A recent auction at Wally’s in New York highlighted the new attention being paid to California’s highly prized clutch of superstar Cabernet Sauvignons. The sale consisted of the cream of the global fine wine trade with top wines from Champagne, Burgundy, Italy, Bordeaux, Spain, Australia, Germany and even Hungary. Some rare spirits, bourbon and vintage malt whisky were also in demand. But it was the cult Californians that dominated the show with both Screaming Eagle and Harlan estate achieving huge premiums on their high estimates and breaking many records. Other Californian estates also sold for way more than their high estimates.
Wally’s senior auctioneer commented that Bill Harlan’s prescient observation about “California First Growths” had now been confirmed. The CEO of Wally’s had said beforehand that the sale could be a “bellwether” for Californian cult wines and the interest expressed at this auction would seem to bear that out. This would seem to offer further proof that the fine wine market is broadening and expanding. Vin-X will continue to monitor Screaming Eagle for suitable investment opportunities. For more information please click on the article below.
It sounds like a film that should star Audrey Hepburn but in fact refers to the end of vintage lunch at Krug’s legendary Clos de Mesnil vineyard attended recently by one of Decanter’s best writers. In a recent article she paints a wonderful picture of the attention to detail that Krug bring to the process of creating some of the best (and most expensive) and most sought after champagne in the world. Despite being owned by a luxury goods house their vision and patience epitomise how truly magnificent champagne should be made.
For instance they now use 198 different base wines (up from 150 in 2011) from 250 different vineyard plots whilst the chef de cave uses 5,000 tasting notes to suggest 3 potential blends which must be approved unanimously by the tasting committee ! In 2010 they discarded 30,000 litres of blended wine which was deemed to be not of sufficient quality for Krug, and this during the financial crisis. They have only owned Clos de Mesnil since 1971 and only made the first vintage in 1979 but still the precise timing of when to pick is crucial because the blending process starts in the vineyard. Finally a brilliant quote from a former Krug winemaker “Details don’t just count. They are everything”. For full article click below.
Following on from our recent blog of the 20th October about the merits of investing in 2008 Penfold’s Grange it would seem that we are not alone in our conviction that this is indeed one of the greatest wines ever to have emerged from the Antipodes. Recently it took the lion’s share of trade on Liv-ex with 9.4% and this is as a result not only of its price which rivals many First Growths but also the fact that it has been awarded 100 points by the Wine Advocate and the Wine Spectator.
Elsewhere although the First Growths continued to hold a steady 35% share of trade the trend for dominance by “off” vintages continued. This time the beneficiaries have been two of the more prominent Super Seconds. 2008 Cos d’Estournel was one of the top wines traded by value and volume, whilst Vin-X favourite Pontet-Canet’s 2008 was also traded heavily. The 2008 vintage claimed 20% of trade by value, more than double any other vintage and owes its resurgence to its new found attractive value after the biggest roller-coaster ride for a vintage in recent memory.
For more information please click on article below.
As the long, hot summer mellows in to an unseasonally mild autumn so it would seem that the fine wine market is also bucking recent trends. Recently the Liv-ex 50 has seen some sustained upwards movement as so-called “off” vintages of the First Growths have surged in price in recent weeks. Indeed the Liv-ex 50 has reversed the dip of the summer and is back at levels not seen since June whilst Bordeaux’s share of trade is moving back towards 80% proving that it still continues to dominate trade in the fine wine market. This is borne out by the continued dominance of the First Growths who since September have accounted for 25% of weekly trade by value. However last week that share was closer to 35%.
2 trends have emerged since 2012. The focus on “off” vintages and the desire for Mouton.The attraction of Mouton has been its solid scores coupled with comparatively low prices relative to its peers. In particular its 2002 and 2008 vintages which offer drinkers the chance to acquire a First Growth at a decent discount to the more sought after vintages. For more information please click on article below.
The arrival of the invitation to a Union des Grands Crus de Bordeaux (UGC) tasting is always eagerly awaited because it gives those wine investment professionals who have not been lucky enough to attend en primeur week the chance to taste what all the fuss is about. It is also usually the first chance that most people have to taste the finished product from the bottle before it is shipped off to negociants and wine merchants and eventually the customer.
The Vin-X team arrived at the Paul Hamlyn Hall adjoining the Royal Opera House with no real expectations. Whilst the critics had deemed that 2012 was never going to be a classic like 2009 or 2010 neither had they marked it down as badly as 2013. With only a few hours available the trick was to select a number of chateaux to provide a representative sample and focus particularly on the top end investment grade chateaux. I have to say I think we were all pleasantly surprised. 2012 is a very easy drinking vintage that will be accessible at a very young age. There was little evidence of any hard tannin and the general consensus was that whilst it may not provide many investment grade wines there would be plenty that would be very drinkable, very soon for a reasonable price. Our only female taster particularly liked the Troplong Mondot and of course the classic, sweet Sauternes from Doisy Daene. The newest tasting member of our team preferred the Lynch-Bages and the Pavie Macquin whilst my favourite was Gazin. All different but that’s the beauty and subjectivity of fine wine.
A reliable measure of any great fine wine is its consistency and in this respect Penfolds Grange would seem to be hitting its peak. Last year it was placed in the Liv-ex Power 100 Top Ten brands with the highest average Parker score and it looks like it will surpass that soon. The 2008 vintage was very challenging but due to the skill of the winemaker became the first since 1976 to be awarded the perfect 100 points not only by Robert Parker’s Wine Advocate but also by the Wine Spectator. Peter Gago, the head winemaker at Penfolds said “…in terms of ratings in the world of wine it really doesn’t come any better than such a score (100) in the Wine Advocate. It’s a bit like an Academy Award or a BAFTA.” This double accolade has only been bestowed before upon a particular wine 11 times in history so is a spectacular achievement and goes some way to explaining why Grange is the most iconic wine in Australia. For more information Click Here to download our buy recommendation
However great wines are sometime like buses, you wait ages and then two arrive at the same time. Penfolds have just released the 2010 vintage and by all accounts it is as good as the 2008. The 2010 marks the 60th vintage release of Grange and what better way to mark its diamond anniversary. Grange still remains a true jewel of southern hemisphere winemaking and the only true investment grade Australian wine. For more information click below.
One of our favourite commentators at Vin-X is Gavin Quinney of Chateau Bauduc, pictured here gathering in his vintage. Besides making his own excellent wine he also writes various guest blogs for wine publications, amongst them Liv-ex, and is particularly insightful about the recent 2014 harvest throughout Bordeaux in his most recent blog. Having been resident in Bordeaux for 16 years he has learnt to moderate his enthusiasm with a dose of reality. Whilst 2014 won’t necesarily be a classic vintage he feels that it could be a “really good one for many chateaux.” Excellent flowering and a gorgeous autumn suggest it was a “bookend season.”
However despite the return to a more “normal” size crop it hasn’t all been plain sailing for the Bordelaise in 2014. After the fine spring a lacklustre summer of cool, damp weather meant the vintage was looking marginal but the glorious heat of the autumn has performed a miracle and transformed the vintage. But that does not mean that there will be uniform success throughout the region. Picking dates have been more random due to varying rainfall levels and the fact that the extended sunshine has allowed chateaux the luxury of being able to wait and pick the optimum time to harvest. Another consequence of the extended sunshine was the absence of rot for the first time in 4 years which has allowed growers to pick their grapes for the best level of ripeness.
Away from the vineyards the sophisticated sorting equipment is still very much in evidence in the winery complemented by new innovations such as yeast boosters. At one chateaux the equipment is so advanced that not even their wine consultants are permitted to view it because of patent restrictions ! Yields may have been healthy but it looks like not everyone has been so lucky. Growers have reported widespread withering of the skins of the Merlot grapes which could point to a Left Bank vintage but again those lucky enough to possess sorting machines should be unaffected. Finally there have undoubtedly been rainfall variations within the region and this will once again bring diversity in the wines but at Vin-X we will of course keep you in formed. One veteran winemaker of 50 years experience reckons that 2014 will produce “elegant, classical wines. They should suit the British.” To read the full article click below.
Why is Louis Roederer’s Cristal still in high demand by both drinkers and collectors ? According to a recent article it is because like all great winemakers they realise that their meticulous approach in the vineyard will ultimately pay off in the winery. They have six estates which are all managed differently according to terroir and grape variety. All their vineyards are designated as grand crus and the grapes for Cristal are only picked from the chalkiest mid-slopes as these give extra finesse and minerality. Furthermore these vineyards have vines which are older than 30 years and produce 30% less fruit.
In the winery they use stainless steel fermentation tanks for the riper grapes and oak vats for the leaner fruit. They are also the largest biodynamic vineyard holding in Champagne. This allows them to produce more mature, stronger and richer base wines, essential for eventually making classic vintage Champagne. Finally as a result of this dosage levels have fallen by approximately 25% whilst the same percentage of Cristal is now fermented in oak to give it a more rounded flavour. Louis Roederer have kept evolving to ensure that they remain at the forefront of iconic, vintage Champagne. To read full article click below.
Chateau Mouton-Rothschild, Thursday 9th October
Our final visit during the 2014 harvest was to Chateau Mouton Rothschild. The heritage and reputation of the chateaux of the world’s greatest dynasty in wine needs no introduction. Chateau Mouton-Rothschild has led the way with many innovations in the wine industry, most notably during the long reign of Baron Philippe de Rothschild from 1922 – 1988 in terms of quality, production and promotion, especially in the alliance with world famous artists in the creation of the famous Mouton labels establishing the estate’s link with the art world.
This has been an extraordinary year, with the passing this summer of Baroness Philippine de Rothschild, the matriarch of this famous family of wine-makers and bankers. An actress, she joined the family business at the request of her father, Baron Philippe de Rothschild, in the 1970s and then assumed control on his death in 1988. Following in her father’s footsteps she continued to develop his projects at Mouton and the other estates owned by the family along with projects including that at Opus One in the Napa Valley. Speaking to members of her team you can see she is sadly missed.
There can never be a better time of year to visit a vineyard than harvest time, with the workers in the vines and the grapes, juices and aromas in the cellars. To see the detailed workings of a First Growth such as Mouton in full harvest action is an extraordinary privilege. During our tour we heard that estates increased their labour force to about 150 personnel. At Mouton it was 700 to ensure the quality of the grapes were protected to the optimum extent during harvest. We were there on their last day, the grapes could be seen in vats with a glass visibility seam running longitudinally through the depth of them. The juice being driven by gravity and weight of the ‘cake’ above through spouts at the base of the vats to be pumped back through. A glorious combination of visual and fragrant sensual overload – breathing in great gulps of Mouton-Rothschild 2014 – I didn’t want to leave the pristine, functional beauty of the cellar room.
I was gently coaxed upstairs to view the lasting legacy of Baroness Philippine, a wonderful exhibition of all of the Mouton-Rothschild bottle labels created by the artists who have contributed since Baron Philippe initiated this in 1945. The exhibition has travelled the world and now resides at Mouton and includes labels designed by Picasso, Warhol and our own Prince Charles. The contrast of this art exhibition adjacent to the state-of-the-art workings of one of the top five vineyards in the world is breath-taking. Mouton is a mind-blowing experience.
Finally, what was the early opinion on Mouton 2014? Herve Gouin, Commercial Director was very happy, “The colour, tannins and alcohol levels are very close to perfect. July was difficult and August very challenging but September was perfect and the quality is there. Volume is better than 2013, but it is not a big year for volume – we expect to be very happy at en primeur.”
Chateau Pontet-Canet, Wednesday 8th October
Can you imagine Chateau d’Yquem 2011 for breakfast? Really! Croissant and coffee is for wimps – we tasted this sublime ‘Sauternes Masterpiece’ having commenced our morning with a tour of this most beautiful estate, once owned by King Henry I.Standing at one of the highest points in Sauternes under the chestnut tree planted by French soldiers hospitalised at the chateau during WW2, we looked over the precisely planted vines of Chateau d’Yquem. You can find oyster shells in the soil here, a result of the low-lying Sauternes land having been submerged by sea millennia-ago. This marine-enriched earth nurtures the vines of the highest slopes in Sauternes making this unique terroir. The wines of Yquem are recognised as the finest whites in Bordeaux, and a bottle of Chateau d’Yquem 1811 was the most expensive bottle of white wine ever sold at £75,000 in July 2011. These wines age extraordinarily well and can last for well over 100 years, continuing to evolve.
The harvest at Yquem is exacting with the attention to detail being focused on the perfect degree of development of botrytis, referred to as noble rot, in the individual grapes, not clusters. The degree of rot will determine the levels of sugar, acidity and alcohol and the complexity of this is what makes Yquem great. Getting this delicate balance right is a skill that has passed down through generations of vineyard workers under the skilled eye of the most talented wine-makers through the ages. In 1785, Francoise Josephine de Sauvage d’Yquem, widow of Count Louis Amedee de Lur Saluces, took control of the estate. She perfected the harvest method of picking individual grapes by several passes through the vines over weeks having identified those as having reached the optimum stage of noble rot. Today there are fifty Yquem vineyard workers, of which notably 30 are women who tend the vines all year round and are each responsible for their own section of vines. These women of the vines are generational with grandmothers, mothers and daughters involved in the creation of Sauternes’ premier wine. Perhaps even more extraordinary is that the wine-maker at Yquem is also a woman and Sandrine Gambay has excelled to such an extent that she has overseen the production of one of the estate’s finest vintages in 2001, thought to be the best vintage in a hundred years. Another great is 2003 and the team believes that 2011 holds great promise too.
This unparalleled Sauternes heritage of exacting standards, means that a vintage will not be produced if the quality of the harvest is not good enough, as was the case in 2012. This has meant that Yquem has earned the exalted reputation as the greatest Sauternes vineyard and producer of the finest white wines ever made. When we were taken to the cellars we noted the empty racks where the 2012 oak barrels would have been stored – this a poignant and stark visualisation of the effect of such high standards. Protecting this reputation has been key and Yquem was one of the first major estates to fight fraud by introducing a unique watermark on their label. Anne explained that another responsibility of the Yquem women is to check every bottle of wine individually by hand with a magnifying glass. Any bottles found with any imperfection are all disposed of. This identifying mark allows them to track any quality issues in the vineyard as the location of the original vine is also understood through this mark providing extraordinary information on the wine production.
That brings us on to the 2014 harvest and having arrived at the tasting room we were joined by Valerie Lailheugue. She advised us that the Yquem team were delighted. September had brought summer warmth to Bordeaux after a disappointing August and they too feel 2014 is a promising vintage. Finally, and most importantly, back to breakfast – 2011, in the life of Yquem is still very young and yet it has the potential to be a great vintage. The delicate and yet quiet sophistication of this beautiful wine took our breath away. Truly there could not be a more perfect way to commence the day!