The Market

hospices wine auction – that was the (record) weekend that was…

By billn on November 18, 2018 #the market

I never taste the wines of the Hospices – I don’t consider them commercial and they are far too young for somebody (i.e. me) who habitually tastes wine just before bottling, to gain any more than a general idea of the vintage. I can wait…

But the buyers at the auction – it seems that they really couldn’t wait!

Let us remind ourself that 2018 has announced itself as exceptional – now that doesn’t mean that the wines will necessarily be great, though there are plenty of chances for that in red, though less-so in white. It seems that this was sufficient information for most of the buyers, because at just before 10pm the auction was, after nearly 7.5 hours finally over, the result – A New Record!

– Well, was there ever going to be any doubt?

The final result of this, the 158th Hospices de Beaune Wine Auction, was the delivery of a total value of €13,968,750 – last year, was also a record, bringing in €11,164,964. Later in the week I’ll do a little more thorough analysis. The prices started about the same as last year before the fuse was lit – here are a few highlights:

  • The first barrel of Bâtard-Montrachet, Cuvée Dames de Flandres went for €135,000 that’s 17k more than last year, the rest of the barrels for €130k.
  • So perhaps you’d prefer some cheaper white wine then? The Chablis 1er Côte de Léchet, Cuvée Jean Marc Brocard sold on average last year for ‘only’ €8,500, but this year it averaged out at a price of €14,500
  • Four barrels of Clos de la Roche, Cuvée Cyrot-Chaudron were each hammered at €110,000 – they went for between €75-80k last year!

Of-course a new record value doesn’t mean so much if you don’t take account of the volume of barrels sold – and there were a lot this year – as noted, I’ll come back with more information after I’ve slept!

A little of the colour of the weekend:
 

baghera at it again

By billn on October 26, 2018 #the market

– with 1,363 bottles, 158 magnums and 3 jeroboams of Domaine de la Romanée-Conti wines up for auction in December. PDF here.

The pre-sale estimates look much more realistic, in the current market, than those by Sothebys for the recent record-breakers, and if you haven’t previously seen magnum format DRC ‘Assortments,’ here is your chance – and offered in multiple vintages too!

Certainly there were very many questions surrounding the lots in earlier auctions from this auction house, but the last sale, dedicated to Henri Jayer, was seemingly beyond reproach. Personally, I wouldn’t touch the older lots – that simply reflects my own risk-reward approach – but wines of the 1990s and younger I would be more open to, that said, additional provenance info would still be a pre-requisite. It is good that there are high-resolution photos of all the lots available on the auction website which you can access here – though it seems naive of them to make the serial numbers visible. I note the statement by Baghera that “this December 2nd sale is a golden opportunity to acquire Domaine de la Romanée-Conti wines embracing ideal conditions of origin, of traceability and of storage” – so it would be essential to have some expansion of that information.

A spokesperson for Baghera told me:

“This couple of European collectors were wine passionates and had been purchasing Domaine de la Romanée-Conti wines for many years, directly from the Domaine.
When consigning with us, they wished that they identity wasn’t disclosed and we respect their decision.

The wines had never been moved since purchased, and have lying all those years in an underground temperature-cellar. Most original wooden cases were still sealed (as per photographs on our website : www.bagherawines.auction) when we had access to this incredible cellar (pictures of the sealed cases can be found on our website : https://www.bagherawines.auction/en/catalogue/voir/27 — under the lot description). The wines were inspected and picked up by Baghera/wines last July and delivered to Geneva after temperature-controlled shipment as it should be. “

For the younger wines I completely understand, for the older ones, this is very murky territory; clearly the two collectors didn’t buy them direct and they will have been moved multiple times, if genuine. There are many more questions in respect of provenance to be answered here.

One thing to note, despite the bottle-posing elegance of Baghera’s photos – the enviable collection of many, many lots of DRC Montrachet when posed against a green background, above (from their catalogue), renders all the bottles – young and old – looking completely oxidised. Who knows, maybe there is method in their madness…

[Edit:] As always, it’s the old bottles that are problematic: See here.
In this particular segment of the market, there are many more fake than genuine wines to be found – to be taken seriously, this auction house has to be more forthcoming on why they stand behind these wines. It may be that just a handful of questionable wines can take the shine from an otherwise brilliant collection of a lifetime. This is the attention to detail that all modern auction houses have to aspire to – 95% good isn’t good enough – and, even if this attention to detail is there, it is not yet evident to me. For extra sleuthing, I’ll leave that to Don Cornwell and Maureen Downey. NB – two things; I do note the final thanks (page 433 of the catalogue!) to Jean-Charles Cuvelier, long of DRC, “for his precious help” – but the detail and extent of that help can only be guessed at. Finally The last page of the catalogue reports the sale date as 02.12.2008 – hmm – it’s always the biggest bloopers that pass people by…

the end of ‘hearty burgundy’ et al?

By billn on October 16, 2018 #the market


cite: Image – Gallo® Family Vineyards

I wonder if this was once pillow talk for Jean-Charles Boisset and Gina Gallo? Anyway, I note the following from a couple of weeks ago – perhaps it portends the end of stolen geographical labels – though the French are equally naughty in other foodstuff markets!:

WASHINGTON – On september 26, the Wine Origins Alliance (WOA) praised the passage of a bipartisan congressional resolution, S. Res. 649, that recognizes the uniqueness and value of American Viticultural Areas (AVAs).

The Senate resolution, introduced by Senators Roy Blunt (R-MO) and Jeff Merkley (D-OR), acknowledges the distinctiveness of American wine regions and the contributions they provide to the U.S. and global economy.

The WOA is a unified global force in the winemaking industry dedicated to raising awareness about the importance of location to winemaking and protecting the integrity of wine region names worldwide. Its members include 24 winery and grape-growing organizations in nine countries spanning North America, Europe and Australia. Bourgogne and Chablis joined the WOA in 2012.

In March, the Alliance released a consumer survey that found 94 percent of American wine drinkers support laws that would protect consumers from misleading wine labels. The group also released a short film featuring winemakers explaining how the complete environment of a wine region’s location makes their wines unique.

bang! 1945 romanée-conti – half a million a bottle…

By billn on October 15, 2018 #the market


Lots 84 & 85 Romanee Conti 1945 – phote from Sotheby’s – cropped

And so it came to pass on Saturday, when two bottles of 1945 Romanée-Conti broke the auction record for any bottle of wine – they sold for US$558,000 and US$496,000 to Asian and American collectors, respectively – including buyer’s premiums. Robert Drouhin’s roughly 100 bottles achieved $7.3 Million – I last saw Robert a couple of weeks ago, impatiently driving his Range-Rover through Beaune, seemingly expecting all the runners in a charity 10km to stop for him in his car!

The pre-sale estimates were US$22,000-32,000 per DRC RC 1945 – I told you to expect at least $250k – so what did I know!? Those were short-lived records for Henri Jayer – but there’s nothing else in Burgundy that fetches such high prices; Leroy, Roumier, Rousseau and Coche – strictly second division vs Jayer and (old) DRC in the auction market…

Interestingly a bottle of whiskey went for 60% more – US$843,200 anyone?!

offer of the day – bruno clavelier’s 2016s

By billn on October 15, 2018 #the market

Bruno Clavelier 2016:

Vosne-Romanée La Combe Brûlée 2016 75cl 84.00* (Swiss francs)
Vosne-Romanée Les Hautes Maizières 2016 75cl 84.00

Gevrey-Chambertin Les Corbeaux 1er Cru 2016 75cl 123.00
Vosne-Romanée Les Beaux Monts 1er Cru 2016 75cl 137.00
Vosne-Romanée Aux Brûlées 1er Cru 2016 75cl 137.00
Chambolle-Musigny Combe d’Orveaux 1er Cru 2016 75cl 147.00

Corton Le Rognet V.V. Grand Cru 2016 75cl 144.00

These prices are not delivered, but do include the Swiss 8% purchase tax.

It’s a long while since I bought wines from here – I enjoyed every one of them (that didn’t have a cork-related problem) – The prices are, perhaps, an indication of why it’s been so long …

offer of the day – domaine leflaive 2017 – bargain alert!

By billn on September 30, 2018 #the market

Actually that last part was joke – but I do almost see restraint in the increase for the Chevalier-Montrachet 🙂

Prices of their 2016s and 2015s, in that order, in the brackets (for even older prices to 2012 you can look here.)…

DOMAINE LEFLAIVE 2017 – Puligny-Montrachet (En Primeur)
Pouilly-Fuissé 75cl 49.00 Swiss Francs* (37.00 Swiss francs in 2015)
Rully 1er Cru Leflaive & Associés 75cl 49.00 (first offer)
Bourgogne 75cl 45.00 Swiss Francs (42.00, 38.00)
Puligny-Montrachet 75cl 89.00 (82.00, 69.00)

PREMIER CRUS
Puligny-Montrachet Les Clavoillons 75cl 128.00 (118.00, 89.00)
Meursault Sous Le Dos d’Âne 75cl 128.00 (118.00, 99.00)
Puligny-Montrachet Les Folatières 75cl 198.00 (185.00, 145.00)
Puligny-Montrachet Les Combettes 75cl 198.00 (185.00, 185.00)
Puligny-Montrachet Les Pucelles 75cl 259.00 (245.00, 195.00)

GRANDS CRUS
Bienvenues Bâtard-Montrachet 75cl 498.00 (459.00, 325.00)
Bâtard-Montrachet 75cl 565.00 (498.00, 348.00)
Chevalier-Montrachet 75cl 695.00 (685.00, 445.00)

*As each year from the same merchant – no magnums in the offer this year. The last time I purchased was 2012 for magnums of Pucelles – as a comparison, they cost 355 swiss francs each. These prices are delivered in Switzerland, without the additional 8% Swiss purchase tax which you should include.

offer of the day – henri boillot 2017

By billn on September 20, 2018 #the market

Domaine Henri Boillot 2017

Bourgogne Chardonnay 2017 75cl 23.00* Swiss Francs
Meursault 2017 75cl 49.00
Meursault Les Charmes 2017 75cl 89.00
Meursault Les Genevrières 2017 75cl 108.00
Meursault Les Perrières 2017 75cl 115.00
Puligny-Montrachet 2017 75cl 52.00
Puligny-Montrachet Clos de la Mouchère 2017 75cl 108.00
Puligny-Montrachet Les Caillerets 2017 75cl 108.00
Puligny-Montrachet Les Combettes 2017 75cl 108.00
Puligny-Montrachet Les Perrières 2017 75cl 108.00
Puligny-Montrachet Les Pucelles 2017 75cl 108.00
Corton Charlemagne 2017 75cl 168.00
Criots-Bâtard Montrachet 2017 75cl 296.00
Bâtard Montrachet 2017 75cl 455.00
Chevalier-Montrachet 2017 75cl 688.00
Montrachet 2017 75cl 795.00

Volnay 2017 75cl 49.00
Volnay Les Chevrets 2017 75cl 89.00
Volnay Les Caillerets 2017 75cl 99.00
Pommard Les Rugiens 2017 75cl 99.00
Clos de Vougeot 2017 75cl 158.00
Bonnes-Mares 2017 75cl 298.00
Chambertin 2017 75cl 298.00

*The price you see is ‘delivered’ but ex 8% Swiss purchase tax. My instant reaction to the pricing here is not so much the levels of the pricing – per se – rather the disparity of pricing between the Charlemagne – a wine I have previously purchased – and the prices of the other white grand crus – truly ‘non-sensical’ yet (to-date!) accepted by the market…

offer of the day – clos des lambrays, bruno clair, d’angerville – 2016s

By billn on August 21, 2018 #the market

Domaine Clos des Lambrays
Clos des Lambrays 2011 150cl 278.00* (Swiss Francs)
Clos des Lambrays 2013 75cl 159.00
Clos des Lambrays 2014 75cl 159.00
Clos des Lambrays 2014 150cl 323.00
Clos des Lambrays 2016 75cl 225.00
Clos des Lambrays 2016 300cl 960.00

Domaine Bruno Clair
Gevrey-Chambertin Clos du Fonteny 1er Cru 2016 75cl 115.00
Bonnes-Mares Grand Cru 2016 75cl 325.00
Chambertin Clos de Bèze Grand Cru 2016 75cl 385.00

Domaine Marquis d’Angerville
Volnay Fremiet 1er Cru 2016 75cl 105.00
Volnay Champans 1er Cru 2016 75cl 129.00

The price you see is ‘delivered’ but ex 8% Swiss purchase tax. My throwaway remarks are that we can see a significant price increase at Lambrays since it became part of LVMH, also that Bruno Clair’s 2016 Bèze, despite being one of my wines of the vintage, is simply far too expensive…

if ever there was a (real) unicorn wine…

By billn on August 20, 2018 #the market

Following up on my previous post – ‘already time for jayer’s records to fall?‘ – Finally some detail is available from Sotheby’s on their October sale.

I’d assumed Romanée-Conti 1945 to be a unicorn wine, but that can’t be, because there are two bottles in this sale – and for the first time in 15 years, Rudy Kurniawan hasn’t been anywhere near an RC 1945 label!

I must say that the pre-sale estimates for the 1945s look laughable – how about 100k+ per bottle, or 250K? I think much higher, I expect the record from the Henri Jayer sale to be obliterated!

I asked the question, but it seems that Robert Drouhin doesn’t want to do any interviews on the subject of this sale, that said, I still managed to relay a question through ‘channels’ along the lines of: “I was interested in one of the videos that Maurice wrote back to his wife (from German prison) to tell her that it was time to start bottling one of the vintages of the DRCs. For the French/Belgian markets; was that a decision for the maison, rather than the domaine? Or simply because Maison Drouhin elevaged their own barrels – or…?” To which I kindly recieved the following response:

We have little in the way of archives but in a couple of letters from Maurice to his wife we see that he purchased part of the wines of DRC (but not RC) in the 1938 & 1940 vintages (La Tâche, Richebourg, Grands Echezeaux…) Maurice decided on the bottling of those wines. The corks and labels were provided by the Domaine. We don’t know for 1939.

Fascinating…

– – – – – – –
Sotheby’s Press Release:

An Historic Offering of Domaine de la Romanée-Conti
*The World’s Most Celebrated Producer*
Featuring 100 Lots of Legendary Vintages Spanning from 1937 to 1964
Emerging from the Personal Collection of Mr. Robert Drouhin,
Patriarch of Maison Joseph Drouhin & Longtime Distributor for DRC
As Close to a Direct-from-the-Cellar Auction of DRC as Has Ever Been Held
Auction 13 October at Sotheby’s New York

NEW YORK, 16 August 2018 – Sotheby’s is honored to present Rare Domaine de la Romanée-Conti from the Personal Cellar of Robert Drouhin in a dedicated auction of 100 lots on 13 October 2018 in New York. This historic offering of Domaine de la Romanée-Conti is emerging precisely after more than 50 years in the cellar of Mr. Robert Drouhin, patriarch of the family-run Maison Joseph Drouhin, who is internationally recognized as one of the wine industry’s most renowned figures.

The sale will offer DRC vintages spanning from 1937 through to 1964, acquired by Mr. Drouhin and his father, Maurice, directly from DRC, mostly during their time as the exclusive distributors in France and Belgium for the Domaine – a highly-covetable attribute that amplifies the collection’s pristine provenance. Superlative bottles of Maison Joseph Drouhin from Grands Crus will also be on offer from 1959, 1961 and 1962. The sale this October will present collectors with an unmatched opportunity to acquire legendary vintages of DRC, with only one owner since being removed from the cellar of the world’s most celebrated producer.

This unprecedented selection comes to market during a remarkable surge in demand for wines from Burgundy, which has steadily increased over the last five years. Domaine de la Romanée-Conti reigns supreme within the region – in fact, DRC has led Sotheby’s Wine’s Annual Market Report as Top Producer every year since we began our yearly rankings in 2013.

WATCH: ROBERT DROUHIN RECOUNTS THE AMAZING STORY OF HIS FAMILY’S ESTATE AND PERSONAL WINE CELLAR

Robert Drouhin said: “It is a great pleasure to offer these 100 lots at auction with Sotheby’s Wine in October. These wines span four decades and are filled with remarkable and historic vintages from one of the world’s greatest Domaines. I have had access to these remarkable wines for many years, given that Maison Drouhin was the exclusive importer of Domaine de la Romanée-Conti in France and Belgium from the late 1920’s to the early 1960’s. The wines being offered have never left Beaune and have been in my private cellar, undisturbed, for more than 50 years. I have been fortunate to enjoy many of these exceptional bottles with friends and family over the years, and now it is time to share them with others. I hope that the buyers of these wines will know how scarce they are, how good the wines should be, and drink them with friends and family who can appreciate and enjoy them the right way.

Serena Sutcliffe, MW, Honorary Chairman of Sotheby’s Wine, commented: “It is a great privilege for us to offer this historic collection of wines from the Drouhin family’s legendary cellar. This is an enchanted kingdom in the realm of wine and we are honoured to be asked to bring these precious bottles to auction. The vintages are among the greatest ever made in Burgundy, both extremely rare and gloriously individual. The perfect provenance stems from the long relationship between the Domaine de la Romanée Conti and the Drouhin family, two of the most respected names in Burgundy. The breathtaking line-up of DRC’s stunning vineyard sites brings back memories of vocabulary-defying wines that are imbued with the excitement and complexity of tasting at its pinnacle. One can hardly believe that these wines still exist – but, happily, they do! The icing on the proverbial cake is in the Drouhin Grands Crus from three show-stopping years, a complement to the DRC treasures. This is Burgundy’s Gift to the World.

WATCH: SERENA SUTCLIFFE DELVES INTO THE PERSONAL CELLAR OF ROBERT DROUHIN

ABOUT MAISON JOSEPH DROUHIN

Maison Joseph Drouhin is internationally recognized as one of Burgundy’s foremost négociants and wine producers.

Established in 1880 by Joseph Drouhin, the domaine began acquiring vineyards in 1919 under the direction of his son, Maurice, after years of solely purchasing grapes to produce the quality wines for which it had become known in Beaune. Over several years, Maurice fostered close relationships with some of Burgundy’s most prominent families and business owners, including those of Domaine de la Romanée-Conti. From circa 1928 through to circa 1964, Maison Drouhin was the exclusive distributor of all DRC wines in France and Belgium – a highly-respected position that also afforded Maurice the opportunity to own many valuable pre-war wines, some of which will be offered in the October sale.

With so many great wines in the cellars of Maison Drouhin, the collection became a target for the Germans during World War II. Acutely aware of the value of these precious commodities, Maurice built a wall inside the cellars – a labyrinth of ancient paths and vaults located underneath the city of Beaune — to conceal an impeccable selection of wines, largely comprised of DRC. His son Robert, then just 8 years old, gathered cobwebs and dirt to spread about the fortress in an effort to hide the newly-built chamber. Maurice’s instinct to hide the wines would soon prove to be sound. In August 1941, he was arrested by the German police while on his way to the Hospices de Beaune, a well-known charity hospital where he served as vice president.

Accused of engaging in anti-German activity, a result of his suspected role in the French Resistance, Maurice remained in prison for several months. While in custody, he often wrote to his wife, Pauline, about how best to safeguard their cellar and the Drouhin business. It was on a visit to see her husband that Pauline delivered the news of an exciting opportunity: DRC was prepared to sell half of its business, and Maison Joseph Drouhin, their largest distributor, could acquire a significant portion of the estate. While imprisoned, Maurice was unsure of his fate and also unable to obtain a bank loan, so he declined to purchase shares of the famed producer.

Though he was released in February 1942, in June 1944, Maurice again found himself a target of German forces, who were prepared to re-arrest him, having now obtained sufficient evidence to support their initial suspicions. Maurice had anticipated the likely event, and as officers knocked on the door of his Beaune home, he escaped through a window and descended into the cellars, which ran from the Drouhin’s home to the Hospices de Beaune. It was buried beneath Beaune where Maurice would remain hidden by nuns from the Hospices until the city was liberated in September 1944.

After the war, Maurice returned to work fulltime for Maison Drouhin until he suffered stroke in 1955. Having remained in the Drouhin family for more than a century, the management of the domaine was transferred in 1957 to his son, Robert Drouhin, who grew the burgeoning company into a dynamic and expansive global business with vineyards located throughout the Côte d’Or, Chablis and Oregon. Today, Maison Joseph Drouhin is managed by the founder’s four grandchildren, Frédéric, Véronique, Philippe and Laurent, who, under the tutelage of their father, Robert, continue to uphold their family’s legacy and “passion for vine and wine”.
 


Photos courtesy Sotheby’s Press Office…

AUCTION HIGHLIGHTS
ROMANÉE CONTI | 16 Lots

  • 1 MG 1937 Romanée Conti, DRC est. $30,000 – $40,000 (3 Lots)
  • 1 BT 1938 Romanée Conti, DRC est. $20,000 – $30,000
  • 1 BT 1945 Romanée Conti, DRC est. $22,000 – $32,000 (2 Lots)
  • 2 BT 1954 Romanée Conti, DRC est. $20,000 – $30,000
  • 2 BT 1959 Romanée Conti, DRC est. $13,000 – $18,000 (2 Lots)
  • 2 BT 1961 Romanée Conti, DRC est. $18,000 – $25,000
  • 2 BT 1962 Romanée Conti, DRC est. $16,000 – $24,000
  • 2 BT 1964 Romanée Conti, DRC est. $15,000 – $20,000

LA TÂCHE | 23 Lots

  • 1 BT 1941 La Tâche, DRC est. $3,000 – $4,000
  • 1 BT 1942 La Tâche, DRC est. $4,000 – $6,000
  • 3 BT 1943 La Tâche, DRC est. $11,000 – $15,000
  • 3 BT 1945 La Tâche, DRC est. $18,000 – $26,000 (2 Lots)
  • 3 BT 1949 La Tâche, DRC est. $15,000 – $20,000 (2 Lots)
  • 1 MG 1959 La Tâche, DRC est. $10,000 – $15,000 (4 Lots)
  • 4 BT 1964 La Tâche, DRC est. $10,000 – $15,000

RICHEBOURG | 47 Lots

  • 3 BT 1947 Richebourg, DRC est. $9,000 – $15,000 (4 Lots)
  • 3 BT 1952 Richebourg, DRC est. $10,000 – $15,000 (12 Lots)
  • 3 BT 1959 Richebourg, DRC est. $9,000 – $15,000 (10 Lots)
  • 3 BT 1961 Richebourg, DRC est. $5,000 – $7,500 (10 Lots)
  • 3 BT 1964 Richebourg, DRC est. $10,000 – $15,000 (2 Lots)

MAISON JOSEPH DROUHIN | 9 Lots

  • BT 1962 Griotte Chambertin, Maison Joseph Drouhin est. $6,000 – $9,000 (2 Lots)
  • 6 BT 1959 Clos de la Roche, Maison Joseph Drouhin est. $4,000 – $6,000 (2 Lots)
  • 6 BT 1962 Bonnes Mares, Maison Joseph Drouhin est. $6,000 – $9,000 (3 Lots)
  • 6 BT 1961 Musigny, Maison Joseph Drouhin est. $9,000 – $12,000 (2 Lots)

– – – – – – –

Burgundy Report

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