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<p>Another raft of En Primeur 2017 releases round off the week, and as we’ve seen so far during the campaign, many chateaux are reporting lower volumes due to frost damage.</p><p>Canon Gaffeliere 2017 has been released at €55.20 per bottle ex-negociant, a 16.4% decrease on the 2016 release price of €66. This represents a significant premium to the price implied by Liv-ex’s Fair Value methodology. According to Liv-ex, followers of Neal Martin could consider the 2015 vintage, which has a higher score of 95 points and is available at a discount of around 4% to the 2017, volumes of which are down 55%.</p><p>Cantenac Brown 2017 was released today at €34.80 per bottle ex-negociant, down 10% on the 2016 release price of €39. Today’s release is entering the market above a number of other recent vintages, so buyers might also consider the higher scored 2014, which is available at a 13% discount. Volumes for the 2017 are down 40%.</p><p>Gloria 2017 has been released at €25.80 per bottle ex-negociant, down 14% on the 2016’s opening price of €30. Liv-ex members voted this one among the top 10 wines of the vintage below £500, with Antonio Galloni (91-94 points) calling it “one of the most compelling values in all of Bordeaux”.</p><p>Finally, Saint Pierre 2017 has been released at €38.40 per bottle ex-negociant, down 16% on the 2016 release of €45.60. This places Saint Pierre below the line implied by Liv-ex’s fair value methodology, making it an attractive proposition to buyers seeking value.</p><p>Other releases this week include: Croix Beaucaillou at €30 per bottle ex-negociant, a 13.8% decrease on the 2016 release price of €34.80; and Phelan Segur, released at €28.80 per bottle ex-negociant, down 11% on the 2016 release price of €32.40.</p><p><strong>Related link:</strong></p><p><a href="https://www.liv-ex.com/news-and-insights/">https://www.liv-ex.com/news-and-insights/</a></p><p> </p><p> </p>
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<p>The second part of Sotheby’s <a href="http://www.wineinvestment.com/wine-blog/2018/03-2/sotheby-s-to-host-sale-of-most-superb-wines-to-ever-appear-at-auction/">Jerry Perenchio</a> auction, held in New York on 19 May, smashed its pre-sale high estimate of US$3.5m to achieve a total $5.2m, with tremendous results seen for Domaine Ponsot and Meo-Camuzet.</p><p>The former led the way with a full case of the 1985 Clos de la Roche, Cuvée Vieilles Vignes realising $123,000, while a case of the latter’s 1985 Richebourg went for $116,850. An imperial of 1961 Château Latour went for the same price.</p><p>Other auction highlights included cases of Domaine de la Romanee-Conti’s Montrachet and La Tache going for between $79,950 and $86,100, and three bottles of Henri Jayer’s 1985 Richebourg achieving $73,800.</p><p>According to Sotheby’s, bidding was particularly strong from “resurgent” North and Latin American clients, who bought 65% of the lots offered. Sotheby’s head of wine, Jamie Ritchie, called the results “stunning”.</p><p>The first part of the sale, held in Hong Kong in April, saw similarly <a href="http://www.wineinvestment.com/wine-blog/2018/04/sotheby-s-latest-hong-kong-sale-smashes-auction-records/">impressive results</a>, realising a total $16.2m.</p><p><strong>Related link:</strong></p><p><a href="https://www.thedrinksbusiness.com/2018/05/stunning-results-for-ponsot-in-concluding-perenchio-sale/">https://www.thedrinksbusiness.com/2018/05/stunning-results-for-ponsot-in-concluding-perenchio-sale/</a></p><p> </p>
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<p>En Primeur continues steadily on, with a raft of new releases following the same lower-than-last-year pricing trend that’s dominated the 2017 campaign so far.</p><p>Monbousquet 2017 has been released at €36 per bottle ex-negociant, a 3% discount on the 2016 price of €37.20. The volume of stock being offered has been reduced by 60% on last year, largely due to frost, which has no doubt contributed to the price premium deduced by Liv-ex’s Fair Value methodology. Buyers looking for value might consider the higher scored 2014, which is available at a 24% discount to today’s release.</p><p>The highly-anticipated Lynch Bages 2017 has been released at €75 per bottle ex-negociant, down 21.9% on the 2016 release (€96). Critics have largely praised this year’s vintage, and its release price places the wine at a slight discount to the price implied by Liv-ex’s Fair Value methodology, making it an attractive proposition to buyers.</p><p>Lagrange Saint Julien 2017 has been released at €30 per bottle ex-negociant, a 13.7% discount on the 2016 price of €34.80. Like Monbousquet, volumes here are also lower – down 35% on last year – due to frost. The wine has had a mixed reception from critics, although Jeb Dunnock (91-93 points) calls it “a success in the vintage”.</p><p>Lascombes 2017 has been released at €49.20 per bottle ex-negociant, down 14% on 2016 (€57.60). Volumes are down a significant 70% on last year, but Neal Martin (89-91 points) has diplomatically suggested it’s “not bad at all”. His colleague Antonio Galloni was a little more generous with 91-94 points. As Liv-ex notes, the higher scoring 2012 and 2014, both already in bottle, are available at discounts of around 12% on the latest release.</p><p>Other releases come from: Quinault l’Enclos 2017 at €21.60 per bottle ex-negociant, down 9% on the 2016 price of €23.80; Grand Puy Ducasse 2017, which at €25.20 per bottle is down 12.5% on the 2016; and Beau Sejour Becot 2017, released at €40.8 per bottle ex-negociant, down 19% on the 2016 release’s price of €50.40.</p><p><strong>Related link:</strong></p><p><a href="https://www.liv-ex.com/news-and-insights/">https://www.liv-ex.com/news-and-insights/</a></p><p> </p>
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<p>Fine wine consistently outperforms equities and gold during periods of economic uncertainty, according to our latest research. In our report, ‘<a href="http://www.wineinvestment.com/docs/CW_FWvsGE_2018.pdf">Fine Wine vs Global Equities</a>’, we reveal that wine demonstrates distinctive qualities that protect investors from some of the risks inherent in an equity-based portfolio.</p><p>Cult Wines analysts compared the Liv-ex Fine Wine 1000 – the broadest measure of the fine wine market – with the FTSE All Shares index and gold futures during the depths of the financial crisis between 2008 and 2010, and during the peak of the economic recovery between 2015 and 2017.</p><p>During the crisis, the Liv-ex 1000 returned just under zero, while the FTSE All Shares index dropped 25% and gold 5%. Over the later recovery period, wine returned 10%, while the FSTE index returned roughly 9% and gold futures 8%.</p><p>“With global equities markets potentially facing the end of a record bull market, it is important to highlight fine wine’s ability to help investors avoid downside risk,” said Tom Gearing, Managing Director of Cult Wines. “Our report shows how fine wine can act as a defensive asset class in times of economic crisis but also benefit from periods of economic growth.</p><p>“We’re optimistic about the future growth of the fine wine investment market,” Gearing added. “With the right expertise, investors will have the significant opportunities to bolster their portfolios with a stable, defensive asset class.”</p><p>Read the full report <a href="http://www.wineinvestment.com/docs/CW_FWvsGE_2018.pdf">here</a>.</p><p> </p>
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<p>Auction house Sotheby’s held two fine wine sales in London last week, achieving a total £2.6m thanks to “unwavering thirst” for iconic Bordeaux.</p><p>Taking place on 16 May, the sales included ‘The Masterpiece Collection’ and another sale featuring a large consignment from a single cellar.</p><p>The first session – which realised £1.7m in total – saw six magnums of Petrus 1990 sell for £52,580, and high prices paid for cases of 1982 and 1989 Lafite.</p><p>The second session, which featured a collection of six-litre bottles of Lafite, Mouton Rothschild, Latour and La Mission Haut-Brion, saw all 234 lots sell for a total £885,626. The top lot was a full case of 1947 Cheval Blanc, which sold for £50,190.</p><p>Stephen Mould, Sotheby’s head of wine, Europe, said: “The robust results of the Masterpiece Collection demonstrate that the thirst for Bordeaux’s icons is unwavering. The impressive selection of First Growths was led by the magnificent 1982 vintage, with prices soaring for parcels of these increasingly rare gems in their original cases, as bidders competed to secure what are masterpieces of the wine world.”</p><p><strong>Related link:</strong></p><p><a href="https://www.thedrinksbusiness.com/2018/05/london-sales-combine-for-2-6m/">https://www.thedrinksbusiness.com/2018/05/london-sales-combine-for-2-6m/</a></p><p> </p><p> </p>
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<p>A raft of high profile releases concludes this week in the En Primeur 2017 campaign, with most down on, or equal to, last year’s prices.</p><p>Talbot 2017 has been released at €37.20 per bottle ex-negociant, down 11.4% on last year (€42). At this price, it enters the market at around the same level as the current prices of the last six vintages.</p><p>Clinet 2017 has been released at €56 per bottle ex-negociant, a 22.2% decrease on the 2016 price of €72. This year’s vintage is entering the market at a premium of over 30% to the price suggested by Liv-ex fair value methodology. Liv-ex suggests that if this looks unattractive, buyers might consider undervalued vintages such as 2016 and 2012.</p><p>Domaine Chevalier has made two releases. Domaine Chevalier 2017 has been released at €42 per bottle ex-negociant, a 20.5% decrease on the 2016’s release price of €52.80, while Domaine Chevalier Blanc 2017, sees an opening price of €67.20 per bottle ex-negociant, a 3.4% decrease on the 2016 price of €69.60. </p><p>Duhart Milon 2017 has been released at €48 per bottle ex-negociant, a 13% decrease on the 2016 release price of €55. It enters the market at around the same level as other recent vintages.</p><p>Clerc Milon 2017 has been released at €50.40 per bottle ex-negociant, the same as the release price of the 2016 (€50.40). Despite average feedback from critics on this vintage, Liv-ex notes that this chateau has made positive returns for En Primeur buyers over the last 11 vintages, and that this Clerc Milon is the second cheapest vintage in the market. Furthermore, the Clerc Milon index is the best performing chateau index in the last twelve months, posting a gain of 28%. Over the same time period the market (Bordeaux 500) is up 6%.</p><p>Finally, Evangile 2017 has been released at €180 per bottle ex-negociant, the same release price as last year (€180). However, as Liv-ex highlights, this is a significant premium of over 100% to the price implied by Liv-ex’s Fair Value methodology. Even if Neal Martin does upgrade his score for the wine in bottle (currently 90-92), it would need to be around 98 points to justify the current price.</p><p>Other releases this week include: Malartic Lagraviere at €32.40, Clos du Marquis at €34.80 and Armaillac at €31.20.</p><p><strong>Related link:</strong></p><p><a href="https://www.liv-ex.com/news-and-insights/">https://www.liv-ex.com/news-and-insights/</a></p><p> </p>
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<p>Christie’s fine wine sale, held in Geneva last weekend, made US$4.2m and was 95% sold by lot, making it the highest-achieving fine wine sale in the Swiss capital since 2015.</p><p>The success of the sale was in part driven by a full case of Chateau Latour 1945, which sold for $120,178. Christie’s believes this is likely a new world record for Latour at auction and certainly one of the highest prices ever paid for an individual lot at the auction house.</p><p>Another highlight was a 12-bottle assortment of 1990 Domaine de la Romanee-Conti, which sold for double its pre-sale estimate at $72,000.</p><p>Edwin Vos, head of wine sales for Continental Europe, commented: “Since 2015 the sales have attracted more and more buyers, the offering grew to over 760 lots and each sale result has achieved sell-through rates at above 90%.</p><p>“This spring, the sale represents the highest total for any Christie’s wine auction in Switzerland at CHF 4,320,960 (US$4.2m). The sale was appreciated by registrants from 24 countries, resulting in final prices often doubling or tripling their pre-sale estimates.</p><p>“Again, online participation was very strong and occurred in 45% of all 702 lots offered. The Swiss Rare Wine market is very active and vibrant and we are playing a significant role in developing this market, including to attract more private buyers, which grew to over 45% to today.”</p><p><strong>Related link:</strong></p><p><a href="https://www.thedrinksbusiness.com/2018/05/highest-geneva-result-in-four-years-for-christies/">https://www.thedrinksbusiness.com/2018/05/highest-geneva-result-in-four-years-for-christies/</a></p><p> </p>
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<p>Three further notable 2017 releases so far this week, some with prices more attractive than others.</p><p>Suduiraut 2017 has been released at €45.60 per bottle ex-negociant, equal to last year. The wine, described as “a superb Suduiraut” by Neal Martin (94-96) has received positive feedback from all quarters, with Antonio Galloni awarding it a similar 94-97 points.</p><p>However, as Liv-ex notes, it enters the market at a premium to all other recent vintages. Martin previously described the 2009 as “one of the greatest wines ever produced from the estate” and scored it 98, yet it is available at a 20% discount on the new release.</p><p>Beychevelle’s 2017 has been released at €52.80 per bottle ex-negociant, down 6.7% on the 2016 price of €56.60. Martin awarded it 90-92 points, while Galloni gave it a more favourable 92-95. Beychevelle was one of the few estates to escape this year’s frost, and its 2017 price point makes the wine one of the most inexpensive of any recent vintage, which will likely make it attractive to buyers.</p><p>Finally, Rieussec 2017 has been released at ‎€42 per bottle ex-negociant, equal to the release prices of the 2016 and 2015. The wine has received a diverse range of scores from critics – 92-94 points from Neal Martin, 94 from Jane Anson and 97-98 from James Suckling. However, its release price puts it higher than all recent back vintages. As Liv-ex notes, the highly-scored 2009 is available 34% below the 2017.</p><p><strong>Related link:</strong></p><p><a href="https://www.liv-ex.com/">https://www.liv-ex.com/</a></p><p> </p>
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<p>Renowned Burgundy estate Domaine de la Romanee-Conti (DRC) will for the first time produce a Corton-Charlemagne wine from 2019, thanks to an agreement with Domaine Bonneau du Martray.</p><p>From November this year, DRC will lease a seven-acre parcel of Corton-Charlemagne from Domaine Bonneau du Martray, with the view to producing its first harvest in 2019. According to Bonneau du Martray manager Armand de Maigret, the estate had been seeking a partner to farm a portion of its 27-acre land on the hill of Corton to allow it to focus more keenly on a smaller area.</p><p>The two estates are committed to biodynamic principles, making the partnership a naturally harmonious match. Speaking to <em>Wine Spectator,</em> Maigret said: "Biodynamics is labour intensive and must be precise to function. The reaction time window is short.</p><p>"When biodynamics works, it is beautiful, but you can't allow difficult weather to take over. And 27 acres of precise biodynamic farming is a big task in an area like Corton-Charlemagne. The reduction of our surface to a level where we are comfortable and able to do very precise biodynamic farming with the current infrastructure in place makes sense."</p><p>He added that he hadn’t considered a partnership with anyone else, and that “having the Domaine de la Romanée-Conti in the appellation is actually very good for Corton-Charlemagne”.</p><p>DRC’s co-director, Aubert de Villaine, said that the partnership “confirms our presence on this great site”, following a similar lease in 2008 with Domaine Prince Florent de Merode, which allowed it to produce a Corton from the Bressandes, Renardes and Clos du Roi areas.</p><p>The new wine will only be DRC’s second white – it already makes a Chardonnay from Montrachet – but Villaine says that DRC is enthusiastic about its new addition. "To make a great Corton-Charlemagne is a challenge that we are happy to undertake."</p><p><strong>Related link:</strong></p><p><a href="http://www.winespectator.com/webfeature/show/id/DRC-Leases-Corton-Charlemagne-Vineyard">http://www.winespectator.com/webfeature/show/id/DRC-Leases-Corton-Charlemagne-Vineyard</a></p><p> </p>
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<p>The 2017 En Primeur campaign continues in full force with three new announcements kick-starting the week ahead.</p><p>First out of the blocks is Gazin 2017, released at €57.60 per bottle ex-negociant, representing a 4% decrease on 2016’s €60 price tag. Neal Martin, who awarded the wine 91-93 points, called it “a classic Gazin from proprietor Nicolas de Bailliencourt and his team.”</p><p>Cantermerle 2017 has been released at an 11% drop on its 2016 price, now at €19.70 per bottle. Martin (88-90 points) noted it has “quite a sultry bouquet”, while Lisa Perroti-Brown (89-91) said “it is elegantly expressed and finished with beautiful harmony.”</p><p>As Liv-ex notes, though, buyers might have hoped the new vintage would enter the market at a lower price point, as Cantermerle’s traditional pricing pattern sees vintages appreciate in price with the passage of time. The 2017 is currently more expensive than vintages spanning 2011 to 2016.</p><p>Chasse Spleen 2017 has also been released. At €21 per bottle the vintage is 3% down on 2016’s price of €21.60. Critic reviews have been mixed, with Martin suggesting “the 2017 seems compromised by the growing season”, and subsequently awarding it 86-88 points. Chris Kussack, however, said the wine “seems a success in the context of the year” and gave it 88-90 points.</p><p>Like Cantermerle, Chasse Spleen is entering the market at a price significantly higher than recent offerings. Liv-ex notes that buyers might consider the 2014 instead, which is currently priced below the 2017, but offers a higher critic score.</p><p><strong>Related link:</strong></p><p><a href="https://www.liv-ex.com/news-and-insights/">https://www.liv-ex.com/news-and-insights/</a></p><p> </p>
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