Sunday, June 27, 2010

Bordeaux 2009 - campaign ended with an explosion

Bordeaux 2009, the primeur campaign "Mit dem Paukenschlag". Or better: with annoying fireworks at the finale. I almost regret that I made a modest effort to write something less negative about the high prices (previous posting). Because this last week things simply exploded. There is this Disney image where eyes become dollar signs, and last week some châteaux owners must have looked like that.

The week before last week, just before I wrote my 'friendly' posting, we had seen more or less reasonable releases on Friday (18 June). Most of these wines also sell quite well.

- LEOVILLE-BARTON: +132% on 08, +26% on 05 and +113% on 00
- LANGOA-BARTON: +100% on 08
- DE CHEVALIER ROUGE: +94% on 08, +45% on 05 and +72% on 00
- DE CHEVALIER BLANC: +33% on 08, +25% on 07 and +28% on 05
- DE FIEUZAL ROUGE: +56% on 08, +33% on 05 and +6% on 00
- HAUT-BAILLY: +94% on 08, +71% on 05 and +171% on 00
- SMITH HAUT LAFITTE ROUGE: +121% on 08, +57% on 05 and +102% on 00
- SMITH HAUT LAFITTE BLANC: +31% on 08, +31% on 07 and +36% on 05
- BRANE-CANTENAC: +101% on 08, +37% on 05 and +53% on 00

So the price, on average, about doubled? Terrible of course, but only the brilliant Haut-Bailly surpassed the magic 100 euro line. So most fans can still buy some bottles. If only the price will come down again (same percentages!) for future "classic" vintages!

But then last week (also more or less the campaign's week): let's look at some crazy prices (presented are are average consumer prices including VAT):

- LEOVILLE-POYFERRE ± € 100 (+172% on 08 | +50% on 05 | +154% on 00)
(the result of the Parker 97-100 score)
- LA MISSION HAUT-BRION ± € 740! (+336%! on 2008)
(enormously overpriced wine…)
- LATOUR ± € 825! (+361,5%! on 2008)
(even out-pricing last week's Lafite)
- MONTROSE ± € 150 (+157% on 08 | +64% on 05 | +177% on 00)
(also as a result of a very good rating)
- PICHON BARON ± € 125 (+109% on 08 | +15% on 05 | +114% on 00)
(thus less extreme actually...)
- PALMER ± € 296 (+153% on 08 | +43% on 05 | +139% on 00)
(glad there's Alter Ego which is great too)
- LA CONSEILLANTE ± € 191 (+233% on 08 | +77% on 05 | +51% on 00)
(another wine that has just become out of reach)
- CANON ± € 125 (+150% on 08 | +67% on 05 | +120% on 00)
(bigger raise then sibling Rauzan-Ségla, they came from same price)
- MARGAUX ± € 740 (+315,4% on 2008)
(modest compared to Latour… if the word modest is applicable here)
- PAPE CLEMENT ± € 128 (+42% on 08 | +3% on 05 | +127% on 00)
(seriously modest from Bernard - Billboard - Magrez)
- DUCRU-BEAUCAILLOU ± € 248 (+188% on 08 | +67% on 05 | +213% on 00)
(painful, way too high, doesn't spark much interest from buyers)
- FIGEAC ± € 220 (+290% on 08 | +127% on 05 | +240% on 00)
(miscalculation from a wine dreaming of promotion to 1er GCC-A?)
- PICHON COMTESSE ± € 174 (+223% on 08 | +52% on 05 | +119% on 00)
(trying to cock a snook at the Baron? sad...)
- HAUT-BRION ± € 825 (+300% on 2008)
(following Latour, not Lafite and Margaux)
- ANGÉLUS ± € 289 (+256% on 08 | +36% on 05 | +110% on 00)
(the lunacy continues)
- COS D'ESTOURNEL ± € 289 (+223% on 08 | +75% on 05 | +265% on 00)
(some people said this price wasn't as bad as expected)
- d'YQUEM ± € 740 (+237,5% on 2008)
(in line with Lafite and Margaux)
- LÉOVILLE-LAS-CASES ± € 298 (+173% on 08 | +20% on 05 | +137% on 00)
(also as expected, monumental wine)
- CHEVAL BLANC ± € 960 (+133% on the 2008)
(who can buy this? but I'd really like to drink it…)
- VIEUX CHATEAU CERTAN ± € 215 (+311% on 08 | +63% on 05 | +117% on 00)
(extreme raise, for this brilliant wine)

So the one that we're still missing is Ausone. The wine will probably be released Monday or Thursday. What will the price be? At least as much as Cheval Blanc, but perhaps the Vautiers will make a nice round up to 1.000 or 1.250 euro. We'll know very soon.

[postscript: Ausone was released Monday 167% above the 2008 opening price, people who can find it will see a price of about 1,350 - 1,500 euro]

More pricing information: Bordoverview
Buying primeurs: bordeaux-2009.nl (with buying tips: see the wines that are marked with a yellow or red letter "P")

2 comments:

HamishWM said...

Very informative blog. It is a crazy world the Bordelais live in. They might count the €€€'s now, but I am wary of 2 factors.
1. If the profit and prices are too high. The prices will inevitably crash....especially if 2010 is good/great!
2. As you indicate in your article. Many of the best wines are out of reach of 'normal' people. The wines (if bought) will go straight in to 'investment portfolios'.
I think the expression I am looking for is a bubble market!
Most of the World still has financial anxieties. Chateaux like Raymond Lafon should be applauded and many of the Chateaux sub €30 on release now look 'value'.

Lindsay Morriss said...

Still laughing at "Bernard - Billboard - Magrez" ;)