Extract: Illustrative analysis of en primeur release prices
Amongst other findings, Part II of Wine Lister’s annual Bordeaux Study, ‘Reaching for the stars’, examines how en primeur pricing over recent vintages compares with quality levels and secondary market prices, to consider what success in Bordeaux’s 2022 campaign might look like.
Extracted from the report, the chart below provides an illustrative analysis of the 2022 en primeur release prices, based on the 110 wines1 covered in the study. As the bulk of releases are yet to enter the market, this is an entirely theoretical projection which, if applied on a case-by-case basis, could nevertheless be a useful benchmark.
An extract from Part II of Wine Lister’s 2023 Bordeaux Study, providing an illustrative analysis of the 2022 en primeur release prices
Wine Lister’s Quality score aggregates recently-published scores from our five Bordeaux partner critics – Antonio Galloni and Neal Martin for Vinous.com, Bettane+Desseauve, JancisRobinson.com, and Ella Lister for Le Figaro – plus a small weighting for their average drinking window. By comparing the Quality score of the 2022 vintage (the highest ever recorded – 927) with the average of the most similar vintages (2015, 2016, 2018, 2019 and 2020), we obtain a quality-price ratio (QPR) of 6.66.
By dividing the Quality score of the 2022 vintage by this same QPR, we obtain a theoretical future market price of €160 for the 2022 vintage. To this price, we apply a discount of between 10% and 25%, corresponding to the minimum saving that consumers would expect to make versus buying the physical product two years later. This gives us an average release price of between €120 and €144 per bottle. By subtracting the average importers’ margin, we arrive at an average ex-négociant release price of €103 to €123 per bottle, i.e. -5% to +26% compared to the ex-négociant release price of 2021.
Out of the 48 releases covered by Wine Lister at the time of publishing, the average release price of the 2022 vintage is €71.3, compared to €62.6 in 2021, representing an increase of 14%.
1Some wines have been excluded due to a lack of regular en primeur releases or unreasonable prices.
Head to Wine Lister’s analysis page here to purchase the full study in English and French, while Pro Subscribers can access their copy for free here.
While the Bordeaux 2022 en primeur campaign is yet to kick off in full swing – with just a handful of key releases entering the market over the past three weeks – Wine Lister’s partner critics’ scores are now in (Antonio Galloni and Neal Martin from Vinous, Jancis Robinson, Bettane+Desseauve, and Le Figaro Vin) informing our overarching 100-point Wine Lister score. The WL score is the average score of our five partner critics, normalised to take into account each critic’s scale and scoring habits.
In our latest blog, we examine the wines that gain the top Wine Lister scores in 2022 – a vintage that, despite extreme weather conditions, is projected to be one of the best from this century (recap Ella Lister’s vintage report here).
The top 30 wines of the vintage are shown below, with all estates in this ranking boasting scores of 96 or above. Scores are shown to one decimal place to enable a detailed ranking within the top scorers.
The 30 wines with the highest WL scores, including their points increase versus 2021
Reflecting trade and press sentiment regarding the exceptional quality of the 2022s, wines across the board have generally seen their WL scores increase on last year, and in some cases, significantly. This year, 64 wines achieve WL scores of 95 and over, more than double the number in 2021 (29). While the estates that made up our top 30 last year had an average score of 95.2, this year’s top 30 average 96.8 points.
A glaring observation: only red wines have scored above 96 in 2022 – the vintage having been kinder to Merlots and Cabernets than to their white counterparts, which struggled to maintain acidity in the heat. Only six whites – predominantly sweet wines from Sauternes and Barsac – scored just outside the examined range, with WL scores of around 95. These include – in descending order – Climens, Suduiraut, Doisy-Daëne L’Extravagant de Doisy (last year’s top-scoring wine, with 97 points in 2021), Rayne-Vigneau, La Mission Haut-Brion Blanc (the only dry white), and Fargues.
Turning to reds, Cheval Blanc stands at the top of the podium (up 3 points on 2021), followed by Léoville Las Cases (up 3.4 points), Latour (up 2.9 points), Vieux Château Certan (up 2 points), Mouton-Rothschild (up 3.2 points), and Lafite Rothschild (up 2 points), which all boast rounded scores of 98. They are closely tailed by La Conseillante (up 2.1 points), Petrus (up 2.7 points), and Figeac (up 2.6 points), amongst others.
The biggest climbers in the top 30 this year were Léoville Las Cases, with a WL score increase of 3.4 since the 2021, followed by Trotanoy with 3.3, Mouton-Rothschild with 3.2, La Mission Haut-Brion and Beau-Séjour Bécot with 3.1 points. On average, these 30 estates saw an increase of 2.4 points compared to 2021.
Right Bank estates take up the majority of places in this year’s top-30 list (56% compared to 45% in 2021). This is mainly thanks to 10 Saint-Émilion properties and their limestone terroirs featuring in the top 30 – exactly one third – versus 24% last year, whereas Pomerol’s representation is similar year-on-year (23% versus 21%). Other appellations featuring ore strongly in the top 30 are Pauillac (17% up from 14%), and Margaux and Saint-Estèphe (both 7% up from 3%), while Pessac-Léognan and Saint-Julien have seen their listings reduce (10% versus 17%; 5% versus 7%, respectively).
Tasting for Le Figaro, Ella Lister and her colleague, Béatrice Delamotte, spent a fortnight in Bordeaux tasting 600 wines en primeur from the extraordinary 2022 vintage – extraordinary in terms of its textures, its accessibility, and its unexpected freshness in such a dry, hot year – that has produced wines with technically high levels of tannin which somehow just melt into the background. We tasted many of the wines together, and sometimes two or three times in order to be able to judge each sample as faithfully as possible.
Château Lafleur
The Vintage
After a difficult 2021 vintage, 2022 is without doubt a contender for the vintage of the century – so far –, showing signs at this early stage of outdoing the magnificent triptych 2018, 2019, and 2020, and will perhaps go down in history as the 1982 has done. After almost 20 years as Technical Director at Château Cos d’Estournel, Dominique Arangoïts expressed this in slightly different words, suggesting that 2022 “might be the wine of my life”.
And the most extraordinary thing is that nobody expected it. The vines were subjected to some of the driest conditions on record, as well as above-average temperatures. However, there were no extreme heatwaves (as in 2003), and night-time temperatures remained relatively cool, dropping on average to around 15°c. The vines grew accustomed to the hot, dry conditions early in the growing season, which meant they adapted their consumption and their canopy growth in order to cope with what little water they had, making do with reserves amassed during a rainy 2021, then a top-up in June, and then surviving 50 dry days until mid-August. Refuting any comparison with 2003, Nicolas Audebert, Managing Director of Châteaux Canon and Rauzan-Ségla, uses the analogy of an office worker being cooped up until August, and getting sunburnt going out into the bright sun for the first time, whereas 2022 was a more gradual acclimatisation for the vines.
Nicolas Audebert, Managing Director of Châteaux Canon, Rauzan-Ségla and Berliquet
One of the buzzwords of the vintage, cited over and over again in our conversations with owners, winemakers, and consultants in the region was ‘resilience’. “ The vines, the soils, and the people were resilient,” said Omri Ram, Cellar Master and Head of Research and Development at Château Lafleur. That the vines survived the prolonged drought with relative ease and produced such stunning results was a shock to everyone, with many vignerons telling us they were more stressed than vines. Mathieu Cuvelier, owner of Clos Fourtet, found the experience quite stressful, even though “there was little that needed doing – no green harvesting, no de-leafing, very light vinification”. Pierre-Olivier Clouet, Technical Director at Château Cheval Blanc concurs, recounting “the vineyard made the wine all by itself”.
By early August the pips were already brown, i.e. phenolically ripe, “We had never witnessed that before” explains Frédéric Faye, the Managing Director of Château Figeac. However, the extreme weather conditions did leave room for mistakes for those were not attentive enough to picking dates or not gentle enough with their extraction. So 2022 wasn’t a vintage of homogenous quality, but overall, it was a pleasure to taste, and much easier for professional tasters than 2021, where we battled with oak, firm tannins, and biting acidity to assess potential quality. This year, the majority of wines are already so expressive and caressing as to be almost ready to drink, while possessing all the necessary attributes to age well.
“The wonderful thing this year is that every grape variety did rather well,” exclaimed Christian Seely, Managing Director of AXA Millésimes, parent company of Château Pichon Baron, explaining that while above all it’s a great Cabernet year, “the Merlots are as beautiful as they’ve ever been”. Many wines in 2022 featured a higher proportion of Merlot than usual, as the Cabernet berries were small and yielded less juice. In fact, 2022 sparked lots of positivity around Merlot, with Stéphanie de Boüard-Rivoal, co-owner of Château Angélus, commenting that the vintage shows “Merlot can exist long into the future”, contrary to recent concerns about its capacity to stand up to a warmer, drier climate.
Stéphanie de Boüard-Rivoal, co-owner and CEO of Château Angélus
The Wine
The red wines – the unquestionable winners in 2022 – are dense and concentrated, yet fresh, fruity, floral, and sappy. Above all, the best wines display a range of magical textures from silk and cashmere to duckling feathers, and a common and delightful thread through many of the wines is a vegetal florality reminiscent of the sap of fresh cut flowers. The least successful wines present harsh tannins. The best ones, on the other hand, are so fresh and tender that you would never know they came from such a dry, hot vintage, nor guess the resulting high IPTs and low pHs.
The dry whites, however, found it harder to contend with the vintage, and the low acidity levels can be more apparent than in the red. There are, nonetheless, a handful of successful whites worth looking out for, which possess the best and subtlest exotic notes, a finesse and softness that counteract the richness of the vintage. The sweet wines are very good, if not incredible, rich with delicious botrytis flavours and very high residual sugar levels.
The 2022 vintage is not one with an obviously overperforming appellation or subregion. Left and Right Bank made astonishing wines, and we have been inspired by our tastings to bestow an unprecedented number of potential 100-point scores to the wines. You can discover all eight possibly “perfect” wines, and hundreds more, on the Wine Lister and Figaro Vin websites now.
Key findings from this year’s first regional report
In anticipation of this year’s en primeur releases, Wine Lister has published Part 1 of its annual in-depth Bordeaux Study. In collaboration with Wine-Searcher, our market overview examines the region’s price performance and comparative popularity progression, and examines the wines that have seen the greatest increase in Wine Lister Quality, Brand, and Economic scores over the last year. Drawing upon valuable insight from 48 leading trade survey respondents, the study also identifies which properties have benefited from a rise in trade confidence over the past year, and explores the key benefits of the en primeur system.
Please see our key findings below, or download the study digest in English: Bordeaux Study Digest Part 1 – 2023 ENG or in French: Bordeaux Study Digest – 2023 FR.
Head of Domaine Marquis d’Angerville, which has been in his family for 220 years: “A musician once said to me…d’Angerville wines are Bach”.
For the sixth interview in Le Figaro Vin’s series we make our first visit to Burgundy where Guillaume d’Angerville, #45, creates some of the region’s most elegant wines.
Le Figaro Vin: How does it feel to be crowned a winemaking champion?
Guillaume d’Angerville: I don’t feel anything because I don’t see it that way. From my perspective, it’s my terroir that is the winemaking champion, not me. I am very fortunate to work with these terroirs and my job is to do my best to help them achieve their full potential.
Have you been training for long?
My background is rather unusual. My father strongly encouraged me to do something else with my life before taking on the estate and I followed his advice. I was a banker for many years. I still spent a lot of time on the estate, of course, and I rarely missed a harvest. My real training only started 20 years ago. 2022 was my 20th harvest.
Who is your mentor?
I have a number of mentors. I was lucky enough to spend a lot of time with Aubert de Villaine (of Domaine de la Romanée-Conti, ed.) over a period of almost 10 years, when we jointly ran the team applying for World Heritage site status from Unesco. We worked together closely and, without being aware of it, I learnt a great deal from him during that time – even though we never talked directly about our estates or how to make wine. We remain sufficiently close for me to call him from time to time when I have a question, or feel uncertain, or want to get a different perspective on things. I should also mention two other mentors, Dominique Lafon and Jean-Marc Roulot, who, by a strange coincidence, are both from Meursault. They were enormously helpful when I took over the estate. They are not so much mentors as interlocutors with whom I can have the kind of completely honest conversations that help me progress.
Is wine a team sport?
Yes of course, you might even say that our wines would be every bit as good if I wasn’t there. I am just a team leader. I try to instil a desire for excellence in my team, but it’s the team that does the work. Good wine starts in the vineyard, and our vines are tended by a team of winegrowers who are passionate about their craft. Everything else flows from that: the harvest, the vinification, the élevage. My role is to supervise, to make sure we attend to every last detail in order to achieve the best possible results.
What is the key to making a good wine? The terroir or the winemaker?
Without a doubt, the terroir matters more than the winemaker. But without the winemaker the terroir cannot fully express itself. It’s a reciprocal relationship. A journalist once said to me, “Guillaume, your wines are not made they are born”. That made me realise that I am a bit like a midwife whose role is to help with my wines’ birth and ensure that they are born healthy, even that they are well brought up. When you have children, you appreciate that you have some influence, but you know that it’s limited. A child’s personality has to develop independently. You have to be there for your terroir, but also careful not to get in the way.
To whom or to what do you owe your success?
Above all, I owe my success to our very distant ancestors, to those Cistercian monks of Burgundy who understood the region and designed the template for Burgundian viticulture. We cannot overstate the fact that the Burgundy of today owes everything to those people who worked the land with quite extraordinary self-sacrifice and persistence. At a more personal level, I am indebted to my grandfather and my father, who have both played an exceptional part in our estate’s success. My grandfather was a major contributor to the fight against fraud in Burgundy, and to the move to estate-bottling. For 52 years my father was a servant to Burgundy wines. He left the estate in perfect condition with an impeccable reputation. When I came on the scene the level was so high that I had a long way to fall but, in all honesty, I couldn’t fail. I think I have moved the estate forward, through a combination of hard work, humility, and a passionate desire, shared with my team, to make the best possible wines. You have to have good people around you and that is one of my strengths: picking genuine talent and knowing how to delegate.
Was your father proud of you?
He never said so to me. Some kind souls have told me that he was, and I am soft enough to believe them.
Who is your biggest supporter?
I hope that my wife is. You could also say it’s a bottle of Clos des Ducs. My reputation, at some level, is indistinguishable from that of Clos des Ducs.
Your favourite colour?
Red.
The king of grape varieties?
You already know the answer, Pinot Noir.
Your favourite wine?
Clos des Ducs, inevitably.
Your favourite vintage?
I would pick out 1964 as the best vintage in living memory in Volnay. Were I to choose from the wines I have made myself, then it would be a very close call between 2010 and 2020, with 2020 just ahead, though it is still much too early to say. The jury is still out.
If your wine was a person, who would it be?
It is frequently said that a wine is like its maker. I like wines that are very elegant, very precise, very distinct, and very pure. A musician once said to me that Lafarge wines are Mozart and d’Angerville wines are Bach. That is high praise indeed. I wouldn’t dare say it myself, but I am delighted to hear it said.
What are the best circumstances in which to taste your wine?
With serenity, in a relatively small group, and ideally in my cellar.
With whom?
With friends, of course. The main thing is to taste with people who love wine, who do not overinterpret, who simply want to enjoy the wine and decide whether or not they like it. And I find, increasingly, that I prefer plain language, free from superfluous description, and a relaxed tasting, free from endless comparisons of one wine to another.
Have you ever thought about chemically enhancing yourself, or your wine?
Personally never, still less for my wine. It is a topic that crops up regularly these days, in conversations about global warming and its potential impact on Burgundy and on wine. I always say – somewhat guiltily – that global warming has some upsides for us, in particular that we now get to harvest fully ripened grapes which don’t need adulterating with sugar. Since I took over the reins, 20 years ago, I have never chaptalized my wines. The question came up in 2021 because the grapes had a much lower sugar content than usual. I chose not to add sugar and the alcohol level of my Volnay Premiers Crus is going to be in the region of 12.5% – the lowest in the last 20 years. The minute that we start to tamper with the grape juice that is destined to be wine, we upset a natural balance that we can never then recreate. It is better to stick with the natural balance.
For what price would you be prepared to sell your estate?
I cannot answer that question. You have to appreciate that the estate has been in my family for 220 years. I am the sixth generation. Since selling is not in the frame, you could say the estate is priceless.
Who is your strongest competition in Burgundy?
I can’t think of any. What is deeply intriguing about this region is that we are not competitors in the usual sense. Each winemaker has his unique terrain, makes distinctive wines, and has his own following. Every winemaker in Burgundy could sell his crop several times over. By the same token, in Volnay there are some very good winemakers and we are all friends. My real adversaries are the people who make my job much more difficult, all the bureaucrats who tie our hands with endless red tape. In all honesty, it’s bureaucracy that is the enemy.
What are you most proud of?
Do you know the quote from Winston Churchill? “My most brilliant achievement was my ability to be able to persuade my wife to marry me.”
What has been your most innovative strategy in the vineyard and in the cellar?
In the vineyard, I don’t know if I can claim that being biodynamic is an innovation, but it is the development that has truly changed my viticulture and my wine, and which now underpins the estate. As for the cellar, I cannot claim to have made any hugely innovative changes. I have often been asked: “What has your former profession as a banker brought to the table?” In banking every detail counts, and when you have to follow a process you approach it systematically, one step at a time, looking for incremental improvements. I have tried to replicate that approach in both the winery and the cellar, aiming for marginal gains: this year for example, we have invested in a state-of-the-art wine pump. We are talking minor details in themselves but, when you add them all up, they make all the difference.
Who would be your ideal successor on the podium?
We have a huge number of talented young winegrowers which makes me extremely optimistic for Burgundy’s future. Many of them have travelled elsewhere, tried out other ways of working, and have then come back full of promising ideas. Plenty of names spring to mind – and not necessarily only those who sell their wines at €1,400 a bottle. As for my successor at the domaine, that question is already percolating. I hope that by the end of the year, or next year at least, I will be in a position to announce who will take over.
As the year draws to a close, Wine Lister has published its 2022 Wine Leagues – the third of our annual reports celebrating the top-performing wines and producers within several categories over the past year. The Leagues reveal exciting developments in the world of fine wine, shining a light on consumer trends and estates on the rise, informed by an in-depth trade survey with key industry figures.
Please see some of our key findings below, or click here to download the full study.
The Place de Bordeaux’s 2022 September campaign has seen its third week of releases, with a number of key entries including the likes of Pym Rae 2018, Dalla Valle Maya 2019, and Château Palmer 2012.
The Armagh vineyard in autumn
Following a UK bank holiday on Monday to mark the funeral of Queen Elizabeth II, Tuesday 20th September morning saw several releases in quick succession, starting with Pym Rae 2018, which entered the market at a recommended retail price of £270 per bottle. Tasting at the CVBG Beyond Bordeaux London event earlier this month, Wine Lister’s Founder and CEO, Ella Lister found this vintage to be a real step-up from the Tesserons’ Californian outpost, awarding the 2018 96 points and noting “exceptional balance, the texture of taffeta, and an addictive softness”.
Another standout release, Telmo Rodríguez’s Yjar saw its second ever vintage – 2018 – released through the Place at £95 per bottle (in-bond). Tom Parker (tasting for jancisrobinson.com) awards a score of 17, while Ella scored 96 points, comparing its balance to that of “a ballet dancer, toned and delicate”, noting that it is “the perfect wine for today’s palate”. The 2018 vintage saw a production volume of just 6,000 bottles – a reduction of 1,000 bottles compared with the 2017.
The Armagh Shiraz 2018 was also released on Tuesday at £165 per bottle (in-bond), with Ella awarding 95 points and describing the latest offering from Jim Barry as “rich and opulent” – a vintage “worthy of the 50 years since the first Shiraz was planted at the domaine in 1968”.
Wednesday 21st September saw the release of Le Petit Cheval Blanc 2020, which entered the market at £100 per bottle (in-bond). It was shortly followed by Giovanni Rosso Barolo Ceretta 2018, released at £51 per bottle (in-bond). Walter Speller (for jancisrobinson.com) awards the latter a score of 17++, describing it as “simply gorgeous” and praising its “beautifully sculpted chewy tannins”.
Next up on Wednesday, Dalla Valle Maya 2019 was released at £464 per bottle (in-bond), marking the first vintage produced since the estate committed fully to biodynamic practices. Another first – Château Haut-Batailley introduced its 2016 vintage to the market at £36.67 per bottle (in-bond). A transitional year, the Cazes family acquired the estate shortly before the 2016 primeurs and oversaw blending, while vinification had been carried out by the previous owners (the Borie family) – provoking the decision to withhold its release. The 2016 bottle features a transitional label – neither the previous label under the Borie family, nor the new label under the Cazes family, debuted in 2017. Neal Martin (for Vinous) awards the 2016 94 points, calling it “an outstanding Haut-Batailley”.
Château Palmer released ex-château stock of its 2012 vintage on Thursday 22nd September, the third vintage to be released from the estate’s “Ten years on” series. Since 2010, approximately half of each year’s production has been reserved in the cellars, while the remaining half is sold en primeur. The 2012 vintage was released at £257 per bottle (in-bond), having achieved scores of 17 from Jancis Robinson (for jancisrobinson.com) and 94 from Antonio Galloni (for Vinous).
Also released this week were Cobos 2019 and Clos des Goisses 2013.
Likely to be released next week are Kracher Tba N°5 Grande Cuvee 2019c, Château d’Avize 2012, Morlet Cœur de Vallée 2019, Allegrini Fieramonte 2015, La Poja 2017, and Biserno 2017.
With this year’s September campaign now in full swing, we examine some of the key releases from the second week, including offerings from Château Latour, Bibi Graetz, and Catena Zapata.
The Wine Lister team got the chance to taste a number of wines scheduled for release during this year’s CVBG ‘Beyond Bordeaux’ tasting in London on 8th September 2022
One of the most anticipated releases from this year’s campaign, ex-château stock of Château Latour’s iconic 2010 vintage was released on Tuesday 13th September. Release prices varied, with listings for the latest tranche started from around £1,045 per bottle (in-bond). Tasting twice from magnum in February 2020, Vinous’ Neal Martin awards it a perfect score of 100 points, declaring that the wine “can be summed up in two words: ‘The king’”, while the 2020 earns the wine’s joint-highest WL score (98) alongside the 2005.
Tuesday also saw two releases from Bibi Graetz; Colore 2020, offered by some retailers at £173, was a Wine Lister favourite at the CVBG tasting. Wine Lister’s CEO Ella Lister described it as a “calming, zen wine, with all the confidence, wisdom, and stillness befitting a wine from such ancient vines”, referring to its “neverending finish” and scoring it 98 points. Testamatta 2020 was also released, garnering a score of 95 points from Ella and fetching a price of £68 from retailers.
Released the same day, Joseph Phelps Insignia 2019, has so far seen merchant offers of around £182.50 per bottle (in-bond). Ella scored the wine 97 points and found that it has “the usual power of Insignia, but with a newfound subtlety and sophistication and fine tannins”. This could be down to the record-high proportion (25%) of fruit from Rutherford in 2019 – while the vintage also marks the first to include fruit from the new Joseph Phelps vineyard, El Venadito, located in the Oak Knoll District.
Adrianna Catena pouring her namesake wine for the Wine Lister team at the CVBG ‘Beyond Bordeaux’ tasting in London
Thursday morning saw two entries from the Catena Zapata stable – the 2019 vintages of Nicolás Catena Zapata and the Adrianna Vineyard Mundus Bacillus Terra. Nicolás Catena Zapata entered the market with a recommended UK retail price of £61 per bottle, having achieved a score of 96 points from Joaquin Hidalgo (Vinous). Adrianna Vineyard was released with a UK recommended retail price of £161 per bottle. Tasting in London, Ella awarded it 98 points, praising its “hedonistic bouquet”.
The morning of Friday 16th September marked a new entry to the Place this year – Belles Sœurs Cuvée Pinot Noir 2019 entered the market at £82 per bottle (in-bond). While Beaux Frères and Belles Soeurs 2019 were initially intended to be released together during last year’s campaign, reduced yields as a result of fires instigated the decision to release Beaux Frères 2019 last year and Belles Soeurs 2019 this year. Both cuvées will be released in tandem next year.
The 2013 vintage of Lindaflor La Violeta was also released on Friday 16th September, at £72.50 per bottle (in-bond) – having already been released in the form of a special-edition case alongside the 2011 vintage of its Bordeaux brother, La Violette, in March this year (at £325). Friday’s release marks the first solo introduction of the Parent family’s Mendoza estate through La Place, giving buyers the chance to acquire it in its own right. Tasting in Bordeaux, Ella awarded 93 points and found a nose that is “deep, meaty, with notes of paprika… sparkling, singing, seductive” and a palate of “exquisite freshness […] with a fine but firm structure”.
Also released this week were Penfolds Bin 169 2019, Petrolo Galatrona 2020, Cheval des Andes 2019, Joseph Phelps Cabernet Sauvignon 2019, Siepi 2020, Orma 2020, Caiarossa 2019, and Beaulieu Vineyard Georges de Latour 2019.
Next week’s releases are likely to include Petit Cheval Blanc 2020, Haut Batailley 2016, Cobos 2019, Giovanni Rosso Barolo Cerretta 2018, Pym Rae 2018, Clos des Goisses, and Palmer 2012.
Amongst other findings, Part II of Wine Lister’s annual Bordeaux Study, ‘Walking the tightrope’, explores the outperformers of the latest vintage – the top 15 wines whose Wine Lister Quality score (part of our Pro rating system) in 2021 most exceeded their wine-level average. The wine-level average is calculated based on a mean Quality score over the last five vintages, to reveal more recent trends. Seven of this year’s outperformers were also featured in the 2020 list, indicating that these wines continue to build long-term quality in 2021.
Quality score – outperformers in 2021 (as featured in Part II of our 2022 Bordeaux Study)
Four Margaux wines feature in the 2021 outperformers chart, with Durfort-Vivens this year taking the top spot from Ferrière. Receiving a score of 92-94 from Ella Lister (for Le Figaro Vin), she describes it as “Effervescent with energy and life […] with an impressive density, and a generous future ahead of it.”
New additions to the outperformers chart this year, Marquis d’Alesme and Marquis de Terme rank in 11thand 13th place respectively. As well as appearing in our list of Bordeaux 2021 Value Picks (wines with the best quality-to-price ratios), the latter earns the status as the Bordeaux red with the biggest increase in 2021 Quality score compared to the 2020 vintage (also explored in Part II). Antonio Galloni for Vinous awards Marquis de Terme 2021 its highest ever potential score from the critic platform, 93-95, calling it “inky, vibrant, and super-expressive”.
La Lagune returns to the 2021 chart in fourth place, down from third in last year’s study. James Lawther (JancisRobinson.com) calls the 2021 “pure and precise”. The estate has been certified organic since the 2016 vintage and is currently working towards biodynamic certification.
Pauillac also sees four wines on this year’s outperformers chart, with Grand-Puy-Ducasse, Haut-Bages Libéral, Haut-Batailley, and Pédesclaux showing strong improvements in Quality score in 2021. Awarding a score of 92-94, Antonio Galloni notes that Grand-Puy-Ducasse “has made important strides of late”, given the increased investment under the direction of Anne Le Naour, while Pédesclaux has also seen significant investments from proprietor Jacky Lorenzetti.
Saint-Emilion brings three wines to the 2021 outperformers chart, with Fombrauge entering the outperformers chart in 10th place, and La Dominique overtaking La Lagune to occupy the third spot. La Gaffelière has also increased its standing on the chart, having climbed six places from 11th place last year, and achieving its highest ever Wine Lister Quality score in 2021.
Les Carmes Haut-Brion continues its upward trajectory in 2021, receiving a score of 17++ by James Lawther (the highest score given by the JancisRobinson.com team since the 2015 vintage), and gaining Ella Lister’s top score for the vintage (96-99 points). Larrivet Haut-Brion enters the outperformers chart in ninth place, with the estate deciding not to include any Merlot in their 2021 blend – a first in Bordeaux.
Also appearing on our list of Value Picks for the 2021 vintage, Les Ormes de Pez rounds off the list of outperformers, having received a score of 91-93 from Neal Martin (Vinous), who calls it “A stylish Saint-Estèphe”.
For the full list of Wine Lister’s top 20 Value Picks for Bordeaux, as well as further analyses of the region’s performance on Quality, search data, auction activity, and short-term price performance, download Part II of Wine Lister’s 2022 Bordeaux study here.
It increasingly looks as though the campaign will be more or less drawing to a close this week, with a further flurry of Bordeaux 2021s released en primeur at the end of last week and into Monday, including key entries from the likes of Beychevelle, Pichon Baron, Cos d’Estournel, and Mouton.
Released on Thursday 9th June at £58.90 per bottle, Beychevelle 2021 entered the market 16% below stocks of the 2020 (which has risen in price by around 15% since last year), and otherwise substantially below all other back vintages. With a consistent track record of post-release price performance and critic speculation of the 2021’s promising potential, this may well be one worth backing en primeur.
Trotte Vieille 2021 – an oft-forgotten Saint-Émilion Classé “B” to get behind – also released on Thursday at £53 per bottle (just below the current market price of 2020 and 6% above the now scarce 2019, and otherwise comfortably below recent back vintages of comparable quality). Following suit, Brane-Cantenac 2021 entered the market at £47 (6% below the 2020 vintage and below the prior five back vintages in the market).
Pichon Comtesse 2021 released on Thursday at £134 (just below last year’s release price and 30% below the current market value of the record-quality 2019). The vintage marks the estate’s first year of organic conversion, with Nicolas Glumineau informing the Wine Lister team that 2021 was ” the worst in France for 74 years in terms of climate”, but excellent for Cabernet. Volume is down 70% in 2021, with the vintage comprising 88% Cabernet Sauvignon and 10% Cabernet Franc – the highest proportion since the 2013 vintage (100% Cabernet Sauvignon). These drastically reduced volumes mean that anyone looking to add Pichon Comtesse 2021 to their cellar likely needs to buy it now.
Friday 10th June saw releases from the likes of Giscours, Pichon Baron, and Lafon-Rochet – the latter marking the last ever vintage tended by the estate’s third-generation owner, Basile Tesseron, and the first blended by its new Managing Director, Christophe Congé (of Lafite fame). Released at £25 per bottle, Lafon-Rochet 2021 enters the market below the price of all available back vintages.
Releases came in thick and fast on Monday 13th June, with first growth Mouton entering at £425 per bottle (11% and 15% below the current availability of the 2020 and 2019 vintages respectively). Its little sibling, Le Petit Mouton 2021 was released at £170 per bottle – it appears in eighth place amongst the wines that have seen the highest relative increase between ex-négociant release prices and current market prices across vintages 2016-2020 (see below – extract from Part I of Wine Lister’s 2022 Bordeaux Study).
Cos d’Estournel also entered the market on Monday at £143 per bottle (5% below current market availability of the 2020, and around 8% above the 2019), followed shortly by Cos d’Estournel Blanc at £105 per bottle. According to Wine Lister’s Quality score (892), the 2021 vintage is the best Cos d’Estournel Blanc ever produced, with Wine Lister CEO, Ella Lister calling it “delectable, lingering in the mouth”. Le Gay and La Violette owner, Henri Parent released his 2021s on Monday at £69.50 and £240 per bottle respectively. The latter achieves a higher Quality score in 2021 than in 2020 or 2018, while scarce availability of recent vintages on the UK market may also drive interest in the latest release.
Also released during this period: Chasse-Spleen, Réserve de la Comtesse, Léoville Poyferré, Ausone, Lascombes, Ferrière, Giscours, Pagodes de Cos, Aile d’Argent, Rouget, Smith Haut Lafitte Blanc, Gruaud-Larose, Larcis-Ducasse, Smith Haut Lafitte.