"I'm surprised by the negative comments made by merchants and journalists," said Laurent Ehrmann of negociant Barriere Freres. Ehrmann claims that the criticism of the 2006 en primeur campaign by Robert Parker, Jancis Robinson and others have not affected sales at all, but other negociants are less sanguine, lamenting the loss of sales from the two traditional overseas markets.
It strikes me that the hostile response from the American and British press -- while startling in its vehemence and striking in its near unanimity -- is nothing more than the predictable and inevitable reaction to years of over-aggressive, over-reaching pricing policies from Bordeaux negociants. Perhaps they should have anticipated some blowback?
Showing posts with label Bordeaux. Show all posts
Showing posts with label Bordeaux. Show all posts
Monday, June 25, 2007
Negociants dismayed by US, UK reaction to '06 en primeur
Friday, June 15, 2007
Jancis: "I hope 2006 fails"
Jancis Robinson blasts the en primeur system and adds her voice to the chorus hoping for failure in the 2006 campaign: "Wouldn't it be nice if we didn't have to play this game?' I hope 2006 will not be a success. I hope it will really show the Bordelais the shortcomings of the system." Jancis's remarks come from a "podcask" interview with the sales director of London merchant Berry Bros. -- well worth a listen.
Monday, May 28, 2007
Parker: "I would not spend a dollar on '06 Futures"
Robert Parker has bluntly reaffirmed his pessimistic view of the U.S. market for 2006 Bordeaux, saying, "I would not spend a dollar on '06 futures."
These remarks, made at the Duquesne Club in Pittsburgh two weeks ago, come on the heels of his prediction earlier this month that "the 'futures' market in the USA will be largely a failure." (A self-fulfilling prophecy, perhaps?)
A weak dollar, combined with large expenditures on the outstanding '05 vintage and the availability of strong buys among the '03 Northern Medocs, all lead Parker to advise against any spending in the '06 en primeur campaign.
Curiously, Parker's latest column for Business Week offers his picks on "Where To Place Your 2006 Bordeaux Bets." He is less blunt for the "Executive Life" crowd than he was at the Duquesne Club, advising, "I wouldn't load up on 2006 futures, as the vintage is good but not great."
Nevertheless, Parker offers up his recommendations for futures worth a gamble if priced below $45: Branaire-Ducru, Malescot St.-Exupéry, Haut-Bailly, Duhart-Milon, Fleur Cardinale, Monbousquet, Smith-Haut-Lafitte and Clos de L'Oratoire.
Anyone care to bet on how many of these wines come in under that price point? (My prediction is three: Duhart-Milon, Fleur Cardinale and Clos de L'Oratoire.)
Wednesday, May 16, 2007
In Praise of White Bordeaux
Eric Asimov, in a recent post, surveys the early critical reaction to 2006 Bordeaux ("somewhat mixed" but "pretty good") and the by now well rehearsed reasons why the vintage's claret will not be a great buy for the American consumer. Asimov reserves his greatest enthusiasm, however, for the promising reports about vintage's dry white Bordeaux, which he calls "sort of an anachronistic wine" but one that "really ought to get more respect." 2006 was, by all accounts, an outstanding vintage for the region's dry whites, and Neal Martin, among others, has called the whites from Pessac "fabulous."
Dry white Bordeaux, blended from Semillon and Sauvignon blanc, is too often a neglected wine, overshadowed by the world class sweet white and dry red wines from its own region, as well as more popular dry whites, like Chardonnay, worldwide. Yet if you have never tasted a dry white Bordeaux, I can almost guarantee you have never had anything quite like it. The best examples of dry white Bordeaux combine the crisp acidity and tropical fruits of Sauvignon blanc with the richness and unique, waxy texture of Semillon. It is a wine that is weighty and, with some age, carries complex non-fruit notes while not sacrificing freshness. It pairs excellently with fish and seafood dishes of all kinds, and provides a great alternate pairing with foie gras, for those not wanting a sweet wine.
Asimov lists Haut-Brion, Laville Haut-Brion, and Domaine de Chevalier as his top tier of dry white Bordeaux, and to that list I'm almost tempted to add "Y", the dry white wine from the fabled Chateau d'Yquem. "Y" is somewhat of a rarity, as it has been produced in only 23 vintages since 1959 and carries a unique fascination as being the product of the same estate that produces the world's most famous, and most expensive, dessert wine. While "Y" may not quite reach the heights of Haut-Brion blanc or Laville Haut-Brion, the 2000 "Y", which I tasted last year, was everything one wants in a dry white Bordeaux -- graceful and uncannily poised, with crisp, even slightly exotic, fruit flavors balanced by a richness of texture and a roundness of body. A wine of class and understated beauty, with a touch of that special Yquem magic.
Tuesday, May 15, 2007
Historical XIX Century Wine (at XXI Century Prices)
LA-based wine collector and Parker Board legend Jeff Leve has posted a scoop on a fascinating new project from Chateau Palmer: a blended wine consisting of 85% Bordeaux from Palmer's estate in Margaux and 15% Syrah. Called "Historical XIX Century Wine," this new offering is an homage to the bad old days when Bordeaux proprietors would routinely blend the traditional Bordeaux grape varietals with Syrah for added ripeness and heft. While this practice of adulteration has gone the way of adding ice to the vats to cool fermentation, Chateau Palmer apparently believes that collectors will chase this new offering for a chance to taste history.
As Leve notes, the French AOC laws create an interesting situation for this wine, as it must be labelled a vin de table, rather than Bordeaux, because the grapes come from two different regions. Also, as a vin de table, it cannot be labelled with a vintage year (this offering is from vintage 2004). The Bordeaux varietals are 50% Cabernet Sauvignon and 50% Merlot, but the Chateau is refusing to publicize the source of the Syrah (presumably from somewhere in the Rhone), so as not to adulterate the Bordeaux branding of the bottling and the estate.
Leve, who is famously close with Chateau owners and routinely hosts Bordeaux winemakers at his home, gives this 19th century throwback a favorable tasting note, calling it a fascinating blend of Hermitage and Bordeaux characteristics ("96 Pts"). But with only 100 cases made in 2004 -- and none in the 2005 and 2006 vintages -- few wine collectors will be able to decide for themselves whether this is a worthwhile endeavor or merely a clever marketing gimmick.
Monday, May 14, 2007
Parker on 2006 Bordeaux Futures
Pricing is starting to roll out for 2006 Bordeaux futures, and already prospective buyers are up in arms about prices that are not far below those from 2005, a far superior vintage. The usual venting has been on display on the Squires Board, and Robert Parker himself weighed in on this thread. As usual, Parker's market analysis is worth hearing:
I still believe the "futures" market in the USA will be largely a failure....we presumably purchased loads of expensive 05s, after taking a gigantic position on 2000s....moreover, the dollar is so weak that it just doesn't make much sense to pay up front two years in advance....what if 2007 is fabulous?.....too many negatives working against the USA buyer.
In his book on Bordeaux, Parker advises that there are only four valid reasons for purchasing Bordeaux futures (two years before the wines actually hit the shelves): superb wine from a great vintage; prices that will save you money 2-3 years down the line; securing a limited production wine; or buying in bottle sizes other than the standard 750 ml. Right now, it just does not look like the first two conditions are being met, despite wines that have surpassed the initially dismal expectations for the 2006 vintage. Of course, as Parker observes:
I definitely believe the finest 06s are superior and more complete wines than the 2004s, but the Bordelais also realize that and will price the 06s accordingly...will be interesting to see if the "new" emerging markets....eastern Europe, central and South America, and of course the Pacific rim countries, take important positions on 06s.
Parker acknowledges that his 2006 report gave the Bordelais license to price the '06s above the '04s, despite the hope of many consumers to see Bordeaux prices fall back to earth. Here's hoping that a failed 2006 en primeur campaign in the U.S., as Parker predicts, will help bring the market in that direction.
Thursday, May 10, 2007
Leaked Parker Points and Rising Prices
Ever since the legendary 1982 vintage, wine critic Robert Parker has made and driven the market for Bordeaux. Yet the recent leaking of Parker's latest scores for the 2005 vintage in Bordeaux, before his online subscribers had access to them, has brought into clear focus just what today's Bordeaux market has become: an efficient, world-wide commodities market, where cut-throat traders seek to exploit asymmetrical information, target mispriced offerings, and utilize all the technological advantages at their disposal.
The particular mechanisms of this market recently came to the forefront with the latest release of Parker's Wine Advocate. Parker offers a print and online version of his newsletter, and in an attempt at fairness to his traditional print-based audience, mails out his latest issue from Maryland two to three days before the reviews are posted online. Needless to say, this situation creates rampant arbitrage opportunities.
Bordeaux, of course, has long been bought and sold as a commodity, thanks to its historic pedigree, worldwide demand, and, most crucially, a large volume of production whose wines carry with them a nearly universally accepted numerical Parker score. This is a unique market situation in today's wine world that, thankfully, has not yet taken hold in other regions.
The latest issue had Parker's first reviews of 2006 Bordeaux (not yet on the market) as well as his second reviews of 2005 Bordeaux, which Parker has hailed as "an extraordinary vintage and one that is different from anything I have tasted in the last twenty-eight years." On the morning of May 2, a day before the reviews were set to be posted online, retailers worldwide were publicizing Parker's 2006 ratings -- probably obtained from a local print subscriber who makes a tidy sum faxing and PDF-ing the latest issue worldwide. The 2006 scores had no real financial value and so were freely disseminated, but the 2005 scores, which presumably these retailers also obtained, were guarded like state secrets.
This situation caused a panic on the Squires Bulletin Board, with rampant speculation about which wines were most likely to receive an "upgrade" from their initial score last April and posters hyperventilating about retailers who were set to gouge consumers with this asymmetrical information. There were even reports of "runs" on particular wines at various stores, like Premier Cru, on the barest hint of a rumor of an upgrade. While some print subscribers who had already received copies may have been able to secure some of the "upgraded" wines at their previous prices, the "leaked" 2005 scores primarily served the interests of those in the trade, for their own pricing and trading purposes, to the detriment of the consumer.
To take one example, the 2005 Pavie Macquin received one of the most significant upgrades from Parker, from 94-96 points to 96-100 points. This was a wine widely available for $99.95, or less, on and before May 2 but was now unobtainable at that price, even before the scores were posted online. It now sells for around $200.00. And this is far from the only case, as given Parker's overwhelmingly positive initial appraisal of the vintage now confirmed, prices have only gone up on the most coveted (i.e., highly rated) wines.
This is a perverse market situation -- enabled by the dominance of one single critic and the asymmetrical dissemination of information -- in which Robert Parker's paid subscribers -- of which I am one -- essentially subsidize those in the trade, to their own financial detriment.
While these market trends have been with us for a while now, the 2005 vintage in France has created a perfect storm, where "vintage of the century" reviews and ratings, increased worldwide demand, and a weakened dollar, have all combined to price out many ordinary consumers from wines they have annually bought, cellared, and enjoyed.
This is an unfortunate situation, but the reality of today's wine world is so driven and defined by reviews, points, and stratospheric prices that consumers can only ignore these issues at their own peril.
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