VALANDRAUD - COMTE VOGUE CHAMBOLLE MUSIGNY - LUNE ARGENT - GRAND PUY LACOSTE - ECHO LYNCH BAGES - DRC ROMANEE CONTI - GUIGAL COTE ROTIE LANDONNE - RUINART DOM RUINART GIACOMO CONTERNO BAROLO CASCINA FRANCIA - RIOJA ALTA RIOJA GRAN RESERVA 904 - DUHART - COMTES LAFON MEURSAULT GOUTTE D'OR - LEOVILLE LAS CASES - CANON GAFFELIERE CANTEMERLE MILON - CECILIA BERETTA VALPOLICELLA CLASSICO SUPERIORE TERRE DI CARIANO - CHAPOUTIER CHAPELLE AUSONE - DRC ECHEZEAUX - FLEUR PETRUS GRUAUD LAROSE - BRANE CANTENAC - ERMITAGE MEAL - GUIGAL COTE ROTIE TURQUE - JOSEPH FAIVELEY MAZIS CHAMBERTIN - LEOVILLE CHAPELLE MISSION - CLINET - DRAGON QUINTUS - ORMES PEZ - OPUS ONE - DOMAINE LEFLAIVE BARTON - TORBRECK RUN RIG - GUSBOURNE BLANC DE BLANCS - PONSOT CHAPELLE CHAMBERTIN CHEVALIER MONTRACHET - LASCOMBES - DUJAC CLOS ROCHE - TERTRE ROTEBOEUF - BOLLINGER VV - DRC RICHEBOURG - LYNCH BAGES - BOUTISSE - DUCRU BEAUCAILLOU - MEYNEY - PETIT MOUTON FRANCAISES - PAGODES COS - RONAN BY CLINET - MISSION HAUT BRION - CHENADE - GAJA COSTA - DOMAINE LEFLAIVE BATARD MONTRACHET - TROTTEVIEILLE - PELICAN ARBOIS SAVAGNIN OUILLE RUSSI - FOURRIER GEVREY CHAMBERTIN CLOS ST JACQUES - LOUIS ROEDERER CRISTAL ROSE - - MIRAVAL COTES DE PROVENCE ROUGE - BEAUSEJOUR DUFFAU - PONSOT CLOS ROCHE VV DOMINUS - CHAPOUTIER ERMITAGE BLANC OREE - PAUL JABOULET AINE HERMITAGE CHAPELLE - - SASSICAIA - LAMBRAYS CLOS LAMBRAYS - POUJEAUX - DOMAINE LEFLAIVE BIENVENUES BATARD FELTON ROAD RIESLING DRY - CANON (SAINT EMILION) - CLARENCE HAUT BRION - FELTON ROAD MONTRACHET - LATOUR - ARMAND ROUSSEAU CHARMES CHAMBERTIN - MOET & CHANDON PINOT NOIR BLOCK 5 - SMITH HAUT LAFITTE - COS D'ESTOURNEL - LEOVILLE POYFERRE - PINGUS DOM PERIGNON - DOMAINE LEROY CLOS VOUGEOT - BAHANS HAUT BRION - BENJAMIN HENRI JAYER NUITS SAINT GEORGES MURGERS - GEORGES ROUMIER CHAMBOLLE MUSIGNY LEROUX PULIGNY MONTRACHET CHAMP GAIN - MASSETO - MICHEL OGIER COTE ROTIE CRAS - RAUZAN SEGLA - BRUNO GIACOSA BAROLO FALLETTO - DUJAC ECHEZEAUX - - GAJA SORI SAN LORENZO - GAZIN (POMEROL) - TUA RITA REDIGAFFI - LAVILLE HAUT DOMAINE JEAN-LOUIS CHAVE HERMITAGE BLANC - CARRUADES LAFITE - VIEUX CHATEAU BRION - FARGUES - BIONDI SANTI BRUNELLO MONTALCINO RISERVA - SAINTAYME CERTAN - LAFLEUR - JACQUES FREDERIC MUGNIER CHAMBOLLE MUSIGNY - PENFOLDS GRANGE - GEORGES NOELLAT NUITS SAINT GEORGES CRAS - HARLAN AMOUREUSES - PALMER - CHEVAL BLANC - ARROSEE - JOSEPH DROUHIN BONNES PROPRIETARY RED - FELTON ROAD RIESLING BLOCK 1 - JOSEPH FAIVELEY MARES - BOLLINGER RD - JACQUES FREDERIC MUGNIER MUSIGNY - VOUGERAIE CHAMBERTIN CLOS DE BEZE - ARLOT ROMANEE SAINT VIVANT - CLOS ST JEAN BONNES MARES - LOUIS ROEDERER CRISTAL - TALBOT - PETIT VILLAGE - GUIGAL CHATEAUNEUF DU PAPE DEUS EX MACHINA - EVANGILE - PONSOT GRIOTTE COTE ROTIE MOULINE - JOSEPH DROUHIN MUSIGNY - HAUT BATAILLEY - CHAMBERTIN - CLOS PAPES CHATEAUNEUF DU PAPE - BEYCHEVELLE - CLOS ARMAND ROUSSEAU CHAMBERTIN - CHAPOUTIER ERMITAGE PAVILLON - FOURTET - TAITTINGER COMTES CHAMPAGNE - FELTON ROAD PINOT NOIR AUSONE - ROCHE BELLENE CLOS ROCHE - PICHON LALANDE - FRATELLI CORNISH POINT - DOMAINE LEROY CORTON CHARLEMAGNE - FELTON ROAD ALESSANDRIA BAROLO GRAMOLERE - PEDESCLAUX - BRANCAIA BLU - PINOT NOIR CALVERT - JOSEPH DROUHIN GRIOTTE CHAMBERTIN - KRUG BRUNO GIACOSA BARBARESCO ASILI - CROIX BEAUCAILLOU - DOME - VINTAGE BRUT - MOET & CHANDON DOM PERIGNON ROSE - TIGNANELLO COMTE VOGUE CHAMBOLLE MUSIGNY 1ER CRU - HAUT BRION - - BASSERMANN JORDAN JESUITENGARTEN GROSSES GEWACHS - PICHON SCREAMING EAGLE - TAITTINGER COMTES CHAMPAGNE ROSE - DOMAINE BARON - MALARTIC LAGRAVIERE - DOMAINE LEROY VOSNE ROMANEE LEROY NUITS SAINT GEORGES BOUDOTS - DOMAINE JEAN-LOUIS CHAVE BEAUMONTS - ECHO LYNCH BAGES - DRC ROMANEE CONTI - GUIGAL HERMITAGE - CLOS MARQUIS - FREDERIC MAGNIEN GEVREY COTE ROTIE LANDONNE - RUINART DOM RUINART - COMTES LAFON CHAMBERTIN CAZETIERS - POL ROGER SIR WINSTON CHURCHILL - PAVIE MEURSAULT GOUTTE D'OR - LEOVILLE LAS CASES - CANON GAFFELIERE MACQUIN - LAFITE ROTHSCHILD - SOLAIA - BEAUCASTEL CHATEAUNEUF - CANTEMERLE - CHAPELLE AUSONE - DRC ECHEZEAUX - FLEUR PETRUS DU PAPE - QUINAULT L'ENCLOS - MOUTON ROTHSCHILD - SUDUIRAUT - - GRUAUD LAROSE - BRANE CANTENAC - CHAPELLE MISSION - CLINET MALARTIC LAGRAVIERE BLANC - GAJA BARBARESCO - PHILIPPONNAT - DRAGON QUINTUS - ORMES PEZ - OPUS ONE - DOMAINE LEFLAIVE CLOS GOISSES BRUT - ANGELUS - DOMAINE CHEVALIER - CHEVALIER MONTRACHET - LASCOMBES - DUJAC CLOS ROCHE MONTLANDRIE - COMTES LAFON MEURSAULT CHARMES - SALON - TERTRE ROTEBOEUF - BOLLINGER VV FRANCAISES - PAGODES COS MESNIL - PETRUS - CONSEILLANTE - HENSCHKE HILL OF GRACE SHIRAZ - RONAN BY CLINET - MISSION HAUT BRION - CHENADE - GAJA COSTA - SAN GIUSTO PERCARLO - PONTET CANET - FELTON ROAD PINOT NOIR RUSSI - FOURRIER GEVREY CHAMBERTIN CLOS ST JACQUES - LOUIS BANNOCKBURN - MONTROSE - PIN - BRUNO GIACOSA BAROLO ROEDERER CRISTAL ROSE - DOMINUS - CHAPOUTIER ERMITAGE BLANC ROCCHE FALLETTO - GIACOMO CONTERNO BAROLO RISERVA OREE - PAUL JABOULET AINE HERMITAGE CHAPELLE - FELTON ROAD MONFORTINO - PEBY FAUGERES - CHAPOUTIER ERMITAGE BLANC RIESLING DRY - CANON (SAINT EMILION) - CLARENCE HAUT BRION ERMITE - PAVIE - CLARENDON HILLS ASTRALIS SHIRAZ - CASANOVA DI - FELTON ROAD PINOT NOIR BLOCK 5 - SMITH HAUT LAFITTE - COS NERI BRUNELLO MONTALCINO TENUTA NUOVA SAINT PIERRE - VEGA D'ESTOURNEL - LEOVILLE POYFERRE - PINGUS - HENRI JAYER NUITS SICILIA UNICO - MARGAUX - TORTOCHOT CHAMBERTIN - BOLLINGER SAINT GEORGES MURGERS - GEORGES ROUMIER CHAMBOLLE GRANDE ANNEE - COUTET (BARSAC) - ARMAND ROUSSEAU GEVREY MUSIGNY CRAS - RAUZAN SEGLA - BRUNO GIACOSA BAROLO CHAMBERTIN CLOS ST JACQUES - CLERC MILON - CHAPOUTIER FALLETTO - DUJAC ECHEZEAUX - DOMAINE JEAN-LOUIS CHAVE ERMITAGE ERMITE - HOSANNA - HAUT BAILLY - COLGIN IX PROPIETARY HERMITAGE BLANC - CARRUADES LAFITE - VIEUX CHATEAU CERTAN RED - GAJA SPERSS - DRC TACHE - COMTE VOGUE CHAMBOLLE - LAFLEUR - JACQUES FREDERIC MUGNIER CHAMBOLLE MUSIGNY MUSIGNY AMOUREUSES - TRAPET PERE ET FILS LATRICIERES AMOUREUSES - PALMER - CHEVAL BLANC - ARROSEE - JOSEPH CHAMBERTIN - BEAUCASTEL CHATEAUNEUF DU PAPE HOMMAGE J DROUHIN BONNES MARES - BOLLINGER RD - JACQUES FREDERIC PERRIN - JOSEPH PHELPS INSIGNIA - PONSOT CLOS VOUGEOT - BIONDI MUGNIER MUSIGNY - VOUGERAIE BONNES MARES - LOUIS ROEDERER SANTI BRUNELLO MONTALCINO - EMMANUEL ROUGET VOSNE CRISTAL - TALBOT - PETIT VILLAGE - GUIGAL COTE ROTIE MOULINE ROMANEE CROS PARANTOUX - PETIT CHEVAL - PONSOT CLOS - JOSEPH DROUHIN MUSIGNY - HAUT BATAILLEY - ARMAND ROUSSEAU VOUGEOT VV - EGLISE CLINET - FORTS LATOUR - RIEUSSEC - CALON CHAMBERTIN - CHAPOUTIER ERMITAGE PAVILLON - AUSONE - ROCHE SEGUR - GEORGES ROUMIER BONNES MARES - DUJAC CLOS SAINT BELLENE CLOS ROCHE - PICHON LALANDE - FRATELLI ALESSANDRIA DENIS - FIGEAC - YQUEM - HENRI JAYER VOSNE ROMANEE - RESERVE BAROLO GRAMOLERE - PEDESCLAUX - BRANCAIA BLU - BRUNO COMTESSE - TRAPET PERE ET FILS CHAMBERTIN - SCARECROW GIACOSA BARBARESCO ASILI - CROIX BEAUCAILLOU - DOME - COMTE CABERNET SAUVIGNON - CRUZELLES - MONDOTTE - BRANAIRE DUCRU VOGUE CHAMBOLLE MUSIGNY 1ER CRU - HAUT BRION - SCREAMING ROTHSCHILD & CONCHA Y TORO ALMAVIVA - COMTE VOGUE BONNES EAGLE - TAITTINGER COMTES CHAMPAGNE ROSE - DOMAINE LEROY MARES - TROTANOY - GAY - JANASSE CHATEAUNEUF DU PAPE VV - NUITS SAINT GEORGES BOUDOTS - DOMAINE JEAN-LOUIS CHAVE PEGAU CHATEAUNEUF DU PAPE LAURENCE - JEAN-JACQUES HERMITAGE - CLOS MARQUIS - FREDERIC MAGNIEN GEVREY CONFURON ROMANEE SAINT VIVANT - CLIMENS - ORNELLAIA - CHAMBERTIN CAZETIERS - POL ROGER SIR WINSTON CHURCHILL DOMAINE LEROY NUITS SAINT GEORGES LAVIERES - PAPE CLEMENT - - PAVIE MACQUIN - LAFITE ROTHSCHILD - SOLAIA - BEAUCASTEL BORDEAUX EN BERNARD DUGAT-PY CHAMBERTIN - FOURRIER GRIOTTE CHAMBERTIN CHATEAUNEUF DU PAPE - QUINAULT L'ENCLOS - MOUTON VV - BONNEAU MARTRAY CORTON CHARLEMAGNE - COMTE VOGUE ROTHSCHILD - SUDUIRAUT - MALARTIC LAGRAVIERE BLANC - GAJA MUSIGNY VV - PETER SISSECK (ALNARDO) PSI - DOMAINE LEROY BARBARESCO - PHILIPPONNAT CLOS GOISSES BRUT - ANGELUS PRIMEUR REPORT VOLNAY SANTENOTS - GIACOMO CONTERNO BAROLO CERRETA - - DOMAINE CHEVALIER - MONTLANDRIE - COMTES LAFON MEURSAULT PAVILLON ROUGE - TROPLONG MONDOT - JEAN NOEL GAGNARD CHARMES - SALON MESNIL - PETRUS - CONSEILLANTE - HENSCHKE HILL CHASSAGNE MONTRACHET BOUDRIOTTE ROUGEVALANDRAUD - OF GRACE SHIRAZ - SAN GIUSTO PERCARLO - PONTET CANET - FELTON COMTE VOGUE CHAMBOLLE MUSIGNY - LUNE ARGENT - GRAND PUY ROAD PINOT NOIR BANNOCKBURN - MONTROSE - PIN - BRUNO LACOSTE - GIACOMO CONTERNO BAROLO CASCINA FRANCIA - RIOJA GIACOSA BAROLO ROCCHE FALLETTO - GIACOMO CONTERNO 2020 Vintage ALTA RIOJA GRAN RESERVA 904 - DUHART MILON - CECILIA BERETTA BAROLO RISERVA MONFORTINO - PEBY FAUGERES - CHAPOUTIER VALPOLICELLA CLASSICO SUPERIORE TERRE DI CARIANO - ERMITAGE BLANC ERMITE - PAVIE - CLARENDON HILLS ASTRALIS CHAPOUTIER ERMITAGE MEAL - GUIGAL COTE ROTIE TURQUE - JOSEPH SHIRAZ - CASANOVA DI NERI BRUNELLO MONTALCINO TENUTA NUOVA FAIVELEY MAZIS CHAMBERTIN - LEOVILLE BARTON - TORBRECK RUN - SAINT PIERRE - VEGA SICILIA UNICO - MARGAUX - TORTOCHOT RIG - GUSBOURNE BLANC DE BLANCS - PONSOT CHAPELLE CHAMBERTIN - BOLLINGER GRANDE ANNEE - COUTET (BARSAC) CHAMBERTIN - DRC RICHEBOURG - LYNCH BAGES - BOUTISSE - DUCRU - ARMAND ROUSSEAU GEVREY CHAMBERTIN CLOS ST JACQUES BEAUCAILLOU - MEYNEY - PETIT MOUTON - DOMAINE LEFLAIVE - CLERC MILON - CHAPOUTIER ERMITAGE ERMITE - HOSANNA - HAUT BATARD MONTRACHET - TROTTEVIEILLE - PELICAN ARBOIS SAVAGNIN BAILLY - COLGIN IX PROPIETARY RED - GAJA SPERSS - DRC TACHE OUILLE - MIRAVAL COTES DE PROVENCE ROUGE - BEAUSEJOUR - COMTE VOGUE CHAMBOLLE MUSIGNY AMOUREUSES - TRAPET PERE DUFFAU - PONSOT CLOS ROCHE VV - SASSICAIA - LAMBRAYS CLOS ET FILS LATRICIERES CHAMBERTIN - BEAUCASTEL CHATEAUNEUF DU LAMBRAYS - POUJEAUX - DOMAINE LEFLAIVE BIENVENUES BATARD PAPE HOMMAGE J PERRIN - JOSEPH PHELPS INSIGNIA - PONSOT CLOS MONTRACHET - LATOUR - ARMAND ROUSSEAU CHARMES VOUGEOT - BIONDI SANTI BRUNELLO MONTALCINO - EMMANUEL CHAMBERTIN - MOET & CHANDON DOM PERIGNON - DOMAINE LEROY ROUGET VOSNE ROMANEE CROS PARANTOUX - PETIT CHEVAL CLOS VOUGEOT - BAHANS HAUT BRION - BENJAMIN LEROUX PULIGNY - PONSOT CLOS VOUGEOT VV - EGLISE CLINET - FORTS LATOUR MONTRACHET CHAMP GAIN - MASSETO - MICHEL OGIER COTE ROTIE - - RIEUSSEC - CALON SEGUR - GEORGES ROUMIER BONNES MARES GAJA SORI SAN LORENZO - GAZIN (POMEROL) - TUA RITA REDIGAFFI - - DUJAC CLOS SAINT DENIS - FIGEAC - YQUEM - HENRI JAYER VOSNE LAVILLE HAUT BRION - FARGUES - BIONDI SANTI BRUNELLO ROMANEE - RESERVE COMTESSE - TRAPET PERE ET FILS CHAMBERTIN MONTALCINO RISERVA - SAINTAYME - PENFOLDS GRANGE - GEORGES - SCARECROW CABERNET SAUVIGNON - CRUZELLES - MONDOTTE NOELLAT NUITS SAINT GEORGES CRAS - HARLAN PROPRIETARY RED - - BRANAIRE DUCRU - ROTHSCHILD & CONCHA Y TORO ALMAVIVA FELTON ROAD RIESLING BLOCK 1 - JOSEPH FAIVELEY CHAMBERTIN - COMTE VOGUE BONNES MARES - TROTANOY - GAY - JANASSE CLOS DE BEZE - ARLOT ROMANEE SAINT VIVANT - CLOS ST JEAN CHATEAUNEUF DU PAPE VV - PEGAU CHATEAUNEUF DU PAPE CHATEAUNEUF DU PAPE DEUS EX MACHINA - EVANGILE - PONSOT LAURENCE - JEAN-JACQUES CONFURON ROMANEE SAINT VIVANT GRIOTTE CHAMBERTIN - CLOS PAPES CHATEAUNEUF DU PAPE - - CLIMENS - ORNELLAIA - DOMAINE LEROY NUITS SAINT GEORGES BEYCHEVELLE - CLOS FOURTET - TAITTINGER COMTES CHAMPAGNE - LAVIERES - PAPE CLEMENT - BERNARD DUGAT-PY CHAMBERTIN FELTON ROAD PINOT NOIR CORNISH POINT - DOMAINE LEROY CORTON - FOURRIER GRIOTTE CHAMBERTIN VV - BONNEAU MARTRAY CORTON CHARLEMAGNE - FELTON ROAD PINOT NOIR CALVERT - JOSEPH CHARLEMAGNE - COMTE VOGUE MUSIGNY VV - PETER SISSECK DROUHIN GRIOTTE CHAMBERTIN - KRUG VINTAGE BRUT - MOET & (ALNARDO) PSI - DOMAINE LEROY VOLNAY SANTENOTS - GIACOMO CHANDON DOM PERIGNON ROSE - TIGNANELLO - BASSERMANN CONTERNO BAROLO CERRETA - PAVILLON ROUGE - TROPLONG JORDAN JESUITENGARTEN GROSSES GEWACHS - PICHON BARON - MONDOT - JEAN NOEL GAGNARD CHASSAGNE MONTRACHET MALARTIC LAGRAVIERE - DOMAINE LEROY VOSNE ROMANEE BOUDRIOTTE ROUGEVALANDRAUD - COMTE VOGUE CHAMBOLLE BEAUMONTS - ECHO LYNCH BAGES - DRC ROMANEE CONTI - GUIGAL MUSIGNY - LUNE ARGENT - GRAND PUY LACOSTE - GIACOMO COTE ROTIE LANDONNE - RUINART DOM RUINART - COMTES LAFON CONTERNO BAROLO CASCINA FRANCIA - RIOJA ALTA RIOJA GRAN MEURSAULT GOUTTE D'OR - LEOVILLE LAS CASES - CANON GAFFELIERE RESERVA 904 - DUHART MILON - CECILIA BERETTA VALPOLICELLA CANTEMERLE - CHAPELLE AUSONE - DRC ECHEZEAUX - FLEUR PETRUS CLASSICO SUPERIORE TERRE DI CARIANO - CHAPOUTIER ERMITAGE - GRUAUD LAROSE - BRANE CANTENAC - CHAPELLE MISSION - CLINET - Contents
Introduction to Bordeaux EP 2020 4
2020 Vintage 6
Cult Wines EP40 Index 9
Cult Wines Approach to EP 11 Importance of release price 11 Importance of producer category 12
Producer Analysis 17 Chateau Lafite-Rothschild Left Bank First Growth 18 Chateau Mouton-Rothschild Left Bank First Growth 19 Chateau Margaux Left Bank First Growth 20 Chateau Haut-Brion Left Bank First Growth 21 Chateau La Mission Haut-Brion Left Bank First Growth 22 Chateau Angelus Right Bank First Growth 23 Carruades de Lafite Second Wine 24 Chateau Pontet-Canet Left Bank Super Second 25 Chateau Figeac Right Bank Super Second 26 Chateau Smith-Haut-Lafitte Quality Price Ratio 27
Appendix 28
Introduction – Thriving, not just surviving
Introduction – Thriving, not just surviving Even with pandemic disruptions, Bordeaux en primeur remains the central event in the annual fine wine calendar and this year offers a lot to get excited about. The 2020 vintage will surely become one of the most memorable vintages in Bordeaux’s long and storied history. For a region that has churned out the world’s most sought-after wines through a phylloxera epidemic, world wars, and the great depression can now add the coronavirus pandemic to its survival list. While much attention has been paid to Bordeaux’s flexibility to pull off two ‘virtual’ EP campaigns, chateaux big and small also had to react quickly and safely last year to keep viticulture and winemaking up to standards despite travel and social distancing restrictions. From this perspective alone, 2020 can be regarded as a triumph.
But Bordeaux is not just surviving, it’s thriving. To start, 2020 looks to be the region’s third straight quality vintage. Add in an improving macro backdrop and it is clear to see why Bordeaux is feeling more confident in the starting blocks of the 2020 campaign compared to last year.
Last year’s 2019 EP involved talk of cancellation before a last-minute switch to virtual format as the coronavirus pandemic first wreaked havoc around the world. However, in the end, the 2019 EP campaign was a resounding success due to the region’s flexibility with both format and prices. The discounted release prices of up to 30% on the previous year helped invigorate the region that remains the benchmark of the global fine wine market. The Bordeaux 500 index, Liv-ex’s broadest measure of the region’s market, enjoyed an 8.77% return in the 12 months ending 31 March 2021, asserting the region as the stable stalwart of the fine wine universe.
Figure 1 – Bordeaux’s recent rally Liv-ex Bordeaux 500 Index –March 2017 – March 2021
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Source: Liv-ex. Data as of 31 March 2021
The 2019 EP releases also had to contend with US tariffs of 25% on all French still wines of up to 14% alcohol. This tariff was expanded in early 2021 before the US and EU reached an agreement in March, which saw the US suspend the tariff on all wines for an initial period of four months - perfect timing as far as Bordeaux EP is concerned.
The pandemic again disrupted the Union des Grands Crus de Bordeaux (UGCB)’s plans for a series of late-April in- person tastings in several cities around the world. Outside of some in-person events in Asia, Bordeaux 2020 tastings came via post once again. But this has been enough for critics and merchants to form mostly favourably early opinions of the 2020 wines. Alongside lower volumes than 2019, this will add upward pressure on prices with increases over last year’s discounted releases expected.
4 Cult Wines | wineinvestment.com Introduction – Thriving, not just surviving
The big question then becomes how much can chateaux afford to push prices without disrupting the new-found momentum in the Bordeaux market? With ongoing COVID disruption, an unproven economic recovery, and the risk tariffs get reinstated, buyers will likely expect prices to remain lower than the pre-pandemic EPs and more in line with 2019 levels.
The key driver will come down to the quality of individual wines. Here at Cult Wines, we’ve tasted some stunning wines and spoken with several upbeat producers. At the same time, we will remain selective and look at each chateau and wine individually, drawing on our proprietary analysis and deep knowledge about the wines of this legendary region. For this purpose, we present to you our coverage of Bordeaux 2020 EP.
5 Cult Wines | wineinvestment.com 2020 Vintage – ‘Classic’ third part to trilogy
2020 Vintage – ‘Classic’ third part to trilogy
The early reviews are painting 2020 as the third instalment of a trilogy of high-quality vintages for the region. The view from Bordeaux is certainly enthusiastic about the 2020 line up, with many chateaux referring to the vintage as more ‘classic’ and ‘fresh’ than the more opulent 2018 and 2019 wines.
Although many leading critics are still working their way through the tastings, reports so far are mostly positive.
“After tasting more than 400-barrel samples from the 2020 vintage, I can 100% confirm that it is another great year for Bordeaux.” – James Suckling
Although travel restrictions unfortunately prevented Cult Wines from visiting Bordeaux in person, samples from the UGCB and video calls with producers were the next best thing, allowing our global offices to taste our way through the 2020 wines.
Overall, our team’s consensus is that 2020 merits the early praise it has received with wines from a range of different appellations exuding ripeness alongside purity and freshness. Many displayed impressive balance, even compared to other recent vintages. However, we did notice variance in quality across different terroirs and producers, highlighting the need to remain selective even during quality vintages.
“The 2020 vintage has produced wines of outstanding potential. The extremes of the growing season mean that there is some risk of excess ripeness, but if you know where to look, the wines are sublime and classic in style. A ‘survival of the fittest vintage’ for many reasons and one where Bordeaux went back to its roots!” – Aarash Ghatineh, Executive Director
“Although the weather and pandemic added a host of challenges, Bordeaux has emerged with what looks like a great vintage. At this early stage, the top terroirs have stood out but work in the vineyard was key. I’ve been impressed with a wide range of chateaux on both sides of the Gironde, including their second wines that seem to be a step up in quality this year. All eyes now turn to the upcoming release prices. The chateaux have plenty of reasons to be excited, but can they contain their enthusiasm to strike the right chord with attractive entry points for buyers?” – Olivier Staub, Investment Director
6 Cult Wines | wineinvestment.com 2020 Vintage – ‘Classic’ third part to trilogy
Growing season Overall, 2020 was another warm vintage with above-average temperatures predominating in spring, summer and early autumn, which is being called the ‘new normal’ by some.
This warm weather brought ideal ripening conditions for both Merlot and Cabernet Sauvignon, leading to concentrated and complex fruit flavours across many terroirs. Nights stayed cool, helping preserve acidity in the grapes, which brought balance and freshness to many wines. It also kept alcohol levels in the final wines lower than many of the 2019s, enhancing 2020’s status as a more ‘classic’ vintage.
Volumes, however, suffered from the 2020 weather conditions, with all the top AOCs reporting declines versus 2019 and 10-year averages, according to report from Gavin Quinney. A warm, wet spring led to early budburst as well as mildew concerns, which reduced yields. The summer drought also hurt some regions where soils have lower water retention. Although there are exceptions, clay-limestone soils performed particularly well this year. Finally, a hot, sunny end to the summer caused some sunburn and shrivelled grapes.
The warm dry days and cool nights continued into mid-September, creating ideal harvest conditions for Merlot (which typically began around 10 September) and most of the Cabernet Sauvignon (around 20 September). However, the weather turned increasingly cool and wet at the end of the month, meaning the later-ripening Cabernets did not enjoy the same favourable harvest conditions, contributing to some variations in end quality.
7 Cult Wines | wineinvestment.com IMG The Cult Wines EP40 index
The Cult Wines EP40 index
Cult Wines has created an EP index to objectively track the performance of EP wines over time. The Cult Wines EP40 (CWEP40) includes a fixed list of 40 wines from across Bordeaux that meet our liquidity criteria of being regularly trad- ed and accessible (see Appendix for full list). The CWEP40 is available in five separate series by vintage - 2015, 2016, 2017, 2018 and 2019. We will then add future vintages to the series as they become tradable.
Figure 2 – Cult Wines EP40 Index 2015-2019 Performance
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Release level = Ex-London open Source: Cult Wines Ltd, Liv-ex. Data as of 31 March 2021
CWEP40 is separate and distinct from Cult Wines’ performance, which derives from the wines we select and allocate to our client portfolios at each EP and will vary year-on-year.
The below table shows that our specific selections in the last four EP campaigns have outperformed the CWEP40 index since their respective releases. This demonstrates the value in a selective approach to each EP campaign based on quantitative research and knowledge of individual producers and wines. Although this cannot guarantee positive returns, we remain confident that our approach will continue to deliver better results than a fixed basket in 2020 and future EPs.
Price change since release EP 2015 EP 2016 EP 2017 EP 2018 EP 2019
CW EP 40 Index 33.6% -1.3% -11.4% 5.7% 7.7%
CW EP Portfolio Return 30.5% 5.4% -3.5% 10.3% 9.8%
Source: Cult Wines Ltd, Liv-ex. Data as of 31 March 2021
9 Cult Wines | wineinvestment.com 10 Cult Wines | wineinvestment.com Cult Wines Approach to Bordeaux EP
Cult Wines’ approach to Bordeaux EP
The 2020 Bordeaux EP campaign will offer many exciting opportunities to access great wines with considerable long- term price appreciation potential. We do recognise there are mixed opinions about EP’s ongoing suitability with some chateaux, such as Latour, pulling out of the system and others holding back some stock for release later. However, EP remains an event that buyers cannot miss. The main benefits of EP are:
• Access - EP is the first chance to buy the new wines before they’re bottled and released, typically around two years later. The most in-demand wines can be difficult to source later, so EP is often the best way to secure allocations.
• Advantageous prices – EP is an attractive entry point to this prestigious Bordeaux market as EP release prices are typically below their eventual market price.
However, Bordeaux is a massive, complex and sometimes expensive market even during EP. Prices can fluctuate up or down, especially in the short term, based on quality and critic scores, volumes, relative value versus other wines, and shifts in the wider macroeconomic backdrop. To help find the best wines ithw the most compelling growth potential, we’ve identified two key themes to watch – release price and producer category.
1. Importance of release price
With 2020 viewed as the third instalment of a great trilogy with 2018 and 2019, the new wines should have consider- able appreciation potential if they are released at attractive prices. Figure 3 below reveals how the price point where chateaux release their new wines makes a significant impact on how prices evolve following the EP campaigns.
Figure 3 – A Range of Outcomes Cult Wines EP40 Index, 2015-2019 (starting levels rebased to 2015 EP release level)
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Release level = Ex-London open Source: Cult Wines Ltd, Liv-ex. Data as of 31 March 2021
11 Cult Wines | wineinvestment.com Cult Wines Approach to Bordeaux EP
Both 2015 and 2016 were deemed quality vintages with 2016 probably offering a larger number of top-quality wines, in our view. However, 2015 saw rapid price appreciation following its EP due to its quality as well as a number of attrac- tive release prices following a string of disappointing vintages in 2011-2013. Although 2016 offered potentially even better quality, its higher release price has meant a more modest price evolution to date.
Both 2018 and 2019 were judged as excellent sets of wines but 2019’s discounted release prices pulled demand away from 2018 wines, resulting in 2019’s (so far) better performance. With 2020 forming a trilogy with these wines, the quality for long-term growth clearly exists if the release prices are right.
2. Importance of producer category
Rather than looking at the entire vintage as whole, Cult Wines breaks down the EP wines into categories (as shown in the below pyramid graphic). This category level analysis alongside an assessment of each individual wine’s quality, volume, critic score and release price can help identify the best purchasing opportunities within the full set of EP offers.
Left bank first growths Right bank first growths
Second wines Second wines
Left bank Right bank super seconds super seconds
Quality price ratio (QPR)
First Growths – These are the most iconic names in Bordeaux. For the left bank, we use the 1855 classification, replac- ing Chateau Latour, which no longer participates in EP, with Chateau La Mission Haut-Brion. For the right bank, we include the top names of both St Emilion and Pomerol.
Left Bank Right Bank • Chateau Haut-Brion • Chateau Angelus • Chateau La Mission Haut-Brion • Chateau Le Pin • Chateau Lafite-Rothschild • Chateau Pavie • Chateau Margaux • Chateau Cheval-Blanc • Chateau Mouton-Rothschild • Chateau Petrus • Chateau Ausone • Chateau Lafleur
12 Cult Wines | wineinvestment.com Cult Wines Approach to Bordeaux EP
Second Wines – These are all second wines from First Growth producers. Historically, Second Wines offered attractive relative value compared to their respective Grand Vins. Although this value gap has closed in many cases, we still think Second Wines are excellent EP opportunities.
Left and Right Bank Super Seconds – These are producers that we believe are among the top names outside of the First Growths. If there were a reclassification today, we think many of these names would be on the cusp of obtaining first-growth status.
Quality Price Ratio – These wines typically offer attractive relative value or have compelling growth potential. They will demonstrate good quality and come from established producers with strong brand recognition or up-and-coming producers on the rise. The market for these wines can be less efficient or undervalued, in our view.
In some vintages, particularly those in the middle of the last decade, the combination of quality and lower release price meant prices for a wide range of producer types climbed quickly and consistently post-EP release (Figure 4). However, the more mixed performance by producer category in recent vintages points to the importance of being selective.
Figure 4 – Variation by Producer and Vintage
ve e o C int e n CW C te o
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. . . . . . int e Source: Cult Wines Ltd, Liv-ex. Data as of 31 March 2021
For example, 2018 left bank First Growths have increased in price post-EP release whereas the other 2018s producer types have declined. We see a similar situation with Second Wines in 2017. This highlights why the entire EP universe doesn’t form a single opportunity, meaning it is useful to look at different categories of wines and then quality and price of each individual release to prioritise allocations to the categories where we see the best relative value each year.
13 Cult Wines | wineinvestment.com Cult Wines Approach to Bordeaux EP
Stability at the top – First Growths are the most prestigious names in fine wine and while there can be some variance with each vintage, they reliably churn out memorable wine nearly every year. Consequently, demand remains con- stant and widespread and has boosted the performance of Cult Wines’ First Growth category for the 2018 and 2019 EPs despite varied performance in the other categories (see Figure 5).
Figure 5 – Strong and Stable First Growths
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Source: Cult Wines Ltd, Liv-ex. Data as of 31 March 2021
This isn’t to say release price isn’t important, but First Growths remain a fixture in the fine wine world and EP often remains the best time to access these must-have names at relatively low prices.
Selectivity is key among other categories - When it comes to Second, Super-Second and QPR wines, a selective ap- proach is essential as demand can vary more depending on quality and release price. There had been a time when Second Wines were significantly cheap relative to the First Growths, resulting in impressive price appreciation for Cult Wines’ EP allocations in the middle part of the last decade. Figure 6 below shows some of the top performing Second Wines from this period. However, the graphic also reveals that appreciation has been less in recent years, more in line with the wider market.
We still think Second Wines can offer excellent relative value but gone are the days when a broad basket delivered al- most-assured appreciation. Today, it is essential to look at quality of the individual wines in each vintage and compare against their release prices.
14 Cult Wines | wineinvestment.com Cult Wines Approach to Bordeaux EP
Figure 6 – Vintage Matters with Second Wines Cult Wines’ Select Second Wines, Total Return
All-ti me Return by Wine Name and Vintage
Vintage 2014 2015 2016 2017 2018 2019
219.6% 119.8% 66.7% Carruades de Lafite, Pauillac 71.5% 15.7% -0.3%
202.7% 107.3% 28.6% Le P etit Mouton de Mouton Rothschild, Pauillac 29.4% 0.0% Wine Name 0.0%
123.5% 34.8% 17.2% Pavillon Rouge du Chateau Margaux, Margaux -1.9% -5.7% -0.3%
0% 50% 100% 150% 200% All-time Return Source: Cult Wines Ltd, Liv-ex. Data as of 31 March 2021 QPR wines also offer attractive appreciation potential but as quality can vary by vintage and terroir, staying selective and analysing quality and release price carefully in each campaign is the best approach, in our view.
Importance of time – Getting involved in EP likely means committing to the wines for a long-term period. After all, it can be close to a decade or even longer when many of the wines enter their ideal drinking window. Critic scores when the wines are released in bottle two years later as well as wider Bordeaux and fine wine market direction can impact price evolution over this time. However, wine is a product meant to be enjoyed and initial price declines can turn into longer-term gains as wines are consumed. Although 2017 was not a top-quality vintage, high prices for other years could mean people increasingly turn to the 2017s as drinking wines when they enter their windows. This trend could add upward pressure on prices for 2017 as well as other vintages over the long term, which is important to keep in mind when approaching the new 2020 wines.
15 Cult Wines | wineinvestment.com 16 Cult Wines | wineinvestment.com Producer Analysis
Producer analysis
Drawing on our extensive experience and quantitative research, we conduct an in-depth analysis for each individual wine release. At EP, the quality of the wines and price will drive demand. Therefore, each year we conduct a detailed look at each new EP release, incorporating both vintage quality and release price data. Our proprietary ‘football pitch’ analysis results in a ‘fair value’ (FV) for each wine before it is released. This way, we can assess the relative value of the actual release price and determine whether it represents an attractive buying opportunity versus the physical market wines already available.
The football pitch incorporates:
• Current market prices of most recent five vintages • Release prices (in Ex-London open) of most recent five vintages • 2020 EP scenario: assumption on +/- % price change relative to 2019 release • Price-over-Point ratio: the relationship between a wine’s market price and wine critic scores
Figure 7 – Example Football Pitch Valuation - Chateau Lafite Rothschild
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st vint es ele se ice n e Cu ent et ice n e vint e scen io ice c n e to
*CW Fair Value is generated by our proprietary model, based on previous vintage scores and price Source: Cult Wines Ltd, Liv-ex.
This example for Chateau Lafite Rothschild indicates (red line) that Fair Value is £6,000 (for 12x75cl). We will then compare this to the eventual EP release price of the 2020 Lafite and judge how attractive an entry point it offers. The following producer analysis contain a Fair Value figure for 2020 based on this football pitch analysis.
17 Cult Wines | wineinvestment.com Producer Analysis
Chateau Lafite Rothschild At this prestigious and world-renowned Bordeaux estate quality is a given, so we expect the 2020 to generate rave reviews. The Pauillac chateau’s 2019 wine came with a 15% discount to the 2018 release. Its 2020 wine contains 92% Cabernet Sauvignon, 7% Merlot and 1% Petit Verdot. One of the first critic scores came from James Lawther (jancis- robinson.com), who gave a 19-point score and called it a ‘masculine’ wine with a ‘powerful tannic frame’ that has ‘in- credible potential.’ The below chart compares the Fair Value of the 2020 release (green bar) at £6,000 (with estimated score range of 97-100 points) versus previous vintages.
Chateau Lafite Rothschild Price v Scores
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release 2012 £4,000.0 . 2013 £3,200.0 . 2014 £2,900.0 . 2015 £4,350.0 . 2016 £6,000.0 2017 £4,870.0 e se t on ele se 2018 £6,000.0 2019 £5,112.0 2020* £5,360 - £5,880 *Estimated EP Release Price Range
18 Cult Wines | wineinvestment.com Producer Analysis
Chateau Mouton-Rothschild Another iconic First Growth that needs to introduction, Chateau Mouton-Rothschild’s 2020 wine will surely deliver on quality. The question becomes where it will rank against previous vintages and at what price will it come. The 2019 EP release came nearly 30% lower than the 2018 release.
The 2020 wine features 84% Cabernet Sauvignon, 13% Merlot, 2% Cabernet Franc, 1% Petit Verdot. James Lawther (jancisrobinson.com) rated its barrel sample 18.5, noting the ‘characteristic Mouton’ was ‘textured, clean and fresh’ and has ‘more to give.’
Chateau Mouton-Rothschild Price v Scores
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release
2012 £2,800.0 2013 £2,400.0 . . 2014 £2,340.0 . 2015 £4,160.0 . 2016 £5,180.0 e se t on ele se 2017 £4,320.0 2018 £5,112.0 2019 £3,588.0 2020* £3770 - £4130 *Estimated EP Release Price Range
19 Cult Wines | wineinvestment.com Producer Analysis
Chateau Margaux Chateau Margaux is known around the world for the beauty of its wines and the charming grand chateau itself. All signs point to another great wine in 2020. James Suckling handed out a score of 99-100 points. He notes the wine, which is made from 89% Cabernet Sauvignon, 8% Merlot, 2% Petit Verdot, 1% Cabernet Franc, displayed ‘super, fine tannins’ alongside ‘great length and intensity.’
Margaux released its 2019 EP wine 18% below the price of its 2018 offering.
Chateau Margaux Price v Scores
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release
2012 £2,800.0 2013 £2,400.0 2014 £2,320.0 . 2015 £4,250.0 2016 £5,180.0
2017 £4,320.0 e se t on ele se . 2018 £5,112.0 . . 2019 £4,200.0 2020* £4,400 - £4,850 *Estimated EP Release Price Range
20 Cult Wines | wineinvestment.com Producer Analysis
Chateau Haut-Brion Moving to the Pessac-Leognan appellation, Haut-Brion has established itself as a model of consistency in recent years with five straight vintages with scores of 98 or higher. The 2020 wine comprises 42.8% Merlot, 39.7% Cabernet Sau- vignon, and 17.5% Cabernet Franc. Jancis Robinson gave it an 18.5-point score and praised its ‘intensely seductive nose’ and noted its acidity and juicy palate with a finish that is ‘long and emphatic with a little more zest than Haut-Bri- on often has at this early stage.’
The 2019 EP discount was 27% from its 2018 EP price.
Chateau Haut-Brion Price v Scores
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release
2012 £2,800.0 2013 £2,400.0 2014 £2,320.0 . . 2015 £4,250.0 . .
2016 £4,980.0 2017 £4,054.0 e se t on ele se 2018 £4,900.0
2019 £3,588.0 2020* £3,750 - £4,100 *Estimated EP Release Price Range
21 Cult Wines | wineinvestment.com Producer Analysis
Chateau La Mission Haut-Brion Located just across the road from Chateau Haut-Brion in Pessac-Leognan, La Mission’s wines exhibit incredible rich- ness and power, typically requiring 10 years or more before drinking. The 2020 wine meets this standard. The blend of 48.6% Merlot, 43.2% Cabernet Sauvignon, and 8.2% Cabernet Franc that Jancis Robinson, while rating it 18+, called ‘extremely dense and concentrated’ with ‘firm fruit and layers of cassis and minerals’ that calls for several years of ageing. Last year, the EP came with a 25% discount to the 2018 EP.
Chateau La Mission Haut-Brion Price v Scores et ice i lue test W co e
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release
2012 £1,680.0
2013 £1,200.0 . 2014 £1,420.0 . 2015 £3,200.0 . 2016 £3,960.0 . 2017 £2,760.0 e se t on ele se 2018 £3,000.0
2019 £2,262.0 2020* £2,375 - £2,600 *Estimated EP Release Price Range
22 Cult Wines | wineinvestment.com Producer Analysis
Chateau Angelus Our preview will look at one Right Bank First Growth – Chateau Angelus, which gained Premier Grand Cru (Classe A) in a 1996 reranking of St Emilion. The 2020 wine is a 60% Merlot and 40% Cabernet Sauvignon blend that received 98-99 points from James Suckling. His tasting note indicates Angelus exhibits many of the traits that keep appearing in the 2020 vintage, such as ‘refined,’ ‘balanced,’ and ‘pure.’ The 2019 EP came with a smaller discount compared to some of the other First Growth wines at 7% lower than its 2018 EP price.
Chateau Angelus Price v Scores
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release
. 2012 £2,000.0
2013 £1,640.0 2014 £1,700.0 . . . 2015 £2,680.0
2016 £3,576.0 2017 £3,360.0 e se t on ele se 2018 £3,060.0
2019 £2,844.0 2020* £2,980 - £3,250 *Estimated EP Release Price Range
23 Cult Wines | wineinvestment.com Producer Analysis
Carruades de Lafite The Second Wine of Chateau Lafite Rothschild, Carruades’s popularity has been on the up in recent years, espe- cially with the Asian market. The vineyards that produce this wine hail from the Carruades Plateau, a group of plots acquired in 1845. It has carved its own character from the grand vin, using a higher proportion of Merlot. The 2020 involves 52% Cabernet Sauvignon, 42% Merlot, 3% Cabernet Franc, and 3% Petit Verdot and received a 17.5-point score from James Lawther (jancisrobinson.com), referring to it as ‘fresh and zesty’ alongside ‘fine but grainy tannin’ with ‘power but charm as well.’
Carruades from the middle of the 2010s enjoyed soaring price growth, which led to higher release prices, as seen below, in recent EPs. However, it still offers significant potential in our opinion. Last year’s 2019 EP release came with a 15% discount to the 2018 EP.
Carruades de Lafite Price v Scores et ice i lue test W co e
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int es E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release Vintage Ex-London Release
2012 £1,200.0 2013 £1,000.0
2014 £920.0
2015 £1,260.0 2016 £1,600.0
e se t on ele se 2017 £1,750.0 2018 £2,240.0 2019 £1,896.0 2020* £1,990 - £2,200 *Estimated EP Release Price Range 24 Cult Wines | wineinvestment.com Producer Analysis
Chateau Pontet Canet This 5eme Cru Classe Pauillac chateau kicked off the 2019 EP releases a year ago with a discount of roughly 30% from the previous year. In many ways, this set the tone for the rest of the successful EP campaign.
The 2020 wine blends 60% Cabernet Sauvignon, 32% Merlot, 4% Cabernet Franc, and 4% Petit Verdot. James Law- ther (jancisrobinson.com) gave it a 17-point score, noting it is ‘riper than most Pauillacs tasted’ and ‘fresh and per- sistent but some chew on the finish.’
Chateau Pontet Canet Price v Scores
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release 2012 £690.0 2013 £675.0
2014 £648.0
2015 £795.0 . . . 2016 £1,370.0 .
2017 £1,010.0 e se t on ele se 2018 £1,038.0 2019 £730.0 2020* £765 - £840 *Estimated EP Release Price Range
25 Cult Wines | wineinvestment.com Producer Analysis
Chateau Figeac This right bank Super Second is ranked Premier Grand Cru (Classe B) but has made several standout wines since a rededication to improvement after falling short of Classe A status in the 2013 St Emilion re-rankings. The 2020 wine received 17.5+ points from James Lawther (jancisrobinson.com). The 37% Merlot, 32% Cabernet Franc, 31% Caber- net Sauvignon blend was judged ‘gentle, juicy and pure with nothing overdone.’
Its 2019 EP release was 30% lower than the 2018.
Chateau Figeac Price v Scores
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release 2012 £525.0 . 2013 £530.0
2014 £575.0 2015 £1,114.0 . 2016 £1,860.0
e se t on ele se . 2017 £1,476.0 .
2018 £2,172.0 2019 £1,512.0 2020* £1,590 - £1,740 *Estimated EP Release Price Range
26 Cult Wines | wineinvestment.com Producer Analysis
Chateau Smith-Haut-Lafitte Smith-Haut-Lafitte regularly produces some excellent wines at lower price points than its higher-ranked left bank peers, warranting inclusion in our QPR category. The 2019 EP release came roughly 17% below the 2018 EP price.
The 2020 received a 17+ point score from Jancis Robinson, who praised its ‘rich, polished palate – structured juici- ness’ while noting it was ‘dry on the finish’ with ‘sandy-textured tannins,’ indicating this blend of 65% Cabernet Sauvi- gnon, 30% Merlot, 4% Cabernet Franc, and 1% Petit Verdot will need time. Although volumes are not yet confirmed, the chateau has indicated 2020 levels could be down around 20% from 2019.
Chateau Smith-Haut-Lafitte Price v Scores
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E = Estimated score range Source: Wine Advocate, Liv-ex, Cult Wines Ltd. Data as of 31 Mar 2021
Ex-London Release History Vintage Performance Since En Primeur Release
Vintage Ex-London Release
2012 £450.0 . 2013 £420.0 2014 £440.0
2015 £625.0 .
2016 £920.0 . . e se t on ele se 2017 £825.0 2018 £978.0 2019 £813.0 2020* £850 - £930
*Estimated EP Release Price Range
27 Cult Wines | wineinvestment.com Appendix – Constituent Wines of Cult Wines EP40 Index
• Chateau Haut-Brion • Chateau Pichon-Longueville, Baron • Chateau Lafite-Rothschild • Chateau Pontet-Canet • Chateau Margaux • Chateau Smith-Haut-Lafitte Pessac-Léognan • Chateau Mouton-Rothschild • Chateau Angelus • Chateau Beychevelle • Chateau Clinet • Chateau Calon-Segur • Chateau Clos Fourtet • Chateau Cos d’Estournel • Chateau La Conseillante • Chateau Ducru-Beaucaillou • Chateau l’Eglise-Clinet • Chateau Duhart-Milon Rothschild • Chateau La Fleur-Pétrus Pomerol • Chateau Grand-Puy-Lacoste • Chateau Pavie • Chateau Gruaud Larose • Chateau Troplong Mondot Vieux • Chateau Haut-Bailly • Chateau Certan • Chateau Léoville-Barton • Chateau Ausone • Chateau Léoville-Las-Cases • Chateau Cheval-Blanc • Chateau Léoville-Poyferré • Carruades de Lafite • Chateau Lynch-Bages • Clarence Haut Brion • Chateau La Mission Haut-Brion • Pavillon Rouge du Chateau Margaux • Chateau Montrose • Le Petit Mouton de Mouton Rothschild • Chateau Palmer • Chateau Figeac • Chateau Pape-Clément • Chateau Canon
28 Cult Wines | wineinvestment.com CULT WINES W
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