I was privileged to attend the Domaines Barons de Rothschild vertical tasting held in London recently. Organised by The Institute of Masters of Wine and hosted by my good friend Charles Chevallier, Wine Director of Château Lafite-Rothschild, on the agenda were 6 vintages of Lafite-Rothschild, along with additional vintages of Carruades de Lafite and Château Duhart-Milon for good measure.

Moderated by Master of Wine Mark Bingley and with an enlightening introduction by fellow Master of Wine John Salvi (who has served as AWC’s consultant in Bordeaux for the past 20 years), the tasting provided some superb insight into the history, viticulture and winemaking practices of Château Lafite-Rothschild and various Bordeaux estates under the management of Domaines Barons de Rothschild. It is difficult to express just how exquisite these wines always prove themselves to be – concentration, structure, fruit and tannin, all in perfect harmony - and this occasion was certainly no different.

Above: Our moderators. (l-r) John Salvi, MW, Charles Chevallier, Mark Bingley, MW

Key discussion points covered by Mark and Charles during the introduction and opening remarks:   

- During the harvest, the pickers do no selection whatsoever. They pick absolutely everything and the fruit is then triaged by hand in the chai just before it is crushed. Optical sorters have been experimented with in the past but they have not been implemented thus far as they remain somewhat cost-prohibitive. If necessary, green harvesting is conducted in July, however it is not done to reduce the crop size (this is achieved through careful pruning during the winter months) or for the purposes of increasing concentration, but is instead relied upon to increase intra-row aeration and to adjust sun exposure. Today, all of the fruit for Lafite-Rothschild, Carruades de Lafite and Duhart-Milon can be processed in as few as 8 days, a remarkable feat. Up until the early 1990s, harvest was a 3-week long, non-stop operation.

- All of the red wines are fined in the traditional manner, by hand, with fresh egg whites. Filtration prior to bottling is utilised, but only to, as Charles noted with a wink, “Remove the mosquitoes.”

- Following success of certain estates and the fact that the trend is growing globally, Lafite-Rothschild has already experimented with both organic and biodynamic practices. Charles stated however, that, at the end of the day, the goal is, “Not just to have a ‘bio label’. We want to help the vineyards be protected, but we want to do it with minimal intervention and with the minimum quantity of chemicals necessary.”

- Between the Grand Vin, Carruades de Lafite and Duhart-Milon, there is almost no technical difference in production techniques, with the exception of the oak treatment and the ageing processes. Lafite-Rothschild receives 100% new oak in each vintage, whereas Carruades de Lafite is held in 10% new oak and 90% second year/used barrels which are recycled from the Grand Vin. Duhart-Milon receives 50% new wood and 50% second or third year barrels from both Lafite and Carruades. Starting from the 2011 vintage, some pyramidal, concrete vats will be used for certain Merlot parcels. These vats are fairly small in size and their use is purely experimental at this point.

- Domaines Barons de Rothschild owns and operates their own cooperage with 5, full time coopers who build, toast and maintain all of the barrels that the various estates use. Interestingly, when the discussion turned to the barrels, Charles commented that they have been conducting extensive research on the toast levels for each property and have come to some clear-cut conclusions. Rieussec’s barrels, for example, are toasted at low temperatures for a long period of time, whilst L’Evangile’s barrels are toasted at the exact opposite end of the spectrum – briefly, but with very high heat.

- As a rule, Carruades de Lafite is ready to drink several years earlier than Lafite-Rothschild. On average, 30% of the vineyard production from the Carruades plateau makes it into the Grand Vin and 50% is deemed of a high enough quality for production as Carruades de Lafite on its own. The remainder of the production is sold off in bulk to various (unnamed) negociants.  In the many decades since its purchase, in 1845, the terroir of the Carruades vineyard has been found to be less well suited to growing Cabernet Sauvignon. So, there is now always a greater percentage of Merlot in the Carruades de Lafite blend, versus the Grand Vin of Lafite-Rothschild.

- Duhart-Milon is expected to mature even earlier than Carruades. However, due to the terroir, it must be produced in a style that can seem almost stern in the first few years of its life. Charles likened the tannic seriousness of Duhart-Milon to “a young officer candidate, fresh out of the military academy, who doesn't yet know how to smile.” He also noted that, despite this youthful austerity, there are very few vintages of Duhart-Milon which will keep for more than 20 years. The fermentation temperatures for Duhart-Milon are kept purposefully lower and the number of pump-overs is reduced to prevent over-extraction and allow the wine to open up. Shockingly, prior to 2001, Duhart-Milon was a vineyard that the picking crews and Domaines Rothschild staff picked on an ad hoc, “when they had time” basis, nearly as an afterthought to Carruades and Lafite-Rothschild! Now it is a much more focused effort and has a specific team dedicated to its production. 

- Château Rieussec, which was purchased by Domaines Barons de Rothschild in 1985, operates under a completely different philosophy than the other estates, embracing and cohabitating with botrytis. Charles chuckled at the thought of how difficult it was for him to adapt to this alternate way of thinking when he first showed up to manage the property. Ultimately, quality control in the vineyard and the success of the wine each year is simply down to monitoring the evolution of the botrytis through the vineyards and reacting accordingly and at the appropriate times. A very specific and unique product, fermentation is done in small casks and ageing is conducted in 50-60% new oak barrels for 24 months. Charles commented that, although the estate has experimented with cryo-extraction (freezing the grapes prior to crushing), they do not believe it allows the wine to express itself in the best fashion, so cryo-extraction is never utilised with the Grand Vin.

Above: Charles discourses on the vintages of the past decade.

- Of the various, recent Lafite-Rothschild vintages, Charles noted that, “2005 is probably a ‘100 year’ wine. It is very closed down at the moment but I’m sure it will last almost indefinitely. 2004 is much more open and it is ready to drink already. It is a classic vintage. 2009 has phenomenal potential, but there is the possibility that it may head in the same direction as the 2003 in terms of its evolutionary timeline. The 1990 is very similar to what I expect the development of 2009 to resemble, actually. The exoticism that the 2009 displayed at En Primeur is now changing back to something a bit more classic. 2010 is still difficult to grasp at the moment and I cannot predict where it will head in its evolution. It is certainly a great vintage, with classic fruit flavours. The acid levels, as measured in the laboratory are exactly identical to the 2009, yet it tastes completely different. This leads me to believe that the 2010 will probably last longer.”

- On the advancements in technology, Charles further commented that, “There are no bad vintages now. The truly great vintages are the same as the great vintages of the past but new technologies in production mean there are no more bad years. 1968 was the last, truly disastrous year and it is a perfect example of what can go horribly wrong.”

-  To fight counterfeiting and forgeries, Lafite-Rothschild is now using Prooftag as an additional security measure. Starting from the 2009 vintage, all new bottles of Lafite-Rothschild and Carruades de Lafite which leave the winery will be fitted with Prooftag Bubble Seals on the capsules. Each Prooftag Bubble Seal is a unique, three-dimensional, proof of authenticity which is irreproducible. Château Palmer and Domaine Ponsot are two other notable estates which are already utilising Prooftags. At Lafite-Rothschild, these seals will also now be fitted on all older bottles that are sourced and supplied directly from the vintage library.

Above: Intense concentration when tasting.

Tasting Notes and Comments –

2006 Carruades de Lafite

Dark purple colour with slight rim variance. A soft perfume. Subtle tobacco smoke and cedar aromas on the nose. This is a lighter bodied wine, which, while quite nice, is not particularly powerful. A reminiscence of incomplete lignification is overridden by pleasing cranberry and raspberry fruit. Medium acidity. Lasts on the palate. A solidly made wine, but from a vintage that was marred by heavy spring frosts. 90 Points

John Salvi, MW - “Bright purple core turning to ruby at the edges. Clean, bright, fresh nose of red fruit. Delicate and open in the mouth. A relatively light wine that is already developing well. Ready to drink at this point but will continue to last another 5 to 10 years. Plenty of fresh acidity and integrated tannins. A gracious and charming vintage rather than a powerful one.”

2006 Duhart-Milon
Brighter red and with less purple at the core when held next to the Carruades – perhaps maturing a bit more rapidly. Similarly, the nose is a bit more open and expressive but has fewer nuances to it. Darker plum and black raspberry fruits in cohesion. Broad and mild in the mouth, with noticeably lower acidity than the Carruades but more primary fruit flavours. Charming. 91 Points

John Salvi, MW - “Colour a bit more mature than the Carruades, still bright and vivid though and perhaps a bit deeper. Nose is very gentle. Creamy red and black fruit aromas. Plenty of vigour on the palate with fresh, spicy acidity and firm, strong tannins. Again indicative of the vintages charm. Will last, but it is certainly approachable already.”

2003 Duhart-Milon
After a very hot August, this was an incredibly difficult vintage to manage. Many vines suffered from excessive heat stress which retarded both their production of sugars and their complete phenolic evolution. The resulting wine was quite high in alcohol and the tannins remain unusually disjointed in their presentation on the palate. Nearly a decade on, the wine is now quite uniform in its ruby colouration, with lots of remaining particulate – the use of minimal filtration is readily apparent. Roasted fruits, baking spices, and mild Christmas cake aromas all swirl in the glass. This presents as having great width in the mouth with broad, soft tannins. For better or worse, along with the remaining cassis flavours, this has the subtle taste of roast Arabica coffee beans. Soft and round, with understated yet integrated fruit. Begin drinking it now. 93 Points

John Salvi, MW - “Young, bright colour which does not appear appreciably different than the 2006. Core has slightly more depth. Nose is full of power and youth. Restrained and spicy. This is a deeply concentrated and solidly constructed wine, yet is almost austere at present. Needs time still but is developing at a rapid pace. Surprisingly well balanced given the vintage’s heat.”

2003 Lafite-Rothschild

Picked 5 days before the Duhart-Milon. Interestingly, and despite the severe heat, Charles noted that the fruit from the Grand Vin blocks was quite regular and required less triage than the berries from either Duhart-Milon or the Carruades plain. He chalked this up to the fact that the Grand Vin vines have roots which penetrate nearly 7m into the gravel subsoil. Additionally, as they are older vines, they are prone to fewer problems and the heat has markedly less effect on them. This has a similar colour but darker core when held up next to the Duhart-Milon. Softer and somewhat tighter on the nose as well. Smells quite ‘smart’. Whiff of pine grove and cedar, hint of charcoal dust, and slight baking spice aromas. You can sense the hidden, explosive power in this. Toes the line in terms of balance, yet just holds back. Impressive. Expansive. A really lovely wine but one which is developing rapidly. Lasting, lasting, lasting in mouth. 97 Points

John Salvi, MW - “The ‘jump-up’ out of the glass on this is impressive. The 2003 Duhart-Milon pales next to it. There is just more of everything here and it is clearly at an entirely different (and much higher) level. Colour is still young with traces of purple around the edges. Nose is powerful, intense and resplendent with black fruits. Perfume is exotic and clearly has further development ahead of it. Palate follows the nose, with concentration and intensity. Spicy tannins. Needs to sit for a few more years, but will last for some time still. Skilful winemaking was definitely vital here in order to counteract the effects of the vintage. This has retained a fine level of acidity and will live on into a graceful maturity. The grand terroir of Lafite is undeniable!”

2000 Lafite-Rothschild
Upon tasting this, Charles commented that, “In 2000, the weather was really great. Maturity was complete. It is a real pleasure to enjoy this today and I expect that it will be nearly impossible to destroy this wine. This is an indestructible wine that people can keep in their cellars for many, many, many years.” The wine is a dark, consistent, reddish-purple colour. The nose is pure. Black cassis in spades. An absolute beauty. Fruit aromas are still presenting themselves as being quite young. On the palate, the fruit, tannins, and medium acidity are all in perfect balance. This is so hard to achieve. An incredibly difficult and applause-worthy performance. Truly exceptional. Tannins are unbelievably fine and you can really taste the primary essence of the Cabernet Sauvignon skins, in a fantastic and pure expression. Alcohol is nominal and completely unapparent. 98 Points

John Salvi, MW - “Colour still hinting at youth – ruby and surprisingly fine and bright. Generous, ripe and heavily fruited. Now this is really beginning to show what it’s made of. Tannins are powerful and quite severe. Palate remains less developed than the nose and the tannins need further time to soften. Eventually these will blend with the remaining fruit and all the fine flavours will be revealed.  This still needs time in spite of its ripeness and superior phenolic maturity. A very complex and complete wine.”

1999 Lafite-Rothschild
“This is a great expression of a [still] young, drinkable Lafite,” commented Charles. This had slight bricking near the edges - a similar colour to the 2003, in fact.  Sublime nose, yet a bit shy. Cigar box, but you have to work at finding it. Silky, delicate and seductive. Has a confidence and certainty to it that is enviable. Very fresh in the mouth, it dances across the palate. Incredibly difficult to spit out! Lasts and lasts and lasts. The additional Merlot in this particular cuvée is readily apparent. Drinking now. 98 Points

John Salvi, MW - “Maturing, with a ruby/browning edge. Unsurprisingly, more developed and less concentrated than the 2000 on both the nose and palate. However, the nose remains showy and delightful, fresh and fragrant, with lots of pure fruit aromas. Open and juicy in the mouth, the tannins are totally integrated. This is wonderfully expressive and attractive.”

1990 Lafite-Rothschild
High temperatures in this vintage resulted in the final assemblage being nearly all Cabernet Sauvignon. Only 3% Merlot made it into this cuvée due to the heat damage the vines suffered. Much more bricking than the 1999, although the colour is still uniform. Powerful nose. Wild herbs and a bits of dried bramble coming out, along with dust and tea leaves. Tertiary aromas and flavours really coming out now. A true older Bordeaux that is really starting to expressing itself. Wow. Exceptional stuff. Has now aged enough to be really interesting. Sweeter than expected. Bruised plum flesh. A fabulous winner. 99 Points

John Salvi, MW - “Magnificent. Bright, classic maturity. A fragrant, elegant nose of first class cassis fruit and loads of spice. Palate is wonderfully pure. Mouth-filling dark berry flavours and sublime acidity. Long. This is now a wonder to behold and an honour to drink. Will still keep for many more years due to the fine, silky tannins. A lovely and finely bred Lafite of great beauty, opulence and expression.”

1989 Lafite-Rothschild
Noticeably lighter colour than the 1990. Very brick. Really quite focused and Cabernet Sauvignon-centric on the nose. A sweet, kind, gentle wine. Pleasant pepper aromas and on the finish. An exceptional Cabernet expression. Nuanced. Medium acidity still. Lasting. Tannins still present but absolutely at their finest. “This is definitely what you expect in a great Pauillac,” said Charles. 96 Points

John Salvi, MW - “A visibly denser wine than the 1990, however the colour around the rim is a little more evolved. Truly a perfect example of what a Lafite is and can be. A great wine. Fruit-driven fragrance that is rich but also classical and restrained. Palate is deep, structured, lengthy, powerful, and complete. Breeding and elegance. This wine can be kept for many, many more years and is still far from its best or its peak. This will outlast the 1990 and reach great heights.”

1988 Lafite-Rothschild
Similar colour to the 1989. Subtle, attractive, complex perfume. Soft and drinkable. Medium high acid and certainly more present than in the 1989. Tension continues across the palate. Another good expression of ultra-premium Cabernet Sauvignon, but somewhat less interesting than the 1989. 94 Points

John Salvi, MW - “Not quite the same power or body as the 1989, yet it is a pure, classical Pauillac at its very finest. Perfect balance and structure but less opulence or richness when set against the prior two wines. Wonderfully pure fruit on the nose with a delicious spicy fragrance. Expressive, bright acidity on the palate. A wine of great beauty, elegance, finesse and harmony. Will last as long as the 1989, but longer than the 1990.”

The tasting concluded with a selection from what is, undoubtedly, the top Sauternes vintage of the past 20+ years, the supremely elegant 2001.

2001 Rieussec
This is the only possible threat to Chateau d’Yquem’s reign over the 2001s. Absolutely leaps from glass. A religious experience. Spicy, botrytis nose. Just cut button mushrooms and chopped sultanas. Fresh. Beautiful. Brings a tear to your eye. Candied apricots for days and days on the palate. Long, long, long. Hint of an espresso crème tinge on the finish brings the whole package together. Lovely acid and sugar in complete balance. 99 Points

John Salvi, MW - “Brilliant golden hue. Pure, bright and crisp. Powerful demerera sugar, pungent botrytis and lemon pith bouquet. Toasty and opulent. Very long and mouth-filling. Lingers beautifully in the aftertaste. Liqueur-esq nectar. Sweet and sultry yet spectacularly fresh and airy due to the acidity. A superlative Sauternes of unmatched grace and style.”

On their global brand strength and the legendary history of their flagship estate, the properties and wines of Domaines Barons de Rothschild remain incomparable in the fine wine world. What a pleasure it was to enjoy these fabulous examples and reflect on the remarkable capacity of great Bordeaux to age, develop and evolve.

Contact us to enquire about our current availability of Château Lafite-Rothschild, Carruades de Lafite, Château Duhart-Milon, and Château Rieussec.

It’s been another enthralling week of fine wine tastings at AWC Wine Academy. On Tuesday, we enjoyed some breathtaking Grand Cru Burgundies. On Thursday, it was the very finest of Bordeaux, where we compared the likes of Pétrus, Latour, Haut-Brion and Cheval Blanc. As the saying goes, it’s a tough job, but someone has to do it!

Our primary interest was in conducting a head-to-head tasting of the best estates from the Left and Right Banks of Bordeaux. The plan was to do this with eight wines, in four vintage pairs, followed by a final mystery wine. For this event, we were delighted to welcome several of our top clients alongside a number of American Express International Currency Card and Centurion cardholders. The knowledge of the attendees and the quality of the wines being served promised to make this our most impressive tasting yet.

In addition, we were delighted to welcome back wine writer (and co-founder of the International Wine Challenge), Charles Metcalfe as our host. Charles had already proved his mettle by hosting our magnificent 1990 Bordeaux retrospective a few weeks prior. On this occasion however, Charles wasn’t the only wine writer in attendance. I was particularly pleased that Robert Parker’s UK colleague Neal Martin was also able to join us. I’m a great admirer of Neal’s writing and his palate is top notch. I’m certainly looking forward to reading his new book on Pomerol, which he has just completed, when it is published in September 2012.

Above: Journalist Neal Martin and Account Manger Lucy McMillan discuss the upcoming wines.

One of my definitions of truly fine wine is that it doesn’t just engage and intrigue our palates; it must also engage our intellect. This process of engagement is something we strive for at all Wine Academy tastings as we find it is integral to both understanding and enjoyment. It is important that wine tasting be both fun and interactive so that people leave with smiles on their faces, having been entertained just as much as they have been informed.

Our primary technique for getting people involved is to put them into teams and to encourage them to taste the wines blind. We taste wines blind for a number of reasons. First and foremost, not knowing what the wine is in advance removes any pre-existing prejudices that could easily influence the way we regard and rate particular wines. Additionally, because tasting wines blind is more challenging, it is also much more fun!

Above: Purchasing Manager Berenger Piras pours the wines.

Moreover, putting people into competitive teams adds immeasurably to the atmosphere of the evening and is something people invariably enjoy. This promotes inclusiveness and, as a result, tasters tend to ask more questions and become more involved. As a result, they often learn more too – almost without even realising they’re absorbing the information.

Charles began with a short, insider’s guide to the key differences between the Left and Right Banks and how those differences influence both the flavour and structure of the wines. On the Left Bank, the wines are generally dominated by Cabernet Sauvignon, thanks to the prevalence of gravelly soils in the region which allow the variety to thrive. On the Right Bank however, Merlot is more common and it tends to do well on the heavier, clay-based soils.

However, as Charles pointed out – there are always exceptions. In Saint-Émilion for example, there is still quite a bit of Cabernet Sauvignon planted in its cooler soils. Additionally, at the likes of Château Ausone and Château Cheval Blanc, significant quantities of Cabernet Franc make it into the final blend.

Above: Charles prepares for his lecture.

The first two wines set the standard for the evening. Wine one was a stellar 2004 Château Margaux from the Left Bank, which was both magnificent and completely true to its trademark, elegant style. As Charles pointed out, the First Growth was, “perfumed, graceful and classical; everything good Margaux should be all about.” I noted lovely cassis fruit, finely tuned acidity and supple tannins from this underrated vintage. 93 Points.

The Right Bank counterpart (wine number two in this pair) was the 2004 Château Angelus. Somewhat counter-intuitively, this was darker and deeper in colour than the Margaux, with more tannin and grip on the palate to match - which is perhaps why some tasters mistook this for the Left Bank wine of the pair. Whilst I enjoyed Hubert de Bouard’s 2004 Angelus and rated it 91 points, personally, I think it needs a bit more time in bottle.

I wasn’t the only one who preferred the Margaux over the Angelus. When we took a vote on which of these wines people preferred, Margaux was the favourite by a nearly 2 to 1 margin. In total, 19 tasters chose it versus just 10 for the Angelus. At this early stage of the competition, Team Latour (perhaps aided and abetted by Senior Client Relationship Manager, James Woodhead), had swept into an early lead by correctly identifying both the vintage and the respective origins of both wines.

The next pair presented a bit of conundrum. Wine three was revealed to be Gerard Perse’s 1998 Château Pavie, a Saint-Émilion Grand Cru. The estate is a favourite of Robert Parker and he rated this wine 95 points, while predicting that it will last for at least 50 years. High praise indeed, yet not without appropriate basis - you can see exactly where he’s coming from when you taste this wine. Again, much like the 2004 Angelus, this was deep, tannic and powerfully extracted, with fabulous flavours of black cherry fruit. 94 Points.

Of course, 1998 was correctly regarded as a great Right Bank vintage. Unfortunately, that means that many Left Bank wines from the year are regularly overlooked. The magisterial 1998 Château Latour, wine number four, ideally proved the point – these 1998 Left Bank wines are not to be missed! This Latour was commanding, powerful, beautifully delineated and exquisitely balanced, with lovely fruit, cedar, minerals and a terrific amount of length. 95 Points.

As many people pointed out, the Pavie improved considerably in the glass – it clearly has a long life ahead of it. However, the overriding consensus was in favour of the Latour. It just pipped the Pavie by 11 votes to eight with the remainder of tasters undecided.

By now, all the teams were warming to their tasks as the competition heated up and the quality of the wines was increasing in kind. The next pair was simply stunning and it began with a 1996 Château Pétrus. This was a gem of a wine, with poise, power, brooding black fruit, lovely sweetness and that tell-tale spiciness that so often characterises great Pétrus. I rated it 97 points. Paired with it was the 1996 Château Haut-Brion which was a lovely contrast. The Haut-Brion was more evolved and had more smokey and savoury notes. It was also lighter in body, with finer grained tannins and flavours of liquorice root, cigar box and creamy cassis. 95 Points.

It was a tough call between these two wines. The Pétrus was just slightly preferred and it won-out with 11 votes against 10 for the Haut-Brion. Significantly, put perhaps not surprisingly, it was also voted the wine of the night, just edging out the Haut-Brion which came in second overall. Meanwhile, in the team competition, the Lafite table was challenging Latour as they correctly nailed both the vintage and the respective region of origin.

The last pair of wines hailed from the 1995 vintage and did nothing to tarnish the extraordinary levels of quality tasted thus far. First up was Pierre Lurton’s stunning Château Cheval Blanc. Beautifully crafted, with an almost unimaginable purity of fruit, this was benchmark Cheval Blanc at its elegant best. While drinking beautifully now, this will also age and improve for many years to come. 98 Points.

Paired against it was a much more intense Château Mouton Rothschild which was both rich and powerful. It brought an interesting sensation of total completeness with it. The firm and beguiling structure had notes of cured meat, Morello cherry, dark soy and black olives set atop the tannic framework. 94 Points.

So, which wine went down as the best from this final Left versus Right pair? The answer from the very enthusiastic and increasingly competitive audience was the Cheval Blanc, by a hair – just 10 votes to 9. Meanwhile, the team competition was also down to the wire and was only decided in the final round, with Team Latour sealing an impressive victory over Team Lafite.

However, neither the evening’s wines nor the competitive elements were quite done and dusted. What remained was an individual, blind tasting round of the ‘Wine Options’ game. The wine in question was revealed to be an older vintage of Château d’Yquem…but which vintage?

By process of elimination, the triumphant taster eventually emerged, to great applause from the attendees, and was rewarded with a half bottle of the wine in question - a sumptuous, honeyed, marmalade-laden, richly-textured 1983 d’Yquem which I rated 97 points.

Above: A taster admires the evening's wines.

Once again, it was quite a night at AWC Wine Academy. Great wines, great people and great fun. What more could you possibly want?

At the end of this remarkable evening we took a vote on which were the top wines of the night. Here are the results: [Please note that all of these wines are available on request from The Antique Wine Company]

- 1st Place -
1996 Château Pétrus – Enquire for pricing
- 2nd Place -
1996 Château Haut-Brion - Enquire for pricing
- 3rd Place -
1995 Château Cheval Blanc - Enquire for pricing
- 4th Place -
1998 Château Latour - Enquire for pricing

For each paring, here is how the voting tallied up:

Pair 1 – 2004 Château Margaux: 19, 2004 Château Angelus (Enquire for pricing): 10

Pair 2 - 1998 Château Pavie (Enquire for pricing): 8, 1998 Château Latour: 11, Undecided: 8

Pair 3 - 1996 Château Haut-Brion: 10, 1996 Château Pétrus: 11, Undecided: 8

Pair 4 - 1995 Château Cheval Blanc: 10, 1995 Château Mouton Rothschild (Enquire for pricing): 9, Undecided: 10

We look forward to welcoming you into the Wine Academy in the coming months, whether for another exceptional night of Bordeaux, 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.

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