The Market

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…

kellen lignier’s story

By billn on July 29, 2007 #site updates#the market

Here

The newly married Kellen Lignier was bored in her new life, since she didn’t know the language and hadn’t yet made friends in France.

So she began working alongside her husband in the vineyards. That wasn’t always smiled upon, Lignier said.

“A woman’s job was to provide heirs,” she said. “Or if they wanted to work in the office, that was free labor. Some people even believe that a woman can cause a wine to go bad.”

disney drop the rat wine promotion

By billn on July 29, 2007 #the market

remy's chardonnayDid I say something about committment? 😉

LOS ANGELES, July 28 (UPI) — Walt Disney Co. has shelved its plan to offer U.S. wine and rodent lovers a “Ratatouille Chardonnay” in honor of the star of its latest movie.

Costco was to carry bottles of French 2004 white Burgundy with labels featuring Remy, the haute-cuisine-loving rat in “Ratatouille,” The Los Angeles Times reported Saturday. The promotion was canceled amid criticism from California winemakers and opponents of underage drinking, Disney spokesman Gary Foster told the newspaper.

“It was going to be a small offering” — 500 cases — “and we thought it would be best not to proceed with it,” he said.

In a decision called unrelated, Disney announced last week its films, including long-released classics, no longer would show characters smoking.

cheap as chips? 1875 romanée-conti (possibly)

By billn on July 24, 2007 #the market

conti 1875 romaneeNovember 9, 1875. Indian Wars: In Washington, D.C., Indian Inspector E.C. Watkins issues a report stating that hundreds of Sioux and Cheyenne associated with Sitting Bull and Crazy Horse are hostile to the United States (the Battle of the Little Bighorn was fought in Montana the next year).

That same year, Domaine de la Romanée-Conti was quietly going about it’s business in the era where reports of phylloxera were finally being confirmed in the burgundian vineyards.

Here is the quote from the Christies catalogue of last week:

TWO RARE BOTTLES OF NINETEENTH CENTURY ROMANEE-CONTI
Lying at Christie’s South Kensington

Some years ago, Etablissements Nicolas sought to authenticate some old bottles of Romanee-Conti, resembling the bottles in this sale, which they had in their Paris cellars. These were itemised in their stock records, but without the bottles themselves carrying any distinctive sign; notably, the corks were not branded. It was impossible to have them authenticated.

In 1875, at the time of the oldest of the two bottles in this sale, Romanee-Conti was being tended and bottled in Santenay, in the cellars of the de Villaine family’s ancestor Duvault-Blochet. They normally did the bottling entirely at the property. It is possible that there were some barrel sales, but no records now exist to confirm this. The major part of the archives of the Domaine de la Romanee-Conti disappeared during World War II.

I have spoken with the grand-son of Etienne Nicolas, who founded ETS. NICOLAS. The firm did not exist in 1875. It was started by his maternal grandfather in the early years of the 20th century. Etienne Nicolas was born around 1870. The company he founded began as a shop selling wine from the barrel (magasin de vin ‘ la tireuse).

It is possible that these wines were reconditioned by the Nicolas company during the 20th century, from bottles which had come back to them from the cellars of collectors. Alternatively, it may have purchased stock from another merchant, then labelled it with Nicolas labels (a perfectly legal practise). Today, we have no means of finding out.

These bottles are intriguing rarities, with excellent levels. For a passionate Burgundy collector, they will be unique, fascinating additions to the cellar. We look forward to hearing news of their opening, hopefully accompanied by fearless, in-depth evaluation and tasting notes !

A.H.
Romanée-Conti Grand Cru–Vintage 1875
Domaine de la Romanée-Conti
Corroded and damaged capsule. Label good for age, slightly bin-soiled. “Establissements Nicolas” at base of label. Level 4cms. below base of cork
1 bottle per lot

Well, that 1875 Romanee-Conti sold for £4,500 ($9,250), including the 12.5% buyer’s premium, about three times the venerable auction house’s estimate. In the same sale, the younger 1899 Romanée-Conti achieved £3,375 pounds – about the same as a decent modern vintage – why so cheap?

Anthony Hanson (AH), senior consultant to Christie’s wine department, had described the bottles before the auction as “curiosities” with “an element of risk” because their provenance was obscure. I would read that in the following way: Likely to be cooked so likely undrinkable (80%), possibly fake (19.5%) – some of you might choose to reverse those percentages, but the result remains the same – overall a 0.5% chance you could drink a decently stored 1875 Romanée-Conti. I might be an old cynic, but on the other hand, $9,000 for an objet d’art / chattel is not so bad, also if you fancy the 200 to 1 shot – that was incredibly cheap compared even to a recent (good provenance) bottle of 1990 or 1999…

Interestingly this seems such a common wine; Arvi has some, as does Everywine HERE.


Sources; Bloomberg, Christies

pixar / disney does wine

By billn on July 17, 2007 #the market

ratatouille
remyDisney, of all companies, are launching a wine and food range to coincide with their new film. I say “of all companies”, because wine was of-course banned from all their theme-parks! Anyway for their promotion for the new animation, the Pixar produced Ratatouille, they will market in the U.S., wine and food to match – it’s not clear if that’s a long-term commitment!

The film is the story of a kitchen rat (Remy!) in a Paris restaurant, a rat who dreams of becoming a top chef. To match they will market a ‘Ratatouille’ chardonnay – a 2004 white Burgundy from Château de Messey in the Mâconnais, available from August through Costco for ~$13.

gehry and hotel marques de riscal

By billn on July 11, 2007 #other sites#the market

I’ve loved the work of architect Frank Gehry, and the new ‘Hotel Marques de Riscal’ looks like a continuation of that Guggenheim genre – except. Except that from some angles, I’m sorry but, what the…
hotel marques riscal
Here it’s looking good – or at leasing interesting.

not good
But here? Are recent pictures from Baghdad and Falluja his current inspiration? Methinks he’s lost the plot. Perhaps too many bottles of vintage Rioja…

Learn more from the articles in Expatica and the architects website.

Photos, copyright Thomas Mayer.

economist wine article…

By billn on July 10, 2007 #other sites#the market

economist articleI finally got around to reading some of this (June 16th-22nd) issue of The Economist. and was drawn (unsurprisingly) to the ‘Charlemagne‘ article devoted to wine. Great quotes abound – how about:

“Wine is different, it has a soul,” says Ferdinand Hoffstetter, who is a big wheel in the grand duchy’s [Luxemburg] ministry of agriculture and viticulture. At dinner, guests may discuss a wine they are drinking. “One does not discuss cauliflowers.”

See – it’s not just boring stuff in the Economist 😉

michel maillard at domaine engel

By billn on June 21, 2007 #the market

Now seemingly referred to as Domaine Engel, rather than René Engel – here’s a note from the BIVB:

The Engel domain, under the ownership of François Pinault version, is building up speed. A project to build a vat-room is currently under study. Technical supervision of the domain has been entrusted to Michel Mallard (son of Patrick Mallard, a winegrower at Ladoix-Serrigny), under the management of Frédérique Engerer, who is also in charge of Château Latour, another of François Pinault’s winegrowing properties. Michel Mallard, 31, is an agricultural engineer with a national diploma in oenology from Bordeaux. The Engel domain covers 6.5 hectares of vines in Côtes de Nuits.

What’s not clear from this is exactly where the cuverie might be, Monsieur Pinault certainly bought the vines, but I don’t think he bought the house/cuverie – I assume this is still with the family. For now the barrels from 2006 are maturing next to those of Bichot’s Clos Frantin.

1997 and all that…

By billn on June 21, 2007 #the market

1997About 3 weeks ago I had the great pleasure to attend the ’10 years-on’ tasting near Beaune for the 1997 vintage – it’s copyright Clive Coates, so other than slowly typing up the notes, this is the closest I’ll get to a ‘report’ – though I note that Clive is still yet to publish his notes from the previous year’s 1996 tasting. From over 100 wines on display I only got round to making notes on around 80 because I desperately needed food two-thirds of the way round, and those more ‘professional’ than I (or perhaps who had an earlier sandwich) downed many of the ‘name’ wines before I returned – still, it was only Richebourg and La Tàche etc… :

Whites: since day 1 they have been ripe and tasty, of some depth if without real minerality, though in contrast to 2003, with quite enough (acid) balance. They remain tasty and apart from some obviously mature ‘lower’ wines there’s no rush to drink and I suggest great restaurant buys – I don’t know if any bottles suffered the ‘p.ox’ (premature oxidation), but those on display were fine.

Reds: The only (semi) surprise was that the wines taken from the producer’s cellars tended to be somewhat fresher than those that have been in the market for the last 8 or so years. About two-thirds of the wines were well-enough balanced – the other third typically had some issue with the acid balance; probably from less well judged acidification. All the more ‘serious’ wines need more time for the reasonably prominent tannins to soften and almost all have rather high-toned and diffuse aromatics (if not roast) i.e. from an aroma perspective tended to disappoint this taster. Only one wine in all the tasting had a dense, deep core of fresh fruit on the nose – that was the Ponsot/Chézeaux Griotte. Essentially, and despite falling some way short of great, they are pretty good wines that burgundy buffs will enjoy for what they are, rather than what they are not! One or two were standouts and I’ll highlight them as I write up the notes.

Some notes have already trickled through the diary in the last two weeks and more will come during the next two weeks while I’m travelling in Asia – normally there are few tasting opportunities on these trips…

Burgundy Report

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