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May 2011

19 May 2011Bordeaux 2010 offers fantastic value for money

James Swann

by James Swann

The quality of Bordeaux 2010, across the region, is very high.  A raft of lesser known Cru Bourgeois and Petit Chateaux have produced beautiful wines, at accessible prices. Wines that have something to say about the place in which they are grown. As money chases the big guns, such chateaux have been widely hailed as offering some of the best value to be found in the fine wine market.

‘Nearly 100 wines are reviewed below, few of them likely to be fought over en primeur. You may wonder therefore why I am even bothering to publish such detailed notes. The reason is that from the point of view of us consumers, many of these wines are likely to represent some of Bordeaux's finest value in the 2010 vintage.  And from the point of view of the producers, many of them have made such progress and taken such expensive steps to improve quality, that I think these wines deserve as much publicity as they can get. The 2010 vintage with its just-ripe fruit, high alcohol, fresh acidity and high tannic charge seems particularly eloquent throughout the Médoc.’ Jancis Robinson MW

 

A classic vintage? 

In our tastings and reviews a number of chateaux stood out for their elegant cassis perfume, freshness and attractive cedar wood tannins, exceptionally ripe in historical terms yes, but nonetheless reminiscent of the best vintages of classic claret.

Bordeaux expert Stephen Spurrier compares vintages:

‘As with great vintages, which 2010 undoubtedly is, comparisons are made with previous years and at this level of quality, there are few contenders. Only 2005, and to a lesser extent 2000, were mentioned from the past decade. 1998 was referred to as a benchmark on the Right Bank, 1996 and 1995 mentioned in passing on the Left, 1990 certainly, 1986 for the Médocs, 1970 (the first vintage when many of the classed growths made a profit, following the washouts of 1963, 1965 and 1968 and the under-ripe 1967 and 1969) and, for those with longer memories, 1949, 1945 and 1929.’

‘So, not just in my opinion’, he continues, ‘2010 is looking like THE greatest Bordeaux vintage, so far, and, contrary to expectations, not tiring to taste.’
 

So what should we be drinking?

Let's focus on that for a change, drinking. Honest, delicious Bordeaux without breaking the bank. Take your pick because 2010 has produced lots of wines that fit into that category. The Médoc is certainly the most consistent overall. However, prepared to hand-pick, the experience of quality-conscious Right Bank growers’ shines through in many a chateaux with the best ones having succeeded in the delicate interplay of picking times and extraction.  Such chateaux are likely to provide the most enjoyable – and affordable – drinking in the short and medium term.

Here is a sample of our favourites, watch this space for prices. The Chateaux that have already released have done so at reasonable prices, similar to 2009 whilst 2010 in our opinion provides better value at this level, Don't forget to request your allocation in advance, to avoid disappointment.

 

Haut Medoc RP JR
Beaumont    16.5
Cantemerle 91-93 16
Petit Bocq   16
Capbern Gasqueton 87-89 16.5
Belgrave 90-93 16.5
Bernadotte 87-89 17
Belle – Vue 87-89 17
Cambon La Pelouse 89-92 16
Camensac 89-91 15.5
La Lagune 93-96 16.5
d'Aurilhac 88-90 16
     
Medoc    
d'Escurac 86-88 15.5
Greysac 87-88 16
Caronne Ste Gemme   16.5
Goulee 90-92 16.5
La Tour de By   16.5
Labegorce 89-90 16.5
Ferriere 85-87 16.5
Tour St Bonnet 87-88 16
     
Haut-Medoc Cru Bourgois      
Sociando Mallet 91-93 16.5
De Pez 90-92 17
Du Boscq 86-88 16.5
Le Crock 90-92 16.5
Les Ormes de Pez 87-90 17
Senejac 87-90 16
Poujeaux 90-92 16.5
Chasse-Spleen 88-90 16
     
Medoc Cru Bourgois    
Potensac 87-89 16
Labadie   16
Labat   16.5
     
Pessac-Léognan    
de Fieuzal 90-92 17
Haut Bergey 92-94 16
     
Premieres Cotes de Bordeaux    
Reynon 87-88 16
     
Fronsac    
Villars 90-92 15.5
     
St Emilion    
Fonbel 85-87 16
La Dominique 92-94 17.5
Teyssier 89-91 16.5
Bellevue 92-94 15.5
     

 

Apart from requesting your allocation in advance, one of the best ways to stay abreast of releases is to follow us on Twitter. It's the quickest way to see what's being released and at what price. Not just by following us, do check out other "Twitterati" as well.

By James Swann

 Categories: BordeauxEn primeur

6 May 2011Robert Parker downgrades Bordeaux 2008

Mark Schuringa

by Mark Schuringa

Robert Parker has released his in-bottle scores for 2008, the vintage that he previoulsy loved but that other critics weren’t as positive about. The result is quite extraordinary: the vintage as a whole is downgraded by a massive 1.18 point.

Issue #194, which also covers Parker’s scores for the Bordeaux 2010 En Primeur wines, has had a bit of an impact. The 2010 vintage receives massive scores (we will cover those next week) whereas – with more of an immediate impact – Parker downgrades 2008. In the last 9 years, only 3 vintages have seen lower in-bottle scores than barrel-scores, the other 2 being 2002 (-0.83) and 2007 (-0.06). So 2008 by far sees the largest downward revision. Having previously ranked above 2006 and 2003 and only marginally lower than 2005, the result of the downgrade is that 2008 now ranks below all 3 vintages with an average score of only 94.40

Overall, the majority of the scores fall at the lower end of Parker's initial barrel score spreads whilst there are quite a few scores that are even lower than that. On individual wine level, some of his scores are quite remarkable. Let’s start with the First Growths:

 

Wine
in btl
barrel
Lafite-Rothschild
98
98-100
Haut Brion
96
95-97
Latour
95+
96-98
Chateau Margaux
94
95-97
Mouton-Rothschild
94+
94-96

 

There are only 10 wines that score 96 points or more, 98 being the highest. Please see below for all wines receiving 95 or more:

 

Wine
in btl
barrel
Ausone
98
96-100
Lafite-Rothschild
98
98-100
Petrus
97
98-100
Chateau d’Yquem
96
95-97
Haut Bailly
96
95-97
Haut Brion
96
95-97
La Mondotte
96
93-95+
Pontet-Canet
96
96-98+
Troplong-Mondot
96
95-97
Trotanoy
96
96-100
Bellevue Mondotte
95+
96-98+
Chateau de Fargues
95
94-96
Clos de Sarpe
95
93-96+
Clos Dubreuil
95
92-94
Ducru Beaucaillou
95+
96-98
Gracia
95
94-97
Hosanna
95
96-98
L’Eglise Clinet
95
94-96+
La Conseillante
95
92-94+
La Fleur Petrus
95
92-94+
La Violette
95
96-98
Latour
95+
96-98
Magrez Fombrauge
95
92-94+
Montrose
95
95-97
Pape Clement
95
94-96
Pavie
95
96-98+
Pichon-Longueville Baron
95
92-94

 

Note that this list of 27 wines does not include Mouton or Margaux...

The biggest "losers" are the wines that have fallen outside of their initial, barrel spread:

 

Wine
in btl
barrel
Petrus
97
98-100
Ducru Beaucaillou
95+
96-98
Hosanna
95
96-98
La Violette
95
96-98
Latour
95+
96-98
Pavie
95
96-98+
Chateau Margaux
94
95-97
Le Dome
94
95-97
Palmer
94
95-97
Cheval Blanc
93
95-97
La Providence
93
95-97
Leoville-Las Cases
93+
95-97+
Cos d’Estournel
92+
94-96+
Le Pin
92
94-96
Pichon-Longueville Comtesse de Lalande
92
94-96

 

Pichon Lalande, Le Pin, Cos Estournel, Leoville Lascases and Cheval Blanc receive the biggest downgrade.

However, it is not all carnage. There are also wines that do better. Below is a list of the winners that receive 95 or more points: 

 

Wine
in btl
barrel
La Mondotte
96
93-95+
Clos Dubreuil
95
92-94
La Conseillante
95
92-94+
La Fleur Petrus
95
92-94+
Magrez Fombrauge
95
92-94+
Pichon-Longueville Baron
95
92-94

 

The effect on the trade and on prices so far has been modest. Whilst Mouton Rothschild is being off-loaded by some, we will have to wait and see what the longer term effect on pricing will be. If anything, it will make some of the back vintages look good, in particular 2006. We have covered the "back-vintage" investment strategy before and will continue to do so during the 2010 En Primeur campaign. 

At the moment though, most attention seems to be for the winners of 2008. In particular Ducru Beaucaillou (despite it’s downgrade still a monster score), Pichon Baron (which has also received a fantastic score for the 2010 and at £800 a case, the 2008 looks to be an excellent opportunity) and Pontet Canet.

 

Pontet Canet

Pontet Canet is the darling of everybody it seems. Critics, the trade, investors and drinkers alike, they all love Pontet Canet. No surprise really given the scores for the last 3 vintages. It outscores 1st Growths at a fraction of the price. The 2008 at £915 seems an utter bargain. The story behind the wine is equally compelling.

 

 Categories: InvestmentBordeaux

4 May 2011Bordeaux en primeur 2010: the verdict

by Gavin Quinney

Guest blog by Gavin Quinney (@GavinQuinney)

This report was also posted on the Liv-ex blog. Gavin has kindly allowed us to post this follow up on his excellent report Bordeaux en primeur 2010: the wines and previously Bordeaux en primeur 2010: the weather. Gavin is a local winegrower in Bordeaux. He has been writing the annual Bordeaux "en primeur report" for Harpers Wine & Spirit magazine. Gavin has also tasted all the top wines from Bordeaux en primeur for 10 years and has been following these up in bottle. Do check out his blog for lots of excellent, factual information. 

There was something different in the air this year, and it wasn’t just the constant tweeting of what the 2010s tasted like.
 
En primeur attendances were higher than ever at the top estates, according to Paul Pontallier of Chateau Margaux. Much in evidence there, and at all the Firsts, were the Chinese translations of the brochures, to add to the long-standing piles of English and French versions. Based on visits to the leading properties the week after the UGCs, these were still being snapped up by Bordeaux’s new best friends.

Perhaps that’s what’s changed. Opinions about many of the great wines no longer matter. For the top chateaux, even huge Parker points or double asterisks won’t be required to sell the iconic brands and for most of us, some of the tastings were academic.

A pity, because the First Growths made belters this year, with all four Médoc Firsts coming close to perfection. What is unusual is the varying levels of alcohol between these four Cabernet Sauvignon-dominated wines: Lafite and Margaux at 13.5%, Mouton at 14% and Latour at 14.5%. Note that Cabernet Sauvignon comes in at lower potential alcohol than Merlot, so it’s no wonder that second and third wines for many estates, with higher percentages of Merlot, pack quite a punch. Chateau Margaux is typical in this respect (13.5%, 14% and 14.5%). Refreshing acidity – much touted by all the chateaux – provides the balance.

July-aug-2010 (2)

St-Julien and Pauillac: strong performances

Moving on, St-Julien and Pauillac were incredibly strong across the board. The Cabernet Sauvignons of the top appellations of the Médoc – for me, the best that Bordeaux has to offer in 2010 in any volume – are ‘über-classic’. The Bordelais prefer to use words like elegance, balance and freshness but I’m not sure that these words adequately convey the feeling of power that these wines have. And be prepared to be patient.

The two great spots of Pauillac and St-Julien have their fair share of ‘Parker hopefuls’ – those estates looking for an outstanding good score to maintain or improve their standing amongst their peers. If the prices are not pushed too far, these great 2010s will sell very easily. Pichon Longueville Baron (with arguably their best wine to date), Leoville Las Cases and Leoville Poyferre just edged it for me amongst the Super Seconds, with Pontet Canet once again right up there.

 

Pontet Canet

And who wouldn’t want a cellar full of St-Juliens like Gruaud Larose, St-Pierre and Langoa Barton, the latter with much less Merlot than usual. A lot of Merlot on both banks – especially on older vines – suffered from coulure and millerandage, or ‘shatter’ and poor fruit set. This reduced the crop, as did the small berry size of all the grapes. But what the Merlot lacked in quantity (and sometimes quality), the Cabernet Sauvignon made up for in quality. We can pray that it doesn’t come at too high a price.

Rest of the Left

St-Estephe has to be viewed on a case-by-case basis. I might have caught Cos on a slightly off day, while Calon Segur showed a lovely wine, despite losing some of the crop to a localised hail storm in May: almost half the number of bottles from 2009 there. Nearby, Montrose, with 20 additional hectares bought from Phelan Segur, was untouched: 50% more bottles of the (brilliant) Grand Vin in 2010. Will it be cheaper than the 100 pointer in waiting, the 2009?

The appellation of Margaux, beyond the very top wines, is a source of values for drinking: 20 chateaux produced 90+ point wines in my book. Issan is right back on form after hail struck in 2008 and 2009, and I’m looking for value from the likes of du Tertre, Ferriere and Labegorce – the latter two not being RP favourites.

Nearby, there are some values from Moulis, Listrac and the southern end of the Haut-Médoc. The Haut-Médoc and the Médoc to the north of St-Estephe produced some very good wines – however, I don’t think it’s a case of fill yer boots with any old Cru Bourgeois. Amongst the winners are rather too many wines with a lack of ripeness and fairly coarse tannins.

South of Bordeaux, the evenly mixed Cabernet Sauvignon and Merlot blends of Pessac-Léognan will provide sumptuous drinking. While the top chateaux – Haut-Brion, La Mission, Haut Bailly and Smith Haut Lafitte – made glorious wines, prices haven’t caught up yet for estates on the up like de Fieuzal and Haut-Bergey.

It’s a super vintage for the dry whites of Pessac-Léognan and the Graves, and I’m probably alone in preferring 2010 Sauternes and Barsac to 2009, with the possible exception of Yquem. But that’s another story.

On the Right Bank

It may be small but all eyes are usually on Pomerol. That little bit of rain at key moments in September really helped these precocious vineyards, which once again turned in some wonderful wines. Jacques Thienpont prefers 2010 Le Pin to his 2009 (like his brilliant 2001 to 2000) but I wouldn’t say that this was true across the board here. Mixed flowering in the Merlot, hydric stress and small berries certainly had an impact on the character of the wines, as well as the yields (just 31hl/ha at L’Evangile, compared to 38hl/ha average). Petrus, L’Evangile, L’Eglise Clinet, Vieux Chateau Certan, Clinet, Hosanna – no surprises, just not enough wine.

I tasted scores of St-Emilions and scored many of them very highly. But it was tough going, with many having rigorous tannic frames and a sense that the drought conditions contributed to the dryness of the wines. Still, plenty of super values to be had for those who choose well, with numerous 90+ pointers. Choose carefully: it’s a big place but not one for the faint hearted, with many super-concentrated wines topping 15.5% alcohol. At the top level, Clos Fourtet, Pavie Macquin and Beausejour Duffau impressed again. The Cabernet Franc excelled, not least at Cheval Blanc and Ausone, of course.

Bring on the campaign. And if you want to pick up a relative bargain sooner, take a look at some 2008s, right now.  

 

 

 Categories: InvestmentBordeauxEn primeur

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