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Bordeaux 2017 En Primeur Campaign

Bordeaux 2017 En Primeur Campaign
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The 2017 campaign is finally starting to gather some pace. Following two fantastic days in Bordeaux at the beginning of this month, it was pleasing to taste some very good wines indeed.

Before we arrived, much had been reported about Bordeaux being hit hard by the frost and that this would have a major effect on the quality of the wines, as well as the release prices. In fact, for the premier Chateaux where we concentrate our purchasing, this really was not the case as it showed that the top vineyards with the best terroir were hardly touched at all by the frost.

(Gavin Quinney’s diagram below shows that St Julien, St Estephe and Pauillac on the left bank had minimal damage – as well as Pomerol and Saint Emilion on the right bank having between 10%-50% of crop damaged)

 

What quality level are the 2017 wines?

Following 2015 and 2016 that were deemed by critics across the board as ‘Exceptional’ vintages, 2017 will be referred to as ‘Classic’. 2017 was being compared to the 2014 vintage – and once Jeremy and I had been to taste the 2017 wines, we both agreed that 2017 wines offer more structure, fruit and richness than the 2014 wines – indeed, closer to the style to the highly acclaimed 2015 wines.

Highlights from our recent EP tastings in Bordeaux

During two very full days tasting with our partner négociants, we sampled just shy of 100 wines that fit into our investment wine purchase criteria. The stand out wines for us were; From the left bank – Chateau Margaux (notably including their extraordinary pure Sauvignon Blanc which they make just 12,000 bottles of – Pavillon Blanc), Cos d’Estournel, Pichon Longueville (Comtesse de Lalande), Lafite, Mouton Rothschild, Leoville Barton and Chateau Beycheville.

One of our favourites, Pontet Canet in Pauillac currently displays a lovely palate but is rather closed on the nose and it is hard to determine the potential at the moment – whilst we will have a good allocation and it will probably turn out very well, the pricing will determine our level of appetite this year, but indications are that we will invest much more modestly with the 2017 vintage.

We also had a fantastic tasting and were very taken with the wines of Ducru Beaucaillou in Saint Julien – a wine we have not considered for investment before. Chateau Palmer in the next-door property to Margaux has many people in the trade excited and this wine has just released at 20% below 2016 prices and is being rated by some at as high as 97 points. For us, whilst very good, it was a little obvious and didn’t quite have the delicacy and finesse of its neighbour!

From the right bank, we were again impressed by Chateau Canon and Clos L’Eglise. 

How do we think the campaign is going to pan out?

As with every Bordeaux EP campaign, it comes down to the quality of the wines and then the release prices. There was much discussion when we were in Bordeaux around the 2017 pricing expectations, and in conclusion, consensus was that prices should come somewhere between 2014 and 2015 release prices. If this turns out to be the case, we are in for a very exciting campaign as predicted.

Today (Mon 23th Apr) was the first proper day of the campaign and pleasingly Chateau Palmer, hailed as one of James Suckling’s wines of the vintage, released their 2017 wine below the price of their 2015 vintage as noted above. Hopefully this sets the tone for the other Chateaux.

Our Investment and purchasing strategy for the 2017 wines

We continue to only purchase wines for our clients that we expect to offer good returns. Even when a wine is considered fantastic at 98 points for example, if the release price is higher than for their 2016 wine, we are unlikely to buy for our syndicates, and we will direct our funds where we feel better investment value is to be found.

Our intention is to provide our investors with a sound investment return over five years – at which point they can hold, sell or start to drink the wines as they wish – a nice problem to have for these great wines from Bordeaux!

Investing with Waud Investment Wines for 2017 campaign

If you are interested in investing in the 2017 campaign, or would like more information, please contact charles@waudinvestmentwines.com

 

Investment Wine Evening – Barclays

Investment Wine Evening – Barclays
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Last night we held the last of our 3 Investment Wine presentations at Barclay’s world HQ offices in Canary Wharf. We were delighted to have been invited to host in their stunning atrium on Level 30, with views looking out over London.

With 30 guests, made up of original Waud Investment Wine clients, some Waud Wine Club members and staff and clients from Barclays, we had a very enjoyable couple of hours. We tasted our Champagne de Castelnau NV brut on arrival, followed by Pontet Canet 2014, 2015 and the blind mystery wine was Pontet Canet 2006.

Many thanks for Barclays for letting us host with them, and we look forward to returning with bigger numbers next year.

If you are interested in investing in the 2017 campaign, or would like more information, please contact charles@waudinvestmentwines.com

Bordeaux En Primeur Campaign 2016

Bordeaux En Primeur Campaign 2016
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We are delighted to invite you to attend the launch of our Waud Investment Wine 2016 Bordeaux En Primeur campaign on Wednesday 22nd March from 5.30pm at Nicholas Mee & Company Aston Martin showrooms in West London.

Last year our various Waud Wine syndicates made up of friends, colleagues and wine club members, again invested over £250,000 in wines that are currently trading very favourably in the market thanks to astute buying from our expert, Stuart McCloskey. The wines we purchased in 2015 from the 2014 En Primeur campaign are now trading (just 18 months later) on average at a 22% premium.

The presentation will explain the basis and attraction of investing, as well as the generous treatment of Vat and Duty, in addition to the fact that Capital Gains tax is not applicable to the profit generated from this investment.

Here are some video highlights from last year’s events:

 

We can accommodate around 50 people at the event where we will be serving sparkling wine and canapes, enjoying a good browse of the Heritage Aston Martins in stock and finishing up after the presentation with a treat of a tutored tasting of several investment grade Bordeaux wines.

The venue again this year is;

Nicholas Mee & Company, Brackenbury House, 158-160 Goldhawk Road, London, W12 8HJ

http://www.nicholasmee.co.uk/contact-us/showrooms/

Please let me know if you would like a ticket to the event and if you would like to bring anyone with you? – we will be running another event on the same lines the following night for Nicholas Mee’s own clients as well.

If you have any questions in the meantime, please do not hesitate to get in touch.

Very best,

Charles
charles@waudinvestmentwines.com
020 7940 5516

Bordeaux 2016 – the largest harvest since 2006

Bordeaux 2016 – the largest harvest since 2006
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As we rev up towards our 2016 Bordeaux En Primeur Campaign, we look at a fascinating article about the 2016 wines. The below article is written by Bordeaux grower, winemaker and writer Gavin Quinney and was published on the Liv-Ex blog.

Bordeaux 2016 – the largest harvest since 2006

2016 was the biggest Bordeaux harvest in over a decade, according to official figures. The production of 577.2 million litres – the equivalent of a staggering 770 million bottles – was the largest since 2006, when there was 10% more vineyard area. Strong harvest figures for Bordeaux are, of course, in stark contrast to many less fortunate regions across France in 2016.

At an average of 52 hectolitres per hectare (hl/ha), 2016 saw the highest yield per hectare since the largest crop of the century to date in 2004, which came in at 54 hl/ha. “The yield on the Merlot,” I wrote in Bordeaux 2016 – quality and quantity last October, “is the biggest I’ve seen since 2004 and the quality is far superior to that attractive but uneven vintage. As Bordeaux is 89% red and Merlot accounts for two thirds of that 89%, it’ll be a big crop out in the sticks.”

It’s the third good Bordeaux vintage in a row, following on from the minor disaster that was 2013 (34hl/ha), and with the en primeur or ’futures’ tastings due to take place in late March and early April, the trade and the press will soon be able to judge if 2016 lives up to its billing of quality as well as quantity. Red wine accounted for 85% of production in 2016, plus 4% rosé, 10% dry white and 1% sweet white.

As ever, and not unreasonably, the focus for the primeurs will be on the top 300-400 wines from the leading Appellations. I’ve put together the yields for seven of these Appellations since 2006, and 2016 saw the highest yields in several years for five of them. It should be noted that the majority of the top estates ‘green harvested’ their crop from early summer onwards, reducing the potential yield in order to improve quality. Or, in some cases, to stay within the permitted maximum quota which, for reds in 2016, was 50hl/ha (eg St-Émilion Grand Cru) up to 58hl/ha (eg Graves), depending on the Appellation.

 

Bordeaux Grapes

The Cabernet Sauvignon was less plentiful than Merlot – often the result of less even flowering in June and smaller bunches – and this is reflected in more modest yields at some leading chateaux. Younger vines on more porous soils suffered during the Summer drought, when a tenth of the normal rainfall from 23 June to 13 September fell in some areas, and this also reduced the crop size.

Generic red Bordeaux makes up 35% of production, with over 200 million litres and yields of 56.6hl/ha across 35,700 hectares. It may not sound much, but this was a significant increase on the 51.1hl/ha and 51.7 hl/ha in 2015 and 2014 respectively. Bordeaux Supérieur notched up almost 60 million litres, with yields of 50.4 hl/ha across 11,850 hectares.

Most, but not all, Bordeaux rouge and Bordeaux Supérieur comes from the Entre Deux Mers and the loosely defined ‘right bank’. If you know a little of the geography of the region, you’ll see that the red and red-toned segments are those of the right bank and the Entre Deux Mers, and they’re responsible for two thirds of the whole output. Merlot, which is widely planted here, saw some spectacular yields in 2016. The Cabernets rather less so.

Meanwhile, the bluer sections of the left bank account for markedly less wine. The entire Médoc and Haut-Médoc – including Margaux, St-Julien, Pauillac and St-Estèphe – and the Graves and Pessac Léognan combined produced 100 million litres of red. That’s a lot of wine but it represented little more than a fifth of the output of Bordeaux red in 2016. Again, by volume, most of the generic dry white comes from the Entre Deux Mers.

In every case for red wines and dry whites, the combined averages for each Appellation group show higher yields in 2016 than for any other vintage. It was also a good year for sweet white wines in terms of yield.

Vins de France, Vins de Pays

Non Appellation Contrôlée wines are very much in the minority in the Gironde but it’s interesting to note that production of Vins de France and Vins de Pays (de l’Atlantique) combined, doubled from 16 and 15.5 million litres in 2014 and 2015 respectively to 31.5 million litres in 2016. 90% of this was Vins de France.

Published: Liv-ex Blog
Date: 17th February 2017
Link to Article: http://www.blog.liv-ex.com/2017/02/bordeaux-2016-largest-harvest-since-2006.html?mc_cid=20fb6130fe&mc_eid=bdabaddbb0

Bordeaux 2014: scores in bottle. (Article from Liv-ex Blog)

Bordeaux 2014: scores in bottle. (Article from Liv-ex Blog)
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As interest surrounding Bordeaux 2014 continues to build, critics have started to announce their in-bottle scores for the vintage. James Suckling released his this week; James Molesworth and Antonio Galloni published theirs last week.

Mouton Rothschild 2014 is the only wine to appear in all four critics’ top ten. Cheval Blanc, Latour, Vieux Chateau Certan each appear in the top ten for three of the four reviewers.

James Suckling’s top scores were higher than other critics. He awarded Lafleur and Ausone a ‘perfect’ 100 points, noting that he is “in awe” of Ausone, and exclaiming that Lafleur “is fantastic on the nose. OMG!” As can be seen, eight of his top ten wines have been scored above their original barrel range.

James Molesworth and Antonio Galloni have been a little more reserved. All of Molesworth’s scores fall within their original barrel ranges. Galloni awarded 97 points to seven Bordeaux reds with Vieux Chateau Certan acheiving the top score of 97+, above its original barrel range of 93-96+.

Neal Martin’s in-bottle scores for Bordeaux 2014 are expected in the next few months.

Published: Liv-ex Blog
Date: February 17th 2017
Link to article: http://www.blog.liv-ex.com/2017/02/bordeaux-2014-scores-bottle.html?mc_cid=20fb6130fe&mc_eid=bdabaddbb0

Bordeaux 2015 En Primeur Releases – 20th June

Bordeaux 2015 En Primeur Releases – 20th June
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As the campaign draws to a close, Château Lafite releases their 2015 @ £4,350.00 IB per case, which represents circa 20% decrease against the ‘06, ‘07 and 2008 vintages and £2,000.00 per case cheaper than the ‘05, ‘09 and 2010 vintages.

97-98 James Suckling “Here is a Lafite with lots of muscle and tone. Very tannic and velvety textured. Full body, fresh acidity and a bright finish. Shows a tenderness at the end. Gorgeous”.

94-97 Antonio Galloni “A dramatic, ample Lafite, the 2015 is also arrestingly beautiful and vivid. Expressive floral notes give the dark red and black flavors gorgeous aromatic lift. Today, the new oak is a bit pronounced, but otherwise, this is an exceptional wine. Rose petal, lavender, mint and purplish stone fruits add the last shades of detail”.

94-96 Neal Martin “The 2015 Lafite-Rothschild is a blend of 91% Cabernet Sauvignon and 9% Merlot picked between 17 September and 6 October. Matured in 100% new oak, it has a tightly-wound bouquet with black cherries, cassis, cedar and graphite, though it does not quite possess the depth one would have expected the vintage would have bestowed. The palate is medium-bodied with supple tannin, harmonious on the entry and with the oak neatly integrated. There is a very fine grip towards the finish, which has a tangible spicy edge – white pepper with a touch of bay leaf and enough pencil lead to fill a stationery set. The aftertaste is extremely long here, more than a minute when I timed it on my watch. It is an excellent Lafite-Rothschild in the making and it often “finds its voice” only after bottling, so it could ultimately end with a higher score”.

96 Decanter “The Lafite violets come to the fore, providing finely polished elegance to the palate. It seems discreet but the cellar master says 2015 is the most ‘concentrated’ Lafite they have made. This will show as it matures.”

98 Tim Atkin “A wine that has divided opinions in 2015. What some people see as greenness, I regard as freshness and balance. This is elegant and harmonious, but doesn’t lack stuffing, carrying its 100% new oak with ease. Graphite, blackcurrant and cedar wood are underpinned by chalky minerality”.

18.0 Jancis Robinson “Lustrous mid crimson. Lightly spicy nose and very smooth tannins in the Lafite style. Only just enough acidity. Blurry impression. Mild and charming – very restrained and Lafite. It builds on the end in an impressive manner”.

Bordeaux 2015 En Primeur Releases – 17th June

Bordeaux 2015 En Primeur Releases – 17th June
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Denis Durantou’s long awaited release, Château L’Eglise Clinet was highly recommended and we snapped up our allocation @ £1,900.00 IB per case.

98-99 James Suckling “Lively and energized. Full body, intense and dense tannins. Great wine. Goes on for minutes. Such focus and clarity”.

96-98 Neal Martin “The 2015 L’Eglise-Clinet is a blend of 90% Merlot and 10% Cabernet Franc, picked between 21-25 September at 41 hl/ha and matured in 70% new oak. Denis Durantou poured two samples for me. First from Darnajou barrel. Here, a very composed, effortless bouquet with extremely pure raspberry coulis, strawberry, almost confit-like scents that display ethereal delineation. This is not a powerful or intense bouquet, rather one that is sophisticated and refined, bunches of violet emerging with time. The palate is medium-bodied with sappy red berry fruit, crisp acidity, mineral-rich and tensile. There is tangible energy and refinement on the finish that lingers long and tenderly in the mouth, a wine constantly having something more to say. The second came from Demptos barrel. This was deeper on the nose, showing a touch more fruit, slightly higher toned. The palate is medium-bodied with fine tannin, structured in the mouth, perhaps the barrel impressing its character more on the wine than the Darnajou. Together, they should combine to create a quite magical 2015 L’Eglise-Clinet”.

95-97 Antonio Galloni “Denis Durantou’s 2015 L’Eglise-Clinet is magnificent. A wine that has it all, the 2015 is vertical, dense and also remarkably translucent, all at the same time. The purity, freshness and energy of the 2015 is remarkable and yet the wine has immense depth. Readers will have to be patient, as the 2015 carries considerable tannic heft. In 2015 L’Eglise-Clinet is a wine of stature and true pedigree. The 2015 is a blend of 90% Merlot and 10% Cabernet Franc brought in between September 21 and 25. Don’t miss it”.

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