2017 Bordeaux Futures Prices + Analysis

Chateau Palmer released its prices on April 23, ahead of others — a rarity, as other Bordeaux’s top châteaus wait to see how the other wineries position themselves. In addition, the Margaux a third-growth released the first tranche at 20 percent below its 2016 release price.

A few thereafter, others followed Palmer’s example. Bordeaux watchers are left wondering what the top estates will do in a challenging year for sales. Will they release the wines quickly and cut prices significantly, in a bid to interest consumers in a vintage that is not as eagerly anticipated as the previous two? Or will they move slowly? And will they keep prices high, assuming that even if consumers decline to buy the wines now, they’ll buy them down the road on release?

The 2017 vintage should yield many excellent wines, but it is by no means in the league of 2015 and 2016. Conspiring against prices are the fact that volumes are low: Following a devastating April frost, Bordeaux’s 2017 crop is 40 percent smaller than 2016’s. To make things worse for American consumers, the current exchange rate ($1:€1.19, as of May 8) is less attractive than during last year’s campaign.

Overall, the reds are fresh and pure, built on bright acidity rather than tannins, providing charming wines that will drink well in the near to mid-term. On the other hand, the dry whites are superb, and the sweet wines of Sauternes and Barsac are outstanding. Consumers will need to pick carefully, as a gray and dry summer resulted in a heterogeneous collection of wines that lack the punch and drive of great years.

Below you’ll find regular updates and analysis on the campaign, with prices given both ex-négoce, which means before importers and retailers add markup, and average retail price, which is compiled from Wine Spectator’s tracking of leading U.S. retailers. It’s what you can expect to pay. Prices for the 2017s are are also listed as the current prevailing retail price for 2015s.

May 9: The Campaign’s Cautious Start
Châteaus Palmer and Valandraud were the first notable red wines to hit the Place de Bordeaux, and in the weeks since, a few other futures have trickled out. Last week saw Châteaus Pape Clément, Batailley and Langoa Barton join the campaign.

Both Pape Clément (91-94 points based on a blind tasting of its barrel sample) and Valandraud (93-96) showed restraint in their pricing, with Pape Clément at 61.20 euros ex-cellar, a 7 percent decrease from the 2016. Because of the weakening dollar, the wine is selling at leading retailers for about $90 a bottle, or $1,080 a case, identical to 2016 futures. It’s lower than the 2015, currently selling for $120.

Valandraud released at 100 euros, a 22 percent drop on 2016. It’s selling at leading retailers for $150 a bottle, $1,800 a case, less than the 2016s, which debuted at $172, and the current price of $204 for 2015.

Palmer’s early and eye-opening release of 192 euros a bottle was a 20 percent drop from 2016. It’s selling for $284 a bottle, $3,408 a case, at top U.S. retailers, 10 percent less than the 2016 futures did and a big drop from the 2015, selling for $353 now.

Other notable releases so far include Châteaus Batailley (89-92), Dauzac (90-93, and an up and comer worth your attention), Langoa Barton (90-93) and Ormes de Pez (88-91). Langoa released at 31 euros per bottle ex-négoce, which means U.S. retail offerings are showing up around $47 per bottle (en primeur sales are typically only offered by retailers in lots of 6 or 12 bottles). Dauzac released at 30 euros, resulting in an initial U.S. retail average of $45 per bottle.

The accompanying 2017 price chart for top châteaus is noted below.

2017 Futures Prices
These estates represent a selection of leading wineries. The ratings are potential scores based on barrel samples. Retail prices are an average of trusted retailers we follow. To provide a comparison, we’re showing prices for 2015 futures and current prices for the 2010 vintage, a classic year that is currently available.

Château2017 Score2017 initial futures offering at U.S. retail2016 initial futures offering at U.S. retail2016-2017 retail changeCurrent 2015 price at U.S. retail
Angelus93-96$NA$380$384
Beychevelle90-93$77$NA$101
Calon-Segur91-94$NA$91$85
Canon93-96$NA$100$350
Canon-La Gaffelière90-93$NA$99$99
Cheval-BlancNYR$NA$690$808
Clinet92-95$NA$102$157
Clos Fourtet93-96$NA$115$129
Cos-d’EstournelNYR$NA$163$188
Ducru-Beaucaillou93-96$NA$189$193
Figeac92-95$NA$202$216
Giscours89-92$NA$62$78
Gruaud-Larose91-94$NA$73$78
Haut-BaillyNYR$NA$117$142
Haut-BrionNYR$NA$551$647
Hosana91-94$NA$160$160
La ConseillanteNYR$NA$201$185
La Fleur-Pétrus93-96$NA$234$239
La Mission Haut-BrionNYR$NA$433$465
Lafite RothschildNYR$NA$657$628
Léoville Barton93-96$NA$87$106
Léoville Las Cases93-96$NA$242$224
Léoville Poyferré92-95$NA$91$97
Lynch Bages92-95$NA$131$142
Malescot-St.-Exupéry90-93$NA$58$98
MargauxNYR$NA$559$1,706
Montrose91-94$NA$149$159
Mouton RothschildNYR$NA$549$600
Palmer92-95$284$318-10%$353
Pape Clément91-94$91$90+1%$121
Pavie93-96$NA$379$394
Pavie-Macquin92-95$NA$80$90
Pichon Baron92-95$NA$155$167
Pichon Lalande92-95$NA$162$159
Pontet-Canet90-93$NA$144$129
Rauzan-Ségla91-94$NA$83$151
Smith-Haut-Lafite91-94$NA$106$115
Valandraud93-96$150$172-13%$204
Vieux Château CertanNYR$NA$262$357 Continue reading “2017 Bordeaux Futures Prices + Analysis”

Direct Train London to Bordeaux Planned for 2020

A direct high speed railway that would take passengers from London to Bordeaux in under five hours could be in operation by 2020, according to the chief executive of the HS1 rail network.

 

Currently travellers from London to Bordeaux have to change trains in Paris. The Paris route takes 5h 25m, including a 1 hour 5 minutes connection in Paris, travelling from London to Bordeaux.

The current return connection in Paris takes 6h 26m, with a longer 1h 55m connection in Paris, owing to the need to pass through border and security controls.

The new direct service would cut travel times to less than five hours in both directions, through a direct route and security controls located in Bordeaux, with trains reaching speeds of up to 200 mph between the two cities.

The proposed route bypasses Paris and takes advantage of a newly completed 302km French high-speed rail line linking the French town of Tours with Bordeaux.

“As we’ve seen with the recent introduction of the Eurostar London-Amsterdam service, there’s a real demand for international train services to provide a comfortable and better-connected service, especially for leisure journeys,” said Dyan Crowther, chief executive of HS1 Ltd.

“This is the first time that railway operators have collaborated in this way and saves the train operator having to do a lot of legwork. The route is almost ready for a train operator to turn up and turn the key as soon as the UK and French Governments agree on border controls.

“With the right commitment, we could be looking at new services in the next couple of years. The service will take passengers direct from city centre to city centre, taking the hassle out of travel to South West France.”

HS1 Ltd, the owner and operator of High Speed 1, is in advanced planning with three other international railway operators along the proposed route, and is working on pre-planned timetable slots and train routes, meaning that a new international train operator will be able to get the route up and running in “a couple of years”.

The four railway operators along the proposed route (HS1 Ltd, Lisea, Eurotunnel and SNCF Réseau) are meeting at the end of April, beginning of May, 2018 to discuss developing a Gare de Bordeaux-Saint-Jean station, to facilitate international departures.

Source Drinks Business, UK

The Ultimate Guide to Champagne is now available at La Cité du Vin’s “Reading Room” as a Champagne Reference

I’m honoured to announce that my book “The Ultimate Guide to Champagne” is now available at La Cité du Vin’s “Reading Room” reference library under the category of “Champagne Books”.

La Cité du Vin’s “Reading Room” is an area open to everyone, offering a wide selection of literary, historic, artistic and anthropological works relating to the world of wine. Here you will discover more than 1,200 key works in 16 different languages for reference use.

La Cité du Vin is a unique cultural venue in Bordeaux, France, devoted to wine as a cultural, universal and living heritage. It offers amazing experiences around the world, throughout the ages, and across countless cultures and civilizations. You can book tickets on their website www.laciteduvin.com and onsite.

About “The Ultimate Guide to Champagne
The Ultimate Guide to Champagne takes you through, chapter by chapter, to find out everything you need to know about the wonderful world of Champagne. With original photography, illustrations, charts, maps and a Champagne Tasting Cheat Sheet — this is an essential book for Champagne lovers.

The book consists of 22 chapters covering everything from the region’s history and viticulture, to tourism information, gastronomy and even health benefits.

The book is recommended for everyone, from beginners to experts. It’s a remarkable point of reference into which any wine-lover or professional can dip in and browse.

The book is available on Amazon.com https://www.amazon.com/Ultimate-Guide-Champagne-Liz-Palmer/dp/0991894634 and private events.

Chateau Palmer 2017 Released

Chateau Palmer 2017 has been released at €192 per bottle ex-negociant, down 20% on the 2016 release price of €240. It is being offered at a recommended retail price of £2,350 per 12×75, a decrease of 18% in sterling terms on the 2016 release of £2,880 per case.

James Suckling scored the wine 97-98 points and described it as a “sexy and well-formed 2017”. James Molesworth was also full of praise and awarded the wine 92-95 points. In his tasting note, he said that Palmer 2017 “stands out from the pack”.

Prices for Palmer are 63.6% correlated to Wine Advocate score. Based on today’s release of £2,350 per 12×75, the wine would need to receive a score of 96-97 points to be considered fair value.

Buyers looking for value may consider the 2012 vintage. The wine received a score of 96 points from Robert Parker and is available at a 20% discount to today’s release. Top vintages with several years in bottle can also be found at a small premium to the 2017.

Palmer Alter Ego was released at €48 per bottle ex-negociant, down 2% on the 2016 (€49).

Source: www.liv-ex.com