Before the bulk of Burgundy en primeur 2019s are released onto the market, Wine Lister has published its second in-depth Burgundy study.
Below we explore the complex relationship between the region’s price performance and its popularity growth over the past two years, informing your investment decisions over the coming months.
The two-year price performance of a basket of 175 Burgundy wines (the same wines featured in our previous study on the region in 2018), based on the last 30 vintages. Price data partner: Wine Owners.
As shown in the chart above, Chambolle and its surrounding sites lead in the price performance of Burgundy Grand Crus, followed by wines hailing from its northerly neighbour, Morey-Saint-Denis. The notorious sub-set of Grand Crus from around Vosne – home of legendary Richebourg, La Tâche, Echezeaux, and Romanée-Conti – has seen slower price performance, which is matched with lower popularity growth (see below).
The two-year popularity growth of each Burgundy subset. Popularity data partner: Wine-Searcher.
Though Chambolle and its surrounding Grand Crus have excelled in two-year price growth, consumer interest in the wines of this subset increased the least. Following similarly this opposing relationship between the two data sets, Nuits-Saint-Georges / Vosne Premiers Crus and Village wines gained the most popularity over the last two years by a large margin, while the subset’s price performance trails behind in last place.
A growing interest in lower-priced wines from Burgundy is further explored through trends identified by key members of the international fine wine trade in Wine Lister’s report. Producers such as Arnoux-Lachaux and Georges Mugneret-Gibourg are well worth looking out for when buying Burgundy en primeur for drinking in several years’ time.
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).
Burgundy prices continue to rise, and top wines are becoming ever-harder to access – but must what goes up really come down?
Wine Lister has published its second in-depth Burgundy report, with contribution from partner critic and leading Burgundy expert, Jasper Morris. With insights from key fine wine trade players from across the globe, the report investigates the state of Burgundy compared to other major fine wine regions, and discusses projections for its future performance.
Please see our key findings below:
You can download the study digest in English here: Wine Lister Burgundy Study Digest 2020 or French here: Wine Lister Étude Bourgogne 2020 – Résultats Clés. The full report can be purchased on our Analysis page, while Pro subscribers can access their free copy here.
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.
The Place de Bordeaux September releases commenced this week (Tuesday 1st September), launching the distribution of several New World (and a few Old World) icons through its impressive network. The releases have so far exhibited high praise from critics. This affirms the increasing appeal of New World wines, despite the current economic crisis making for an unlucky welcome.
Choices from Chile
Clos Apalta opened the stage on Tuesday, with a vintage that marks its 20th anniversary, as honoured by the 2017’s commemorative bottle. Receiving 100 points from James Suckling, and 95 points from Luis Gutiérrez for Wine Advocate, its average critics’ score of 97.5 matches both the 2016 and 2015 vintages. We sampled it at this week’s Bordeaux and Beyond tasting, organised by négociant CVBG, and found notes of bright red fruit, spice, and orange peel. Despite being one of the most expensive recent vintages (joint with 2016) at £74.50 per bottle (in-bond), Clos Apalta has no doubt achieved a high quality for this anniversary bottle.
Another Chilean entry, Almaviva 2018 was released at £101.00 per bottle (in-bond) on Wednesday (2nd September) – c.4% down on last year. Its average critics’ score of 97 points places it in line with 2017 as the joint-best average score to date, which, alongside its slight reduction in volume from last year, may stimulate demand. Indeed, we found the 2018 to be bright and energetic, with notes of ripe currants, green tomato, and spice.
The Wine Lister team sample 2018s from Seña and Chadwick with Owner, Eduardo Chadwick, and his team
Released on Thursday (3rd September) at £82.50 per bottle (in-bond), Seña 2018 is “the best vintage of this decade”, according to Owner, Eduardo Chadwick. He explained to us that growing conditions in 2018 were balanced between the two previous vintages (2016 was very cool, while 2017 was hot and dry), creating “almost a perfect season”. The vintage receives 100 points from James Suckling, and 98 points from Luis Gutiérrez for Wine Advocate, making it Seña’s highest-ever average score from those two critics – 99. Our team was equally impressed in our virtual tasting, noting its velvet mouthfeel, silky tannins, and juicy freshness. Chadwick 2018 was also released this week (just 6000 bottles), acquiring an average critics’ score of 97.5 at £226.33 per bottle (in-bond).
Bibi Graetz Testamatta 2018 and Bibi Graetz Colore 2018 entered the market on Tuesday (1st September), at £70 and £180 per bottle (in-bond), respectively. Both wines offer significant discounts from their previous releases, and have achieved praise from critics. James Suckling gives 97 points to Testamatta 2018, describing a “cherry and lemon rind character”, and “fine tannins”, and 100 points to Colore 2018, calling it “one of the best vintages ever produced. The high quality and suitable pricing of both wines will likely be embraced in the present economic climate.
An Australian addition
Jim Barry The Armagh Shiraz 2016 entered the market on Wednesday, at c.£151 per bottle (in-bond), marking the producer’s inaugural release through La Place de Bordeaux. The vintage received 97 points from Wine Advocate’s Joe Czerwinski – the highest WA score received by The Armagh Shiraz since its 2012 vintage. He states that the 2016 is “full-bodied and supple” and “finishes cedary, intense and long, adding in complex, lingering spice notes”.
The Wine Lister team sample the 2017 Vin de Constance with Winemaker, Matt Day
A sweeter offering from South Africa
As told to us by Winemaker, Matt Day, in a recent Zoom tasting, the 2017 Vin de Constance (released on Wednesday 2nd September) is the closest vintage yet to their philosophy of creating a “dry sweet wine”. Wine Lister’s CEO, Ella Lister, notes hints of “apricots, rosewater, lemon balm, Marcona almonds, and acacia honey” among other aromas, and on the palate “dried apricots and a gorgeous savoury finish”. At £39 per bottle (in-bond), the 2017 receives 97 points from James Suckling, compared to an average of 95 (from James Suckling and Wine Advocate) for each of the past three years. While it does not offer a discount, Klein Constantia does a spectacular job of achieving high quality in its developing style of Vin de Constance.
L’Aventure Estate Cuvée 2018 was released yesterday (Thursday 3rd September) at c.£68 per bottle (in-bond) – flat on the 2017 release price, and earning 95 points from Wine Advocate’s Erin Brooks (one down from the 2017). She noted that “the full-bodied palate is incredibly pixelated and silky with very bold freshness and a long, layered finish” and that she “can’t wait to taste this beauty from bottle”. We enjoyed detecting violet, toast, and vanilla on the nose, and were similarly impressed by its velvet mouthfeel.
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 firstname.lastname@example.org 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).
The final stretch of en primeur releases came yesterday – Tuesday 23rd June (excepting Petrus and Le Pin, which are generally always released at the end of the campaign).
First out of the blocks was the en primeur darling, Les Carmes Haut-Brion. Wine Lister’s CEO, Ella Lister, believes Director, Guillaume Pouthier and his team have produced another stunning effort in 2019, continuing their streak of achieving consistently high scores from critics since the 2014 vintage. She names the wine “heady” and “hypnotising” with aromas of “dark fruit, graphite, and mature roses” on the nose. On the palate she describes the wine as “silky, seductive, and generous”, adding that it is “incredibly pure”.
Aside from Les Carmes Haut-Brion’s clear qualitative success, the additional factors of its small production levels and smart en primeur pricing once again make it one of the most obvious buys of the campaign. One top UK merchant tells me, “we sold out in a matter of seconds”. The bittersweet irony of its huge demand is, of course, that it is reserved only for the lucky few. Indeed, its popularity has soared since the release of the 2016 vintage, which has more than doubled its price since. Its impressive price performance post en primeur release (the 2019 released at £58, 28% below the current price of the 2018) is the cherry on Bordeaux buyers’ favourite cake – Les Carmes Haut-Brion is, perhaps unsurprisingly, the number one Bordeaux wine voted by the trade to have seen the sharpest rise in demand, as shown in the chart below.
Results from Wine Lister’s 2020 trade survey show Les Carmes Haut-Brion achieves first place for sharpest rise in demand of Bordeaux wines.
Joining the fray of hot ticket releases from yesterday was Vieux Château Certan. Wine Lister partner critics were collectively impressed with the 2019, placing its quality on par with the 2018 (which achieves a WL score of 96). Writing for JancisRobinson.com, James Lawther describes the 2019 as a “classic VCC”, while Neal Martin for Vinous hails it a “brilliant follow-up to the 2018”. Releasing at £177 per bottle (in-bond), the latest vintage comes onto the market 20% below the current market price of the 2018.
Four releases from Tuesday 23rd June land within the top 10 Bordeaux wines to be voted by key members of the trade as most likely to see future prestige – Les Carmes Haut-Brion, Vieux Château Certan, Canon, and Rauzan-Ségla.
Chanel siblings Canon and Rauzan-Ségla also released their 2019s onto the market yesterday, adding weight to a day full of releases set for bright futures (see image above).
Saint-Émilion star, Canon, released its 2019 to the market at £73 per bottle (in-bond) – 23% below current prices of the 2018 and 2016 vintages. The Canon team characterise 2019 as a “metronome” vintage, referring presumably to the swinging back and forth between climatic extremes. The wet spring and the risk of frost, followed by the strong heat of the summer resulted finally in a perfect finish to the vineyard cycle at the time of harvest, and a wine that sings at perfect pitch. Lister describes Canon 2019 as a “sweet, seductive temptress”, with “voluptuous, racy acidity”, which Director Nicolas Audebert tells us, “2019 is a combination of 2015 and 2016”.
Canon’s Margaux sister, Rauzan-Ségla, also joined the stage, at £57 per bottle (in-bond). A “luscious”, and “lithe” wine, Lister notes the 2019 has “melting fruit, from red to black and back”, and a “toasty, flirty, refined length”. Entering the market 34% below the current price of the 2018 vintage, and offering the second most generous discount on 2018 market prices of the entire campaign (behind only Lafleur), this is sure to see high levels of demand.
A different time – a throwback to 2018 and a celebration at Château Berliquet, of its acquisition by the Chanel group.
The Chanel group’s new baby, Berliquet, is also growing up fast, releasing its 2019 at £34 per bottle (in-bond). Lister describes “ripe, juicy strawberries” on the nose, adding that it is “very complete, accomplished, and reassuring, with a mineral lift”. On the palate, she finds Berliquet 2019 “rich, full, but very clean-lined”, with “lovely acidity which brings out definition on the finish”. Judging by the immense success of its big siblings, Berliquet has a bright future ahead, and the 2019 is worth snapping up.
Also released yesterday were: Beau-Séjour Bécot and Beauséjour Héritiers Duffau Lagarosse
Today is the 12th working day since the first major 2019 en primeur release, and over 60 wines are already out.
Among others, the last couple of days have seen the 2019 release of another first growth, a Pauillac powerhouse brand, and a major up-and-comer.
Haut-Brion released its red and white grands vins yesterday, at £295 and £560 per bottle in-bond respectively. While the red enters the market a solid 25% below the current market price of the 2018, the white is the campaign’s most expensive wine yet, and offers a smaller discount, of 5% on 2018.
Following Mouton Rothschild’s lead, Haut-Brion’s red looks well-priced within the current economic context, though buyers may note that the 2014 is available on the market around the same price. The 2012 also looks good – earning a WL score of 96, it is a Wine Lister MUST BUY (and available for c.£260 per bottle in-bond).
Also released from the Clarence Dillon family are Haut-Brion’s baby brother, Le Clarence (at c.£100 per bottle in-bond), and cousins La Mission Haut-Brion red and white. Of the two flagship reds, Haut-Brion is likely the stronger horse to back, based on its first growth status, as well as its position according to the trade among top Bordeaux wines for future prestige (see below).
According to Wine Lister’s 2020 trade survey, Haut-Brion is one of top Bordeaux wines most likely to be worth including in collectors’ future cellars.
Three further pairs of releases from Pessac-Léognan have emerged over the last two days, comprising Malartic-Lagravière, Latour-Martillac, and Carbonnieux.
On Thursday 10th June, Pauillac star-brand Lynch Bages was released, and has resulted in an onward UK selling price of c.£66 per bottle in-bond. Wine Lister’s CEO, Ella Lister, tasted it last week, and found it to be “lifted, precise”, and “a classic”. The price positioning under £70 has reportedly been well-received.
Haut-Batailley was also introduced to the market, at £36 per bottle in-bond. As its second en primeur release under Cazes ownership (the same family as Lynch Bages), the 2019 is 20% under the current market price of the 2018. Following a repositioning of Haut-Batailley’s pricing during en primeur last year, the 2019 release looks good value – the wine’s strong reputation will likely only become stronger with a new wave of investment, and prices are likely to rise accordingly. Lister describes Haut-Batailley 2019 as “pretty”, “elegant”, and “very harmonious”, with a “long, saline, dark chocolate finish” – this is a wine to buy now.
Better late than never – Wine Lister’s CEO, Ella Lister, has now tasted the majority of Bordeaux 2019s. Watch this space for her favourites, and Bordeaux 2019 MUST BUYs coming soon.
One further release for each side of the river caught Wine Lister’s eye this week: La Gaffelière 2019 was released 13% beneath the current 2018 market price. The château’s director, Thomas Soubes, told Wine Lister that he was very happy with the quality of their 2019, and Lister concurs – she finds the wine “serious” and “charming”, with “velvet tannin” and “seductive red fruit”. La Gaffelière continues to present excellent value for its impressive quality, relative to wines sharing the Saint-Emilion Grand Cru Classé “B” classification.
Calon Ségur 2019 was also released yesterday. As one of the top rising stars of Bordeaux, its 2019 came onto the market 10% below the 2018 release price, but crucially 31% below 2018’s current market price. Calon Ségur is one of the “poster children” for the true benefits of buying en primeur. Lister found Calon Ségur 2019 to be “perfumed”, “juicy”, and “unctuous”, with “spice on the mid-palate” and a “saline, super-precise finish”. As ever, this is worth snapping up before its price inevitably increases post en primeur release.
Also released during the same period were: Cantenac-Brown, Capbern, Clos Fourtet, Clos René, Cos Labory, Kirwan, Monbousquet, Moulin Saint-Georges, Pavie, Phélan Ségur, Pibran, and Suduiraut.
Keep up to date with further Bordeaux 2019 en primeur releases through Wine Lister’s dedicated en primeur page.
As en primeur 2018 picks up pace, we consider the 10 Bordeaux wines that any fine wine collector should acquire for their collection. These are based on the results of Wine Lister’s latest Founding Member survey, gathering the views of over 50 key players in the global fine wine trade.
You can download this slide here: 10 must have Bordeaux wines for your collection
Yesterday we examined Wine Lister founder, Ella Lister’s top left bank picks from the recent re-tasting of 204 Bordeaux 2016s, now in bottle.
Almost as many wines stood out across appellations on the right bank, from a tasting the following day of 171 wines – testament to the fantastic quality available across the board in 2016. There is no doubting 2016 is a great vintage in Bordeaux. Tasting these wines from bottle only served to confirm the Wine Lister team’s enthusiasm during en primeur tastings in the spring of 2017. Revisit our blog post from the time for details of the unusual weather conditions behind this vintage.
Wine Lister right bank highlights include 11 Saint-Emilion wines vs. 10 in Pomerol, and the top pick overall was Figeac, which was “intellectual”, “fine-boned” and “gourmand”.
Several of its well-known Saint-Emilion neighbours also made the cut into Wine Lister tasting highlights, including Canon ( “feather-light, but generous”), Clos Fourtet, and La Gaffelière.
N.B. The tasting did not include wines such as Petrus, Le Pin, Vieux Château Certan, Trotanoy, Ausone, Cheval Blanc, or Pavie.
However, it was Pomerol that produced more “underdogs” than its neighbour: not-so-big names punching above their weight. Of particular note were Clos Vieux Taillefer and La Croix Saint-Georges.
Among Pomerol top dogs, La Violette was showing beautifully, with a “delicate, fresh” nose and “unctuous, satin” palate. Vray Croix de Gay was “refined” and “thoroughbred”, while La Conseillante produced a “gorgeous, fine-grained texture”.
Further afield, Domaine de l’A from the Côtes de Castillon impressed, as did Marsau, from Francs Côtes de Bordeaux.
Also included in Bordeaux 2016 right bank picks were: Gazin, Saint Pierre, Le Gay, Beauséjour Heritiers Duffau Lagarrosse, Larcis Ducasse, Angélus, Villemaurine, Fleur Cardinale, Clos René, Corbin, and Petit Figeac.