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.
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.
With Bordeaux en primeur releases trickling through, the fine wine trade continues to speculate behind the scenes on which properties will provide the top picks from the 2020 vintage. To shine some light on the perennial châteaux to watch, we are looking back on the results of our latest in-depth trade survey, showing results of properties receiving the highest number of mentions in response to the following question:
Which Bordeaux properties do you think have the most potential in the near- to mid-term to see the highest increase in demand?
As answered by the 49 CEOs, MDs, and wine department heads from across the globe, wines from properties mentioned below are likely to see high demand again in this year’s en primeur campaign, thanks to their astute marketing and storytelling, usually coupled with a real step-up in quality.
The survey results and graph above are extracted from Wine Lister’s latest Bordeaux Study
But how have they gained the confidence of the trade? Storytelling, backed up by real quality, thanks to serious investment:
Canon and sister property, Rauzan-Ségla have benefitted from investment by their owner, Chanel, as well as painstaking and perfectly judged branding efforts, accompanied by impeccable winemaking – with Managing Director, Nicolas Audebert front and centre of both undertakings. Calon-Ségur has been on a similar trajectory, reviving a sleeping beauty of a property with irresistible branding, excellent communication with the trade, and grand events. Pichon Comtesse has likewise benefitted from a perfect combination of exceptional wines, management and investment by its owners, Group Roederer.
If any one château were to serve as a masterclass in storytelling around a single event – in this case the 2018 vintage – it is Palmer, who turned the loss of the majority of its crop due to mildew into a silver lining, and turned the remaining production into something of a myth.
Figeac has made incredible wines the last three years with Managing Director, Frédéric Faye at the helm, returning it to the great quality of the last century – and better – and showing the true potential of its terroir. Significant investment by the Manoncourt family has also played a crucial role.
A rising star in recent years, Les Carmes Haut-Brion ties for joint-first alongside Canon. Small production levels, rising demand, and attractive en primeur pricing for the last few years has made Les Carmes Haut-Brion a top buy.
Lafite is the sole first growth to make an appearance, with three respondents mentioning it in their list of top properties likely to see the highest increase in demand, no doubt thanks to a raft of initiatives and modernisation thanks to a new generation of management in the form of Saskia de Rothschild and Jean-Guillaume Prats.
Also featuring are cult Pomerol pick Vieux Château Certan, Margaux staple Giscours, and from Saint-Emilion, up and coming La Gaffelière and newly fresh Troplong-Mondot.
Results are extracted from Part I of Wine Lister’s annual Bordeaux Study. You can download the study digest in English here: Wine Lister 2021 Bordeaux Study – Digest or French here: Wine Lister 2021 Bordeaux Résumé d’étude. The full report can be purchased on our Analysis page, while Pro subscribers can access their free copy here.
Wine Lister’s recent in-depth Burgundy study considers the much-contended topic of the region’s rising prices, providing additional information for those planning on purchasing Burgundy 2019 en primeur over the coming months.
Below we examine the current distribution of prices of the 175 wines featured in the study, compared to the same wines two years ago. While 5% of wines were priced above £3,000 two years ago, a substantial 11% are today.
The graph above reveals a significant shift towards the higher end of the price scale, with multiple Burgundy wines previously priced between £1,900 and £2,700 now over £3,000. This comprises Comte Liger-Belair La Romanée, d’Auvenay’s Mazis-Chambertin and Bonnes-Mares, Domaine de la Romanée-Conti La Tâche, Jean-François Coche-Dury Corton-Charlemagne, and Leroy’s Richebourg, Romanée-Saint-Vivant, Clos de la Roche, Corton-Charlemagne, and Latricières-Chambertin.
Alongside the figures, feeling from Wine Lister’s recent Founding Member survey confirmed that Burgundy’s seemingly boundless prices are a concern, with over half of respondents voicing apprehensions on the topic. The most common sentiment is nonetheless that little will change for wines at the very top end, and that their prices will continue to climb, as demand continues to outweigh supply significantly. One specialist merchant in the Asian market informed us that they indeed foresee “Burgundy prices heading higher at the top end”, and that they “don’t see demand slowing despite the economic issues.”
The polarised prices illustrated in the graph are echoed by the trade, who cite a phenomenon of divergence between the top-end wines, and those at mid-range or entry-level. One respondent noted “an oversupply of generic and village Burgundy”, with another predicting that “when the smoke clears, all that remains will be Bourgogne Rouge/Blanc and the crown jewels, with no market in between”.
Despite the geopolitical context of the past two years, the buzz surrounding Burgundy remains strong, and competition will be hot for accessing the best wines of the 2019 vintage, particularly given its reduced production volume.
Visit the Analysis page to purchase Wine Lister’s in-depth 2020 Burgundy study, or download it using your Pro subscription here (available in both English and French).
The last two days of Place de Bordeaux releases have included vintages from three powerhouse producers of different regions, whose commonality lies in their use of Bordeaux varietals. Below we examine these key releases.
Monday 7th September
The second week of September Place de Bordeaux releases began with the latest offerings from cult Californian producer, Opus One. Described by Wine Lister partner critic, Antonio Galloni, as “one of the most complete wines of the vintage”, 2017 Opus One was released onto the UK market at £228 per bottle – the same price as the 2016. Awarding it 95+ points, he states that the 2017 is “a dense, full-throttle beauty”, with “a distinctly red-toned fruit profile that distinguishes it from the surrounding vintages”. Although receiving one point less than the 2016 (which has a score of 96+ from Galloni), the latest vintage holds particular significance. 91% of fruit had been picked just before the devastating Californian wildfires commenced, eradicating two lots of Opus One vines. Awarding 17.5 points to the 2017, Wine Lister partner critic, Jancis Robinson, notes that there is “not a trace of smoke taint”, and describes “a combination of savoury and something as sweet and chalky as Edinburgh rock”.
Both the historic nature of the vintage, and the reduction in volume released this year are facts sure to encourage high levels of interest. Opus One is, perhaps unsurprisingly, the number one US wine (and joint-fifth overall) voted by the trade to have seen the sharpest rise in demand, as shown below:
Results from Wine Lister’s 2019 Founding Members survey, showing the consensus on the top 10 wines that have seen the sharpest rise in demand
Tuesday 8th September
Kicking off yesterday’s releases, Masseto 2017 was released, and merchants were offering at around £480 per bottle. Though slightly higher than last year’s first tranche release price (readers should note that this year, there is only one single tranche), the 2017 enters the market 11% below the current price of the 2016. Antonio Galloni gives the 2017 96-99 points (up from 94-97 for the 2016), calling it a “spectacular wine in the making”, with notes of “red cherry jam, mocha, leather, licorice and a dash of new oak”. While 2017 will be remembered as one of the hottest and driest growing seasons in recent history, Winemaker, Axel Heinz, states that the vintage “managed to encapsulate all the ripeness and concentration” of the climatic conditions. Indeed, Galloni notes that the latest release is “quite simply a remarkable wine for such a challenging year”. Masseto already earns strong acclaim as the wine to have seen the third-sharpest rise in demand according to the trade (see above) – the 15% reduction in volume released onto the market from last year will no doubt only encourage requests for the 2017 further.
The second wine from the cult producer, Massetino 2018 was also released yesterday, at a likely UK market price of c.£205 per bottle. Although its second vintage, this is the first international release of Massetino, as last year’s distribution was limited to the Italian and the US markets only. We sampled the latest release at CVBG’s Beyond Bordeaux tasting, and found it to have expressive, concentrated fruit on the nose, and more refined notes of Marcello cherry and minerality on the palette.
Yesterday’s releases ended with a bang, as Latour released its 2009 vintage. Merchants offering at c.£860 per bottle place the 2009 just under the current market price of the iconic 2010. This is the first ex-château stock to be released since its original en primeur release, and is available at a c.10% premium to existing stock on the market. Wine Lister partner critic, Neal Martin, awards the latest release 99 points, stating that it “is endowed with a simply magnificent nose with intense blackberry and cassis fruit laced with minerals and graphite, extremely focused to the point of overwhelming the sense”. “Wow”, he concludes.
Among other benefits available exclusively to the trade, Wine Lister’s Pro+ Subscription offers real-time release alerts and live analysis on major wine releases throughout the vinous calendar. Please email us at email@example.com to enquire.
Part I of Wine Lister’s annual in-depth Bordeaux report: For better, for worse, examines the state of the market for Bordeaux wines, in the context of 2019 en primeur.
As well as providing insight into the wine trade’s latest position on key wines of the region, the study examines Bordeaux’s disconnect between consumer popularity and its market performance at the start of 2020 (exacerbated by recent macro-economic hits to the UK, Hong Kong, and the US).
As illustrated below, Bordeaux has achieved the slowest price growth on the secondary market since May 2014, while Piedmont has seen the most impressive growth – likely due to increasing attention given to the region, and the rarity factor of many of its top wines, from which Burgundy also benefits.
The price performance of Bordeaux compared to four other key fine wine regions: Burgundy, California, Piedmont, and Tuscany. The price indices comprise the top five wine brands in each respective region.
A glance at its price performance since May 2019 tells a similar, if more unnerving story – Bordeaux has floundered over the past year, down nearly 5%.
Despite its price performance difficulties, Bordeaux nonetheless continues its legacy as the most popular wine region by a large margin, based on monthly searches made on Wine-Searcher.
The average search rank of Bordeaux compared to four other key fine wine regions: Burgundy, California, Piedmont, and Tuscany. Results are based on the average searches on Wine-Searcher for the 50 top-scoring wines per region over the last year.
Irrespective of its price performance struggles, Bordeaux remains a focus of fine wine buyers – within the trade and beyond – all over the world. The en primeur campaign is a wheel that just keeps on turning, even in spite of a global pandemic. Trade and consumers alike can’t help but back Bordeaux, for richer and poorer.
More insight into the success of the 2019 en primeur campaign will be included in Part II of this study. In the meantime, visit the Analysis page to purchase Part I, or download using your Pro subscription (available in both English and French).
With the Bordeaux 2019 en primeur campaign now behind us, Part I of Wine Lister’s 2020 Bordeaux Study examines the results of our latest in-depth trade survey. Answered by 50 key players across major fine wine markets, the results provide insight into the wine trade’s latest position on the region, including its level of confidence in specific wines.
The trade’s faith in Bordeaux brands has increased on the whole since last year, with more Bordeaux wines moving up in their confidence rating than down. For the fourth consecutive year, no Bordeaux wine received a confidence rating of 10/10. Brands that have retained their 9/10 confidence rating since last year are Lafleur, Le Pin, Margaux, Mouton, Petrus, and Vieux Châteaux Certan.
Joining them in 2020 are Canon, La Fleur-Pétrus, Lafite, and Pichon Comtesse, while Latour has moved down a rating since last year, to 8/10. The survey was, however, conducted prior to the first growth’s successful 2012 release (27th May) at c.£350 per bottle, marking its first release of a vintage exclusively as mature stock.
There are 28 Bordeaux wines that earn a confidence rating of 8/10 in 2020, with nine joining them since last year: Angélus, Ausone, Belair-Monange, Carruades de Lafite, Grand-Puy-Lacoste, La Mission Haut-Brion, Montrose, Palmer, and Pavillon Blanc.
Though Margaux’s Pavillon Rouge moves down to a rating of 7/10 in 2020, three younger siblings of first growths stay at a rating of 8/10: Carruades de Lafite, Le Petit Mouton, and Les Forts de Latour.
Part II of the Bordeaux 2020 study, including a score breakdown of 2019s, and further retrospective analysis of the en primeur campaign, will be published shortly. Watch this space.
In the meantime, visit the Analysis page to purchase Part I, or download using your Pro subscription (available in both English and French).
As the first major week of Bordeaux 2019 en primeur releases draws to a close, this morning (Friday 5th June) saw the release of the “first of the Firsts”, and the other reds from the Lafite stable.
Carruades de Lafite 2019 opened the stage with a price of £158 per bottle (in-bond), making it the least expensive Carruades available on the market. The Wine Lister team felt the quality of Carruades saw a significant jump up in 2018, and from what we have heard, the 2019 matches it. With this in mind, and given that volume released onto the market is 50% less than last year, this is a sure buy for anyone seeking access to the Lafite prestige with more approachability.
The grand vin, Lafite 2019, has been released at £426 per bottle in-bond – a discount of c.20% on the 2018’s current market price. The crucial factor this year are the volumes available – also 50% less than last year. On top of this, the single tranche released means buyers will only have one shot to get their hands on the 2019 en primeur (as far as we know). Domaines Baron de Rothschild’s Commercial Director, Jean-Sébastien Philippe, calls Lafite a “modern classic” in 2019, with precision, length, and finesse, but impressive ripeness, making it more approachable than the likes of 2018 or 2016.
Both Lafite and Carruades were cited by the trade as seeing sharp rises in demand (see below) according to Wine Lister’s 2020 Founding Members’ survey. Competition to access both of these wines will therefore likely be high.
Lafite’s Pomerol property, L’Evangile, has released its 2019 grand vin at £146 per bottle in-bond, 15% below the current market price of the 2018. Once again, the Wine Lister team noticed a distinct quality step up in Evangile’s 2018, which we’ve heard has been equalled in 2019. The 2019 reportedly expresses well the move towards a more modern style, and a wine of increasing tension, florality, and freshness, without losing the plush Pomerol profile.
Duhart-Milon 2019 has also been released, at £52 per bottle in-bond. Though the release price puts it more or less in line with market prices of back vintages 2018 and 2016, there is justification to be found in the excellent quality that the Lafite team believe is there in 2019. Philippe explains that Duhart-Milon’s vines sit on a cooler terroir than those of the estate’s Pauillac neighbours, which means in cooler vintages, the wine can be somewhat “austere”. The increasing average temperatures that Bordeaux has seen during recent growing seasons (2018, 2016, and 2015 vintages) therefore only serve to improve the quality of Duhart-Milon, and 2019 certainly had its fair share of heat.
Keep up to date with further Bordeaux 2019 en primeur releases through Wine Lister’s twitter, or through our dedicated en primeur page.
Included in Part II of Wine Lister’s Bordeaux Study 2019 (released last week), are results of our latest trade survey. Wine Lister asks its Founding Members (c.50 key players in the global fine wine trade) to give “confidence” ratings to more than 100 key Bordeaux wines on a scale of 0 to 10; 0 being zero confidence.
For the third consecutive year, no Bordeaux wine received a perfect 10/10. Wines retaining their 9/10 confidence rating since last year are Le Pin, Margaux, Mouton, and Petrus. Joining them in 2019 are Lafleur, Latour, and Vieux Châteaux Certan – the latter being a particular source of interest, given its average price of £139, or just 13% of the average of the rest of the group.
Meanwhile the two remaining left bank first growths, Haut-Brion and Lafite, have slipped down into the next confidence band, receiving an average of 8/10. Saint-Émilion superstar, Canon, has also moved down one point since last year, despite also being cited by the same trade group as a wine seeing the sharpest rise in demand, and a wine of likely future prestige.
The 8/10 category contains 24 wines, compared with 21 in 2018. New entries into the 8/10 category include two of the best performers en primeur – Beychevelle and Les Carmes Haut-Brion. Others moving up to this category are Cos d’Estournel, Les Forts de Latour, and Léoville Barton.
The improved confidence in Pomerol within the top two groups is noticeable, with Lafleur and Vieux Château Certan effectively taking the places of Canon and Lafite, and two wines from the Moueix stable – La Fleur-Pétrus and Trotanoy moving up into the 8/10 category this year (at the expense of Ausone, La Mission Haut-Brion, Léoville Poyferré, Montrose, and Palmer, which have all moved down into the 7/10 group). As well as earning high confidence, Pomerol also achieves the highest number of wines in the 2018 Quality top-25.
Visit Wine Lister’s Analysis page to buy and/or download the full report, and see confidence ratings for all other wines in the study (available in both English and French).
At the end of last year, Wine Lister released its first ever Champagne report. As well as exploring a handful of key trends as identified by Wine Lister’s Founding Members, the report also sheds light on top Champagnes as compared to other regions in terms of economic performance.
Prices of the top Champagnes (Dom Pérignon, Krug Vintage, Louis Roederer Cristal, Salon Le Mesnil and Dom Pérignon Rosé) have seen a compound annual growth rate (CAGR) of 4.8% over the last six years. Relative to other major fine wine regions, this long-term growth is slow, as shown in the chart below, but also stable.
One notable advantage of Champagne as an investment option it its low volatility. Indeed, Champagne prices show a much better level of stability in the secondary market (deviating by just 2.5% from the average price over 12 months) than any other major fine wine region. Slow and steady wins the race.
Moreover, recent price performance shows Champagne accelerating. Prices of top Champagnes are starting to grow at a faster rate than their counterparts in California, Bordeaux, and Tuscany, beaten only by Piedmont and the seemingly unmatchable Burgundy. Indeed, as of December 2018 top Champagnes had seen a 12-month price growth of 11%. The region’s potential for long-term investment is already being acknowledged by the trade, with one of our Founding Members, a top tier UK merchant commenting “Champagne (Salon especially) has experienced solid growth and has become a reliable investment for collectors”.
Salon Le Mesnil is the number one performing Champagne for price performance, with an Economics score of 978, closely followed by Krug’s Clos d’Ambonnay (962). Krug also tops the Champagne Economics charts with its Clos du Mesnil, Brut Vintage, and Collection. Interestingly the only NV Champagne to appear within the top 10 Champagnes for Economics is grower Jacques Selosse’s Brut Initial, with an Economics score of 911. Its price, £106 (per bottle in-bond), is a mere 18% of the average price of the other nine top Champagnes by Economics score.
To read more key findings from our in-depth Champagne study, read the free summary here. (The key findings and full study are also available to download in French on the Analysis page.)