The Market

more silly prices and server problems

By billn on April 07, 2008 #site updates#the market

First, apologies for yet another hosting issue with the site – 60% down since Friday evening – it’s a big job to move hosts given the site complexity I seem to have arrived at, but I may have to bite the bullet. Anyway, at least I’m not charging you!

parker points for chateau margaux

I found the above in my mailbox last week. When I look at the pricing from first tier suppliers of Bordeaux wines (i.e. no grey-market speculation), it seems that despite the pricing outrages of ‘2005 burgundy trophy bottles’, burgundy is still relatively cheap. These offer prices (Swiss francs per six-pack) on 05 Margaux are the same per bottle as Romanée-Conti – quality is quality, but my only argument against this is that there are 350,000-plus bottles of Margaux per year versus 5,000 for Romanée-Conti! Even my bank manager used to buy cases of Margaux, but he told me he stopped with the 1990 vintage – which cost about 60 Swiss francs per bottle – he said it got expensive after that! I also note with interest the massive premium versus a good Haut-Brion that 100 Parker points brings!

PS I know it’s still a silly price (330 Swiss Francs), but clearly still cheaper than the above Haut-Brion 2004. Today I picked up the only bottle I ever saw, and one of only 146 (according to the label, and mine’s number 00099), of Faiveley’s Musigny. It’s the 2004 and will be opened at a great dinner when I’m 65 – how’s that for planning? – only 19.5 years to go!

london times – some improvement + remember bill baker

By billn on February 02, 2008 #other sites#the market

Whilst the spelling of the ‘leader’ is improving (though not at the top of your browser window – the HTML page title), I’m a little perplexed: Is Jane MacQuitty really talking about the same vintage today, that she was talking about 5 or 6 days ago?

I must be fair though, I fully concur with her wine choices in this latest piece – in fact I’ve bought a number of them already!
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Also, Goodbye Bill, fitting tributes here (scroll down).

that’s going to take some sorting in the cellar!

By billn on February 01, 2008 #asides#the market#travel

new cartons

I visited the Côte d’Or today – it was cold, windy and grey. I took my camera, but only took one picture of an interesting doorway in a vineyard wall – okay, two pictures, the first was blurred! I know, therapy beckons…

Of more importance was my yearly bottle round-up: the major issue with a string wonderful tastings with growers throughout the year, is that there’s often something you want to buy. Today was collection day – a few bottles here and a few bottles there soon add up. Today it added up to 54 bottles and seven magnums of 2005’s. I don’t regret a single bottle (or magnum!), but it was painful from a fiscal perspective…

PS – I already drank two of my wines of the year for 2008 chez Nicolas Potel today – one of each colour – will add the box in the sidebar this weekend…

travelling, winespectator and finally tasting

By billn on January 24, 2008 #other sites#the market#travel

I’m on the road for a few days, returning late on Friday – two nights sleep without needing recourse to pharmaceutical products to breathe through my nose mean that the end is in sight for my cold, and hence, my wine drinking moratorium – perhaps the first corks will be popped over this weekend – good timing considering I’m planning to be in the Côtes for two days next week!

I mentioned winespectator, and there are some interesting words here from Bruce Sanderson about his recent tasting chez Jadot…

thumbs up from burghound for 2006

By billn on January 22, 2008 #other sites#the market

burghound 29

Burghound is very bullish on 2006 – that will cheer up the merchants and producers!

“As Issue 29 will explain, the 2005s are even better than originally previewed and the 2006 is a very good to excellent vintage that is not far behind 2005 in quality. Details within!”

Many critics were cautious (some were dismissive) because they had 2005 stuck in their notebooks, but like I said, better than 2002 at quite a number of address in the Côte de Nuits. If you’re not subscribing, why not? (Avid, not affiliated!)

shrinking burgundy winestocks…

By billn on January 22, 2008 #the market

popFrom the BIVB:

“The stocks of wine held by Burgundy wine growers are dwindling, as can be seen from the records published by the customs and excise authorities of volumes remaining in the cellars at domaines at the end of the last campaign, in July 2007: 1.31 million hectolitres – well below one year’s harvest worth in stock (approx. 1.5 million). The last time the level was so low was in July 2000. This is a significant 13% drop on the July 2006 figures and affects all categories of AOC, both whites and reds (-15% for reds and -12% for whites). There are several reasons underlying this change. Firstly, more stringent selection processes limited the volume of harvests in 2006 and 2007. In addition, worldwide consumption is increasing (cancelling out recent global overproduction), accompanied by a search for better quality, more structured sales organisation on the part of companies in the region, and the current fashion for varieties such as Chardonnay and especially Pinot Noir. All these factors have been favourable to the growth in exports of Burgundy wines.”

Website: www.bivb.com

Comment:
I think that these results can largely be attributed to the demand for the 2005 vintage – it is telling that the last time stocks were so low was just after the acclaimed 1999 vintage; a high proportion of domaines have already sold their remaining stocks, which is quite unusual for many. Price seems hardly an issue so far, but it will be interesting to compare these results in 1 and 2 years time, where the subsequent vintages may require significantly more effort to generate demand.

en-primeur 2006 – london’s awash with burgundy wine

By billn on January 08, 2008 #the market

en-primeur burgundy 2006

The hype has started – see above.

I think there are at least 7 major tastings in London this week. On the positive side it’s the perfect opportunity to get a broad-brush impression of the vintage, on the negative side there’s a trend for people to arrive early, drink all the top table wines and leave – this will require a little more ‘policing’. Plus, one word of warning – if people (read ‘critics’) present ‘definitive’ scores and notes to you on a per-wine basis – don’t believe a word. They are doing you and themselves a disservice!

Whites are typically less of an issue, but the majority of reds are; far from finished, far from being bottled, and far from consistent – if you taste the ‘same’ bottle at three different venues you will have the impression it is three different wines. Why is that? Well you don’t know which barrel was used, whether a small assemblage of young and old vines was made (or whether you’re only tasting the old vines from a new barrel), how was it preserved etc., etc., and was the same choice made for different merchant samples? That’s life. At least you can ask all these questions in the barrel cellar when you make a visit!

Coming back to the positive points – lots of gossip can be swapped, lots of old contacts met and YES a broad idea of the vintage: austere vs friendly, dense vs light, black fruit versus red, etc. But for scoring – you need informed opinion from the barrel cellar – or best of all – the finished wine in its bottle.

The first results from newly managed and owned Domaine René Engel will be on display today – when shipped I understand they will wear the label Domaine d’Eugénie – the importers are suggesting that for this estate, the big price increases will come with the 2007 vintage. I hope to catch up with the new team in charge in the next weeks.

And if you’re heading to London to taste – enjoy, but don’t take it too seriously. Below is a list of major merchants with tastings, and a link (where I can find one) to their offers:

FOOTNOTE: Prices are high. I normally buy ~10 x 6-packs during this campaign. I’ve bought only two and don’t expect to add much more from my normal UK sources. C&B’s Varoilles offer is a beacon of value I believe – with the caveat that I haven’t tasted these 06’s…

outing

By billn on January 06, 2008 #asides#the market

A story I picked up on Lyle Fass’ Rocks and Fruits, Vinotas is mad too – here’s the full story on Vinography. Do we think the director of communications at wine.com is going to have an easy day in the office tomorrow?

the burgundy market ‘spin’

By billn on September 18, 2007 #other sites#the market

“Even as we move out of a comparatively difficult period in terms of sales, Burgundy still has major assets as regards its reputation and power of attraction. Wine lovers place great confidence in the Burgundy “brand”, which conveys strong values of authenticity, a centuries-old historical legacy, quality and typical features. Moreover, Burgundy wine professionals have succeeded in emphasising the value of wines produced using historic know-how – an asset which was formerly neglected. This is the case for Crémant de Bourgogne, which has been remarkably successful over the past few years. Finally, Burgundy has also reorganised its Bureau. Various key departments have been set up that are fully operational and swift to act, thus providing Burgundy with an effective communications relay to make its voice heard, undertake collective projects and anticipate future changes, in an atmosphere of mutual confidence.”

So runs the commentary of the BIVB to the record 925,000 hectolitres (123 million bottles, +1%) of sales during the 2006/07 period i.e. largely coinciding with the sales of the 2005 vintage. The emphasis of the points above is not badly made, but it makes too much of a leap of faith by additionally saying ‘the hard times of the past are over’ (my paraphrasing), by ignoring a potential ‘bubble’ for buyers of the 05’s. Recent hype brought many new buyers to the region simply because of its success and their wish to own (I’m not sure about drinking) those 99pt bottles – where will they be for the 2006 or harder still the 2007 vintages? – grape costs for both those vintages will be higher than for 2005. Let us see this time next year, and harder still in 2009…

snap

I also note with interest a new addition to wine-related online journals. Berry Bros & Rudd are pretty-much pioneers of web-based wine commerce and usually do everything to high standard, more importantly with commitment – let’s see how they develop…

Burgundy Report

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