En Primeur 2010 Day 1 - Afternoon Session

by The Antique Wine Company 5 April 2011 09:23

After a lunch at Le Savoie in Margaux, our next appointment was conveniently close and our very first Premier Cru of 2010. As ever at Chateau Margaux, Paul Pontallier and Corinne Mentzelopoulos were there to welcome us, not forgetting Corinne’s faithful hound, Zorba who was clearly enjoying the spring sunshine and a considerable amount of attention from the international visitors.

Above: Discussing the vintage with Paul Pontallier

However, it was Aurelian Valance who lead us through the wines that we had come to taste. This year, Margaux has just announced that it is to make a third wine for the very first time so the Pavillon Rouge has benefited from even stricter selection than usual. According to Aurelian it is the best that Margaux has ever been made – better even than 2009 and I tended to agree. The wine is made up of two thirds Cabernet Sauvignon, 30% Merlot and a sprinkling (4%) of Petit Verdot for seasoning.

This was certainly an exquisite Pavillon Rouge – chock full of red and black fruit, seamlessly bound up in a cloak of fine tannins. The length and texture was remarkable and it was a pleasure to taste – even now. 96 points.

Clearly, one of the keys to success in 2010 was to tame the off-the-charts tannin levels. Pontallier has done this brilliantly with the 2010 Grand Vin by not over-extracting the wines. Similarly, he has kept the alcohol in check too. The Pavillon Rouge comes in at 14% while the Margaux has a cool and balanced 13.5%. This is largely due to the high percentage of Cabernet Sauvignon in the final blend – just over 90%, with 7% Merlot and 2% Petit Verdot.

As a result, the Grand Vin is more tannic and structured that the Pavillon Rouge – and therefore harder to taste at this impressionable age. It was also a much more classical Margaux than the hedonistic, voluptuous 2009. To me this was elegant, refined and not at all showy. The cassis fruit was pure and precise but perhaps a bit too restrained. There was a minerality here too and though not as generous as the 2009, this wine may well put on more fat as it ages. 96 points.

The Pavillon Blanc made from 100% Sauvignon Blanc and fermented in oak never fails to impress. Clearly 2010 is a serious vintage for white Bordeaux too. This was concentrated, complex, long and beautifully balanced. Sadly though, not enough wine is ever made. 92 points.

As we left, Margaux I caught up with Paul who told me that he had surprisingly received even more requests to taste at the chateau this year than in 2009. The same was true at Haut-Brion and La Mission Haut-Brion where owner Prince Robert of Luxembourg and winemaker Jean-Philippe Delmas were waiting on hand as we hurtled from one end of Bordeaux to the other to make our 5.30pm appointment.

It was also a record year in the vineyard at both Haut-Brion and La Mission. According to Jean-Philippe 2010 was the driest year there since 1949. Both he and Prince Robert were clearly delighted with the results. ‘The grapes were incredibly concentrated – particularly the Cabernets. The wines are much more structured than 2009.’

What appeared to save the day in 2010 was the counterbalancing acidity. However the drought did reduce yields. In the case of Haut Brion, it made just 7,200 cases compared to 10,500 last year. La Mission made 5,200 down from 6,000. We naturally wonder if this will have an impact on prices.

But perhaps the most significant numbers which were quoted in connection with these wines related to their alcoholic content. And once again, they were extremely high. For instance, La Mission weighed in at a massive 15,1% while Haut-Brion was up at 14.6%

Personally, I particularly liked the latter which had wonderful sweet black cherry fruit, liquorice and damsons. The tannins are dense but ripe and are matched by some fine acidity. Similarly, the finish was powerful and long. The wine was in total harmony and as a result, you simply don’t notice the alcohol. 98 points.

The La Mission has perhaps even more ripe, supercharged fruit, but because of its higher Merlot content (37% vs 23%), it tips the scales at the aforementioned weight of 15,1%. The tannin structure was also a bit looser and fleshier so the acidity seemed softer on the palate. In turn, this leaves the finish feeling just a little bit warm for my liking. This is still a great wine, but the Haut-Brion shades it for me. 97 points.

Above: Post Haut-Brion and La Mission Haut-Brion tasting. Visiting with HRH Prince Robert of Luxembourg

Once again, the whites from these two Pessac properties were magnificent and will provide wonderful pleasure to those lucky enough to secure an allocation. Only 500 cases of La Mission was made and just 450 of the Haut Brion Blanc. Both are blindingly good this year and it was impossible to rate one above the other.

La Mission Blanc is richer, denser and riper than its neighbour not least because of its assemblage – 81% Semillon and 19% Sauvignon. This has a wonderful life ahead of it thanks to its freshness, complexity and balance. 98 points.

Equally, the Haut-Brion Blanc is also a wine for the long haul. With just 46% Semillon it was clearly fresher, more mineral - more citrus than La Mission. But both are unformed at this adolescent stage. It will be exciting to taste them side-by-side when they have some serious bottle age. Right now, I give the Haut-Brion Blanc an equal 98 points.

So here ended our first day. It was already evident to me that Bordeaux has delivered another great vintage – albeit very different from the opulent, generous year of 2009.

Of course, some people may be sceptical that Bordeaux has produced two successive vintages of such scale and calibre. However, there are several precedents to this phenomenon; 1899 and 1900, 1928 and 1929 (I clearly remember debating at our Three Centuries of Lafite event whether the ‘28 Lafite is better than the ‘29!) A further duo occurred again in 1989 and 1990 and once more in 1995 and 1996.

Top Investment Wines of the Past Decade – Guess the Return on Investment

by The Antique Wine Company 11 February 2011 07:10

The Event -

This report follows a fascinating evening of tasting and analysis which covered recent Top Investment Wines and was held in Monte-Carlo, the tax-advantageous wealth haven on the Cote d’Azur.


The thirty-two attendees were comprised of clients of Monaco Asset Management and local clients of The Antique Wine Company.


The purpose of the tasting was to study the investment performance of wine as a commodity, while simultaneously offering an opportunity to taste some fantastic wines.  At The Antique Wine Company it remains our view that whilst fine wine represents an impressive investment vehicle, ultimately, great wines deliver pleasurable experiences. It is those experiences with family and friends which are often just as important as a wine’s ability to provide financial gain. What better place to enjoy some fine wine and discuss its investment potential than in a wealth management environment?


The line-up included four of the five First Growths (Lafite, Latour, Margaux and Mouton) along with the world’s finest white wine (Chateau d’Yquem), an exceptional example of Domaine de la Romanee-Conti Echezeaux and Chateau Cheval Blanc. Additional wines included Carruades de Lafite, Chateau La Mission Haut Brion, and a 100 point rated vintage of Chateau Pavie. Bordeaux vintages included 2000, 2005 and the recently released 2008.


Tasting Format -

Our head of purchasing, Berenger Piras, acted as sommelier for the evening and prepared the wines approximately 2.5 hours before the event. With the exception of the Domaine de la Romanee Conti Echezeaux, all the wines were double decanted in advance. The Echezeaux was tasted but not decanted in order to avoid any excess exposure to air.  The wines were presented by Stephen Williams, our Managing Director.

The Rules of Engagement -

The wines were tasted in pairs. After delivering a short presentation on The Antique Wine Company and our Fine Wine Investment Services the ‘rules of engagement’ were explained. In this competitive tasting format, tasters could earn points for guessing (or calculating) the correct Return on Investment which would have been generated had the wine been purchased en primeur and then sold on the market today.

 
To enhance the competition, a bottle of 2005 Chateau Margaux was put on the line for the winner!


Guests tasted their way through the pairs, with some tasting notes, the opening en primeur price, and information on the various estates and vintages being provided. A few subtle clues here and there aided with the calculations. After the final wine was tasted we revealed the answers and guests marked their sheets accordingly. The winner scored an impressive 40 points!


Guests were then asked to vote on their favourite ‘palate’ wine (the wine they enjoyed drinking the most), which also revealed some surprising results...

Votes and Answers –

Please click here to enquire about the availability of these wines or to request additional information.


Surprising Conclusions -

The favourite wines of the night (by taste) were the 2002 DRC Echezeaux followed by the 2000 La Mission Haut Brion and 2003 Cheval Blanc in a tie for second place.


The 2002 Lafite Rothschild was the best performing investment wine with an increase of 1106% since release.


Correlation between taste and investment performance -

The tasting showed that there was very little correlation between the ROI and the Parker scores for this sample set. Two of the three 100 point wines actually ended up at the bottom half of the results sheet in terms of ROI (the Pavie at 203% return and the d’Yquem at 186% return). Interestingly, the two highest performing wines in terms of ROI, Lafite Rothschild (1106%) and Carruades de Lafite (712%) were scored modestly on the Parker scale at 94 points and 91-93

points respectively. This is no doubt due to the distortion caused by the Chinese market for Lafite.


The standout wine of the tasting was clearly the 100 point rated 2000 La Mission Haut Brion. In terms of ROI it came in third place (at 564%) and it was tied for the second most popular wine of the evening by taste. Our view is that La Mission continues to challenge the First Growths year after year in terms of quality. Be this as it may, it is still often overlooked by investors who are only focused on the ‘First Five’.  This tasting really highlighted the investment potential of this wine, particularly given that it currently sits at an undervalued position in the marketplace. Fortunately, for savvy investors who are interested in the potentially 100 point La Mission 2009, we still have this wine available for acquisition in small quantities.


What did we learn? -

All of the wines at the tasting performed well from an investment perspective. Mouton Rothschild was the ‘poorest’ performer and it still showed 99% ROI over a four year period! Selecting blue chip wines and carefully analysing the market for undervalued options is the most lucrative route to ensuring solid financial returns.


The corollary between taste, critical acclaim and investment performance is clearly not direct. This shows the diversity of individual preferences, style and quality. These complexities are what continue to make the world of wine so intriguing.


To discuss or purchase wines from this tasting, or if you have questions about other fine wine investment opportunities, I can be reached at our London offices via email or phone +44 (0) 20 7359 1109.


Will Buckland, Wine Investment Analyst
The Antique Wine Company



About the author

Stephen Williams

Stephen Williams, Founder and CEO

Stephen Williams began trading as a wine merchant in 1982 and wishes he had stocked his cellar with Château Pétrus on day one. Since founding The Antique Wine Company,  Stephen has built The Antique Wine Group into an organisation with clients in 63 countries and a global network of offices, representatives and business groups. Regarded as one of the world’s leading experts in fine and rare wines, he has created some of the greatest wine cellars and collections in existence – in châteaux, palaces, wineries, hotels and private residences across Europe, Asia and North America. As a popular commentator on the wine industry, fine wine investment and the global wine market, Stephen is frequently quoted by both the UK and international press corps. Along with his regular lectures at AWC Wine Academy, this blog offers a behind-the-scenes view into the world of fine wine.

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