June 28th 2010, by Gavin
All over now bar the shouting.
Here, in my humble opinion, are the Best Buys – at the opening prices – of Bordeaux 2009, broken down as follows:
10 Expensive wines – but sound investments.
£400 to £1000 – 17 Fabulous quality, blue chip names.
£200 – £300 – This is where the values of 2009 lie: 20 cracking wines.
Under £200 - 12 lovely wines from the Left Bank.
June 28th 2010, by Gavin
For those who like lists: with the massive ‘en primeur’ price increases from 30 of the famous Bordeaux Châteaux last week – 196% up on average on 2008 – I thought it would be useful to compare points and prices of the top 2009s with both the 2008s and the last great vintage, 2005.
The table below shows my scores (GQ) and Robert Parker’s (RP) for the 2009s and 2008s from barrel, and the price in British pounds En Primeur (EP) from UK merchants. On the right hand side, I tasted all the top 2005s in bottle for Wine & Spirit magazine for the Dec 2007 issue, five months before Robert Parker released his final scores. Buyers are dipping back into the market for the 2005s and 2008s against the more expensive 2009s: there’s a lot of sense in that.
2008 was a very good vintage, even if, in many people’s view, Robert Parker was a little generous with some of his scores. It makes for some bizarre comparisons: Ducru Beaucaillou 2008 was rated 96-98 and the 2009 96-98+, yet the the latter is three times the price of the ’08. I’ll be re-tasting the 2008s from bottle in the autumn – follow me on Twitter http://twitter.com/GavinQuinney for updates.
Meanwhile, the better deals on 2009s were to be found on wines released earlier in the campaign, so it’s worth searching them out as many are still available. See also my separate post to follow for my ‘Best Buys of Bordeaux 2009′ and my summary of tweets throughout the campaign.
June 25th 2010, by Gavin
“The Bordeaux circus is over until next year but it is already clear from British drinkers’ inquiries that there are as many clowns in the audience as there are on stage. Make certain you are not one of them.”
This stern warning came from Jane MacQuitty in The Times on May 5th, 2001, following the En Primeur tastings of the much-hyped 2000 vintage. Jane might have been a little wide of the mark in terms of investment advice back then, but her words ring true for many of the top end 2009s released this week.
Don’t get me wrong – there are some fantastic wines in 2009. It’s just that the market for them has gone bonkers and I believe that this time it’s different. I was a big fan of buying the 2000s and the 2005s En Primeur, despite warnings from many observers at the time that prices were too high: writing up the ’05 Primeurs for Wine and Spirit magazine, I urged readers to buy the wines, and re-stated that in December 2007 after I’d tried them all in bottle.
There have been some terrific 2009 values, and I’ll highlight those shortly. However, the prices for many of the ‘second’ tier of top 2009s from Bordeaux, released this week, simply beggar belief (see below). According to Liv-ex, prices announced in the final week are up nearly 200% over 2008 and 57% over 2005 – and much more than this above ’05 in £ terms. Even more astonishing is that many are selling out, apparently. I have been receiving emails, asking advice on ‘should I buy this, should I buy that, what should I buy?’ which I’m only too happy to answer. I usually refer to my up-to-date list of 2005s v 2009s.
June 24th 2010, by Gavin
Here are my Tweets on the prices of the main 2009s to date, with the most recent ones first. To be kept up to date, follow me on Twitter.
I’m also keeping my handy 2009 v 2005 Buyer’s Guide up to date as prices are released.
June 23rd 2010, by Gavin
Updated regularly in June: So the big guns have left it until after the World Cup kicks off before launching their 2009 sales campaign. In the meantime, I’ve been looking at prices and scores against the last vintage of the decade/century/lifetime: 2005. The table below should give you a feel for what the right price should be on 175 leading wines. All things being equal, a 2009 – still in barrel – should be cheaper than the 2005 from the same estate, yet things aren’t always that simple.
The 2009 columns, on the left, are my scores (GQ) and Robert Parker’s, using the 100 point system, Jancis Robinson’s out of 20, and then the price in £ En Primeur from UK merchants. The spaces indicate the wines that have yet to be released, although I’ll keep the list updated.
On the right hand side, I tasted all the top 2005s in bottle (except Château Ausone, sadly) for Wine & Spirit magazine for the December 2007 issue, five months before Robert Parker released his final scores, shown here also. Buyers are dipping back into the market for the 2005s against the more expensive 2009s: there’s a lot of sense in that.
June 14th 2010, by Gavin
Along with Grand-Puy-Lacoste, Château Calon Ségur is the first ‘top’ Left Bank 2009 claret to be released En Primeur today. UK merchants are offering the wine at around £600 a case, in bond (ex-duty and Vat), two years before delivery.
Here is the announcement on the website of the UK’s biggest Bordeaux merchant, Farr Vintners, whose owner has just bought Crystal Palace FC:
“Also released this morning was the superb Calon Segur. At the moment (even by calling in favours in Bordeaux) it looks like we will only have enough wine to satisfy about half of the pre-orders and certainly not enough for this great St Estephe to ever make it to general sale.”
Blimey. I thought the 2009 was a fabulous wine when I tasted it in April, and rated it 92-95, while Robert Parker gave it an almost identical 92-94+. Jancis Robinson awarded it a very high, for her, 18/20. But ‘sold out’ at £600 seems crazy in the context of earlier vintages.
Calon Ségur, owned by the formidable Madame Capbern Gasqueton, right, is a traditionalist’s favourite and patience will be required – drink 2023-2040+. In 2009 there is a whopping 90% Cabernet Sauvignon in the blend, compared to 82% for the 2008, and by my calculations, they made about 15,000 cases of the first wine: with 46 hectares in production in ’09 from 55 ha overall, and yields of 53hl/ha, 58% went into the Grand Vin, 25% into the second wine and the rest a third wine.
May 27th 2010, by Gavin
Any pro will tell you that buying top wines from Bordeaux En Primeur, or splashing out while the wine is still in barrel and two years before delivery, is a risk. So you should buy from reliable sources.
The following 20 UK merchants have a strong track record, and could be considered the Premiership as far as En Primeur is concerned, with other candidates in the frame for promotion – see below and feel free to comment. I’ve listed the 20 in rough order of Bordeaux muscle (think allocations), range, prices, services and website. Prices are always quoted In Bond, which excludes Duty at £20+ and VAT on the lot. Check for extras, such as delivery.
For ‘Deal or No Deal?’ updates on wines as prices are released, follow me on Twitter: http://twitter.com/GavinQuinney
May 26th 2010, by Gavin
It’s all quiet this week during Vinexpo Asia, where the Bordelais are wooing new customers. Here’s a round-up of the Best Buys of Bordeaux 2009 En Primeur so far, in order of my preference.
Of course, the top Pomerols are out of most people’s budgets but I bet the glorious La Fleur-Pétrus (right, yesterday) will set you back a lot more in five years. Meanwhile, Gazin, Providence and Certan de May were all ‘perhaps’ for me at £540, £700 and £700 respectively. Then they sold out.
May 26th 2010, by Gavin
2009 is an excellent vintage for the sweet wines of Sauternes but I don’t subscribe to the commonly held view that it’s a ‘best ever’ vintage there.
The wines are delicious but very sweet (high in residual sugar) and a bit one-dimensional, with the exception of d’Yquem (right), Climens and Rieussec. Prices for most Sauternes have been released and many have been put up, so much so that it seems daft to pay 50% more for a 2009 in barrel than an equally good 2007 in bottle from the same property. It’s noticeable that most 2009 wines are still available after a month on the market. Some producers, however, deserve credit for showing more restraint.
Some very good dry whites too, not truly outstanding – actually, not unlike 2005, a brilliant red vintage and very good for both sweet and dry white – but it’s not a vintage of the decade for dry whites. The list comprises mostly the top wines of Pessac-Léognan – not included here are the dry whites of Entre Deux Mers, Graves or Bordeaux Blancs.
May 25th 2010, by Gavin
Such is the demand for top Bordeaux from great years that the best wines from the two previous outstanding vintages, 2000 and 2005, have gone up substantially in value, despite the economic downturn. Here are my answers to 20 questions about the much-hyped 2009s.
1. Is Bordeaux 2009 ‘the vintage of a lifetime’?
I hope so, because we lost 80% of our crop in two hailstorms in May 2009. Apart from this minor detail, the weather was brilliant, all the way through to the end of the harvest in mid-October. I suppose that makes me well qualified to say, after watching the weather and tasting wines ‘En Primeur’ for ten years here, I have never witnessed such superb conditions for the harvest in Bordeaux and sampled so many outstanding young wines the following Spring. Many leading Châteaux have made their greatest ever wines, especially on the Left Bank.
That doesn’t mean to say you should buy the wines, if prices are too high. Fortunately, outside a relatively small circle of estates that could sell their 2009 production several times over regardless of price, there are many outstanding wines that are worth buying in 2009.