CULT WINES BORDEAUX 2014 REPORT WINE INVESTMENT

Transcription

1 BORDEAUX 2014 REPORT

2 CONTENTS PAGE 3. DAY ONE (SAINT-ESTÈPHE & PAUILLAC) Estates covered in this section of the report: Montrose Calon Segur Pichon Baron Lafite Rothschild Pontet Canet Mouton Rothschild Cos d Estournel Lynch Bages Latour PAGE 11. DAY TWO (SAUTERNES & PESSAC-LEOGNAN) Estates covered in this section of the report: Climens Rieussec Yquem Haut Brion La Mission Haut Brion PAGE 23. DAY FOUR (SAINT JULIEN & MARGAUX) Estates covered in this section of the report: Léoville Poyferré Ducru Beaucaillou Leoville Las Cases Margaux Palmer The report also contains notes on: Le Dome, Clos Fourtet, Figeac, La Mondotte, Valandraud, Conseillante, Le Gay and Péby Faugères. PAGE 29. ESTIMATED RELEASE PRICE TABLE PAGE 15. DAY THREE (SAINT EMILION & POMEROL) Estates covered in this section of the report: Pavie Cheval Blanc Evangile Troplong Mondot Angelus Clinet Ausone Vieux Chateau Certan Le Pin Eglise Clinet PAGE 2

3 DAY 1 - NORTHERN MEDOC: SAINT-ESTÈPHE & PAUILLAC The recent 70 million euro renovation of Chateau Montrose never ceases to impress and in honour of the 200th anniversary of the vineyard the grandeur of the cellar room will host this year s 2015 Fête de la Fleur in June, when it will welcome 1,000 guests from the great and the good of Bordeaux. We were presented with the three wines from the Montrose: Tronquoy Lalande, le Dame de Montrose and Montrose. PRE-MATCH WARMUP On a blustery rain-swept morning we arrived in Saint-Estèphe, the most northerly-located top-rated Medoc appellation, with muted anticipation. Every year we still naïvely hark back to the glorious tasting conditions for En Primeur 2010 (April 2011) when the tough job of tasting one of the greatest Bordeaux vintages from barrel was made worse by wall-to-wall sunshine and 25 C+ temperatures. This, however, has proven over the past six years to have well and truly been an anomaly. But we were quietly enthusiastic, as early reports suggested that the northern Medoc estates performed well in 2014 s unique growing conditions. Cabernet grapes were undoubtedly the star of the show in 2014, as its more robust nature fared better with the historically mild and wet summer months, followed by the unusually dry and hot harvest months of September FIRST STOP: CHATEAU MONTROSE The former was a nice, classic style, with a slight majority of Merlot (55%) to Cabernet Sauvignon (45%). It maybe lacked in concentration, but the fruit was evident with a more delicate style slightly overpowered by acidity. The second wine of Montrose was certainly an improvement on the 2013, and having recently enjoyed tasting the 2010 with a few years bottle age it s always worth remembering that this is a style of wine that will make for more earlier drinking. Only 37% of the total production made it into the second wine, and this more approachable, lighter style of the Grand Vin should be a pleasurable drinker. The Grand Vin consisted of 61% Cabernet Sauvignon, 30% Merlot and the return this year of 8% Cabernet Franc (which didn t feature in 2013). Although this was the first wine of the week and difficult to benchmark in the context of the vintage, it really did impress, with very fragrant fruit aromas and a more delicate than usual style for this northern Medoc estate. The tannins were evident but soft and well integrated. The fruit showed a great level of concentration and the acidity cut through beautifully to hint that this is a wine that will be very well balanced. Not a wine that will live for 100 years such as 2010, but one that should nonetheless age and develop gracefully. The big talking point for 2014 is price as always seems to be the case for En Primeur these days and with the 2012 and 2013 being released at 57.60, a consistent price for this year s vintage will make it the best buy of the three. However, with the current exchange rate this would make the wine available at around 505/12 ex-negociant. With the 2004 (91 pts), 2007 (91 pts) and 2008 (95 pts) trading at a similar price level it s difficult to make a strong case for purchasing as a primeur if released at this price. However, for collectors this will no doubt be remembered as a strong year for this estate. Montrose pts (WS)94-95 pts (JS) PAGE 3

4 SECOND STOP: THE HEART OF SAINT-ESTÈPHE In the heart of St Estephe you will find an anomaly of the Bordeaux wine trade; Laurent Dufau, who talks openly and honestly about the significance of maintaining the Bordeaux system whilse recognising the need for change to better represent the demands now being placed by the market. This may be driven by Laurent s previous life as the GM of a notable Bordeaux negociant he has therefore sat on both sides of the fence. Laurent, as you can then imagine, is a big supporter of the En Primeur system and this rhetoric has been backed up by fair pricing in 2011 ( 39.60), 2012 ( 37.20) and 2013 ( 37.20). These releases have come in the face of demands from key board members to increase pricing, while referring to the growing global reputation and success of the last few campaigns. Estate owners and insurance firm Suravenir are right to promote the commercial value of this wine but the technical team and involvement of Mouiex has enabled Calon Segur to provide the oxygen to breathe new life into a recuperating market. As such, we anticipate a sensible and very viable release for the Calon Segur consisted of 66% Cabernet Sauvignon, 13% Cabernet Franc, 19% Merlot and 2% Petit Verdot. Many estates have referred to the similarities in flowering and blending process with the 2009 and 2010 vintages. We are not for one minute suggesting the 2014 is at those levels in terms of quality but it certainly appeals more than 2012 and Laurent described this vintage as similar to 2008 with more finesse. The 2008 (90pts) is currently available at per case and the 2012 (90-92pts) is available at per 12. If pricing is the same as 2012, which is what we were led to believe, this is a wine that will certainly sell very well. At ex-negociant, buyers could potentially buy the 2014 at 390 per 12 ex-london (23% less than the 2008). Calon Segur 93 pts (TA) pts (JS) Laurent was keen to express the importance of achieving the right balance of Merlot to marry with the king Cabernet in order to ensure the finesse and continuity of the wine. For this vintage, we believe they have achieved this. We were presented three wines: Capbern (formerly Capbern Gasqueton), Calon Segur and Le Marquis de Calon Segur. First impressions were not of the wine but the revamped labels in recognition of the need to modernise; a philosophy that transcends throughout this estate. One would imagine that this decision will have very strong implications among Asian buyers (and for Valentine s Day gift hunters perhaps). PAGE 4

5 THIRD STOP: PICHON S BANG ON to be quite closed and shut down. Definitely a wine to cellar for a few more years yet. The 2004 in contrast had started to open up and provided very enjoyable drinking; a great wine and classically Pauillac. Pichon Baron pts (WS) pts (JS) FOURTH STOP: LAFITE S PORTACABIN (PRIMEUR PARADOX) A donation of a 19th century bottle of Pichon Baron meant that our card was marked by the estate s hierarchy upon entrance to the estate. Welcomed by a gaggle of the Baron s representatives we enjoyed the Bordeaux wines belonging to the AXA portfolio before being whisked off for lunch. The wines at the low- to mid-level were acceptable but nothing to get excited about (Pibran, Petit Village and Tourelles were straightforward styles but lacked depth and complexity). This slightly underwhelming experience however only served to heighten the tasting of the 2014 Pichon Baron Grand Vin, which impressed our whole team and for one individual, portfolio manager Sam Mudie, stood above all else on that first day. For those who have never visited Chateau Lafite-Rothschild during En Primeur nor during any other time of the year, I imagine you would conjure up a certain idea, an image, an expectation perhaps of what it would be like to taste at one of the most famed estates not just in Bordeaux but in the whole world. After all, this is an estate with an almost unparalleled heritage and history of making some of the world s greatest wines, owned by a European banking dynasty. Classical in blend, the purity, richness and concentration of fruit really stood out. Superb weight with soft integrated tannins lends itself to good ageing credentials, while the long finish with notes of mocha kept us hankering for more. Bravo. We then got our first taste of one of the Bordeaux whites for 2014: S de Suduiraut. A category that very much lives in the shadow of its red wine counterparts, the whites showed extremely well all week with some particular standouts. The whites clearly enjoyed the growing conditions of 2014 which produced high levels of acidity. But where the whites have really stood out is in the winemakers skill in tempering this lively, fresh and explosive acidity with concentrated fruit, creating a harmonious and unique balance. This was certainly the case for the dry white wine produced by the Sauternes estate, Suduiraut. Following a tough morning tasting primeurs, we allowed our palettes to normalise over lunch where we enjoyed both the 2008 and 2004 vintage of Pichon Baron. This was the third time over the last 12 months we ve tasted the 2008 and it continues LAFITE S PORTACABIN HOLDING PEN Unfortunately, the idea of no expense spared to welcome their 1,500+ guests for the week is sadly lost on the Lafite estate hierarchy. Perhaps Lafite believes its reputation is such that its guests don t require the fanfare, or that its guests should be honoured to be present at all. Or perhaps the sheer demand and numbers they have to cater for in primeurs week means that it s just not feasible to replicate the type of experience you re afforded at Latour, Cos, Haut Brion and the like. PAGE 5

6 I do wonder, though, whether this is detrimental. We all know the impact external factors can have on wine tasting. Environment, smell, company, (inebriation!), food is there something in it, for these estates to roll out the red carpet during primeurs? Now to the matter at hand, the actual tasting. The three wines on show exuded an air of sub-expectations. Do we expect too much? I m not sure. Critical opinion would disagree. James Suckling has awarded 97-98pts for Lafite. We re not saying it was bad it wasn t it just isn t as extroverted, flamboyant or exciting as some of the other top names in this vintage. Duhart-Milon, a Fourth Growth in its own right, displayed nice concentration of fruit and had an appealing character, but lacked a bit of depth and seemed to hollow out and fall away towards the end. Carruades has definitely stepped up in quality against the previous few years and sits well amongst this company considering its second wine status perhaps a concerted effort by the chateau to raise quality? Now to the Grand Vin. For me, I have always found this a tough wine to taste En Primeur as it doesn t wow as much as the approachable Mouton or showcase as much precision as Latour. It offered a very perfumed nose with hints of violet and rose almost feminine in its bouquet style. On the palette it exhibited a solid structure, and tannins were in evidence with a hint of spice and vivacity towards the finish. scores if it s to be assumed that what we tasted at En Primeur will only get better and better. The question of price? If negociants and winemakers are to be believed, then we can expect prices to go up 5-10% on last year and perhaps at the level of the 2012 release. If this is the case with Lafite, then we could be looking at euros per bottle (ex-negociant). This would result in an ex-merchant price of 3,250-3,500 per case. With the 2008 trading at 5,250/12 (+50%) then there is an obvious attraction for buyers to seriously consider adding Lafite 2014 to their collections. Carruades Lafite Duhart Milon Lafite Rothschild FIFTH STOP: PONTIFF CANET pts (JS) pts (JS) pts (WS) pts (JS) And so to Pontet Canet, or should I say Pontiff Canet given Alfred Tesseron s clear position as the first Pope of Biodynamics (and horse whispering) in Bordeaux? All in all, a good wine for the vintage and a solid effort from Lafite. I did ask the question to certain negociants of this anomaly I find when tasting Lafite primeurs, and it was agreed that against its Pauillac peers it isn t necessarily the showiest of wines in this stage of early development. Happy to bow to those with greater expertise and experience, I can understand the high This estate has been leading the way in biodynamic viticulture for some years and recent results are reflected in some very good wines even in difficult vintages. It would appear 2014 will be no exception but I have a minor gripe with the Vatican s A-team, in that they need to communicate with their clients in the same way they commune with vines. PAGE 6

7 For the most part, there s not much not to like about Pontet, the team or the wines. But perhaps the indignant response by the market to Pontet s 2013 En Primeur ploy (releasing the wine before it was even tasted) has left a sour taste in the Pontet s team which resulted in a colder, less engaging experience than usual. Nevertheless it was the wine that was there to be judged and as expected it firmly thrust itself into the top echelons of wines made in Expressive on the nose with hints of primary fruits and menthol, this is a structured and tannic wine at this stage with great weight, and the acidity brings freshness which is beautifully balanced. With time though, the wine developed further and exhibited some harmoniously seductive fruit. SIXTH STOP: MAYBE SHE S BORN WITH IT, MAYBE IT S MOUTON Our head buyer decided he had too many s to actually attend the tasting, but little did he know that instead of the typical golf buggy and tasting room scrum scenario that is typically reserved for mere mortals, we had been elevated to private tasting room status, which of course had its desired effect of immediately endearing us to the 2014 wines from Mouton! As mentioned, Pontet Canet, unafraid of doing things differently, released their 2013 on the market before it was even available to taste. At a price of 60 ex-negociant, it was the same as 2012 and so for this vintage we would expect to see a similar price level (and at worst a small increase). Even so, it will remain to be seen if 60, which will result in /12 ex-merchant price, will ignite consumers interest, especially with the 2004, 2006 and 2008 available for the same price, or even less. Pontet Canet pts (JS) With enough room to swing the proverbial Jeroboam of Mouton 2000 that was for sale in their shop for 14,000, the Cult Wines team attacked the Mouton stable with raucous enthusiasm. We found homogenous quality across all of the wines on show, in this order: Mouton, Petit Mouton, Clerc Milon and d Armailhac. And let us not forget the beautiful white Aile D Argent, which again showcased the strength of the whites in D Armailhac and Clerc, Fifth Growth wines in their own right, showed very well indeed. The former seduced with delicate aromas and on the palette expressed round, approachable ripe fruit. The latter was certainly broader, but was a tad fresher and livelier on the finish. PAGE 7

8 Price-wise a return to 2012 of 240 ex-negociant looks most likely. At this level, the consumer would be buying at around 2,500/12 which given the quality of this vintage is a not too unreasonable a price. Petit Mouton was released at 66 for the past two vintages and that has worked exceptionally well. The hope is the chateau doesn t get greedy and push the price up. Even at a 10% increase (72) it will still work very well. For Le Petit Mouton de Mouton Rothschild which clients and readers of ours will know of more affectionately as the only wine to make returns at En Primeur lived up to its billing. I have had many vintages of this wine now, and I am always amazed at its approachability, consistency and the sheer enjoyment it offers. There was a lovely toasty scent of new oak on the nose which tempted you in and the palette was silky, well-balanced and luscious in ripe fruit, with hints of spice. It did, however, lack that extra dimension that the main wine possesses, but nonetheless was well received by all. Mouton Rothschild pts (WS) pts (JS) Petit Mouton pts (JS) SEVENTH STOP: COS YOU RE WORTH IT This estate is consistent. Perched on its hill with a perfect vista across to its illustrious neighbour, Lafite Rothschild, the lavishness of the interior design and the incredibly expensive winery re-design exudes the air of a 5* star resort. Handwritten personalised tasting booklets highlight the extra mile Cos is willing to go literally no expense is spared. Which is both intriguing and strikingly obvious. Intriguing, due to the fact that Cos has quite clearly overpriced its last three vintage releases and has struggled to sell through, if at all. Strikingly obvious, because for Cos d Estournel s multi-millionaire owner Michel Reybier, it s worth it. This year s Mouton Rothschild consisted of 81% Cabernet Sauvignon, 16% Merlot, 3% Cabernet Franc a very similar assemblage to the 2008 vintage. The nose was certainly closed and restrained, but where this lacked the wine more than made up for upon tasting, with fantastic purity and concentration of fruit, silky smooth tannins and velvet-like texture. There was a touch of minerality with a saline edge, which balanced beautifully with the freshness brought from 2014 s acidity. This is a wine that will age very well (tannins higher than in 2010) but will be approachable sooner and drink effortlessly. A truly superb tasting with very elegant and delineated wines, Mouton is a star of the vintage. Similar assemblage to the 2008 yet more refined and elegant. A Mouton to last, a Mouton to collect and a Mouton to buy. PAGE 8

9 According to Liv-ex s En Primeur report: Cos has consistently outperformed its peer group in quality terms with an average score of 93.5pts. But high release prices have made the brand one of the least attractive to buy En Primeur. Consistent. And the same will be expected again in But outside of their undoubtedly diplomatic credentials, great wines they do make. Lynch Bages is undoubtedly one of the most famous and well-known brands of all of Bordeaux. Presented with all the wines from the Cos estate, there wasn t one sample that disappointed. The Goulée, a fantastically designed and branded (more affordable) wine maintained its consistency and favouritism with the Cult Wines team. The second wine of Cos Pagodes was equally impressive, with its 55% Cabernet Sauvignon, 43% Merlot and 2% Petit Verdot blend. Cool and fresh, with hints of menthol leading into a structured palette, with a nice purity of fruit. The Grand Vin exhibits a real spicy edge with a lovely heat running throughout. This wine is big, structured, and tannins are evident but smooth. There are savoury elements also which envelop the pure Cabernet into a long finish. A great effort. So, importantly onto price. Do we expect Cos to lower prices? No, there may well be an increase to the 2012 level ( 89 exnegociant). This will place it very unfavourably in comparison to many of their back vintages, which will undoubtedly scare off any potential buyers. Given that the current price of their last four vintages are all below their release price, it doesn t pay to buy En Primeur here. Cos d Estournel pts (JS) EIGHTH STOP: THE UNITED NATIONS OF LYNCH BAGES What do Israel, Iran, USA and France have in common? Give up? They re the flags that fly full mast outside the Lynch Bages estate in Pauillac. We were as inquisitive as I m sure you areto know why these countries in particular are represented here at Lynch Bages. The answer is that each flag represents a nationality of the Cazes extended family. Apparently the three daughters are separately married to an Iranian, an American and an Israeli. It s nice to see that they re not just focused on making great wines here but also are committed to making progress for peace in the Middle East. The 2014 vintage is without doubt a return to form for a chateau that has under-performed in the past couple of vintages. The nose is explosively expressive already, with boysenberry, cassis and classic pure Cabernet fruit notes. With tannin levels almost as high as 2010 and with acidity well above the average, this is a big and lively wine for the vintage: muscular, strong and structured. There is also a nice hint of minerality through the palette and finish, which is long and focused. A great effort all round. Price for Lynch Bages dropped to 50 ex-negociant for the 2013 vintage, down 10 from the I worry that due to the quality the estate won t keep it at 2013 levels, and with the recent resurgence in demand for Lynch Bages (supported by two or three negociants in Bordeaux) I m sure they are aware that their wine will sell through easily at this level. If we assume at worst they will raise the price to the 2012 release price (although hopefully not) at 60 ex-negociant, the consumer will be buying at /12. Considering the 2006, 2007 and 2008 vintages are worth per case at present, it could represent one of the best buys of the vintage. If the chateau maintains its 2013 price, then consumers could realistically pick it up at 525 per 12. Current Scores: Lynch Bages pts (WS) pts (JS) PAGE 9

10 LAST STOP: LATE NIGHT AT LATOUR Seeing as Latour like to do things differently, such as leaving the En Primeur system, we thought we would do things differently by rocking up to our final tasting of the day way beyond dusk for an early evening taste. Considering the Latour 2003 was up for grabs, it made sense to leave the best sensory experience of the day until last. To give the wines their dues, they are of course very, very good. In fact, Latour in 2014 is vying for top position. It s a precise wine, with phenomenal purity of fruit, great freshness and silky, fine tannins. If Mouton exudes classicism and Lafite nonchalance, then the last of the Pauillac First Growths gives you the feeling of a postmodernist Swedish architect. Angular, sleek modern furniture, coffee book tomes, discerningly high ceilings, 70 plasma screen TVs, slate grey and life size paintings of zebras welcome you for a tasting in Latour s recently renovated cellars and tasting rooms. They even have light bulbs on show symbolically representing their idea to leave the En Primeur system bright spark. The showstopper of the day, and the perfect tonic for tasting primeurs, was the 2003 Latour. The richness of this wine is stunning and the concentration of ripe fruit is through the roof. You can taste the heat of this vintage in the profile of the fruit flavour it s roast-like, with a spice to it. It s also starting to exhibit some tertiary notes of leather and classic mature Bordeaux notes. Perhaps this is an indication that the 2003s won t last long-distance? For the time being, it s not a worry as it still has tannins to shed and potentially has room to improve further. It finishes with some darker notes of chocolate and coffee. This is not a delicate, precise Latour. The 2003 is opulent and decadent. As is now tradition, Latour showcases six wines at En Primeur. Firstly they present their 2014s but also the three back vintages they recently released onto the market. A few weeks before En Primeur, Latour released ex-cellar cases of Forts 2008, Pauillac 2011 and the 100pt Latour In a way it seems more prudent to speak of these three rereleases, as you can actually buy these, rather than the 2014s which potentially may not be available until they are ready to be drunk. Given the two-year ageing and bottling process, for the Grand Vin at least, it means Latour 2014 may not be available until after the World Cup in Qatar. That renders these notes and critic scores almost irrelevant but I suppose it s always nice to know what you could be drinking to celebrate England s first world cup triumph since With a double 100 from Parker and Suckling, it s no surprise that Latour chose to re-release this vintage clearly it was in need of something that was going to sell better than its previous choices. Price was key this year though, and hopefully other chateaux will look at the success Latour had with this 2003 re-release which at 5,950 made it cheaper than the rest of the available secondary market (around 6,500) only 1,000 cases were made available but it sold out immediately. If the rest of Bordeaux follow suit and release their 2014s so that they are cheaper than any available physical vintage of their wines, then they should sell well. Latour 2003 proved that. Current Scores: Latour pts (JS) PAGE 10

11 DAY 2 - BORDEAUX Following a gruelling day racing around Saint-Estèphe and Pauillac (no complaints), Tuesday was certainly set to be an easier-going day on the palates or so we thought. MORNING: STARTING WITH THE STICKIES! The day kicked off in style, paying homage to our favourite Sauternes estates and sampling the leading sweet whites of the vintage. Our first stop was Château Climens one of our preferred tastings each year where against the norm for En Primeur week, technical director Frédéric Nivelle took us through the cellar tasting the individual component barrels that will form the 2014 vintage. What a joy this was. Rather than simply sampling the expected final product, it is fascinating to compare the six different batches (all 100% Semillon) and their distinct characters, and to dream as that is the appropriate word of the end result. Fortunately, we did not have to wait for too long to find out. Once away from the cellar we were faced with a stunning lineup of the most recent vintages of Climens and its second wine Cyprès de Climens. The development from the 2009 to the 2013 is magnificent, across the board showing smooth bouquet of honeysuckle, caramel and tropical fruits with typical almond and fig notes on the palate. The 2011 is one to set aside for the long-term; while the 2009 has already opened up into a serious offering! Characteristically modest with all their tastings each year, Baron de Rothschild s Sauternes estate, Rieussec, was up next. A straightforward tasting was enough to show the more powerful sweet wine: similar tropical pineapple and mango on the nose but with more spice and citrus alongside the familiar honey (93% Semillon, 5% Sauvignon Blanc, 2% Muscadelle). More fruity than overly sweet so close to Climens in location but very different in style. The common theme for both is that while quality is high, production levels are very low, with a higher percentage of the crop making it into the first wines. Our final appointment of the morning was at the legendary Château d Yquem. The gold-covered booklet we are handed on arrival set the mood for the most famous sweet wine in the world and the wine always lives up to the reputation. The 2014 is no exception. Once we had been guided through pages of graphs illustrating the vintage s weather and harvest schedule as is standard here, much to the enjoyment of the more technicallyorientated members of the team we were presented with just a single glass each of Yquem (the dry white Y de Yquem is not ready to taste at this point). Luxurious comes close to describing this release, but exotic, richly-honeyed with a superb balance of citrus fruits, peach (or was it nectarine?) and vanilla pod and a crisp acidity to finish comes closer. While we are all firm fans of these Sauternes for drinking, the investment market is somewhat mute on their current potential. Attention has been elsewhere for the last few years but this could very well be the vintage that returns nectar to the investor s mind. As is tradition, director Philip Gearing left the estate with a few bottles to replenish the depleted stocks at our tasting room. We ll be sure to let you know how they go. Rieussec (97-98) JS Yquem (97-98) JS 97 TA PAGE 11

12 MIDDAY: NEGOCIANT TASTING From Sauternes, we headed to the offices of one of our key negociants for an afternoon of tastings and lunch. Their main warehouse bore resemblance to an exhibition at the Tate Modern, with the seemingly endless rows of the finest of wines only just visible in the darkness and only dim lighting to show the red carpet leading to a private tasting room draped in string lights at the end of an aisle. Thoughts go back to Lafite and receiving very much the opposite reception. Here we tackled the enviable task of making our way through the catalogue of Bordeaux 2014s that we will not have the time to visit personally this week (and a few that we will, just to be sure). The whites of Graves showed great acidity and fruit, with lemon sherbet, elderflower, mint and lychee cropping up frequently Domaine de Chevalier (70% Sauvignon Blanc, 30% Semillon) and Pape Clement Blanc (45% Sauvignon Blanc, 45% Semillon, 10% Muscadelle) stood out from the crowd. Onto the reds, working through a series of good Margaux chateaux (with Brane-Cantenac, Rauzan Segla and Lascombes leading the way), through very good St Juliens (Beychevelle and the Leovilles: Poyferre, Barton and Las Cases, arguably in ascending preference) and potentially great Pauillacs (Grand Puy Lacoste, Pichon Lalande and Petit Mouton for the second day in a row). Right Banks followed, with a mixed bag of St Emilion (Clos Fourtet, Beausejour Duffau, Troplong Mondont, Peby Faugeres and La Mondotte will do better than others) and finishing with Pomerol (Le Gay and Clinet were the winners here). WINES TO WATCH Leoville Poyferre will be of particular interest if the release price can come below the 2012 and and respectively. If Leoville Las Cases can be consistent in price with the last two vintages, both released at 79, it will be one to snap up at an approximate 15% discount on the Clos Fourtet has a great track record of performance over the last few years but the last three vintages have been released too high (around 46/bottle ex-negociant). Release price for comparable vintages 2006 and 2008 were 32 and per bottle respectively so that is the direction we want to see the price heading. The target will be to offer this to clients a close to 425/12 as possible. Troplong Mondot have been reliable in lowering release prices gradually since 2010 but they have still struggled to find a market. If the price comes down in line with previous decreases, this should be the best value vintage since If it doesn t, it will go the same way as the 2012: down. Clinet looks very promising but will be covered in more detail later in this report. Eleven whites, 35 reds and 20 bottles of artisan Voss water over two and a half hours and breathe! Lunch is served. Plates upon plates of bite-sized local specialities for anyone that has visited Bordeaux before knows that involves a lot of Foie Gras! To accompany these sumptuous snacks, we had a beautifully sweet and full bodied Grand Puy Lacoste 2005, which showed cassis, leather and tobacco on the nose with rich blackcurrant, cinnamon and a hint of dark chocolate. At this point we were joined by the President of the negociant who gave us his thoughts on the campaign ahead and thanked us for our ongoing custom we assured him that the best prices will keep us coming back! Leoville Poyferre (93-94) JS (92-95) WS 93 TA Leoville Las Cases (96-97) JS (94-97) WS 96 TA Clos Fourtet (91-92) JS Troplong Mondot (93-94) JS (92-95) WS 90 TA PAGE 12

13 AFTERNOON: ALL HAIL THE GODS OF GRAVES On to the final tasting of the day and one that has a good case for featuring in the top three of the week. This may be down to the fact that the sun shone for the first time since we arrived on Sunday morning, or the idyllic setting (the Château, certainly not the surrounding town), but really, Domaine Clarence Dillon s wines impressed the most. These are more commonly known as Quintus, La Mission Haut Brion (where the tasting was held this year) and Haut Brion. Cabernet Sauvignon), now in its fourth vintage and just starting to establish itself as a big-hitter, was full of summer berries and spiced apple, with smooth and soft tannins and an surprisingly long finish. La Mission Haut Brion (54% Merlot, 45% Cabernet Sauvignon, 1% Cabernet Franc) has a wonderfully expansive and layered nose of red berries, liquorice, oak and leather with very chewy and grippy tannins and a distinct minerality on the finish. The last of the reds, Haut Brion (50% Merlot, 39% Cabernet Sauvignon, 11% Cabernet Franc) was a delight: cinnamon and ripe blackberries mixed with woody notes and a hint of almost candy floss, full-bodied, smooth and silky on the palate with an outstanding long finish. La Mission Haut Brion, more than most in Bordeaux, needs to be exceptionally sharp on pricing. Unclassified and on average the most expensive wine in the Left Bank 200 index, consumers are aware of the premium this wine can command. The fact that release price changes so significantly each vintage suggests that the chateau is also aware that mispricing will lead to another failing En Primeur campaign. This will be a better vintage than the 2013 which failed at 120, so fingers crossed there is a positive response. LMHB and Haut Brion always put on a good tasting, giving the upmost attention and effort while they take you through the vintage and each of the wines that are carefully lined up in front of you. Starting with the second wines, we worked through Le Dragon de Quintus, La Chapelle de La Mission Haut Brion and Le Clarence de Haut Brion. All very good efforts and worth seeking out as solid drinking stocks.then the main event: St Emilion Château Quintus (69% Merlot, 31% Along with Mouton Rothschild, Haut Brion has been getting close to the right price for the last couple of years. Close, but not quite on the mark. Bearing in mind the very well scored 2006 and 2008 (both 96 points) are both currently available for around 2,550/12, the 2014 has to be available at a 15% discount to make sense for the consumer. If Haut Brion can do this, we re onto a winner. Not only has deputy MD of Domaine Clarence Dillon, Jean-Philippe Delmas, been quoted as saying: If this year doesn t work then I think it will be one of the last En Primeur campaigns, but the President of the company, Prince Robert of Luxembourg, also recently defended the practice of purchasing Bordeaux before it is bottled. So, we lay down the gauntlet to these Gods of Graves: practice what you preach and we shall follow PAGE 13

14 As a real treat, we rounded up our afternoon at LMHB with the whites La Clarte de Haut Brion (70% Sauvignon, 30% Semillon), La Mission Haut Brion Blanc (83% Semillon, 17% Sauvignon Blanc) and the incredibly rare Haut Brion Blanc (68% Semillon, 32% Sauvignon Blanc). The latter two unusual for Bordeaux dry whites in that they are Semillon based will undoubtedly go down as two of the best from the vintage. If you are lucky enough to find some, and even luckier to be able to afford it, stock up! Le Dragon de Quintus (90-91) JS La Chapelle de La Mission Haut Brion (93-94) JS Le Clarence de Haut Brion (93-94) JS Quintus (94-95) JS La Mission Haut Brion (94-95) JS (93-96) WS 98 TA Haut Brion (95-96) JS (95-98) WS 96 TA La Clarte de Haut Brion (95-96) JS La Mission Haut Brion Blanc (95-96) JS Haut Brion Blanc (98-99) JS PAGE 14

15 DAY 3 - THE RIGHT BANK BECKONS! After two wet, windy and miserable days traversing Bordeaux we were greeted by shafts of sunlight on day three with temperatures threatening to soar into double digits perfect weather for the day ahead which focused on the Right Bank of Bordeaux, and from what we were hearing on the grapevine certain estates were clearly impressing the weather-beaten wine trade charged with the arduous task of tasting the best Merlot on offer! PAVIE ING THE WAY: THE FUTURE OF SAINT EMILION Bellevue Mondotte: With just 4,800 bottles produced of this micro-cuvée it would be a surprise if many readers will ever come across this wine. Despite its limited production, the wine itself is a bit of a showoff. Super-concentrated, sumptuous and rich. Grippy tannins which dominated the finish. Pavie: Fantastic purity of fruit on the nose which leads into a quite lively attack of concentrated fruit flavours and fresh acidity. Some mineral notes evolve and the wine is layered with some lovely floral notes and aromas. Our day began deliberating over which outfit was best suited to the promised weather forecast, and on arrival at Chateau Pavie, which looked splendid in the early morning sun, we were greeted in the marble-clad atrium by Henrique Perse who would be guiding us through the portfolio of wines that Pavie present at these tastings, which include all of the Perse family wines. Monbousquet: Met with an aromatic and fragrant nose. Juicy, round and approachable fruit. The terroir on this estate may not be the greatest, but the Perses definitely get the best out of it. Not amazingly complex and perhaps lacked in a bit of depth/ concentration, but a nice wine for the vintage. Pavie Decesse: Typically a quite powerful and concentrated wine, but don t think the 2014 quite captured this. An alluring nose with primary fruit notes and sweet cassis aromas. Good weight but tannins a bit austere and drying, not quite balanced. Could improve with time. Since Pavie s promotion to world heritage elite in 2012, Gerard Perse s team have a swagger about them. I cannot help but picture Perse greeting the promotion with a Cantona-esque celebration collar up, chest puffed out and a look on his face as if there was a mouldy slab of Roquefort under his nose hooray! And quite rightfully, given the state of the winery and ageing cellar when Perse and his wife Chatal took over in They have successfully catapulted Pavie amongst the elite of Bordeaux and for the past two years, the estate has been recognised as Liv-ex s number one power brand in the market. Boasting new found status alongside two 100pt wines, 2000 and 2009, high release prices have followed since 2011 ( 114/ bottle ex-neg ), with 2012 (94-96+pts) released at 180/bottle a 57% premium. Justification for the first vintage bottled under Premier Grand Cru Classé (A)? We certainly were not engaged by the 2012 release and the same can be said for 2013, rated at (92-94pts) a release of 165/bottle surely struggled to sell through well. PAGE 15

16 Suckling currently rates the 2014 at 92-94pts, which off this base makes it inferior to the 2011 (95+pts), 2012 (94-96+pts) and on a par with In general, Pavie has a good share of trade and will be on the buyers wish lists. However, if prices are consistent with 2013, we can expect a release of 1,445 per case (ex neg), at which point I shall be advising clients to buy 2008 and 2011 instead. It has to be said, that with Pavie s greatest fan retiring from En Primeuer, it will be interesting to see the effect this might have on demand for their wines without the great US critic s high scores. Pavie (WS) (JS) CHEVAL BLANC: IF THE GRAND VIN WAS RUNNING AT CHELTENHAM IT WOULD BE A 6/4 FAVOURITE Our next stop was a clear Right Bank favourite and one of the most enjoyable tastings of any En Primeur. Cheval Blanc may be a Grand Cru Classe A estate which has spent a significant sum on rebuilding their chai which is without question the most eye catching design in Bordeaux, but Cheval s Grand Vin is revered globally and yet they possess a team which present their wines in the most enthusiastic manner possible; they greet us warmly each year and launch into a tasting which is highly informative and supportive of the new vintage. Petit Cheval 2014: The second wine (and this is a second wine!) of Cheval Blanc usually shows well at En Primeur tastings and while the 2014 was showing clean, pure, defined fruit layers there was a cool edge with a level of freshness which just appeared to lack a bit of weight and depth. I ve no doubt this will develop well in bottle and will have our focus when prices are released. Cheval Blanc 2014: The Grand Vin was a pure delight in every sense, on the nose it offered great depth of black forest fruit and on the palate it duly delivered, there was great freshness, purity of layered fruit, very pure fruit, fresh acidity with perfect continuity through the mid-palate with a long lingering finish. Without question this will feature a favourite of the vintage let s hope the price doesn t follow the hyperbole! It has been very difficult to make a compelling case for buying Cheval Blanc En Primeur over the past few years. The 2006, 2007 and 2011 are all available well below ex-chateaux release. The 2012 and 2013 were both released at a significant discount to 2011; 2012 (94-96pts) at 350/bottle and 2013 (89-91pts) at 300/bottle. With Parker scores not forming a part of this year s analytics, we must again refer to James Suckling s rating of 95-96pts for the On the face of it, one could contest that we have a superior wine to that of 2012, which is considered a dark horse, so if prices are released at 2012 levels Cheval Blanc 2014 may be available to purchase at under 2, per case. More affordable than 2012 and around the same price point for the inferior 2007 and We liked Cheval a lot and if prices are sensible this vintage will be a thoroughbred. Cheval Blanc (WS) (JS) PAGE 16

17 SEA THE STARS, FOR THE RACING AFICIONADOS OUT THERE Chateau L Evangile: the Cheval Noir of the vintage? We always enjoy our tasting at L Evangile regardless the vintage, as they provide a huge pile of cheese and bread which is muchneeded for those members of team who also have to continue tasting each night and may be somewhat jaded early on but this particular vintage had everyone s attention! With an average vintage score of 93.1pts, L Evangile is a perfect example of the fluctuating quality and subsequent failed En Primeur campaigns over the past four years. Having received a perfect 100 points from Robert Parker in 2009, followed by a 98+ in 2010, many regarded L Evangile as rising star from the Pomerol region. However, difficult weather conditions and poor harvests have led to three successively poor vintages with the 2011 and 2013 vintages failing to make the 90pt mark. The last three ex-chateaux releases have been priced at 100/ bottle and have struggled considerably to find a foothold in the market, falling on average 10-12% since release. Looking at the 2014 vintage with more positivity, having received a score of 91/92 from James Suckling and a thorough thumbs up from Cult Wines, as long as prices are not increased from the 2013 release, coupled with the current GBP/Euro rate, L Evangile could well be an interesting position to look out for. Evangile (WS) (JS) CHATEAU TROPLONG MONDOT: AT THE HIGH TABLE FOR LUNCH Troplong Mondot occupies a high vantage point in St Emilion and is a beautiful estate perfect for a lunch stop, which dovetailed nicely with the fact that we were guests of David Hamelin of negociant QUIEN & Cie and lunch duly beckoned. But first to the tasting! Our delightful host Carole presented the Grand Vin and it blew any cobwebs away, the wine displayed massive purity of fruit, beautifully defined, with excellent balance. A real fruit bomb but with fresh acidity and soft tannins, there is no question that the approach from L Evangile has been hugely successful in the desire to produce a wine with such depth, a big thumbs up from the team all round and for many an early leader in our wine of the day competition. PAGE 17

18 Troplong Mondot produce what can only be described as a fairly full-on Merlot Grand Vin and the 2014 is an excellent example of the power this estate can generate, with a fresh balanced acidity and pure damson fruit in layers, although it is quite chunky, and a little austere with quite grippy tannins. This one needs some time to even out but promises some delicious drinking in 7-10 years. Having completed the tasting we were treated to a superb selection from the cold buffet with various vintages of Troplong Mondot to wash down the fois gras terrine. I selected the 1999 and found the wine to still be fresh and vibrant but showing a soft-aged edge which also helped enormously with the cheese board! as prices do not exceed last year s release price of 52.8/bottle, this will be a top contender in our inventory of 2014 recommendations. Troplong Mondot (WS) (JS) CHATEAU ANGELUS: IT S ALL BLACK AND YELLOW FOR THIS LUXURY BRAND So it s official, then; luxury branding of fine wine is a winner and for any doubters just look at the recent prices for the 2012 vintage of Angelus with its black bottle and gold leaf label design and of course the contents! Troplong Mondot s average price per bottle for the past 10 vintages is a tad over 72, which for a well know St Emilion estate is widely considered to be good value from both consumption and investment standpoints. Falling into the Liv-ex Right Bank 100 Index, that average price per bottle comes in at 43% lower than its peers, yet Troplong Mondot boasts one of the highest average Parker scores in that sub-index. Focussing on the 2014 vintage, which has been scored at 93-94pts, there are a number of highly encouraging benchmarks to take a closer look at. The first being that James Suckling s scores are historically lower than most other critics for Troplong Mondot. The 2012 vintage was scored at 94-96pts by Robert Parker yet only received 92/93 from Suckling, the 2010 vintage was scored at 99pts by Parker but again only received a score of 95-96pts from Suckling. The list goes on and is a great sign that Troplong have produced a great wine in 2014 with a score of 93/94pts from the seemingly harsh Suckling. Again, as long So with things back to relative normality apart from the view from Hubert that market demand will dictate pricing levels for the 2014 and given there is huge demand for Angelus 2014, you can draw your own conclusion with regards any possible price decrease about as likely as Hubert and Gerard voting for each other as wine man of the year! The Angelus tasting comes with a whole load of baggage, which is just a little annoying as it detracts from the main task of focusing on the Grand Vin: the room is crammed full and uncomfortable - unpleasant unless you re into tasting wine on the Central Line in rush hour. The Grand Vin and second wine of Carillon d Angelus were on the top table, which required one to navigate the entire room. Job done we were presented with two very impressive wines. Angelus had impressive weight and depth of fruit, great purity, nice fresh acidity and soft lingering tannins. I think given time this will develop into a beautifully structured wine. I would concur with the view that this will attract fans of the estate and a wider audience let s hope it doesn t out price itself! PAGE 18

19 Having been upgraded to Premier Grand Cru Classe (A ) in 2012, Angelus prices have risen consistently across the board ever since. Although it has been hard to make a case for buying Angelus En Primeur following high release prices in 2013, prices have continued to creep up. Looking at the past three campaigns, prices have risen on average 17% since the ex-negociant release prices, which isn t bad considering wider market conditions. The 2014 vintage boasts a strong score from James Suckling of 93-94pts, which is the same score as the 2012 vintage currently holds and trades at 2850/12. Then we moved onto the 2014 Clinet of which just 4,700 cases of the Grand Vin are produced. It s a personal favourite but this vintage was struggling to impress. The inky violet colour of the wine with a glistening edge was a good start, the nose though was somewhat muted and on the palate it simply failed to deliver a real flavour punch. The mid-palate was flat and the finish firm with balanced tannins, although my question will be about the ability of this wine to deliver over the medium term. Very pleasant but just not delivering in the same way the 2012 did. In an article recently published in The Drinks Business, Hubert de Boüard, owner of the St Emilion property boasted that demand was already very strong for the 2014 vintage. He also confirmed that release prices would not be going down from the 2013 vintage which was released at 165/bottle, which was an 8% decrease on the release price of the comparable 2012 vintage. If release prices as expected are the same as last year, with the current GBP/Euro rate this would equate to a release price per case of 1455 (around 1,600 ex-london), a 95% price gap between the 2014 and 2012 vintage. Of course we have to take in to consideration the collectability of the 2012 vintage, but given the identical scores and potentially significant price gap this will certainly be a reasonable opportunity for investors if prices remain realistic. Angelus (WS) (JR) CHATEAU CLINET: CLINET S HIDDEN GEM And our image below provides a perfect example of this hidden gem, with the 2014 Grand Vin being out-performed by the second wine of Fleur de Clinet, albeit from the 2012 vintage. And maybe this is a cautionary note as we started by tasting the absolutely delicious Fleur de Clinet 2012 which exuded an array of red and black forest fruits and a beautifully feminine structure. This is a wine which one could pull the corks on very early this will form part of our consumption buying strategy so keep an eye out for the offer. A must buy! Clinet s releases have struggled since its sensational 2009 offering. The recent vintages of 2013 (90-91 pts and ex-neg), 2012 (90-91 pts and ex-neg) and 2011 (92-93 pts and ex-neg) have all failed to get tongues wagging with an average decline of 14.8%. It is relevant to compare 2014 with years of similar ilk; although the pricing structure for the last three years is highly relevant, 2014 is a far better year for Bordeaux. If Clinet were to maintain their release prices at the level seen for the last two years, it would potentially offer significant value to buyers. Below is a list of comparable vintages to the 2014 and the price they are currently trading at. Clinet, Clinet, Clinet, Clinet, Clinet, Clinet, Clinet, Avg PAGE 19

20 If the release price is in line with the last two years at , then it clear that the 2014 vintage will present an opportunity for En Primeur buyers. A significant increase, however, would divert all attention towards the 2012 vintage, which currently trades at around 450/12. Clinet 93 (TA) (JS) CHATEAU AUSONE: RECLAIMING THE HIGH GROUND Visting Chateau Ausone is always a privilege and a delight. The Chateau is located via an almost-hidden road up a steep climb, and the views are superb. The tasting cellars are quite low key and relaxed for the most expensive in St Emilion, and the focus here is the wine, and with this Grand Vin it is invariably a rewarding experience. The 2014 Ausone is dark and inky, and not the sort of wine to tip down a lightly coloured sweater this wine will stain for life! On the nose it is all deep black forest fruits and nice minerality, and just beckons you into the glass. The palate is simply delicious, and maybe because it signifies just how good this wine will be in 10+ years, the continuity through the mid-palate is significant, balanced with soft tannins, and the savoury edge hangs on through a very long finish this is one to grab and keep! Since 2006 Ausone has failed to reward their En Primeur buyers with the desired returns. The price levels at which they released during 2009, 2010 and 2011 were unjustified given that the quality was judged by Parker to be below that of its peers. For both 2012 and 2013, however, the wine was released at a more suitable mark ( 3,372 in 2012 and 2,627 in 2013), and the values have reversed the trend seen for the seven years prior. The 2014 vintage is rated at 95-96pts by Suckling which is superior to both, and on a par with the 2008 vintage (96 pts and trades at 4,000). Should Ausone maintain their sensible pricing strategy of the past two years, this could well be one of the top recommendations from the St Emilion region. Ausone (WS) (JS) VIEUX CHATEAU CERTAN: I AM CERTAN THIS IS THE BEST RIGHT BANK WINE JUST MY VIEUX THOUGH? I have to try to be impartial and balanced to be fair to the rest of Bordeaux, but if I could only take a single case to the proverbial desert island it would be VCC and I wouldn t spend a minute considering what else I am missing out on. Tasting at VCC is treat, apart from the main course this is all about the owners; the father and son team running VCC reflect the very personal touch that one can detect with this wine, and they are relaxed and an enjoyable team to taste with, probably reflecting the confidence they have in the wine. The 2014 was very expressive on the nose exhibiting more red currant fruits which on the palate explode into a creamy, rich mouthful with bacon notes running through a balanced midpalate and long gentle exquisite finish and soft tannins. This will be a sheer delight for those lucky enough to acquire a case or two another gem from the Thienpont family. With just three vintages falling in price since 2004, VCC has been one of the more successful estates for En Primeur buyers. However, it is the recent vintages of 2011,2012 and 2013 that have struggled to match the performance shown by the vintages from the earlier noughties; a series of high release prices and lack of demand have kept prices from rising over the last few years. PAGE 20

21 Suckling rates the 2014 at 95-96pts, which, score wise, is on par with the 2011 (95-96pts) but better than the 2012 (93-94pts) and the 2013 (90-91pts); both of which were released at /12 ex-neg. It is important to note that as an overall vintage, 2014 is certainly a different proposition to the last three years. Two vintages that offer a more suitable benchmark for the 2014 are the 2006 vintage (96 pts) currently trading at 1,280, and to a lesser extent the 2001 (93 pts), trading at 1,195. Should prices remain at the level seen for VCC vintages outside of 2009 and 2010 of around 788/12, then VCC may well be a wine that offers value for investors in Vieux Chateau Certan (WS) (JS) LE PIN: THERE IS NO IF ABOUT THESE WINES, THIS IS THE TAIL ON THE DONKEY! Not far from VCC is the tiny plot belonging to Jacques Thienpont, who produces the world famous Le Pin with some help from his cousin Alexandre, and now of course we have the second offering under the label L If, which is the estate bought by Thienpont previously called Chateau Le Haut-Plantey. Now depending on who you follow for your critic scores you may already be aware that James Suckling has awarded L If 94-95pts for the 2014 and Le Pin a mere 93-94pts. While we are dealing with two very different estates here it is notable that Thienpont has acquired a top score for only the fourth vintage of his rebranded St Emilion and with only 500 cases available prices are set to run in just one direction! L If 2014: This is a very well balanced wine, it so clearly reflects the wine making techniques at hand, with layers of delicate fruit, light fresh acidity, elegance, structure and a smooth lengthy finish with soft tannins. Just make sure you get a least a bottle before this becomes another resident of certain select cellars! Le Pin 2014: Having to contend with the new upstart and with the risk it could be outscored by NM later this month, Le Pin needed to perform and the 2014 duly delivered in an exhilarating way. The wine was shimmering in anticipation, the nose was perfumed red berry, the palate a rich yet subtle explosion of fruit. Such elegance, style and balance with a very long finish just stamps its class all over this wine. It will simply be delicious for the lucky few and I think it pips its understudy to the post! Pin (WS) (JS) PAGE 21

22 L EGLISE CLINET: DENIS DURANTOU S PRICE IS RIGHT Make no mistake about it, despite its modest appearance, L Eglise Clinet is one of the finest producers in Pomerol. When you consider its small production and the crazy prices that nearby wines Petrus and Le Pin fetch, it does make you consider whether this is really one of the best value fine wines you can buy. The 2014 is a blend of 90% Merlot and 10% Cabernet Franc. The wine exhibits a deep dark hue, and the palate is almost representative of this. It has a darker edge to it, but is quite broad, with deep concentrated fruit and chunky tannins. The lovely acidity balances beautifully, to leave a lingering finish of mocha and spices. Great effort once again. Unfortunately, there are no glamour models in the Bordeaux spin off of everyone s favourite game show (unless you are Ducru) but the cries of higher or lower could not be more fitting for this year s EP release. L Eglise Clinet is part of a small grouping of estates that has seen an increase in price for its 2012 and This is not surprising for the former, given it stands alone as the only potential 100pt wine from the 2012 vintage. There is a strong possibility that it could rival 2009/2010 in terms of quality. of 100/bottle and is now available at less than 14% of its initial release. A score at the upper end of the Parker spread from 92-95pts to 95pts has not offered any resistance to the price deterioration, with many investors/collectors referring to the overall vintage quality as justification not to buy. Parker s influence in this case has been partially ignored. With an average Parker score of 95.9pts, it is the highest scoring wine in the Liv-ex Right Bank 100 Index and therefore finds itself placed amongst the most costly with an average price per case of 1,600. Factors such as tiny production levels must also be taken into consideration, with less than 1,500 cases produced per annum, pricing looks modest compared to Ausone, Le Pin and Petrus. James Suckling has awarded the 2014 an initial barrel score of 94-95pts compared to his 93-94pts for 2013 and in-bottle score of 95pts for the 2012 (from a mark of 94-95pts). It is hard to suggest that the 2014 will eclipse the quality of 2012 but if released at similar price levels, it represents a price close to 1,100 (ex-london). If DD prices at close to 2012 levels, there will certainly be a thoroughly engaged market and a buxom wine to boast. Eglise Clinet (WS) (JS) As Parker said on the 2012: Just finished tasting over 700 bottles of 2012 Bordeaux. Still have about 40 or so to finish, but as per my initial report in April, 2013 looks to be on the money... with a big exception...the wines are performing better than I originally estimated...which is great considering the ultimate truth is after bottling The strengths of the vintage are the Pomerols and Graves(not far off the peaks of 2009 and 2010). So at pts, 2012 could be an interesting contender for further price development if Parker scores in the higher range at the end of this month. The 2013 is rated at 92-94pts from Parker and therefore ranks as one of the better wines of a messy vintage. The 2011 has struggled coming off a mark PAGE 22

23 DAY 4 ST JULIEN AND MARGAUX With our final day of tasting beginning at the tiny appellation of St Julien, we set off early from our Bordeaux apartment with not such tiny headaches from the night before in great anticipation of what St Julien could offer. Even though it is one of the smallest appellations of the Medoc, it is often the most consistent and despite its small size, St Julien produces several Bordeaux styles; from powerful and tannic to elegant and feminine. The latter part of our day was dedicated to the equally small appellation of Margaux. POYFERRE OR NOT! The sun was out and after an hour of napping, rehydrating and dubious overtaking, we arrived in St Julien in good spirits. Our first tasting of the day was scheduled at Léoville Poyferré for 9.30am, but not even the Hamilton/Rosberg-esque convoy could spare us missing it. Luckily, we were able to try Léoville Poyferré later in the day while hosted by one of our negociants. It showed promise of a typically refined wine with notes of spicy cassis, pure fruit, fresh and delicate tannins: drinkable when young. Poyferré has come into its own in recent vintages, and a perfect score from Parker for the outstanding 2009 provided the estate with a profile boost that many critics and trade members alike would describe as well-deserved. Compared with neighbour Las Cases, prices for Poyferré are always excellent value, with many vintages trading for around half the price: 38.40/bottle didn t work, perhaps, as well as the Bordelais had hoped in 2013, with a far less rounded and polished wine. A similar price for the 2014, perhaps up to the 2012 release price of 43.20, would no doubt garner more interest. (93-94) JS (92-95) WS (93) TA WE RE LOVING DU CRU CHATEAU DUCRU BEAUCAILLOU Year after year Ducru Beaucaillou never fails to impress, and this year they were right en pointe. It becomes clearer every year that Bruno Borie spends almost as much time picking the hostesses as he does picking the grapes; Chapeau Bruno, two stunning efforts once more (98+ points and 95 respectively full bodied and elegant with presumably supple tannins great on the eye!). As we were taken down through the opulent Ducru yellow halls to the beautifully-equipped tasting room, we were presented with four wines: Le Petit Caillou, Lalande Borie, Croix de Beaucaillou and the Grand Vin, Ducru Beaucaillou. The most impressive of the four wines by far was the Grand Vin, however La Croix de Beaucaillou (60 % Cabernet Sauvignon, 35% Merlot and 5% Petit Verdot) had good freshness and weight while the Lalande Borie had an approachable style: softly textured and open with sweet cassis on the finish. The Ducru Beaucaillou is a remarkable expression of Cabernet, with a majestic pairing of elegance and concentration of fruit. Profoundly dark purple in colour, a rich and developing nose, with layers of black fruits and spices, there is a clarity of mineral notes, cedar, liquorice that lingered on palate. The discerning balance suggests a long life ahead and it is safe to say it has emerged as one of St Julien s top wines. Ducru Beaucaillou is made up of 90% Cabernet Sauvignon and 10% Merlot with around 10-12,000 cases produced each year a great option for the cellar (if the price works!) PAGE 23

24 We left the Estate wanting to go back for more (on a number of fronts). Bruno Borie s appreciation for the opposite sex is further demonstrated by his naming of each vintage, this year naming the 2014 after Rhianna (and Winston Churchill) make of that combination what you will. The thought of Churchill twerking with the same flare as the Barbadian pop star should at least evoke amusing mental imagery Moving quickly on! Whether we will be buying at primeurs will of course depend on the release price, which has been difficult to estimate over the past few years. The notable 2009 vintage was released at a dizzying 180/bottle, three times the price of the previous (rather lovely) vintage. It was one of only a few top estates to drop the price for the 2010 to 150 and while recent vintages have been considerably better value dropping to the previous benchmark of 60-70/bottle we must await Mr Borie s decision on what has been described by several UK and Bordeaux trade members as their favourite Left Bank wine! The 2012 level of would likely be welcomed by the trade, considering back vintages trade at prices of around 850/12 for the 2001, 2002, 2004, 2006, 2007 and If the 2014, which will no doubt rank favourably against these vintages, is available to consumers at , then it should seriously be considered pts James Suckling CHATEAU LEOVILLE LAS CASES Our next port of call was at Chateau Leoville Las Cases which lies in the northernmost tip of the St Julien appellation. The modest tasting room, in comparison to Ducru Beaucaillou, had wines laid out ready for us from Domaines Delon: Chateau Leoville Las Cases, Chateau Pontensac (Pomerol) and Chateau Nenin (Medoc). Chateau Pontensac (Pomerol): Hints of oak and cedar on the nose, aromatic and well structured, this wine is medium-bodied with polished tannins. Chateau Nenin (Medoc): Nenin: There are hints of fruit on the immediate palate, but austere which will open slightly with time. A slightly spicy and earthy finish. Fugue de Nenin: A light and attractive nose, but hollow fruit in the mid-palate, slightly more balanced towards the finish. An easy-going drinker. Chateau Leoville Las Cases: Clos du Marquis: A little closed but restrained on the nose, great mouth feel and nice red and black fruit flavours with an offering of spice. Petit Lion du Marquis de Las Cases: A simple, earthy nose, with perfumed sweet fruits and well integrated tannins. Leoville Las Cases: It is fair to say Pierre Graffeuille and his team have created one of the top wines of the vintage a true surprise for everyone! Usually a closed and a tough wine to taste so young at En Primeur, Leoville Las Cases certainly was a show stopper. So amazed by its already beautiful nose, precise fruit and easier-than-usual tannins, a number of the team had to taste a second and even a third time with the spittoons becoming ever less necessary. It presented an elegant, sweet perfumed nose, hints of rose and cedar, complemented by a rounded structure on the palate with noticeable but smooth tannins. The hint of spice and minerality were evident in its long finish. This is a powerful and concentrated wine but elegant and refined, a true representation of their terroir. The assemblage is 79% Cabernet Sauvignon, 10% Merlot and 11% Cabernet Franc. PAGE 24

25 Las Cases is known as typically the most expensive of all the Medoc wines outside of the First Growths, with a rich history of notable scores and an undisputedly exceptional terroir it s is often considered an unofficial first growth. This is a vintage where the quality is clearly up on the 2012 and 2013 (both 79/ bottle ex-neg) and there is justification to increase on those lesser offerings. When looking at prices for back vintages following a sustained period of market softening for Las Cases, it would appear the Chateau could raise its release price to something around 85-88/bottle. With equivalent quality back vintages hovering around 1,000/12 mark, the question would be whether /12 offers enough of an incentive to buyers. But ignoring price and based purely on a quality perspective, it s a must from this vintage. Leoville Las Cases (JS) (WS) 96 (TA) CHATEAU BELGRAVE A FEW FAVOURITES: Péby Faugères: Last year the focus of a blog post for the website Crouching Tiger Hidden Merlot, this wine is beginning to draw more attention year by year and is certainly one of the most interesting estates on the Right Bank at present. A tiny production (around 500 cases) project from multi-millionaire Lalique owner Silvio Denz and famed wine consultant Michel Rolland. This is a sexy wine, fantastic balance, freshness and concentration of fruit. Well balanced and complex. At around 600 per case (if you can find it) it s still reasonably priced for the quality (JS) HERMIONE (BUYER) AND PHIL (DIRECTOR) ENJOY SOME REFRESHING WHITES AT BELGRAVE From Leoville Las Cases we headed to Belgrave to taste a variety of wines and attend another delicious lunch, hosted by a supplier. With a broad selection of wines to choose from and a limited amount of time we had to be quite selective. However, did focus time on the Right Bank, which we hadn t covered as fully earlier in the week. Le Gay: With 90% Merlot and 10% Cabernet Franc, it carries a fresh, floral and sweet nose, with enchanting aromas of plum and flavours of red fruit on the palate. Extremely well refined with soft tannins, great intensity and long finish (JS) La Conseillante: A 78% Merlot and 22% Cabernet Franc blend, this is an excellent wine with a great balance. Fresh cherry and tobacco notes on the nose, an intense palate of aromatic fruit, the oak has integrated beautifully into the wine and the tannins are silky. This is a layered and lovely wine with a long finish (JS) PAGE 25

26 Valandraud: With 70% Merlot, 25% Cabernet Franc and 5% Cabernet Sauvignon, this is a powerful and rich wine with silky tannins. It has tobacco, vanilla, dark fruits and spice on the nose with mineral notes and ripe dark fruits on the palate (JS) Le Dome: A masculine wine, deep ruby in colour, with coffee, liquorice and mineral notes, sweet cherry on the palate, and firm tannins. withdrawal from the Union des Grand Crus (you can no longer taste their wines at the general UGC tastings held in primeurs week), was well received this year and seems to have produced one of the best wines in Saint Emilion. With equivalent back vintages available at 600/12 and a good discount on these levels should help the wine sell through. CHATEAU MARGAUX (JS) Clos Fourtet: Plenty of balanced and fresh fruit, and some spicy undertones and floral notes. The finish is long but gentle with velvety tannins (JS) Figeac: A 40% Merlot, 28% Cabernet Franc and 32% Cabernet Sauvignon blend, this is a beautiful Figeac, deep ruby in colour. A concentrated nose shows black cherry, minerality and wet stone. Full-bodied with very fine tannins (JS) La Mondotte: This is a rich and powerful wine, with flamboyant fruit on the palate. A well-structured wine with firm tannins and excellent weight. A lovely long finish (JS) (WS) Of all these wines, perennial strong performer Clos Fourtet is always worth consideration; it s a strong brand that continues to work well globally as it offers great value and quality (consistently). The 2014, whilst not ranking alongside the best vintages of this estate, at 44 (2013 release price) should work for buyers considering average back vintage prices hover around mark. Figeac, which seems to be re-establishing itself on the market after a few years of oversight, most notably emphasised by their This was certainly an eye-opening and informative tasting, led by Paul Pontallier (or as we like to call him the Arsene Wenger of the wine world ) who has been running Chateau Margaux since With hidden enthusiasm, he gave us an introduction behind the vintage, terroir and grape varieties used. He revealed that the 2014 vintage doesn t sit at the top tier of best vintages (which include 2000, 2005, 2009 and 2010) but that it can happily be placed in its own rank just above the vintages that include 2001, 2004, 2006 and For someone so senior, his appetite to showcase the wines himself is humbling and well received by all. Although always sharply tweeded, it might be time for a new jacket next year Paul I m sure Philip can recommend a vendor or two! We first tasted Pavillon Rouge du Chateau Margaux (77% Cabernet Sauvignon, 22% Merlot and 1% Petit Verdot) which has plenty of tannins accompanied by a balance of freshness and acidity. Refined and silky with a long finish. A vibrant wine but it lacks the excellent concentration produced by the Grand Vin. PAGE 26

27 Which leads us on to our tasting of Château Margaux (90 % Cabernet Sauvignon, 5% Merlot, 3% Cabernet Franc and 2% Petit Verdot) which was everything you would hope and expect from the Grand Vin. An expressive nose has hints of light savoury cassis, the core is of plum and its agile tannins lead into a long finish. There is a lively acidity complemented by its elegant and approachable palate. Allowing the wine a moment in the glass gave it time to open up significantly and for the flavours and aromas to develop no doubt this wine will develop well in barrel and bottle. The 2014 exudes typical characteristics of a Margaux and is welcoming to drink especially in comparison to most of the bolder and more weighted wines of the Northern Medoc. The final tasting was of the Pavillion Blanc, which showed restraint and balance, but was not a particularly notable wine. It was fresh with a bold attack, but the mid palate lacked some of the concentration of fruit present in some Medoc counterparts. An easy drinker for those with a taste for the finer Bordeaux blancs. It would hardly be a surprise to see a slight increase on the 215/bottle release price of the last two vintages. The megalow production Pavillon Rouge is always a great value purchase for those who seek a consistent name from the appellation; a price of would certainly attract interest and there may be more of a scramble to get hold of the 2014 effort than has been the case in recent years. Expect to see strong interest in Margaux, similar to the other Firsts, if priced around / bottle at first release. CHATEAU PALMER Our final tasting of the week at Chateau Palmer was a delight. We were excited to hear the 2014 vintage marked the first year of a fully biodynamic estate and the wine certainly had all the elements of a great Palmer. We began our tasting of Alter Ego which as export director Chris Myers explained is not a second wine but a wine in its own right as it has its own dedicated vineyard plots consisting of 52% Merlot, 45% Cabernet Sauvignon and 6% Petit Verdot. A hugely expressive and perfumed nose of bright plum and raspberry, the fruit flavours that followed on the palate did not disappoint, they were rich with velvety tannins. Palmer (49% Cabernet Sauvignon, 45% Merlot and 6% Petit Verdot) was a deep purple to the rim, with a fabulous depth, spicy with succulent black fruits and notes of liquorice and spice. It is full-bodied, with velvety tannins and a lasting, fruity finish. Palmer is the anomaly of the Margaux appellation price-wise. Bucking the price trend of other GCC around them such as Rauzan Segla, Lascombes and Brane Cantenac, the estate has an unofficially established rank as the premier wine, outside of their next door neighbour, First Growth Château Margaux. Sharing such a rich terroir has allowed Palmer to make consistently great wines, performing particularly well in the best vintages. This has seen the market for Palmer extend globally and there is strong demand from all of the major global secondary markets. Their decision to move towards organic production is something they do not wish to shout about in PAGE 27

28 the same way Pontet Canet do. That said, Chris Myers was still quick to mention this along with his beliefs that a great many more estates will follow suit over the next few years it will be interesting to see how this develops. CEO of Palmer, Thomas Duroux, has already intimated to the press that he expects to release the 2014 vintage at the same level as the 2012, which was 150 ex-negociant and entered the market at around 1,650/12 for the consumer. Palmer has always remained headstrong when it comes to its pricing and place in the market, often comparing its product with wines and corresponding prices in Burgundy, Italy and California. The 2014 En Primeurs was a fascinating experience as we tasted over 100 wines ranging over many Grand Cru estates. But one thing that is clear to see is the quality of wine has improved enormously on the 2013 vintage. This is certainly the best vintage in four years (since 2010) and certainly most consistent across the whole of Bordeaux compared to others. Without oversimplifying, the Left Bank wines tended to be of a higher quality than the Right Bank Wines. This is down, predominantly, to the Cabernet fruit which showed Bordeaux in its best light. This is not to say there were not any gems on the Right Bank, and those wines with a high proportion of Cabernet Franc (Cheval Blanc, and VCC, for example) really benefitted from the beautiful aromatics and ripeness brought by this Cabernet grape. Leaving this beautiful estate behind us we had completed a fantastic week of tasting and to conclude, it has become clear that as we progressed through both St Julien and Margaux, the winemakers have been able to express their terroir in the wine. These Grand Cru wines are of exceptional quality, simply described as harmonious. Their dark hue, precise fruit and firm tannins can be a guarantee of exceptional aging potential. A quick pit stop at a local merchant allowed us to pick up a couple of bottles of Clos de Lunes, Lune d Or 2012 which went remarkably well with some le Big Mac s from quaint French restaurant McDonalds wine and food pairing at its most elegant! THOSE WITH A KEEN EYE MAY NOTICE IT WAS CHATEAU HEINEKEN BEING SAMPLED IN SAINT EMILLION AFTER A HARD DAY S TASTING. PAGE 28

29 ESTIMATED RELEASE PRICE TABLE JS = James Suckling, WS = Wine Spectator, TA = Tim Atkin, NM = Neal Martin (The Wine Advocate), JR = Jancis Robinson Wine Vintage JS WS TA NM JR Estimated Release Price ( /12) Angélus Ausone Beauséjour Duffau-Lagarosse Beychevelle Brane Cantenac Calon-Ségur Carruades de Lafite Chapelle d Ausone Château Branaire Ducru Château Canon-la-Gaffelière Château Cantemerle Château Figeac Château Gazin Château Gruaud-Larose Château Haut-Batailley Château le Gay Château Rauzan-Ségla Château Suduiraut Château Talbot Château Valandraud Cheval Blanc Climens Clinet Clos Fourtet Cos d Estournel Domaine de Chevalier PAGE 29

30 ESTIMATED RELEASE PRICE TABLE CONTINUED JS = James Suckling, WS = Wine Spectator, TA = Tim Atkin, NM = Neal Martin (The Wine Advocate), JR = Jancis Robinson Wine Vintage JS WS TA NM JR Estimated Release Price ( /12) Duhart-Milon Rothschild d Yquem n/a Forts de Latour n/a Grand Puy Lacoste Haut Bailly Haut Brion La Conseillante La Fleur Petrus La Mission Haut Brion La Mondotte Lafite Rothschild Lafleur Lascombes Latour n/a Le Clarence de Haut Brion Le Dôme Le Petit Cheval Le Petit Mouton Le Pin L Eglise Clinet Leoville Barton Leoville Las Cases Leoville Poyferre L Evangile Lynch Bages Margaux PAGE 30

31 ESTIMATED RELEASE PRICE TABLE CONTINUED JS = James Suckling, WS = Wine Spectator, TA = Tim Atkin, NM = Neal Martin (The Wine Advocate), JR = Jancis Robinson Wine Vintage JS WS TA NM JR Estimated Release Price ( /12) Mouton Rothschild Palmer Pape Clement Pavie Pavillon Rouge de Margaux Peby Faugères Petrus Pichon Baron Pichon Lalande Pontet Canet Rieussec Saint-Pierre Smith-Haut-Lafitte Troplong Mondot Trotanoy Vieux Ch. Certan PAGE 31