Some Port estates may declare again in 2008, it has emerged.
Charles Symington, managing director of Symington Family Estates which owns Dow’s, Warre’s and Graham’s, said the quality of the 2008 vintage put the 2007 declaration into doubt at the end of last year.
‘In November and December we were thinking, should we declare the 2007s or the 2008s? By January we had decided to opt for the 2007s. Some may declare in 2008,’ he said.
Christian Seely, managing director of AXA Millesimes, owner of Quinta do Noval said he ‘would not rule out the possibility of us declaring the 2008’. Noval declared 2007 two weeks ago.
Retail prices of the 2007 vintage look likely to be around 10% higher than the last general vintage declaration in 2003.
However, many producers are dropping their ex-cellars price to offset the strength of the euro. Seely added: ‘It’s painful to have such a good wine and reduce its price in euros.’
Symington said: ‘We are putting our euro price down 10%. Inevitably the price will increase because of the pound but it also depends on the margins of the retailers.’
Written by Rebecca Gibb