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).
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.
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.
The Place de Bordeaux has welcomed dozens of new wines through its distribution system this year, with new releases expected from Champagnes Barons de Rothschild, Biserno, and Parusso, alongside old favourites such as Caiarossa, Catena Zapata, and Penfolds, among others. As the campaign kicks off, we take a closer look at the first week of entries.
Dawn at Seña vineyard. The Wine Lister team tasted Seña 2020 with the Viñedo Chadwick and Seña team via Zoom last month
Inaugurating this year’s campaign on Thursday 1st September was an offering from Seña, whose 2020 vintage was released at £85.83 per bottle (in-bond). Tasting with Wine Lister on Zoom, the Seña-Chadwick team explained that although 2020 was an unusually warm year in Chile, a wide diurnal range in the vineyards (thanks to its 230 – 460m altitude) made for a long ripening season, allowing the grapes to develop intensity of flavour whilst retaining freshness. The Wine Lister team describes the latest release as opulent, with a complex nose of black fruit, plum and spice; on the palate, its berry intensity is complemented by notes of cigar box and grilled meat.
Quintessa 2019 followed swiftly, and has so far been offered in the UK for £180 per bottle (in-bond). Antonio Galloni (Vinous) awards Quintessa 2019 94 points, calling it “one of the best wines I have tasted here in some time”. Another offering from Rutherford in the Napa Valley, Inglenook Rubicon 2019 was released on Friday 2nd September at £143 per bottle (in-bond).
Released on Monday 5th September, Opus One 2019 entered the market at £252 per bottle (in-bond), with the latest vintage so far receiving acclaim from critics including Antonio Galloni (Vinous), who awards 97 points and writes that “it has all the classicism that is such an Opus One signature” and praises its “sublime finish”. Opus One is one of the top 15 best fine wine brands in the world, according to Wine Lister’s Brand score (as part of our Pro scoring system, see more here) – with high quality in 2020 further cementing this reputation.
Tuesday 6th September saw the latest release from Masseto, whose 2019 vintage (released at £440 per bottle in-bond) was the first to be made entirely in the estate’s new dedicated state-of-the-art winery, as well as the first with 10% Cabernet Franc added to an historically 100% Merlot composition. These changes appear to have yielded positive results, with Vinous’ Antonio Galloni describing Masseto 2020 as “fabulous”, adding that it is “Silky, gracious, and super-refined”.
Vin de Constance 2019 was released on Tuesday 6th September
Following suit on Tuesday 6th September, Vin de Constance 2019 entered the market at £45 per 500ml bottle (in-bond). Achieving its highest Wine Lister score since the 2012 vintage (96), the 2019 is awarded 97 points from Vinous’ Neal Martin, who calls it a “superb Vin de Constance […] a step closer to what you might confusingly call a non-sweet dessert wine” – high praise indeed.
Wednesday 7th September saw the release of the 25th vintage of Almaviva – a warm and dry year, the 2020 harvest arrived almost three weeks earlier than usual. Almaviva 2020 entered the market at £120 per bottle (in-bond).
On Thursday 8th September, Château d’Yquem released the last remaining half bottles of the 2016 vintage ex-château at £165 per bottle (in-bond). The vintage achieved a Wine Lister score of 96, with Neal Martin (Vinous) tasting in February this year, awarding 95 points and noting it “has gained a bit more complexity in recent years”. Solaia 2019 was released on the same morning, with a likely UK onward selling price of £218 per bottle. Antonio Galloni (Vinous) sings its praises, giving 97 points and describing it as “the sort of wine I would like to spend a whole evening with”.
Viñedo Chadwick 2020 was also released on Thursday morning, so far being offered in the UK at around £232 per bottle (in-bond). This particular vintage is made from 100% Cabernet Sauvignon (Petit-Verdot is usually included in the blend). Tasting with the Seña-Chadwick team on Zoom, Wine Lister describes it as a complex and opulent offering, exhibiting great energy, freshness, and intensity.
Friday 9th September saw the release of L’Aventure Estate Cuvée 2020 at a recommended UK onward selling price of £83 per bottle (in-bond). Wine Lister CEO Ella Lister (tasting on behalf of Le Figaro Vin) awards the 2020 95 points, describing it as “Pure and upfront on the nose, with dark fruit, slate, and cinnamon”. It should be noted that the next release of l’Aventure Estate Cuvée will be in September 2024, as the property is skipping a year in order to age the 2021 longer.
Also released this week were Cloudburst Chardonnay 2020, Cloudburst Cabernet Sauvignon 2019, Beaucastel Hommage à Jacques Perrin 2020, Opus One Overture 2019, Massetino 2020, Rieussec 2020, and R de Rieussec 2021. Upcoming releases over the next week are likely to include Penfolds Bin 169 2019, Cheval des Andes 2019, Bibi Graetz Colore 2020 & Testamatta 2020, Latour 2010, Petrolo Galatrona 2020, Catena Zapata Nicolas 2019, and Beaulieu Vineyard Georges de Latour 2019.