by Wine Owners
Posted on 2018-05-08
4 things to remember:
1. An attractive vintage for second wines (if the prices come down and producers avoid ‘repositioning’)
2. A truly great vintage for dry whites
3. Finally, a broad-based success in St. Emilion!
4. Best wines flow like a river…
2017 can’t be summarised at the commune level. There were notable successes everywhere. But those that were successful had a harmonious, infused, flowing texture to the wines.
The best are the antithesis of shouty wines, and if they were clotheshorses they definitely wouldn't wear shoulder pads. These are quieter, understated types that’ll turn around in a decade’s time, smile enigmatically and sotto voce say “I told you so’.
Economics to consider:
With few exceptions, this is not a red vintage where prices are likely to increase over the next 2 years. Several people have referred to 2007 as a modern day 1988. Prices of 1988 stagnated for several years after release. Not because it wasn’t an appreciated vintage at the time, but because it wasn’t a ‘great’ vintage, and got rather overshadowed by the ensuing duo of 1989 and 1990.
There are a few Chateaux which are increasingly sought after and will sell out, and those wines will probably be worth buying at first release. Subject to the all important caveat of price permitting.
For UK buyers, as at May 2018, sterling has sagged, and is close to historic lows against the Euro. In a year or two the picture could look very different depending on the nature of a EU settlement. The currency swing could be 20%. That is a major disincentive for UK buyers to buy 2017s during en primeur.
The same currency concern was of course present through the 2016 campaign, but the difference is that 2016 was evidently an extraordinary vintage from the get-go, and recent re-tastings confirm its potential greatness. The majority of brilliant vintages are expensive at first release, as was 2016.
Most good vintages that follow great ones, where prices don’t fall far enough from the heights of its precursor, suffer price stagnation for a long time: think 2006. In my view 2017 is not too dissimilar to 2006 in its vintage profile, certainly is not obviously better, and has a further parallel with 2006 in that it follows a great vintage (2016).
Target release prices
See our recent analysis of proto-prices – the level that we believe Chateaux will have to come down to in order for 2017 reds to find a market. On average we believe they will need to reduce release prices by -24%. Some wines would theoretically need to come down by as much as -40% whilst others may not need to reduce their release price at all (notably the dry whites).
We recommend you don’t get too fixated on that average figure of -24% but think in terms of a scale of 0% to -40%.
As an example, it’s worth remembering that Vieux Chateau Certan made a great wine in 2011 that vies for greatness with 2009 and 2010, yet a price reduction of -40% for the 2011 release wasn’t enough to stop it falling by another -25% before it recovered and started putting on gains versis its release price.
Admittedly the 2011 coincided with the Bordeaux market crash of 2012-2014, but even so, it’s a reminder of how even seemingly significant price reductions can still be insufficient reason to buy during en primeur.
©Jonathan Reeve / Wine Owners
1. A vintage for second wines
Look at the quality of the second wines this vintage. Chateaux have been upping the ante over the last few years and there are some profoundly satisfying results.
The thing that stood out in respect of these second wines is the refinement of their tannins; something you used to see only in the Grand Vin. It means that many second wines are now worthy competitors to many classified growths.
All of the following merit scores of around 92-93.
Petit Mouton
Red fruited nose, great intensity and aromatics, super lift and energy and a long, vinous finish.
Le Marquis de Calon Ségur
Fresh, and with a tension that leads to a very fruity core of sweet raspberry coulis. There’s a notable purity to the mid palate, medium weight and a charming savoury finish.
Dame de Montrose
Saline nose, touch of cedar, then sweet pastille fruit, an elegant attack, red fruits and ultrafine tannins. A lifted, fresh, well defined finish that ends with a dab of clove oil.
Pavillon Rouge
Liqueur-like nose, great energy in the attack, with a suave mid palate. Superbly classic, dry character and a fine-grained textured feel to the tannins.
Petit Cheval
Pure nose of red fruits and kirsch, perfumed. Silky feel, cloves on the attack, mid weight, sweet mid palate, fine tannins, evidently structured towards the back of the palate, fresh with a touch of game-bird. Very structured finish: old school and impressive, with a tremendous mouth-watering finale.
Clarence de Haut Brion
Deep nose, saline with liquorice and cedar. Real complexity. Bright attack, creamy red and black fruits, and with drive to a medium long finish.
©Jonathan Reeve / Wine Owners
2. A great vintage for dry whites
With greater focus and freshness than 2015, and much greater intensity and drive than 2016; 2017 is one of the most exciting white wine vintages for years.
Bordeaux white may not have the caché of Burgundy, but occasionally a vintage comes along that is an inimitable and compelling expression of Sauvignon Blanc and Semillon.
That perfect expression should show great minerality (or stoniness), floral aromatics (choisya, elderflower, white jasmine) have bright intense citrus character, and may have background hints of soft fruits in the spectrum of peach, passion fruit and guava.
Great Bordeaux whites need to show purity, vibrancy, and length. The tropical fruited expression should be subtle, nuanced; a suggestion rather than an emphatic flavour.
Whilst Bordeaux whites don’t have a secondary market like the reds do, the quantities produced are relatively confidentielles so may not be easy to obtain in the future, or the blue chip examples may appreciate in value within the couple of years or so after the wines are bottled.
Superb whites (at a variety of price points) were made in the vintage at the following properties:
Haut Brion Blanc
Cool nose of stone fruits, pomelos, a dollop of cream. Burgundian in weight with a sense of scale/ broad dimensions. Huge freshness too. Pithy, firm, lemons and blood oranges with simply huge minerality. This wine represents the great heights white Bordeaux can sometimes achieve.
98+
Pavillon Blanc
Saline, creamy nose. Superb breadth and pithiness, spice and a salty, mineral finish that goes on and on.
95
Les Hauts de Smith Haut Lafitte Blanc
100% Sauvignon. In a word, terrific value! Refined nose, a little bit mute - but fair enough at this stage of its evolution. Energetic attack, great freshness and confit lemon mid palate accompanied by high notes of grapefruit.
92
Smith Haut Lafitte Blanc
An expressive nose in contrast, great intensity evident, then grapefruit and pomelos, and a fine line in mouth watering acidity. Bright powerful citrus character. Precise, pithy and long. Weight and intensity on the finish with background notes of guava.
96
Pape Clément Blanc
Grapefruit and pronounced kaffir leaf nose, intense and limey. Gorgeous attack of pomelos, sherbet, pith, candied lemons. Mandarine infuses the mid palate. Superb.
96
Malartic Lagraviere Blanc
Orange blossom nose, wild heather, with a mineral and herby attack (lemon thyme?). Just a hint of underlying sweetness. Harmonious. Confit lemon on the finish.
95
La Louviere Blanc (Good value)
Pithy nose, Seville orange and pomelos. Very good balance and purity on the mid palate, with good restraint, length and an attractive focused finish.
92
Chevalier Blanc
A floral nose; very interesting and a bit different to most other aromas in this vintage. Gorgeous attack of sherbet, mid palate dominated by grapefruit pith, accompanied by super acidity and attractive length.
94
La Tour Martillac Blanc
Grapefruit and kaffir leaves on the nose with a bright really intense attack. Fine mid palate, quite big scaled, but with tons of acidity to back it up. I’d nevertheless have liked a touch more restraint to focus the finish that ends broad. Maybe it just needs to settle down.
91+
Carbonnieux Blanc
Pithy nose, followed by a sherbetty attack. A little less pure in the mid palate than anticipated by the sparkling intro, although the finish is fine and nicely lifted, creating a pleasing finale.
90
©Nick Martin / Wine Owners
3. Broad-based success in St Emilion!
Not for some years have there been so few high alcohol monsters produced in St Emilion, and correspondingly so many balanced, attractive wines. St Emilion was a minor revelation.
L’If
Vinous, fruity nose. Dark fruit in the spectrum of mulberries on the attack. Grainy mid palate, fine tannins, crunchy fruit, a dab of clove oil, liquorice, all delivered with persistent, notable freshness.
93
Angelus
Refined nose, very progressive fruit. Really fine tannins underlie a silky texture. And it's drier than usual, not as sweet or as obviously powerful as before, yet still is large-scaled in the best sense of the term – and is all the better (and classier) for it. The first Angelus I have absolutely adored in a very long time.
96
Canon La Gaffeliere
Expressive kirsch nose, touch of pepper, crystalline fresh attack, creamy red fruits, some plushness in the mid-palate, yet without excess sweetness. Nice progression and finish, with good sucrosité throughout.
92+
Soutard (Good value)
Liqueur and peppered nose, svelte texture. Very attractive griottes on the mid palate, super spiced, clove oil. Sappy, mouthwatering, extremely moreish and fresh. Will be great value mid-term drinking and with the zip to peak in 12-15 years.
90% Merlot with the remaining 10% a mix of Cab Franc, Cab Sauv and Malbec. Yes, Malbec!
93+
Troplong Mondot
Richly perfumed nose, in the aromatic wood spectrum. Very ecclesiastical. Quite big attack with a liqueur-textured quality, cloves coating the mid palate and a bright controlled finish. Fine and exciting to taste.
96
Canon
Sweet fruited nose. Super attack. Great balance, poised, fine grained tannins, and sappy, moreish fruit. Fruit pastille but not in the slightest bit overt, and a silky smooth delivery. It’s almost lush, almost sweet, yet in fact it’s quite firm, with liquorice notes and light spice. Good length. Will be very popular.
95+
Berliquet (good value)
Fruity nose with a touch of pepper. Powerful attack and a subtle mid palate. Flowing fruit and lots of energy with just a hint of firmness towards the back palate, but no dryness. Savoury and liquorice notes are introduced in the finish.
91+
Figeac
Raspberries on the expressive nose, with cedar notes. Liqueur-like texture, and an orange and raspberry infused attack. A vein of dry graphite runs through the fresh, racy, rich mid palate of pastille fruit, ahead of a firm finish. Once again rather lovely, if not delivering the sheer excitement of 2016, or the exuberance of 2015.
95+
©Nick Martin / Wine Owners
4. Harmony and substance.
The nature of the 2017 red vintage is one that wants to express itself without excess: in respect of weight, tannic structure and alcohol.
There is a classically dry character to the red wines. All of which speaks to the Atlantic, maritime pattern of the summer weather, and is also perhaps partly due to the very welcome trend back towards gentler extractions across Bordeaux.
2017 can’t be summarised at the commune level. There were notable successes everywhere. But those that were most successful had a harmonious, infused fruitiness, flowing texture to the wines.
The best are the antithesis of shouty wines, and if they were clotheshorses they wouldn't be seen dead in shoulder pads. These are quieter, understated types that’ll turn around in a decade’s time, smile enigmatically and sotto voce say “I told you so’.
Those that hit the mark included the following, with personal favourites scored excluding any of the wines aforementioned:
Calon-Ségur
|
97
|
Montrose
|
95
|
Ormes de Pez
|
91
|
Cos Labory
|
90+
|
Lafite
|
97
|
Mouton
|
97+
|
Cos d’Estournel
|
94
|
Latour
|
98
|
Pontet Canet
|
93
|
Lynch Bages
|
93
|
Grand Puy Lacoste
|
93
|
Haut Bages Liberal
|
93 (Good value)
|
Pedesclaux
|
93
|
Leoville Barton
|
95
|
Gruaud Larose
|
93
|
Branaire
|
92
|
Lagrange
|
93+
|
Talbot
|
92+
|
Margaux
|
96
|
Palmer
|
96
|
Rauzan Ségla
|
93
|
Cantenac Brown
|
92
|
Vieux Chateaux Certan
|
98
|
Le Pin
|
96+
|
Croix de Gay
|
93
|
Rouget
|
94
|
Gazin
|
94
|
Mission Haut Brion
|
96
|
Carmes Haut Brion
|
94+
|
Chevalier
|
93+
|
Smith Haut Lafitte
|
94+
|
Malartic Lagraviere
|
93
|
Olivier
|
93 (Good value)
|
