Archive for the
‘En Primeur’

After the big release of Pontet Canet yesterday, I am sure you have seen the enthusiasm around Château Leoville Barton, which we have taken a position on 30 cases @ £580.00 IB per case. Every UK wine merchant is highly recommending it.

Score: 94/96 Neal Martin, Wine Advocate (224), April 2016

The 2015 Leoville Barton is a blend of 86% Cabernet Sauvignon and 14% Merlot picked between 19-22 September and 28 September until 5 October for the Merlot and Cabernet respectively. Matured in 60% new oak, it has a more compelling and intense bouquet than the 2015 Langoa Barton at this early stage, whereas in other years I have found the siblings closer together. It delivers some lovely blackberry, sage and cigar box scents. The palate is very refined with edgy tannin, beautifully balanced with seamlessly integrated oak. It is the classic Léoville-Barton style, full of energy and showing more breeding than the Langoa on the finish. This is just an outstanding, classic, drop-dead gorgeous Léoville Barton that is destined to give immense pleasure over the coming years. Bravo Anthony, Lilian et al. Drink 2025 -2050.

Score: 94/95 James Suckling

A very savory and fruity red with red currant and plum aromas and flavors. Full body, firm backbone of tannins and a fresh finish. A generous and fruity young red. Fruity forward in a reserved way.

Score: 93/96 Antonio Galloni

The 2015 Léoville-Barton is superb. Vivid and wonderfully nuanced in the glass, the 2015 offers exceptional purity in its aromas and flavors. As always, the house style favors finesse over pure power, but in 2015 there is a good bit of both. Graphite, pencil shavings and crème de cassis, herbs and mocha meld into a rich, textured, beautifully persistent finish. The tannins are there, but they are nearly buried. Léoville-Barton is not the most powerful or showy Saint-Julien in 2015, but it is class personified. Don’t miss it. Tasted two times.

The busiest day of the campaign for us so far – as we start with some of the big boys.

BIG NEWS, Château Pontet Canet, which has been on meteoric form since 2005 and firmly stands shoulder-to-shoulder with Châteaux Leoville Las Cases, Cos d’Estournel and Ducru Beaucaillou year-in-year-out and in some vintages competing with the First Growths…

Alfred Tesseron and his team have produced a superb wine in 2015, which we are delighted to have been highly recommended and therefore snapped up 50 cases @ £795.00 IB per case…

The critics’ scores are huge:

95-98 Antonio Galloni  “One of the wines of the vintage” & “A hypothetical combination of the 2010 and the 2009”.
97-98 James Suckling “Very classic Bordeaux. Superb depth and length. Real Bordeaux”
94-96 Neal Martin
96 Decanter
95-97 The Wine Cellar Insider (Jeff Leve)
96-98 Wine Enthusiast  

95-98 Antonio Galloni “One of the wines of the vintage, the 2015 Pontet-Canet oozes class, finesse and pure pedigree. A hypothetical combination of the 2010 (for its dark fruit and tannic structure) and the 2009 (for its voluptuous fruit), the 2015 offers remarkable intensity, power and grace. A host of exotic floral and spice notes wrap around the dark, racy finish. In a word: magnificent! The 2015 is 65% Cabernet Sauvignon, 30% Merlot and 5% Petit Verdot, aged 50% in new oak, 35% in terra cotta amphora and 15% in one year-old barrels”.

97-98 James Suckling “This is very fine and silky with a beautiful vivid blackberry and blueberry character. Super polished tannins. Refined and very, very long. Fabulous harmony to this young wine. Very classic Bordeaux. Superb depth and length. Real Bordeaux”.

94-96 Neal Martin “The 2015 Pontet Canet was tasted on two occasions around two weeks apart and I noticed a superior showing the second time around. This year is a blend of 65% Cabernet Sauvignon, 30% Merlot, 3% Cabernet Franc and 2% Petit Verdot that was picked from 18 September apropos the Merlot and from 28 September for the Cabernet, finishing on 3 October. It is matured in 50% new oak, 35% concrete and 15% one-year-old barrels. It has a pure and perfumed bouquet with small dark cherries, red plum and subtle violet scents, perhaps a little Margaux-like in style, the second showing demonstrating a little more red fruit character. The palate is medium-bodied with a slightly grainy texture on the entry. There is nicely judged acidity here, moderate depth, very supple tannin that lend this a silky texture. There is modest weight towards the second half, perhaps spicier than some of its Pauillac peers with an edgy, lightly peppered finish. It is an intriguing and complex, almost mercurial Pontet-Canet, a wine that I suspect will gain more weight during its élevage. Afford this 5-8 years in bottle and you should have a delicious, intellectual Pontet-Canet on your hands. Drink 2022-2045”

96 Decanter “Deep, velvety texture on the palate and wild flowers on the nose; unctuous yet firm with pristine clarity. A great wine by any standards – and the standards of Alfred Tesseron for his biodynamic vineyards and amphora-matured wine are magnificently evident”.

A flurry of releases came out this morning – and first up was the Margaux property Château Prieuré Lichine. This was a bargain at £295.00 IB per case. A surprisingly low price given the James Suckling’s enormous score of 95-96. “This is really exceptional this year. Full body, very velvety tannins, wet earth, mushroom and currant character. Very stoney. Very long and flavor. Greatest wine in the history of the estate”.

The Cheval Blanc owned property, Château Quinault L’Enclos, came highly recommend at £235.00 IB per case and is clearly showing all the hallmarks of the skilful Cheval Blanc winemaking team. In short, this is a sexy Right-Bank which offers fantastic value.

Neal Martin 91-93 “an extremely fine Quinault L’Enclos that will give a lot of pleasure with just 4-5 years in bottle”.
James Suckling 93-94 “A purity and balance to this year with mineral, lavender and licorice character. Full body yet balanced and super silky. Bright and precise. Best ever”.
Tim Atkin 94 “The best vintage yet under LVMH’s ownership”.
Jancis Robinson “Very gentle tannins. Really perfumed. Very sweet on the palate. Very different from the old days”.

Our purchases from the right bank continue with another Saint-Émilion wine that we snapped up this morning came from Clos de l’Oratoire at £280.00 IB per case. More very good scores and commentary from the critics:

95-96 James Suckling “A depth and texture that is very unique for this estate with blackberry, stone and mineral undertones. Full and tight. Wonderful length and style. Precise”.

92-94 Antonio Galloni “real stand out, the 2015 Clos de l’Oratoire is powerful yet also wonderfully focused. Beams of acidity and tannin give the 2015 its sense of direction, while expressive floral notes add considerable brightness. The 2015 is intense yet also impeccable in its balance. The purity and breadth of the Merlot is striking. Readers will have to be patient with the 2015, as it is one of the most intense, hulking wines of the year.

91-93 Neil Martin “The 2015 Clos de la L’Oratoire is a blend of 90% Merlot and 10% Cabernet Franc picked between 25-30 September at 45 hl/ha. Matured in 40% new oak, it has perhaps the most reticent bouquet at the moment, yet there is very pure dark cherry and blackberry fruit here, very “cool” aromatically and with several swirls of the glass it begins to find its voice. The palate is medium-bodied with fine grain tannin. There is good density here, very well balanced, very precise with perhaps the best tension on the finish that I have discerned in this particular Saint Emilion. This comes highly recommended”.

Jean-Luc Thunevin’s famous garagiste wine Valandraud is probably the most interesting purchase we have made so far. We are pleased to have picked up a ten case parcel @ £1,125.00 IB per case. This stunning wine from right bank St Emilion has tiny allocations and incredible demand given the huge scores from both Neal Martin and James Suckling…

Moreover, the ’15 is considerably cheaper than the 2005 (£2,100), 2009 (£1,700.00) and 2010 (£2,300).

95-97 Neal Martin “The 2015 Chateau Valandraud is founded upon Jean-Luc Thunevin’s ever-reliable Merlot parcels, and this year the blend is augmented with 10% Cabernet Franc and 5% Cabernet Sauvignon. It has a glorious and damn irresistible bouquet of crème de cassis, blueberry, crushed violets and a scintilla of citrus fruit, all beautifully defined and very precise. In 2015 it is determined to put a gap between itself and the Virginie de Valandraud. The palate is medium-bodied with supple tannin, creamy in texture but not in the slightest cloying. The acidity is well judged with layers of caressing black fruit towards a finish for which I could only deploy the word – nubile. This will be a stunning Valandraud to savor over the next couple of decades, though it will be difficult to resist temptation in its youth. Drink 2022-2045”

98-99 James Suckling “A fabulous Valandraud with verve and distinction. So much bright blackberry, mineral and dark chocolate character. Full and ultra-silky textured. Powerful and balanced finish. A joy to taste. Purity. Greatest Valandraud ever. 85% merlot, 10% cabernet franc and 5% cabernet sauvignon.”

Perhaps ‘The’ bargain of the vintage goes to the little unknown Grand Cru Saint-Émilion  property, Château Tour Saint-Christophe, which we cannot recommend highly enough. This is the first one we have invested good volumes in – and the scores from the leading critics are extraordinarily high for a wine at this price-point.

James Suckling awards 95-96
“Extremely firm and silky. Dark berry, violet, salt and mineral. Full body. Energy, vibrant and verve. Layered and compressed. Best ever here. 80% Merlot and 20% Cabernet Franc”.

Neal Martin awards 92-94
“The 2015 Tour Saint-Christophe, owned by Peter Kwok since 2012, is a blend of 80% Merlot and 20% Cabernet Franc cropped at 33 hl/ha between 3-16 October and matured in 40% new oak. It has an intense nose, perhaps slightly on the alcoholic side due to the Merlot (14.8%). The palate is more controlled and refined. There is still some new oak to be absorbed, but the tannins seem fine, and it is endowed with blood orange and citrus fruit lending freshness and tension on the long, sensual finish. Bottle-age will temper the nose and it should ultimately turn into a very impressive Saint Emilion”.

This morning starts with the superb Margaux property, Château Malescot Exupéry, which we are delighted to have picked up this superb and highly recommend wine @ £370.00 IB per case.

James Suckling awards an astonishing 97-98 and believes that this may be “better than the legendary 2009” which sells for £640.00 IB per case.

Neal Martin awards an impressive 93-95 and describes Malescot:

The 2015 Malescot-St-Exupery has an intriguing and complex bouquet with oyster shells and seaweed infusing the intense black fruit. It is certainly well defined with nicely integrated new oak. The palate is medium-bodied with crisp tannin, a keen thread of acidity, very pure and smooth in texture, gently unfolding towards the lightly spiced finish that lingers long in the mouth. This is a superb Margaux, surfeit with breeding and sophistication, though it will need 10-15 years in bottle.

We are very pleased to be up and running in the 2015 Bordeaux En Primeur campaign. So far the prices that have been released have been very sensible – only 10% to 20% up on last years prices – and the wines are comfortably 50% better in quality.

The week starts with the Saint Julien property, Château Beychevelle, which is always in huge demand and particularly difficult to pick-up when ‘physical’. We are delighted to have picked up their 2015 at £535.00 IB per case.

• Neal Martin 92-94
• Jancis Robinson 17.0
• Tim Atkin 93
• 92 Decanter
• James Suckling 92-93
• 90-93 James Molesworth

Our second purhase of the campaign is one of the great names of Graves, Château Pape Clement has just released their ‘Rouge’ which came highly recommended to us by Stuart at £625.00 IB per case. This represents excellent value compared to the 2005 (£1,250), 2009 (£1,300) and 2010 (£1,600).

Both Neal Martin and James Suckling have awarded huge scores – 95-97 and 97-98 Points respectively with Suckling describing the ’15 as the “Best young Pape Clément I have tasted”.

There is still time to invest in the campaign. If you are interested, please contact Charles Waud on 07984 880 698 or charles@waudinvestmentwines.com

A review from our Bordeaux buyer and expert, Stuart McCloskey:

In short, the 2015 is an exceptional vintage for the wines of Bordeaux and is, without question, the best vintage since the legendary 2010. There has also been a lot of discussion about which of its forebears Bordeaux 2015 most resembles. Some commentaries compare the 2015 alongside the 2009 and 2010, which I am in disagreement with. Granted, some Châteaux, particularly those in Pomerol and Saint-Émilion, have produced wines equalling, if not bettering their 2009 and 2010s however, wines on the left-bank are a little off the pace when compared to the aforementioned ‘great’ vintages. Qualitative comparisons are also drawn to the superb 2000, 2005 and as far back as 1982. Some have taken the more emotional approach by declaring their wines as an assemblage of all the great, recent vintages but with a unique personality all of their own.

2015 has produced some fantastic dry white wines, many containing higher proportions of Sauvignon Blanc as the Sémillon struggled during the wet August. They are showing incredible levels of fruit, concentration and fresh balanced acidity. These are some of the best dry whites I have sampled since the 2007s.

The Sauternes are incredible, as the weather pattern was almost perfect. In fact, sugar levels were too high in some quarters and had to be tamed by the addition of ripe but un-botrytised grapes. Naturally, these are very rich but enjoy a beautiful purity. There is noticeable acidity, which balances the sugar perfectly.

The Weather:

It would be remiss of me not to comment on the weather conditions surrounding the 2015 vintage – Instead, and for those of you keen to read the detailed assessment of rainfall, flowering, potential alcohol levels and acidity, I would urge you to read Professor Denis Dubourdieu’s report from the famed Château L’Eglise Clinet. More reports are available upon request.

Critic Assessment:

Bordeaux relies upon the critic scores prior to releasing their wines En-Primeur. We are only concerned with offering a panel of critics who will present an unbiased viewpoint. We opt for critics who have many years of experience, but above all for us, bravery is of fundamental importance. Simply put, they have to write the truth, regardless of past reputations. There is nothing worse than reading a review from a critic who is overtly respectful of the same wine year in, year out. Lastly, and something we take for granted, a good palate. This reason alone is why you should review several critics’ notes for each wine; do not rely upon just one, as their individual preference may be the complete opposite of your own. My advice would be to find a balance between several critics and please do not hesitate to contact me for a candid assessment.

We have selected a balance of international and UK critics, which includes Jancis Robinson and her team, Tim Atkin, Decanter and Neal Martin of the Wine Advocate. It is worth noting that Neal has taken over the Bordeaux mantle from Robert Parker. As of May 1st 2016, Neal will be assuming full reviewer coverage of the wines of Bordeaux – both Bordeaux En-Primeur and Bordeaux in bottle reports.

International critics include James Molesworth of The Wine Spectator (US) and James Suckling who has been incredibly vocal regarding the quality of the 2015 vintage. In fact, 16 wines are rated as high as 99/100 points and a further 12 are rated 98/99 with 6 wines already being awarded 100.

I will also share my views for each and every wine, which will include historical prices and how they relate to each and every release.

Release Prices:

2015 is a superb vintage and prices will inevitably and understandably be higher than 2011, 2012, 2013 and 2014 however, it’s a vintage that arrives in a complicated economic time and I hope that the Châteaux are conscious of this. Without question, the campaign will fail if the Bordelaise consider releasing their 2015 prices anywhere close to the 2009s and 2010s. Furthermore, prices must be substantially cheaper than the current market values of the 2000 and 2005s. We will provide a critical financial view of each and every release before making a decision to purchase for Waud Investment Wines. In short, our focus will lie with buying the correct wines rather than getting carried away with the excitement.

Waud Investment Wines Recommendations:

Our ‘Top’ 20

1. Château Ausone
2. View Château Certan
3. Château L’Eglise Clinet
4. Château Canon
5. Château L’Evangile
6. Château La Conseillante
7. Château Trotanoy
8. Château Clinet
9. Château Mouton Rothschild
10. Château Margaux
11. Château Pontet Canet
12. Chateau Haut Brion
13. Château Haut Brion Blanc
14. Château La Mission Haut Brion
15. Château Haut Bailly
16. Château Montrose
17. Château Ducru Beaucaillou
18. Château Rauzan Segla
19. Château Lynch Bages
20. Château Leoville Las Cases

Our ‘Best’ Value

1. Château Moulin St  Georges
2. La Chenade
3. Les Cruzelles
4. Montlandrie
5. Saintayme
6. La Petite Eglise
7. Fonbel
8. Château Giscours
9. Hauts de Pontet Canet
10. La Croix Beaucaillou
11. Château d’Armailhac
12. Château Clerc Milon
13. Dame de Montrose
14. Smith Haut Lafitte
15. De Fieuzal Rouge
16. De Fieuzal Blanc
17. Château Doisy Vedrines
18. Château Grand Puy Lacoste
19. Château Doisy Deane
20. Lynch Bages Blanc

In the last week of March we held our two launch evenings for the eagerly awaited 2015 vintage campaign. Both were held at Nicholas Mee Aston Martin in Hammersmith, the first night for existing investors and Waud Wine Club interested members. The second night was a special and very successful night put on for Barclays Wealth customers.

Nicholas Mee is Aston Martin’s official London’s Heritage dealership and we are delighted that they agreed to co-host the events with us. Our 30 guests on the Barclays evening were treated to a guided tour of the workshop before returning to the impressive showroom for the investment presentation. After a drinks reception with our Mas de Daumas Gassac Rose Frizant, we enjoyed a fascinating presentation by our Bordeaux En Primeur wine buyer, Stuart McCloskey. The evening concluded with a vinous treat, a blind tasting of three separate vintages – namely 2007, 2009 and 2012 of Chateau Pontet Canet in Bordeaux’s Pauillac region. In order to make the tasting competitive, one of the wines in the tasting had been awarded 100 Parker Points out of 100 – and we challenged the guests to guess which wine was the 100 pointer. If they correctly guessed the 2009 vintage, they were in with a chance of winning an Aston Martin.

Congratulations to Siobhan Pillmore, who took the spoils and went home with a brand new Aston Martin DB5 (miniature version!)

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Waud Investment Wines have around 50 En Primeur investors repeating last years sound purchases of 2014’s with this year’s offerings.  2015 is shaping up to be a great vintage and we are expecting to increase our investors and Bordeaux allocations accordingly.

If you would like to invest £ 2,500 per head upwards in this campaign working as an individual or a syndicate of friends or colleagues, please register interest here or call  (o) 020 7940 5516 (m) 07984 880698 and speak to Charles, Jeremy or Stuart.

Notes

Waud Investment Wines have access to a wide selection of the Bordeaux En Primeur wines including Chateau Lafite, Chateau Mouton Rothschild, Pontet Canet, Chateau Angelus and many more. In April and May we look for committments from our investors before we look to purchase the wines during the May/June buying period.

Bordeaux en primeur buyers have lost money in five of the last eight campaigns and there is still too much wine gathering dust in merchant cellars, but Liv-ex analysts say the market is in better shape than a year ago.

Article by Chris Mercer on Decanter website – 30th March 2016