Chateau d'Yquem and Cheval Blanc are on the market with mixed messages from the trade as to their saleability.
Yquem was released yesterday at 330 euro ex-chateau, up about 9% on the 300 ex-chateau price for 2006.
Cheval Blanc 2007, released earlier this week at 320 ex-chateau, was down about 25% from 400 for the 2006, with no recommended resale price.
'Yquem is the best wine of 2007. I have sold out, and if I had another 1,000 bottles of Pétrus I would sell those too,' said negociant Jean-Luc Thunevin, adding that demand for Yquem was mainly from Europe.
Prices for Pétrus are not widely available to merchants, but Thunevin estimated it was selling for about 330 to merchants, and about 700 to clients, a probable decrease of 30% on 2006.
While Thunevin is upbeat, other professionals are not so sanguine, with some reporting Yquem was only selling below its recommended resale price of 390.
Bordeaux based negociant Jeffrey Davies, who works closely with the US market, said Yquem was a tricky sell. 'In the US Yquem will be upwards of US$700 per bottle, for something that they won't get for three years and shouldn't drink for 20,' he said.
'Demand for Yquem started well yesterday morning but then tailed off, as it seemed other negociants were offering it at 360 or 365,' said Philippe Larché of Vintexnégociants.
A merchant, who did not wish to be named, claimed that people were already selling Yquem at the ex-château price, so as not to get landed with stocks.
Another senior source who also did not wish to be named described Yquem and Cheval Blanc as 'a horrible sell.'
'This may be the first time that a first growth many not be able to allocate all its wine.'
Decanter gave Cheval Blanc 17/20, while Robert Parker's Wine Advocate awarded it 88-91 points - relatively mediocre considering the price tag.
Decanter gave Yquem 19/20, and Wine Advocate gave it one of the highest scores of the vintage: 96-98 points.
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It has come my attention that there has since the moans and groans of the merchants at the start of the ep campaign a deafly silence from the consumer about this year!
WHAT DO YOU ALL THINK!
Well here's my two pennies worth - The winegrowers in 2007 were definately challenged by the conditions imposed upon them and due to their experience and skill we have been minded by the experts to expect some pleasureable wines to drink in the near future. No the mildew ridden disasters we were told to expect at the end of the summer last year!
As to price - Some, no alot of the winegrowers, have been quite sensible in the pricing, reducing their prices by upto 30%. Not that us Brits will see all of this reduction. Some I am afraid have been ignorant of the consumer, and his/her reluctance to purchase 07 - I hope you have lots of parties to drink it all up is all that I can say to them! On the whole I feel that that has been a begrudging return to sensibility by the wine grower this year. With what is currently happening in Bordeaux, may be there will be a stampede towards reasonable prices next year!....we hope!
Juste Jean
The 2007 En Primeur campaign draws to an end. Let us remember that Cheval Blanc 2004 was released at 144. per bottle. The "Brand" wants to go down the LVMH "Luxury" route, and hence justifies its high price. If only the Chateau could produce the 1998 vintage every year, then it would have a point, but the joy of Nothern Hemisphere wines is vintage variation, and prices used to reflect lesser vintages.The 2007 vintage produced excellent dry and sweet white wines, across the board. The reds are average and overpriced. It is an early drinking vintage, medium bodied, fruity, easy to drink wines with no great keeping potential. Why not a return to 2002 prices? The work in the vineyard was expensive in 2007, but so it was in 1997. Thankfully UK Merchants have learnt from that vintage. There will be very little 2007 wine bought for stock. It has been offered to the consumer, within minutes of release in some cases, and purchases have been made according to sales and not speculation. It will be intersesting to see what Asia will do with all the wine they have apparently bought!
Is 2007 Yquem @ 360-390 as good as 2001 Yquem @ 240 per bottle (opening en Primeur prices). The 2001 is now trading at £350 - £400 per bottle. Is it the sweet wine of the vintage? Probably, but wines such as Suduiraut, Climens, de Fargues, Rieussec, the Doisys, Nairac, Lafaurie-Peyraguey to mention but a few, offer much much better value for money. The wines are not as rich and concentrated as the 2001s, but are very elegant with excellent balance of acidity and sugar. time will tell.
Roll on the 2008 vintage. One gathers that France is mildew bound again! It is strange how 57/67/77/87/97/2007 were all poor/lesser vintages in Bordeaux, and we must go back to the "Edwardian Summer" of 1947 as Michael Broadbent puts it, for a really good vintage. As for the 8s, 1948/58/68 fared no better, the 1978's never seemed to lose their tannic edge, but at least we see/saw some good wines in 1988, and of course on the right bank in 1998 some truly exquisite wines were produced, back full circle to Cheval blanc, a stunning wine of the highest calibre in that vintage.
Tracy Claridge
As a wine enthusiast on a moderately good income I cannot justify spending such outrageous amounts on these first growth wines, espiecially the 2007 vintage which, at least as far as the bordeaux reds are concerned, seems to be a "restaurant" vintage.
In addition, in terms of value, it looks as if very good sauternes from 2007 can be had at 5-10% the cost of Yquem.
Reds from 2004, a better vintage than 2007, are available at lower prices than the en primeur 2007s. There is no rational reason to buy 2007 with the less expensive ,better quality and more mature 2004s available.
Added to this, the world is replete with bordeaux style reds at better cost, eg Hawkes Bay reds at NZ $20-70 that are of lower classed growth quality.
I have collected bordeaux over the last 10 years and for the above reasons am holding fire re future purchases for the above reasons. I am sure many others around the world are doing the same.
Hugh McCabe
Chateau d'Yquem on the market. Do you refer to the estate or the wine?
Chris Baker
Most of this year's Bordeaux En Primeur wines are priced too high. The Bordelaise have lost sight of what a Futures market is all about. They want most of the rewards and little of the risks. England has been the traditional market for Bordeaux futures over many decades, and has helped Bordeaux through the lean years.
Now is the time for English merchants and consumers to hold firm against the overly bullish pricing of these (mainly) mediocre wines. I reckon we will be able to save our cash flow and buy at similar prices (maybe less) in two or three years time.
Bordeaux still produces the World's best wines, but it is increasingly out of touch with its traditional customer base. Many Bordeaux wines have a production cost that is a small fraction of their retail price. Let's hope realism returns to the marketplace soon, and we don't see a repeat of the dot.coms crash.
Exasperated English Merchant
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It has come my attention that there has since the moans and groans of the merchants at the start of the ep campaign a deafly silence from the consumer about this year!
