onto cases of wine and paying a decade or two’s worth of storage, when you can drink the real thing without playing stockholder.
There really is something for everyone.
View Rhone offers on the exchange
