by Wine Owners
Posted on 2019-02-28
Following recent ’10 years on’ tastings, one held at Bordeaux Index whilst the ‘Southwold group’ met at Farr Vintners, there have been various write ups, reports and blogs appearing. Jane Anson’s write up in Decanter can be found here, Farr Vintner’s Chairman Stephen Browett’s blog here and the mighty Joss Fowler on Vinolent here.
The initial reaction from the time, which can so often can be over-hyped, has now been confirmed (which is nice) – this really is ‘a vintage of the century’! Most people view it alongside the famous 2005 vintage in terms of overall quality although the ’05 is regarded as a rather more grown up vintage with the ’09 being a more confident and flamboyant younger sibling. In due course and following years of maturation, they will both have to overcome 2010 and 2016 for the absolute title and neither of these two are going to be pushed over lightly. As well as being exceptional, 2009 was a consistent vintage and did well on the left and right although it has now showed a tad disappointingly in Sauternes, certainly when compared to earlier indications.
The following wines have been mentioned in more than one dispatch from respected commentators so have made it into this condensed list of really top picks, with market price scores (MPS) and relative value scores (RVS) to follow:
St. Emilion: Ausone, Canon, Cheval Blanc and Pavie
Pomerol: Le Pin, Petrus, Le Gay
Pessac-Leognan: Haut Brion, La Mission Haut Brion, Fieuzal, Smith Haut Lafitte and Pape Clement
Margaux: Margaux, Palmer, Rauzan Segla (and 2nd wine Segla), Issan
St. Julien: Ducru Beaucaillou, Leoville Poyferré, St. Pierre (big surprise)
Pauillac: Latour (strong claims for WotV), Lafite, Mouton, Grand Puy Lacoste, The Pichons and Pontet Canet
St. Estephe: Montrose, Lafon Rochet, Les Ormes de Pez
Medoc: Cantemerle, Bernadotte
Broken into comparable peer groups, starting with the stratospheric right bank set:
The first growths are still below their release prices and continue to underperform both the WO150 index (not surprisingly, given Burgundy’s ascent) and the WO Bordeaux Index. They will outperform at some stage, but we don’t think it is yet judging by the supply side of the equation.
Generally speaking, a relative value score (RVS) in double figures for a first growth signals a buy, so nothing doing here.
And now on to the arguably more interesting second liners. It is interesting to note that they have not suffered from the over-priced releases (compounded by some crazy speculation shortly after) in the same way as the first growths and have performed much better in the secondary market as a result, many generating decent returns.
A lot of these wines have pleased the critics and are punching way above their £££ weight. Look how the relative value scores reach double figures and soar. A score of over 20 for this group should cause a loud bark of approval.
And now on to the real cheapies, which will make for exceptionally lovely wines at really attractive prices, mainly for the drinker but with some likely upside on the prices of the posher names to be enjoyed too!
A special mention should go to Grand Puy Lacoste (RVS 37.6), a Grand Vin from grand appellation (Pauillac) from a lovely branch of grand Bordeaux family. The wine came in first equal with Pichon Baron (21.3) and not that far behind Latour (4.3)! it even looks cheap in this ‘lowly group’ here!
We have covered the ‘marmite’ wine that is Cos d’Estournel ’09 here and have come down on the side of the 
.
You can argue the case to buy any of the wines listed in this post, given the quality of the vintage, but here is the Strong Buy list:
For drinkers:
Alter Ego
Bernadotte
Cantermerle
Croix de Beaucaillou
Fieuzal
St. Pierre
Segla
For drinkers and investors alike:
Canon
Grand Puy Lacoste
Rauzan Segla
Pichon Baron
Pichon Lalande
Pontet Canet
And if money is no object:
Ausone, Cheval Blanc, Le Pin and Petrus
Latour, Haut Brion and Margaux
by Wine Owners
Posted on 2015-06-10
Jane Anson’s insight into what courtiers and négoces think about the en primeur system makes for very interesting reading.
Perhaps what many Chateaux are unwilling to go on record with is the question of estate value.
Land values are at least partially driven by the cost per bottle that can be achieved by the Chateaux at the point of release. The higher the release price (whenever that is) the higher the cost of land per hectare.
If you've just blown €200M on a slice of prime classed growth real estate, you want to support the underlying assumptions upon which that price was predicated. The balance sheet value of that asset and its ability to appreciate over time (and not see shareholder value diminished) becomes pretty crucial.
Is this one of the reasons why Calon released so little and massively cut back on the number of Négoces they allowed allocations, narrowing channels to market?
We totally agree with Jane Anson that a number of the First Growths got their pricing right. For me Lafite at first tranche and Mouton (Grand and Petit) got it most right vs market pricing of back vintages. There is future value in those purchases.
The sooner the 'funding' model of EP is clarified, the sooner the negativity surrounding the EP release period will evaporate. I think consumers dislike conflicting messaging and behaviour as much as channels of distribution do.
Let's say it; the top Chateaux (the only part of the EP market that appears to be worth bothering with) don't need us to fund the next vintage. Nor therefore do they have a need to leave enough on the table to convince us of the opportunity-cost of stockholding for them. That illusion is about to be shattered.
