Recently, many of my favourite wines have come from the stellar, 1990 Bordeaux vintage. Having opened and enjoyed a great number of 1990 bottles over the past year, there is no doubt in my mind that the vintage has now hit full stride. At the moment, these wines are providing enormous drinking pleasure.

As wonderful as they are individually, enjoying these wines alone cannot replicate the focus and feedback provided by a dedicated, horizontal overview. Tasting a wider range of wines, from both the Left and Right Banks in a single sitting, allows for a more comprehensive look at the entire vintage.

Therefore, it is no wonder that I was so looking forward to our most ambitious tasting at AWC Wine Academy yet – a 1990 Bordeaux Retrospective – hosted by writer and broadcaster Charles Metcalfe.

Of course, 1990 was the third ‘great to excellent’ vintage in a row in Bordeaux (not unlike the most recent trio of 2008, 2009 and 2010). It was also a very dry, warm year and, as Charles reminded us, July and August were extremely hot and sunny. In fact, July was the hottest it had been since 1949 and August was the sunniest since 1949.

Above: The line-up of 1990 Bordeaux.

As a result, by the end of August, some vines were so stressed from the lack of water that they started to shut down. However, necessary relief arrived with some September rains and the ripening process resumed. A further downpour on October 7th prompted some to pick sooner rather than later. However, those who waited were richly rewarded. Once again, fortune favoured the brave.

We began the evening on the Right Bank with the 1990 Château Gazin. This highly respected estate is tucked up into northeast corner of Pomerol where its nearest neighbours are none other than Château Pétrus and Château Lafleur! At 24 ha, it is also one of the biggest estates in Pomerol. For the quality it provides, it remains one of the appellation’s best values. Here the soil is predominantly clay, which is extremely useful in hot vintages like 1990 because it retains more moisture and remains cooler. Further, as this is on the Right Bank, we are firmly in Merlot territory. Gazin regularly contains as much as 90% Merlot to the final blend, with the remainder comprised of Cabernet Franc. As a testament to the quality of the terroir here, in the past, Château Pétrus actually purchased some of Gazin’s vineyards and integrated them with their own.

Arguably, the turning point in Gazin’s recent history occurred in 1988 when the present incumbent, Nicolas de Balliencourt took over management of the estate. Just in time too, as the impressive 1990 vintage was right around the corner. The 1990 Gazin was sweet, soft, plumy and savoury, with hints of tobacco leaf and some sous-bois maturity - just as one would expect. To me, this wine was evolved and drinking beautifully. Elegant, refined and possessing surprisingly good acidity, the tannins here were also notable in how deliciously soft they were. 93 Points.

Above: Charles Metcalfe was our expert tutor for the evening.

The next wine was the 1990 Château Calon-Ségur. The 3rd Growth estate sits at the far, northern edge of St-Estèphe and for many years it was run by the redoubtable Denise Capbern-Gasqueton, who was quite the character. Mme Gasqueton unfortunately passed away in September of this year. However, the estate is now managed by her two daughters and they are doing a wonderful job. Perennially known for its fabulous, long-lived wines, the individual now responsible for carrying on Calon-Ségur’s winemaking traditions is Vincent Millet, who took over chief production duties in 2006.

As many of you will know, the wines of St Estèphe have a reputation for being tough and tannic, particularly in their youth. Now at 21 years old, this perfectly-aged Calon-Ségur had shed its youthful exuberance and had become the exact opposite. Fully mature, it was sleek and sensuous with a slightly smoky character. There were still some excellent, primary black fruit flavours remaining - mainly cassis and mulberry - as well as some lovely sandalwood notes. Secondary and tertiary flavours were also coming through with hints of earth, mushrooms and undergrowth, all of which added to the impressive complexity. This wine was exquisitely balanced, with ripe tannins and a generous finish. 92 Points.

From St-Estèphe we headed south to the commune of Pauillac and another rising star of the Médoc, Château Grand-Puy-Lacoste, which is owned by the charming Francois-Xavier Borie. I’ve always loved GPL, as it can offer tremendous value for the quality it provides. While it has showed top form over recent vintages, the question was whether the 1990 would showcase the same level of excellence?

The answer was a resounding affirmative. In terms of pure quality to price ratio, the 1990 GPL absolutely stole the show. For a start, the colour was still impressively deep and it had an incredibly intense nose – with notes of tar, black cherries and cream. On the palate, the fruit was still redolent of blackcurrants, with firm tannins that were only just starting to yield a bit of grip. Compared to the Gazin and the Calon-Ségur, this was showing more concentration and staying power. I think this wine will continue to improve and be delicious for at least another decade. This was an astonishing effort which was well worth a score of 95+ Points.

Above: Wine Academy Assistant Valeria Rodriguez refills glasses at the Haut-Brion table.

We then took a short jump south to St-Julien and a real Left Bank legend - Château Léoville-Las Cases. Owned by Jean-Hubert Delon and managed to his exacting standards, we all had very high expectations for this superb, ‘Super Second’ estate. We certainly were not disappointed. The 1990 Las Cases continues to march on with vim and vigour. At first the nose was a bit tight, but it opened up spectacularly as the wine developed in the glass. The palate exuded class and concentration with cedar, cassis, blackberry and lead pencil shavings. The texture was plush and pure, with supremely elegant and refined tannins. The length was beyond description. This is benchmark claret from a great terroir and a great vintage. What more can you ask for? 97 Points.

How do you top a wine like the 1990 Las Cases? With a classical First Growth like Château Haut-Brion, that’s how! While the 1989 Haut-Brion is undoubtedly a legend (repeatedly rated a perfect, 100 points), on the strength of this tasting, so is its younger sibling. The 1990 is now approaching its prime and it is providing enormous drinking pleasure. The colour and freshness belied its age, suggesting the wine has plenty of stuffing left to last it for the long haul. Polished and pure, with dark black fruits, cassis, sous-bois, cigar box, meat, minerals and wet stones, it was an absolutely sumptuous wine. The finish, balance and texture of this wine are extraordinary. 98 Points.

Fortunately, we still had one red wine remaining in the line up and so we crossed back over to the Right Bank for the 1990 Château Cheval Blanc. This happens to be one of my favourite wines of all time. Interestingly, it has also garnered magnificent scores from both Parker and Robinson over the years – a testament to its quality, as they don’t often see eye-to-eye.

True to form, this proved to be the most popular wine of the night, just edging the Haut-Brion in the final attendee vote. To me, this represented everything that a Cheval Blanc should be. The greatest Chevals are never over-done or unnecessarily extracted and this was a quintessential example - both fresh and elegant. The perfume of this wine absolutely leapt from the glass and the colour was still so dark that it gave almost no concession whatsoever to age. In the mouth it was lively and vivid, with a good attack of mid-palate acidity and the world’s most luscious, cashmere-like tannins. It continued to grow ever more expansively in the glass – with layer upon layer of exotic scents and flavours revealing themselves. I picked up leather, coffee, red fruits, plums, violets, graphite, pencil shavings and cedar. This was utterly magnificent and it is now flirting with perfection. 99+ Points.

The last wine from the 1990 vintage was another liquid legend – Château d’Yquem. It was the perfect ending to a perfect tasting. Rich, honeyed and powerful, this wine offered everything that makes d’Yquem so special- an incredible sweetness, a luxurious texture, en pointe acidity and a spectacular sense of balance. On the palate, botrytis-infused flavours of coconut, apricots, honey and brioche explode in succession. It is no wonder that Parker gave the 1990 d’Yquem a 99 point rating or that he predicted it could last for more than a century! 99+ Points.

Above: Tasters listen carefully to the rules of 'Wine Options' before the final, secret wine is poured.

The final wine of the night was a last minute, unannounced addition. We often like to introduce a challenge of sorts to our tastings for a bit of competitive fun and this evening was no exception. The final wine was poured and guests were told it was, in fact, another vintage of d’Yquem, poured as a thank you to everyone for attending. Tasters then had to try and figure out which exact vintage the wine was from.

The colour was much darker than the 1990 and the nose was noticeably more developed. The fragrance was reminiscent of stepping outside just after the air has been cleaned by the rain. Fresh, enticing and beguiling - with loads of butter toffee and caramel - this was a fabulous, older bottle of d’Yquem.  Eventually the vintage was revealed to be the spectacular 1959. While this wine was more than 50 years old, it was clear that it had many more decades of life left in it. The winner of the ‘options’ game ended up taking home a bottle of the 1990  Cheval Blanc for his efforts. Just goes to show - you never know what kind of wonderful luck may find you at an AWC Wine Academy tasting! 94 Points.

Ultimately, this tasting reconfirmed just how epic the 1990 Bordeaux vintage has proved itself to be over time. As these wines were all perfectly stored, they have all aged extremely well. Most importantly, they are now providing the optimum amount of drinking pleasure and they are great value options compared to many more recent vintages. Stock up on these stellar 1990s soon as they are simply amazing.

We look forward to welcoming you into AWC Wine Academy in the coming months, whether for another Bordeaux tasting, for your own private tasting or for one of the other exciting events we have planned.

To join us for a tasting or to reserve the Wine Academy for yourself, please visit - http://www.awcwineacademy.com - or contact Deborah Ives on +44 (0) 20 3219 5560.

To purchase any of the wines which were covered in this particular tasting, please contact one of our staff wine experts.

Overview -

It’s likely that those who have invested in fine wine over the past few years were able to enjoy some great bottles during the holiday season; 2010 was another boom year for wine investors.

Economic circumstances over the past several years have had relatively little impact on the overall value of upper-echelon fine wine. This is because during times of prosperity demand for fine wine is driven by consumption. However, during more economically adverse periods, fine wine may also be considered a safe haven thereby resulting in an inflow of capital from investors as they switch to tangible asset classes.

As a commodity, fine wine is rather unique. There is only a finite amount produced by each chateau in each vintage and great vintages get better with the passage of time. Yet, because the product is consumable, while the quality is improving the volume is simultaneously decreasing.

Over a reasonable timeframe this situation can be capitalized on as portfolios can either be partially or fully liquidated and returns are paid out. Additionally, the returns generated may be re-invested into younger vintages, with a few cases skimmed off and consumed for free, having been funded by the profits.

Fine wine investment indices have steadily outperformed the FTSE 100 over the last five years and should therefore be a leading candidate for inclusion in any portfolio as an additional investment class.

2010 Retrospective -

Two topics dominated the fine wine investment conversation over the past year - the much anticipated 2009 en primeur campaign and the effect Asia is continuing to have on fine wine prices.

To say the en primeur campaign was eagerly awaited would be an understatement. Traders, investors, collectors and drinkers alike all held their breath in anticipation. With reports declaring unprecedented quality across the board the big question was going to be what quantities would be available and at what price.  Unsurprisingly, the prices were unanimously high and the first growth wines lead the charge.  Price levels of the very top wines inevitably spooked many prospective investors. This forced those individuals to look elsewhere, often by seeking value lower down the hierarchy of quality. The high scoring ‘Super Seconds’ and the St Emilion Grand Cru Classe wines became areas of heavy investment activity.

One of the unexpected side effects of last year’s campaign was that back vintages of first growths suddenly started to become relatively good values, creating a situation where the en primeur campaign had the effect of pulling up the prices of older vintages. Ultimately, the market illustrated that it was still willing to absorb the high 2009 prices. The question now is, in the short term, whether the wines leading the price charge can keep up the current rate of growth and, if so, will they continue to drag the rest of the market up with them?

As predicted, the Asian market grew considerably over the last 12 months.  The only aspect of the market to disappoint traders, to an extent, was the limited appetite of Asian buyers for the 2009 campaign. On the growth side, the demand for all things Chateau Lafite Rothschild has been unprecedented. This trend was illuminated by the many Hong Kong auctions that brought in stunning sales numbers. The resulting movement in this market sector has had a hugely positive effect on portfolios which include any vintage of Lafite Rothschild or Carruades de Lafite.

Investment Pick of 2010 – Chateau Lafite Rothschild, 2008 – The steady increase in value of this wine over the last 24 months highlights how comparatively undervalued the wine was at release. This growth was only bolstered by the craze created when it was announced that the Chinese symbol for the number ‘8’ would appear on the bottle.  The graph below shows the performance of Lafite Rothschild 2008 vs the FTSE over the last two years.

Looking forward to 2011 -

It is hard to imagine any circumstances that would cause consumers in the emerging ‘BRIC’ economies of Brazil, Russia, India and China to reverse their burgeoning interest in historically Western lifestyle products and symbols, including fine wine.  The biggest of these economies is certainly China. Whilst we currently see China as an abnormal sales market due to the complete fascination with Chateau Lafite Rothschild, we also observe an enormous appetite to learn about wine. As educational programs and opportunities expand there is no doubt that Chinese consumers will begin to appreciate other high-end wines as well.

Which top-tier wines the Chinese market eventually pursues may seem to have a somewhat random nature to Westerner observers. Partly these choices are driven by the translation of the brands into Mandarin and the symbolism of the labels.  In this brand driven environment, it is likely that some of the up and coming wines are going to be estates like Chateau Leoville Las Cases (which translates to “wine of the lion”), Chateau Angelus (“golden bell”), or Chateau Beychevelle (which has a ship on the label not dissimilar to a Chinese dragon boat).

It is also interesting to note that current per capita wine consumption in China is half a litre per person per year. This compares to 55 litres in France and 18 litres in the US.  In the event that Chinese consumption increases to just half of US per capita levels then the whole wine business, on a global scale, will change dramatically.

As we move fully into 2011, it appears that the popularity of Lafite Rothschild in Asia will continue unabated. Be this as it may, I predict that the other first growths will start to enjoy some of the same popularity over the coming months.  Following on Lafite’s tip of the hat to the Chinese market with their 2008 bottle, Mouton made a similar move by offering their 2008 label design to Chinese artist Xu Lei. This acknowledgement of the importance of Chinese consumers will go a long way towards fostering goodwill in the marketplace and increasing demand.  At this stage Mouton is still looking undervalued compared to the other first growth estates, creating an investment opportunity which could prove to be a shrewd long-term move.

Having spent considerable time with Chateau owners and winemakers in Bordeaux over the past 6 months, the word at some properties is that 2010 is reckoned to be an even better vintage than 2009. Yet, given the successes of 2009, are 100 Parker Points going to be enough to sell through the available stock of the 2010 campaign? At this point we have yet to taste the wines or get a solid feel as to whether the market still has deep enough pockets to absorb another top vintage. Although, if the rumours are true, we could be looking at another pair of successes along the lines of the famed fin de siècle vintages of 1899/1900, which would offer investors further opportunities to enhance their portfolios.

To all of our fine wine investors in 2011, here’s raising a glass to a successful coming year and many great returns.