Ditton Wine Traders’ fine wine blog
April 2010
26/04 Waiting for Parker scores Bordeaux 2009 Primeurs • 01/04 Bordeaux 2009 primeurs – a first impression
26 April 2010Waiting for Parker scores Bordeaux 2009 Primeurs
Intel is not conclusive. Some say he will release on the 30th (Friday), some say Tuesday (late in the evening UK time) and some even say tonight...
This year, timing won’t be as crucial as it was last year. This time, none of the big names have released yet whereas last year, all of them had and consequently speed was of the essence in snapping up the high scorers at pre-Parker prices. This year the main effect will hopefully be that we see more, bigger names release. So far, it has been a rather long campaign without too much happening in terms of releases.
With Parker scores out of the way, we will have the total picture of all the critics. In theory, the Chateaux could then release en bloc. They won’t though as they will want to get as much info on the maximum prices they can receive as possible. And apparantly, that includes first hand information on Asian take up – to be obtained during Vinexpo in HK, the last week of May.
Speaking of prices, the estimates for the first growths are all over the place, ranging from 200 euro a bottle on release to 1,000 euro a bottle by the end of the summer. Sadly, there’s a lot of hype so prices will be very high. The first tranche hopefully not so much so, but each subsequent tranche will be higher until demand stops. It goes without saying that getting in at first tranche will be key, but will also be extremely difficult. Here’s the way to do it:
1) you have bought first growths and preferrably other wines as well, in previous vintages. Loyalty throughout the whole chain will be rewarded.
2) you are prepared to buy across the board and not just the gems – this is what the merchants have to do as well. That means including wines that are not on everybody’s list and particularly wines that the Chateaux "push". For example, Lafite will only allow Negociants to take Lafite if they also take Rieussec and Evangile. Mouton will oblige Negociants to buy Clerc Milon, Armailhac and even Baron Arques. Of course, you don’t have to but it would certainly put you in prime position if you would.
3) you are willing to send us a your wishlist – including quantities and ceiling prices – so we can immediately fulfill your "order" once released. We will add these wines to our own wish list and send them to the Negociants prior to release.
4) you are willing to pre-order. After payment of a deposit of 20%, you will get priority over customers that send just a wish list.
If you don’t manage to get in at first tranche, don’t despair. In exceptional vintages like these, prices will continue to rise over time. There’s still investment potential if you get in a later tranches. Bear in mind that Lafite 2008 is still being bought for investment, even though current prices are 4 times the first tranche price. One word of caution though, both to customers and Chateaux: the sky is NOT the limit. You should not pay silly prices, hoping they will continue to go up. Take the 2005 vintage, where prices started to fall after the initial demand had been satisfied and it then took until only recent for prices to get back to their previous highs. This is a real danger for 2009 as well. There is an awful lot of demand to be satisfied at the start. Correction, make that orders to be fulfilled. Once that demand falters and fails to prop up prices any longer, we could well see prices fall for a while.
Once Parker has released his scores, I intend to post our buy list on this blog. These will be wines that a) are always in demand, b) have received good scores, c) will help us secure our allocations and finally, d) have proven to be a good investment when bought en primeur.
If you want more information or help in deciding your best strategy, don’t hesitate to contact us – we are more than happy to help.
1 April 2010Bordeaux 2009 primeurs – a first impression
Whilst I'm nibbling away at a belated lunch in St Emilion, I'd like to share my impressions on the 2009 vintage, after having visited many Negociants and tasted across the appellations.
It will be a very good vintage. It lives up to the hype. The left bank is consistently very, very good and it's definitely a Cabernet Sauvignon/ Cabernet Franc vintage. Very homogeneous with very few disappointments. Even, or even especially the Cru Bourgeouis are buys. Pretty much all St Estephes are buys, with Montrose potentially the best ever made (i.e. 100 points.) Pauillac is great (Pontet Canet!!!), St Julien and Margaux are right up there as well. Graves is spectacular at the top level, my personal value for money favourite being Domaine de Chevalier. Sauternes, or all stickies for that matter are awesome. At least on par with 2001! Will this finally be the vintage where Sauternes will take off? It should, IMHO. The only warning I'd like to sound is for the Right Bank: top Chateaux are spectacular, but it's not a Merlot favoured vintage – select well as some are high alcohol "soup".
Above is not just my opinion, it's derived from my own tastings as well as scores by James Suckling as well as all the Twitter feedback during the tastings from more accomplished tasters than myself. See also Jancis Robinson for Sauternes: she adores it! If you like more tasting notes, just check out the websites of BBR, Farr, Bindex etc.
The annoying thing about this praise is of course that it will encourage the Chateaux to hike up their prices. The quality does merit higher prices than 2008 for sure, but how much so? I will spend more time on that issue later on. For now, let's just hope that the Chateaux will understand that exchange rates, unemployment and the general, uncertain state of the economy should prevent prices to go nuts. As compared to the previous most expensive vintage – 2005 – the world is a totally different place. Even with new demand from Asia. Don't think that new demand will soak up prices at or above 2005 release prices. The "pain level" for my customers does not go beyond 2005 release prices!
So, now that us mere mortals have cast our votes, how will the campaign progress? It will likely be a "play the age-old game" campaign: nothing happens until Parker releases (end of April), except some chateaux that can't afford to release amidst a host of other names. The first growths will be last to release. The Vinexpo at the end of May will see a pause. So my best guess is we will only see the 1st Growths release mid June or even later.
First tranche is expected to be very small, alas. Second tranche will be much bigger and also much more expensive. There is talk of a third and even fourth tranche, although I think this will not go down well unless the 2nd tranche is priced sharply. Bottom line: allocation is key and those who have "played the game" in the past will be reaping the reward. For newcomers: expect to pay 2nd or 3rd tranche levels and be tied in with other wines. That's what the chateaux do, the Negociants do and therefore, the Trade has to do as well..I t's an aweful practice and we will try and avoid it as much as we can, but only to a certain extent.
On the upside, there are loads of non-first growths that are awesome and relatively affordable. Some even with investment potential but all fab to drink. And, if release prices are reasonable, all wines will be buys.
To be continued...


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