Decanter World Wine AwardsBordeaux 2010: new 'benchmark' for high prices
- Sunday 10 April 2011
Steven Spurrier, Decanter’s consultant editor, suggested that with this vintage and the equally-memorable 2009, a new benchmark will have been set for the cost of the wines at the top level.
‘The chateaux have seen their prices accepted: the ceiling has broken and a new one has been established.’
Spurrier’s view is that opening prices of around $400 for first growths, €120-€150 for ‘Super Seconds’ like Cos d’Estournel and Montrose and €50 for highly-regarded lesser growths like Branaire Ducru and Langoa-Barton are now the norm.
‘We will see solidification. I don’t think the chateaux want speculation this year. I think they will release at 5-10% more than last year, and I think they’ll do it quickly – well before Vinexpo in June.’
In Bordeaux there’s little doubt that the wines will be as expensive as last year.
‘There is a consensus in the wine trade that it is very unlikely that prices will come down on last year, and likely that they will stay the same,’ Jean-Guillaume Prats at Cos d’Estournel told Decanter.com.
He also said that if there’s an increase, it will ‘probably be accepted’, pointing out that merchants were riding high on the boost the excellent 2009 had given lesser vintages that were proving sluggish like 2008 and 2007, and that they had seen the prices of many other vintages go up.
The UK wine trade agrees, and does not seem to be phased by the prospect of selling 2010 – indeed, the quality of the vintage meant that smaller properties would be the most interesting.
Tim Parkins of Stokes Fine Wines, for example, said 2010 is ‘a vintage we can do business with’, namechecking ‘entry level’ wines like the Cru Bourgeois Chateau Sénéjac as examples of properties that would sell well.
Anthony Tindal of Dublin’s Tindal Wine Merchants was ‘enthused’ by the quality of the vintage and said he would be buying ‘more wines than last year’, looking at the St Emilion ‘satellite’ appellations Lussac, Montagne, Parsac, Puisseguin and St Georges.
Matthew Hemming of Averys of Bristol said he was ‘circumspect’: price was an issue, but his top private buyers had already indicated to him that they would buy.
Stephen Williams of the Antique Wine Company thought Bordeaux 'would see no reason to drop prices' though 'they would not dare raise them while the economic recovery remains fragile.'
When all the scores are in, and if the vintage turns out to be as well-received – at all levels – as Bordeaux hopes, then being priced out of the top wines may not cause too much pain.
As Spurrier said, ‘There are lots of wines that I have always bought that I now can’t afford or don’t want to afford. I won’t be buying Leoville Barton or Grand Puy Lacoste this year.
‘But that’s no problem as there are so many good wines coming up to take their place.’
Have your say!
James Swann
April 18 14:17
Much is made of chateaux increasing prices.
Nonetheless, the Ex-négociant release price for Lafite 2009 was £550 per bottle, which at the time equated to roughly £5,500 per case. It’s London release price was £13,500/cs.
Where has the 45% increase come from? It isn’t at the chateaux.
James Swann @ Ditton Wine Traders
James Swann @ Ditton Wine Traders
April 12 15:56
By consensus, prices for the 2010 vintage are expected to be similar to slightly higher as compared to 2009.
A series of week fronts led to many flowers becoming infertile (coulure) whilst bunches that at first appeared successful ceased to develop and aborted (millerandage) with early-ripening Merlot, in particular effected.
Moreover, green harvesting, begun on the assumption of what appeared to be a full crop and significant weight loss during the drought conditions led to an ever-lower yield. Whereas full bunches have been reported among petit chateaux, top growers with typically stringent selection processes, in the Merlot-dominated Right Bank above all, report a drop of up to 30% on 2009.
Chateaux and Negociants are well-capitalised after record prices for a string of high-quality high-scoring recent vintages and soaring international demand, notably from new markets in Asia. There is therefore no immediate financial pressure to lower prices.
The re-entry, albeit a little more modestly by historical standards, of US merchants, the ever-stronger presence of Asian buyers and continuous strong demand from UK investors all point to demand being similar to 2009. Having said that, there is certainly less hype amongst private customers when compared to this time last year.
Finally, in line with recent performance, we may see certain chateaux out-perform their critic ratings against the backdrop of brand-led demand from China. But, there is some way to go yet, and we shall maintain our analysis of this in the coming days and weeks as the all-important ratings begin to emerge in full. Particularly from Robert Parker, who will release his scores at the end of this month. Interestingly, he has twittered that 2010 is a great vintage but not greater than 2005 or 2009.
On a final note, when we say prices are expected to be similar or slightly higher than 2009, that is measured in euro’s. For buyers who pay in sterling that’s bad news as sterling has dropped 6% against the euro since this time last year.
george liddle
April 12 14:56
If you visit china you can quickly appreciate the fantastic wealth being accumulated, the sheer size of the burgeoning middle classes and their appetite for 'western' fashions. In my opinion the market is only going one way and who can blame the chateaux? I will for one not be buying bordeaux at these vastly inflated prices when there are so many quality wines at much lower prices
James Mailer
April 11 14:06
I have my cellar fully stocked with back vintages, so my fingers' are crossed that Latour comes out at £50,000 a case!