Burgundy 2015 Investment Report

ENG-3-012017 CONTENTS

INTRODUCTION 03 Burgundy 2015

VINTAGE REPORT 04 Key conclusions for the 2015 vintage 05

BURGUNDY MARKET & PRICE EXPECTATIONS 06

KEY PRODUCERS 07

BURGUNDY PERFORMANCE 08 Key performance figures 08 Liv-ex Burgundy 150 performance vs FW Indices 08 CW Burgundy Index vs Liv-ex Burgundy 150 Index 10 Burgundy 150 performance vs major FW Indices 11 Burgundy 150 vs Global equities, Oil & Gold 13 Spotlight on Domaine Leroy 2011 14

BURGUNDY MARKET LANDSCAPE 16 Supply vs Demand 16 2015 production levels 16 Global appeal 17

HOW TO BUY BURGUNDY EN PRIMEUR 18 Rules of engagement 18 Grand Cru 19 Premier Cru 20 Village 21

BURGUNDY 2015 CRITICAL ACCLAIM 23 ‘The merciful vintage’ Neal Martin Producer Diary

NOTES & CONCLUSIONS 56 INTRODUCTION

“There are many ways to the recognition of the truth, and Burgundy is one of them.” Isak Dinesen

By its very nature Burgundy fascinates. The regions idiosyncrasies and complexities had in the past left it isolated and reserved for the cognoscenti. With the pending release of the 2015s, it is hard to recall such excitement, interest and demand amongst global the fine wine community. Neal Martin’s scores are out and there are a splattering of ratings from Stephen Tanzer (Vinous), we still await scores from Burghound but regardless of the latter, the quality of the 2015s is without question. Neal Martin remarks ‘make no mistake, 2015 is a great vintage’, whilst Steen Ohman of WineHog proclaimed ‘ I have never tasted anything like the very best 2015s’. With demand for Burgundy growing rapidly over the past few years, we believe that 2015s present investors and collectors with a great opportunity to secure a number of the most celebrated producers and their highest quality cuvees at first release. The case for purchasing Burgundy En Primeur has rarely been so compelling. A vintage that will inevitably go down as one of the true greats from the Cote d’Or, and we therefore advise our clients to participate at all levels. This is a vintage not to be missed and the following report explains exactly why.

BURGUNDY 2015

Mother Nature has been far from kind to the region over the past few years. Variable conditions have offered up a host of challenges ranging from hailstorms, uncontrollable rot, the most irritating of pests and more recently a spell of frost so severe it would give all five Ice Age films a run for their money. So early reports for 2015 of an uncomplicated growing season followed by an excellent harvest reverberated around the wine market with the Burgundophiles amongst us anxiously awaiting another a potentially great vintage release. Of course, each producer has their own version of events but here is a high level summary of the conditions which define this great vintage.

Introduction | +44 (0)20 8332 9386 | wineinvestment.com 3 VINTAGE REPORT

Following the difficulties of previous years, the growing season for 2015 would have felt like a walk in the park. Most growers described 2015 as an ‘easy vintage’ and you could forgive them for their description as things were much quieter in the vineyard.

As Neal Martin remarked ‘only those winemakers whose vines reply to the word “Chardonnay” and not “Pinot Noir” might have suffered some anxiety in 2015’. The growing season offered a mild winter and a very hot summer, some of you will recall the blistering heat wave we encountered here in the UK especially across June and July. Temperatures reached their highest levels since 2003 and conditions akin to the Atacama Desert left growers with chronic neck pains as they nervously searched the skies above.

The plots boasting water retentive clay soils fared well, as did the older vines; vines with extensive root systems can overcome quite extreme variations in water and nutrient supply. Fortunately, the rain arrived in time to avoid serious damage from the drought but some vines were stressed in this period which stifled growth. The main period of rainfall was on the 12th and 13th of August, which Neal Martin suggests ‘almost saved the vintage’ as this heavy shower ‘gave the vines a much-needed shot in the arm’. More normal weather conditions in August provided respite aiding the gradual ripening process.

Harvest was quick and uncomplicated. The majority of growers harvested in early September under perfect conditions. George Lignier in Morey St Denis harvested a week before the average (September) noting he was delighted with his decision and a number of growers sent their teams out in the morning to pick to take advantage of cooler conditions. The hot summer had clearly laid the foundations for a rich and giving vintage, whilst the timely rainfall in August and the cool conditions during harvest has resulted in wines not only offering a generous fruit crunch but a remarkable freshness combined with elegance and pleasant tannins that make these some of the most beautiful young wines we have ever tasted.

2015 is a vintage of exceptional quality especially for the reds and following the recent critical acclaim demand will far outstrip supply. The warm weather and problems experienced in previous campaigns has led to reduced yields. According to a number of growers, production and volumes are down around 20% with some areas such as of Northern Cote De Beaune were down by as much as 50% due to hail.

Vintage Report | +44 (0)20 8332 9386 | wineinvestment.com 4 Most producers likened the 2015s to the very warm and dry years such as 2009, 2005 and 2003, although most were quick to provide few comparison to2003 further than a hot summer. Romain Taupenot who runs Taupenot-Merme described the vintage as ‘racy’ and across the board believes that lessons were learned from the 2009 vintage. The growers handled the heat a lot better in 2015, which leaves us with well balanced, fresher wines, he added. It’s fair to say that whilst the climatic conditions were favourable in ’15, it is the craftsmanship and wizardry of the winemakers which has made this vintage truly special.

It it is premature to make concrete vintage comparison, however for the reds the 2005 vintage appears to be the most popular. 10 years on from the 2005s, most have shut down and there is an overwhelming feeling that 2015s are far more seductive. These are wines to be enjoyed in their youth, more charming and more playful than 2005 but also with the capacity to age long term. Some more creative vintage comparisons are as follows:

In the main 2015 is also very strong year for the whites yet the style and quality is varied. Certainly not as uniform as 2014, less precise but more succulent and theoretically should drink a lot earlier.

KEY CONCLUSIONS FOR THE 2015 VINTAGE

1. 2015 is a great year for the reds and a very good year for whites.

2. A vintage that suits all levels – yes as you’d expect the Grand Crus are in most cases the summit of the vintage but there are a number of examples where the Burgundy hierarchy order of play Village, Premier, Grand Cru can be modified – this is what makes this vintage so appealing.

3. Bureau Interprofessional des Vins de Bourgone (BIVB) state that 2015 harvest was down 3% on the 10 year average: i. Reds down 12% over a 5 year average.

4. Cote de Nuits has produced the standout wines with the real jewels being Vosne-Romanee and Chambolle-Musigny which suit the warmer vintages.

5. Cote de Beaune has produced very high quality, complex and stylish wines. The appelations in the Cote de Beaune have had great success but Neal Martin has been particularly complimentary about Corton suggesting that this is an area where buyers could get the best value for money.

6. Certainly a vintage to buy the village level reds as they will benefit from the charming profile of the wines.

7. Allocations are likely to be ultra-competitive and therefore investors and collectors will be required to place balanced orders.

Vintage Report | +44 (0)20 8332 9386 | wineinvestment.com 5 BURGUNDY MARKET & PRICE EXPECTATIONS

Prices are destined to be high such is the quality of the 2015s and those who have followed the Burgundy market closely over the past 5-7 years will recognise that the focus on Burgundy has increased significantly, The worldwide ‘burgundy’ fan base has grown exponentially and therefore the wines from this region have now taken on a whole new global standing.

It’s fair to say that the current quality of wines now being produced has improved significantly over the last 15 years, and there is a much wider audience who are keen to experience the unique and rare wines of Dugat-Py or discover the next Jean-Marie Fourrier – and tell their friends all about it!

Prices could potentially be the highest in real terms due to a number of factors;

1. Domestically a weak exchange means a de facto EP price rise, although given the quality of the 2015s the secondary market trading will absorb any initial pricing concerns.

2. Low Yields in 2015 combined with an undistinguishable 2016 – will inevitably lead to increased demand in 2015s and therefore an opportunity for suppliers to set higher release levels, some may compensate for projected 2016 production levels.

3. High quality product – secondary market benchmarks have moved the goalposts and 2015 price rises likely justified as a result of the quality.

The prices for the producers at the very top of the game have increased exponentially over the past 10 years and this is certainly an area of the market that can provide investors with some very attractive returns, but knowing which wines and producers to focus on does require intimate knowledge of the region. We’ve identified the key producers for our clients to consider not only in 2015 but for carefully selected back vintage strategies.

WILL THE SUPPLY PRESSURES AND PRICE INCREASES MAKE BACK VINTAGES JUST AS APPEALING?

Of course we are encouraging clients to explore the 2015 releases across all levels. The key to purchasing wines from an investment perspective will be to carefully navigate our way through the price increases and focus on the wines where any increase is fully justified as these positions will provide undeniable value and medium to long term growth.

Equally, the release of a great vintage like this will naturally focus market attention on all wines across a range of vintages. Higher release prices and extremely tight allocations will prompt buyers to look at other vintages of the same wine in an attempt to find value – this is known as ‘backfilling’. Due to the highly restricted supply of Burgundies back vintages it only takes a small increase in demand to nudge the needle and make a significant impact on price.

We will therefore be keeping a very open mind and given the anticipated performance across the region as a whole, it could well turn out to be a very positive move looking at a blended portfolio, focusing on all the key releases from 2015 as well as carefully selected back vintages.

Burgundy Market & Price Expectations | +44 (0)20 8332 9386 | wineinvestment.com 6 KEY PRODUCERS

There are a handful of domains that many people will be familiar with, and the majority of these have produced quite brilliant wines across the range in 2015, but there are more that are not as well known to even the most sophisticated of investor or fine wine aficionado.

It is the latter category which is perhaps the most exciting especially given the producer names who have established serious pedigree and reputation over the past few years.

KEY PRODUCERS

GEVREY-CHAMBERTIN VOUGEOT VOLNAY

1. Domaine Denis Bachelet 1. Christian Clerget 1. Marquis d’Angerville 2. Olivier Bernstein 2. Domaine Hudelot-Noellat 2. Domaine de la Pousse d’OR 3. Pierre Damoy 3. Hubert de Montille 4. Domaine Drouhin-Laroze 4. Michel Lafarge 5. Domaine Claud Dugat VOSNE-ROMANEE & 6. Domaine Bernard Dugat Py FLAGEY ECHEZEAUX 7. Domaine Duroche POMMARD 8. Domaine Fourrier 1. Domaine Sylvain Cathiard & Fils 9. Domaine Denis Mortet 2. Domaine d’Eugenie 1. Comte Armand Domaine du 10. Domaine Joseph Roty 3. Domaine Jean Grivot Clos des Epeneaux 11. Domaine Armand Rousseau 4. Domaine Anne Gros 12. Cecil Tremblay 5. Domaine Michel Gros 13. Bruno Clair 6. Domaine Lamarche MERSAULT & BLAGNY 14. Drouhin-Laroze 7. Domaine Leroy 15. Claude Dugat 8. Comte Liger-Belair 1. Domaine Coche-Dury 16. Christian Serafin 9. Domaine Meo-Camuzet 2. Domaine Arnaud Ente 17. Rossignol-Trapet 10. Domaine Mugneret 3. Domaine Patrick Javillier 18. Domaine Tortochot 11. Domaine Georges Mugneret- 4. Domaine des Comtes Lafon Gibour 5. Domaine Pierre Morey 12. Domaine Emmanuel Rouget 6. Domaine Guy Roulot MOREY-ST-DENIS

1. Domaine Robert Groffier NUITS-ST-GEORGES PULIGNY-MONTRACHET 2. Domaine des Lambrays 3. Domaine Dujac 1. Domaine de l’Arlot 1. Louis Carillon 4. Georges Lignier 2. Robert Chevillon 2. Chateau de Puligny- 5. Hubert Lignier 3. Domaine Faiveley Montrachet 6. Domaine Ponsot 4. Domaine Henri Gouges 3. Domaine Leflaive 7. Clos de Tart 5. Dominique Laurent 4. Etienne Sauzet 8. Christophe Perrot-Minot 6. Thibault Liger-Belair- 7. Domaine Prieure-Roch 8. Domaine de la Vougeraie CHASSAGNE-MONTRACHET CHAMBOLLE-MUSIGNY 1. Domaine Blain-Gagnard 1. Domaine Bertheau COTE DE BEAUNE 2. Pierre-Yves Colin-Morey 2. Domaine Ghisele Barthod 3. Domaine Fontaine-Gagnard 3. J-F Mugnier 1. Bonneau du Martray 4. Domaine Michel Niellon 4. Domaine Georges Roumier 2. Domaine de Montille 5. Domaine Ramonet 5. Domaien Comte Geroges de Vogue

Key Producers | +44 (0)20 8332 9386 | wineinvestment.com 7 BURGUNDY PERFORMANCE

Much has been said about the short, medium and long-term performance of Burgundy as a region. The following section provides up to date growth figures set against other fine wine indices, Global Equites, Oil and Gold; and also compares medium-term movement of Liv-ex 150 and our own, CW Burgundy indices.

KEY PERFORMANCE FIGURES

Term Index Timeframe Total Growth CAGR Medium-Term CW Burgundy 5 Years 96.8% 17.6% Long-Term Liv-ex Burgundy 150 13 Years 271.4% 11.6%

LIV-EX BURGUNDY 150 PERFORMANCE VS FW INDICES Long-Term: Since 2004, 13 Years

The Liv-ex Burgundy 150 index tracks the price movement of the 10 most recent physical vintages for 15 red and white Burgundy wines, selected on the basis of volume & value traded and relative liquidity. Domaine de la Romanee-Conti (DRC) accounts for 6 of these wines (all red).

LIV-EX BURGUNDY 150 - WINES & VINTAGES

DRC, Echezeaux DRC, Tache Ponsot, Clos Roche Vv (2002-2011) (2002-2011) (2002-2012, exc ’03)

DRC, Grands Echezeaux Armand Rousseau, Chambertin Bonneau Martray, Corton (2002-2011) Clos De Beze Charlemagne (2003-2012) (2003-2012)

DRC, Richebourg Comte Vogue, Bonnes Mares Domaine Leflaive, Batard (2002-2011) (2003-2012) Montrachet (2002-2011)

DRC, Romanee Conti Jean Grivot, Clos Vougeot Domaine Leflaive, Puligny (2002-2011) (2003-2012) Mont. Pucelles (2003-2012)

DRC, Romanee Saint Vivant Mommessin, Clos Tart Domaine William Fevre, (2002-2011) (2003-2012) Chablis Clos (2003-2012)

Burgundy Performance | +44 (0)20 8332 9386 | wineinvestment.com 8 Rebased to the start of 2004 (when Liv-ex has reliable information for each), performance of the Burgundy 150 against the 10 other indices is as follows.

Index Key CAGR Total Growth

Burgundy 150 11.6% 271.40% Fine Wine 50 10.6% 235.61% Fine Wine 100 9.5% 197.33% Bordeaux 500 9.4% 193.15% Fine Wine 1000 9.6% 199.80% Investables 10.3% 223.35% Bordeaux Legends 11.0% 250.16% Champagne 50 10.3% 223.12% Rhone 150 4.7% 73.92% Italy 100 7.7% 144.11% Rest of the World 50 8.3% 159.13%

We can see that Burgundy posts the largest returns, in doing so nets a Compound Annual Growth Rate (CAGR) of 11.6% - unmatched by any other index over the same period.

Bordeaux Legends (selection of 50 Bordeaux wines from exceptional older vintages (1982-2000) comes second with a CAGR of 11.0% followed by Fine Wine 50 (Bordeaux 1st Growths) with 10.6%.

Burgundy Performance | +44 (0)20 8332 9386 | wineinvestment.com 9 CW BURGUNDY INDEX VS LIV-EX BURGUNDY 150 INDEX Medium-Term: Since October 2011, 5 Years

Data for the Cult Wines Burgundy Index is available from late 2011, providing price information for just over five years.

While the Liv-ex Burgundy index tracks the price movement of 150 unique wines, the CW Burgundy index currently tracks 360 unique wines, representing a much broader selection.

Over the period, Liv-ex’s index returned 112.6% and CW’s index 96.8%.

Why did Liv-ex’s index outperform our own?

Domaine de la Romanee Conti accounts for 40% of the Liv-ex Burgundy 150 so has a heavy influence on the performance of the index itself. The majority of DRC vintages currently available (across the range of Grand Crus they produce) have posted gains above the market average so have pulled the index up considerably.

The hitch? DRC has some of the highest prices in the world of fine wine. The average case price (12x75cl) for the six Grand Crus tracked here are:

• Echezeaux £10,994.50 • Richebourg £16,377.30 • Grands Echezeaux £12,467.00 • La Tache £26,640.00 • Romanee St Vivant £13,393.50 • Romanee Conti £128,574.00

So this is less representative of a collection that most investors can access.

By comparison, the average case price (12x75cl) of wines included in the CW index is £8,574.24*. In stark contrast, the average case price of wines in the Bordeaux 500 index (last 10 physical vintages of the 50 main Bordeaux estates) is £1,139.59.

Our recommendations are therefore more accessible in pricing terms yet still target an average growth rate which has a strong track record of performing alongside Liv-ex’s.

*Clients have been able to access investment-grade Grand and Premier Cru Burgundy for as low as £850 a case. NB our index still includes 41 of the 60 DRC wines listed above.

Burgundy Performance | +44 (0)20 8332 9386 | wineinvestment.com 10 BURGUNDY 150 PERFORMANCE VS MAJOR FW INDICES Short-Term: 2 Years

Access to unparalleled long-term growth figures and low volatility comes with its own caveats. As illustrated above, the average case price is higher than other regions, furthermore, liquidity is generally less, with volume traded considerably lower than Bordeaux counterparts.

For these reasons, we rarely advise investing in Burgundy over the short-term.

The chart below shows the 24 month performance of Burgundy against the five major indices on Liv-ex, illustrating that over the period each index followed a very similar trajectory, with arguably only Investables (tracks the most ‘investable’ wines and aims to mirror the performance of a typical wine investment portfolio) maintaining a lead.

Index Key CAGR Total Growth

Burgundy 150 13.0% 27.6% Fine Wine 50 12.2% 25.8% Fine Wine 100 11.7% 24.7% Bordeaux 500 10.9% 22.9% Fine Wine 1000 10.9% 23.0% Investables 12.3% 26.1%

This does not, however, display the number of cases of each wine available on the market and the volume traded on the exchange. Taking two similarly priced wines shows a bigger picture – Mouton Rothschild 2000, market price £15,000 & DRC Echezeaux 2000, market price £13,350.

Burgundy Performance | +44 (0)20 8332 9386 | wineinvestment.com 11 Each red marker represents a trade on Liv-ex and is a strong indication of a wine’s liquidity. Over 30 cases of Mouton 2000 have been traded on the exchange within 24 months, while DRC Echezeaux 2000 has not traded once, despite posting more than twice the gains of Mouton.

Importantly, that it hasn’t traded on Liv-ex does not mean that this Echezeaux has not been trading on the secondary market. Cases will have still been changing hands between merchants and collectors but as a specialist market, the right buyers are targeted rather than waiting for bids and offers to match.

Where Bordeaux may have a recommended sale timeframe of 4-6 weeks, we recommend that many Burgundy positions should permit 6-12 weeks for sale.

Burgundy Performance | +44 (0)20 8332 9386 | wineinvestment.com 12 BURGUNDY 150 VS GLOBAL EQUITIES, OIL & GOLD

Given the appropriate timeframe of investment, Burgundy’s merits are clear. The chart below tracks performance since 2004 of Burgundy 150 versus major Global Equity markets, as well as Oil and Gold.

Index Key Total Growth Index Key Total Growth

Burgundy 150 271.4% Crude Oil 88.8% CAC 40 36.7% Dow Jones Industrial 89.0% DAX 189.6% Gold 167.3% FTSE 100 59.6% NASDAQ 168.7% Hang Seng 75.0% S&P500 101.4% Nikkei 225 79.0%

This shows that Burgundy returns the highest overall growth figures but significantly does so with the lowest rate of volatility.

Burgundy Performance | +44 (0)20 8332 9386 | wineinvestment.com 13 SPOTLIGHT ON DOMAINE LEROY 2011

Clients of ours were privy to an offer on a large parcel of Domaine Leroy in February 2015, which provided balanced access to a number of the key wines, including eight of the nine Grand Crus, as well as five Premier Cru and Village.

The two following performance charts and tables illustrate that investors should not be limited to only Grand Crus but instead can benefit from having exposure to the lower classifications as well.

GRAND CRU

Grand Cru 2011 Current Market Price (12x75cl) Growth Over 23 Months Corton Charlemagne £17,920 99.1% Corton Renardes £11,839 31.5% Richebourg £22,896 99.2% Romanee St Vivant £19,356 51.0% Clos de Vougeot £13,800 52.5% Musigny £102,700 95.0% Clos de la Roche £14,078 28.0% Latricieres Chambertin £18,910 85.2% Chambertin* - -

Spotlight on Domaine Leroy 2011 | +44 (0)20 8332 9386 | wineinvestment.com 14 PREMIER CRU & VILLAGE

Premier Cru & Village 2011 Current Market Price (12x75cl) Growth Over 23 Months SB Narbantons £5,199 37.6% NSG Boudots £8,170 63.4% VR Beaux Monts £12,450 178.6% NSG Lavieres £7,250 165.0% VR Genevrieres £5,268 65.5%

Spotlight on Domaine Leroy 2011 | +44 (0)20 8332 9386 | wineinvestment.com 15 BURGUNDY MARKET LANDSCAPE

SUPPLY VS DEMAND

One of the key factors behind Burgundy’s continued ability to outperform all other areas of the market, is the severely restricted supply being far outstripped by an ever growing global audience. This section of the report provides an insight to the growing conditions of recent vintages, and detailed views on the increasing demand that is currently being witnessed for Burgundy’s most prized producers.

The Burgundy region has 3,200 separate vineyards, 32 of which are classified as Grand Cru with a further 585 as Premier Cru (1er Cru). For a vineyard that produces a total of 6,000 cases per year, there could be more than 10 producers making wine; this leads to minute production levels per producer, especially for wines from the top Grand Cru and Premier Cru vineyards. Let’s take Domaine de la Romanée-Conti (DRC), arguably Burgundy’s most famous producer, for example. Across eight separate Grand Cru vineyards they produce a total of around 6,500 cases per year. Domaine Leroy, produces less than 1,000 cases from the nine Grand Cru vineyards, so that for some of the most sought after wines from Leroy there are less than 50 cases to go around.

2015 PRODUCTION LEVELS

Exact figures will of course vary from producer to producer and some sources will also vary. But a fair reflection in terms of production levels is that most producers reported around a 30% reduction on 2014 production levels. There was however one or two exceptions to this generalisation, Chablis & large parts of Gevrey. From our visit, certain producers confirmed losses of up to 70% of their crop. In the early hours of Tuesday 1st September a severe storm hit the Chablis area. From Irancy up to the grands crus of Blanchots and Les Clos a swathe of hail – some hailstones as large as golf balls – affected some 100 hectares of the vineyard. In all 97 mm of rain fell in six hours. Thankfully most of the grands crus have reverted to picking by hand, so a preliminary triage could be accomplished before the fruit arrived at the wineries.

The other big news in Burgundy is 2016, for another consecutive year, yields have been severely affected. A frost on April 26 and 27 affected almost all vineyards in the Côte d’Or and Chablis. Overall, yields in the Côte d’Or were down by 50 percent compared to an average year. But quantities were inconsistent across the board—some parcels yielded normal crops while others saw 90 percent to 100 percent of their grapes destroyed. Across Burgundy it has been one of the lowest yields on record with many producers even having to pull together crop to even deliver a small production. In October 2016, it emerged that some of the region’s most prestigious names would pool grapes to make a special barrel of 2016 Montrachet Grand Cru. Those involved include Domaine de la Romanée-Conti (DRC), Domaine des Comtes Lafon, Domaine Leflaive, Domaine Guy Amiot et Fils, Domaine Lamy-Pillot and Domaine Fleurot Larose have decided to co-vinify the grapes that they have left. They aim to produce two 228-litre barrels of Montrachet Grand Cru, a wine known as the ‘king of white Burgundy’. These six properties share just 1.25 hectares of the 7.9 hectare Grand Cru that lies between Puligny-Montrachet and Chassagne-Montrachet. The low yields in 2016 mean that even by vinifying together they will only produce 600 bottles of wine – around one-tenth of the production that they could normally expect.

Although the release of the 2016 vintage is not imminent, this is of course relevant and will inevitably place further strain on the supply of back vintages, and more pertinently the 2015’s. This will also give clients the opportunity to consider ‘backfilling’ and taking advantage of older prime vintage stock which will inevitably rise given the increased pressure on availability. In some areas there is still immense value in back vintage stock so we shall be guiding clients through this in the coming weeks.

Burgundy Market | +44 (0)20 8332 9386 | wineinvestment.com 16 GLOBAL APPEAL

Year on year, demand for the top producers in Burgundy is expanding. This is supported largely by the unrivalled success of burgundy at the world’s top auction houses. The thirst for Burgundy’s finest wines at auction in Hong Kong has been insatiable and the sales from 2016 suggest demand won’t be drying up any time soon.

Below are just a few highlights from auctions over the last 12 months & supporting quotes from industry leading commentators:

• Burgundy claimed 4 of the top 5 spots in the closing Acker, Merral & Condit sale in Hong Kong last year. • ‘Burgundy was so hot’. “This is a global phenomenon. Pressure has been building on Burgundy prices for many years,” says Jeff Zacharia, president of Zachys Wine Auctions. “That pressure has only gotten stronger since Asia has come on so strong for Burgundy wines.”

The article below also provides further insight to this burgeoning demand in Asia; http://www.forbes.com/sites/jeanniecholee/2016/05/16/why-burgundy-is-the-hottest-wine-region-in-asia-now/2/#3feb9c8a5885

Burgundy Market | +44 (0)20 8332 9386 | wineinvestment.com 17 HOW TO BUY BURGUNDY EN PRIMEUR:

RULES OF ENGAGEMENT

Our primary focus when undertaking any investment strategy, is to ensure we are offering our clients exposure to a diverse and risk adjusted basket of carefully selected wines. The quality for 2015 is showcased at all levels and therefore we will be advising clients to balance orders across Grand Cru, 1er Cru and Village wines that have been carefully chosen for their individual merits.

For the experienced collectors and investors of Burgundy, this is second nature and in order to access the very finest and highly sought after Grand Cru and 1er Cru, selected Village offerings also must be considered to ensure allocations are secured.

Further to the strict allocations and lack of supply, a number of producers now release wines En Primeur in mixed cases, along with a select few even offering single 1x75cl allocations for their most prized wines. The most prominent example of this is to look at DRC who have been offering mixed format cases to satisfy demand for 20 years+.

Many producers have followed suit across a range of wines, with some offering a mix of Grand Cru & Premier Cru wines. In some examples this format can increase investment potential and desirability on the secondary market.

For the 2015 allocations, we will be focussing on the following areas;

GRAND CRU p19

PREMIER CRU p20

VILLAGE p21

How to buy Burgundy En Primeur | +44 (0)20 8332 9386 | wineinvestment.com 18 GRAND CRU

The best of the best. There are 32 Grand Cru vineyards in Burgundy, accounting for less than 2% of all Burgundy wine production and commanding the highest prices. Grand Cru wines mention on the label only the producer and name of the vineyard — as in ‘Montrachet’ or ‘Musigny’ — the name of the village is not deemed necessary in the case of these great vineyards. The Grand Cru vineyards are found on marl and limestone outcrops which run through the middle of each vineyard. Over centuries, certain plots of land consistently produced stupendous grapes for wine, presumably because of their very particular exposure, soil and drainage.

Over the past 10 years, it is common knowledge that Grand Cru wines have dominated not only the Burgundy performance headlines but outperforming most other areas of the entire market. Below is a short example of a ‘mid- price range’ Grand Cru and the performance since release across the 5 ‘prime’ vintages. It is worth noting that some ‘off-prime’ vintages have considerably outperformed the examples below (2000 vintage up 422% in 10 years) but as a fair comparison to 2015 in terms of quality, we have used the following vintages.

DRC Richebourg

Vintage 10 Year Performance DRC Richebourg 1985 141.5% DRC Richebourg 1988 94.32% DRC Richebourg 1991 230.00% DRC Richebourg 1999 168.75% DRC Richebourg 2002 100.00%

How to buy Burgundy En Primeur | +44 (0)20 8332 9386 | wineinvestment.com 19 PREMIER CRU

The second tier of wines just below the Grand Crus, there are hundreds at this level (more precisely 585), and the quality varies widely. The best Premiers rival the Grand Crus*, and these makeup 18% of total production. A Premier Cru wine will mention the name of the village and the individual vineyard on the label, as in ‘Pommard Rugiens’ or ‘Vosne Romanée Les Suchots’, and will also bear the mark ‘Premier Cru’ or ‘1er Cru’. If the wine is a blend of more than one 1er Cru vineyard within a given village, it will simple bear the designation ‘1er Cru’ without any vineyard designation. Although, the next in rank there remains a significant investment opportunity within this classification.

Given the number of wines produced under this tier, investors have to be far more selective when acquiring stock. In a vintage like 2015, the selection process becomes a little easier…Premier Cru wines have featured far more frequently in CW’s portfolios over the past 5 years due to the natural progression and demand filtering towards lower value wines. Here are two examples of Premier Cru Wines, outlining the performance since release for the 99,01,02,05 & 2010 vintages.

Jacques Frederic Mugnier, Chambolle Musigny Amoureuses

Vintage Performance Since Release Chambolle Musigny Amoureuses 1999 1150.00% Chambolle Musigny Amoureuses 2001 1246.94% Chambolle Musigny Amoureuses 2002 452.33% Chambolle Musigny Amoureuses 2005 79.49% Chambolle Musigny Amoureuses 2010 60.00%

Sylvain Cathiard, Vosne Romanee Malconsorts

Vintage Performance Since Release Vosne Romanee Malconsorts 1999 1718.18% Vosne Romanee Malconsorts 2001 1237.14% Vosne Romanee Malconsorts 2002 1106.86% Vosne Romanee Malconsorts 2005 176.57% Vosne Romanee Malconsorts 2010 128.64%

How to buy Burgundy En Primeur | +44 (0)20 8332 9386 | wineinvestment.com 20 VILLAGE

Grapes for a Village wine come from one or many vineyards surrounding a specific Burgundian village, for example Vosne-Romanée or Puligny-Montrachet. These are classified below the 1er Cru level, but with the correct guidance can also offer significant value for collectors. There are 53 communal appellations which represent 36% of total production. Examples include Puligny Montrachet, Morey Saint Denis and Chambolle Musigny.

As the examples below outline, if selected correctly this area of the market has the ability to produce some eye watering returns. However, it is important to note that unlike Grand Cru and Premier Cru wines, this performance is considerably less consistent. In many ways akin to buying the second/third wines from Bordeaux, brand association/ region/market trends are often key to the success of these positions. Expert guidance is needed to ensure allocations present the correct upside and required liquidity on the secondary market. For the examples below, we have focussed on the ‘prime vintages’ by way of comparison to the 15 releases.

Georges Roumier, Chambolle Musigny

Vintage Performance Since Release Chambolle Musigny 1995 372.0% Chambolle Musigny 1999 609.09% Chambolle Musigny 2002 414.29% Chambolle Musigny 2005 286.27% Chambolle Musigny 2009 55.6% Chambolle Musigny 2010 112.50%

Ponsot, Gevrey Chambertin Abeille

Vintage Performance Since Release Chambertin Abeille 1995 N/A (no price data) Chambertin Abeille 1999 286.86% Chambertin Abeille 2002 156.08% Chambertin Abeille 2005 312.90% Chambertin Abeille 2009 55.00% Chambertin Abeille 2010 61.11%

How to buy Burgundy En Primeur | +44 (0)20 8332 9386 | wineinvestment.com 21 Dujac, Morey Saint Denis

Vintage Performance Since Release Morey Saint Denis 1995 1115.2% Morey Saint Denis 1999 460.00% Morey Saint Denis 2002 156.51% Morey Saint Denis 2005 81.40% Morey Saint Denis 2009 152.1% Morey Saint Denis 2010 288.33%

Summary

Whilst it is often the case that most will be drawn to the big names, we will be ensuring all clients are given a diverse spread across the three tiers above.

How to buy Burgundy En Primeur | +44 (0)20 8332 9386 | wineinvestment.com 22 BURGUNDY 2015 CRITICAL ACCLAIM ‘THE MERCIFUL VINTAGE’ NEAL MARTIN (TWA)

With many scores and reviews still to come, we have used Neal Martin’s vintage summary as a key guide for the purposes of this report.

The following section provides key information on a selection of producers and their highest scoring Grand Cru and 1er Cru wines.

We have gathered a few quotes below to give some wider indication of the sentiment surrounding the latest vintage;

“Low yields and warm weather allowed for ample ripeness, small berries and an early harvest. Quality is looking extremely fi ne, with some people whispering comparisons with the outstanding 2005 vintage.” Jancis Robinson

“Michel Lafarge reported that he has rarely seen such magnifi cent grapes, and his comments have been echoed by others… Prices, however seem destined to be high; perhaps the highest in real terms that they have ever been.” Clive Coates MW

“The purists may think 2015 is too rich, but I think it could be even better than 2010” Olivier Bernstein, winemaker

“2005 might be the most apt comparison for 2015. But nowadays most of Burgundy’s winemakers are far more fl exible in their winemaking and élevage.. I suspect that the 2015s will evolve more gracefully than the ’05s.” Stephen Tanzer, Vinous

“I have never tasted anything like the very best 2015s and if they keep the ultimate freshness until after bottling these wines could be among some of the best Burgundies produced in my time.” Steen Öhman, WineHog

“Psychologically, it was almost diffi cult to decide what to do with 2015 because the quality was so obvious” Cecile Tremblay, winemaker

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 23 DOMAINE DE LA ROMANEE CONTI

Bertrand de Villaine greeted me at Domaine de la Romanée-Conti, a grower that many are tipping to be the next big thing. You heard it first here. I tasted the wines from barrel in the cellars beneath their refurbished offices overlooking the square in Vosne (the Montrachet is housed in another separate cellar, which is why I didn’t taste it here).

In 2015 there will be no Cuvée Duvault-Blochet since there was no second picking, the domaine’s parcels of premier cru in Les Gaudichots, Les Petits Monts and Malconsorts sold off as usual. The flowering was uniform and swift with some coulure but no millerandage. July was hot and dry with but 14mm recorded at the domaine, night temperatures exceeding 30 degrees Celsius between 2-8 July, véraison commencing on or around 27 July and mi-véraison on 9 August. During that month the hot temperatures were tempered by a prevailing northerly wind, although towards the end of the month there was a 3-day heatwave. Interestingly, they note that the heat had halted the maturation cycle twice during July and August, the blockage addressed by the brief downfalls in rain.

Another problem, one passim in the Côte d’Or was oïdium and therefore chef de culture Nicolas Jacob had to be careful in the application of sulphur, applying it at the right temperatures since it loses efficiency in warm conditions. The berries were healthy with thick skins, exhibiting some sunburn in places, the bunches relatively compact. The domaine picked from 4 September in Montrachet and the following day in Corton, and then from 7 until 14 September in the Côte de Nuits, finishing with the Echézeaux.

Bertrand told me that since the 2015s had more sugar, tannins, fruit and so forth, they conducted a longer fermentation of 21 to 23 days; as a consequence, the wines have shown a little more reduction in barrel (much like other growers such as Frédéric Mugnier). Bertrand cited this as a reason that they will probably age over a long period. He also proposed that 2015 was a vintage between 2005 and 2009 in style, not the only person to make such comparisons and one that I would not disagree with, though on a couple of occasions they were reminiscent of the 1999s in terms of their ability to traverse the gap between power and finesse.

As one would expect, these are exceptional wines that will have Burgundy lovers clamoring for an allocation upon release. Perhaps it will surprise some to see that I rated the Echézeaux equal to that of Grands Echézeaux, to my memory the first time ever. It is not intended as a slight against the latter, rather to serve notice how impressed I was by the Echézeaux. It is too easy, perhaps even to lazy, to suggest that one terroir will be superior to another by dint of renown.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 24 DOMAINE DE LA ROMANEE CONTI Continued

On this occasion, juxtaposed side-by-side, I must admit to being blown away by the quality of the Echézeaux that seemed unaffected by the rains on its first day of picking. Maybe that will change by the time the wines are bottled, but as always, I call it how I see it and not how it ought to be.

The Romanée-Saint-Vivant was the most opulent and flamboyant as one has come to expect, whilst the La Tâche is a breathtaking wine, utterly profound. Romanée-Conti itself was as usual, subtle and nuanced, requiring several minutes to unfold. Indeed, I spent as long as I could with each barrel sample because they evolved remarkably over the course of several minutes. I wish everyone luck in securing a prized bottle.

As Bertrand himself said, they create these wines to be enjoyed and consumed, as difficult as that might be cognizant of monetary value.

2015 Releases & Scores

GC Romanee Conti 97-99 GC La Tache 98-100 GC Romanee St. Vivant 95-97 GC Richebourg 96-98 GC Grand Echezeaux 93-95 GC Echezeaux 93-95 GC Corton 90-92

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 25 DOMAINE ARMAND ROUSSEAU

This year I had the pleasure of Eric Rousseau’s daughter Cyrielle escorting me through the barrels at the domaine. Cyrielle graduated with a degree in geology before passing her oenology studies, subsequently working for a retailer in Australia and wineries in New Zealand, and at Adelsheim in Oregon. I cheekily asked whether her colleagues knew she was a scion of the Rousseau dynasty and consequently inundated with requests for a direct allocation of Chambertin?

Wisely she kept her background discrete. We had quite a long discussion about New World Pinot Noir during the tasting, which was beneficial, since some of the barrel samples took a while to open. She told me that some parcels of vine suffered powdery mildew pressure as normal in a warm vintage, but they were able to combat this effectively. “Powdery mildew is preferable to rot in wet conditions, because you can do nothing to prevent that,” she remarked.

At Domaine Rousseau they started picking early on 3 September, around the same time as across the road at Domaine Claude Dugat, putting down the secateurs six days later. The fermentation was normal and she said that they did not do anything different compared to other years. One thing that was true: the barrel samples were at different stages of their evolution and so I had to take this into account, which is why I sauntered through at a leisurely pace.

The early picked wines had tremendous freshness and vitality to them. The fruit profile is certainly towards red, as is common with Armand Rousseau, whereas other growers had more black fruit, due to the concentration of the fruit vis-à-vis later picking dates.

These are elegant wines, nuanced, mercurial and beautifully balanced, generally mineral-driven with exceptional freshness and energy—leitmotifs of the best 2015s that I tasted. Standouts include a quite sensational and live-wire Ruchottes-Chambertin “Clos des Ruchottes” and a Chambertin Clos-de-Bèze, one of the standouts of the 2015 vintage.

Naturally, demand will outstrip supply several times, but those fortunate to get their mitts on one of Rousseau’s 2015s will be in for a treat. What d’ya mean, you knew that already? Once the tasting had been finished, Cyrielle was greeted by the family’s dog, the aptly named “Pinot,” gathering the hound in her arms for a big hug. She loves her dog just as much as wine lovers are going to love Rousseau’s 2015s.

2015 Releases & Scores

GC Chambertin - GC Chambertin Clos-de-Beze 98-100 GC Clos des Ruchottes 96-98 GC Mazis Chambertin 94-96 GC Charmes-Chambertin 93-95 GC Clos de la Roche 92-94 PC Clos Saint Jacques 95-97 PC Cazetiers 92-94 PC Lavaux Saint-Jacques 91-93

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 26 DOMAINE GEORGES ROUMIER

I came close to missing my appointment at Domaine Roumier this year. Christophe was away on the only day I could visit and then a mix-up with times meant that I was left standing at the locked gates looking forlornly at the deserted winery, speculating what 2015 gems lay within. Fortunately I returned 30 minutes later and his assistant was there to guide me through what turned out to be one of the most thrilling tastings of the vintage, including what may well transpire to be one of its snow-capped peaks.

The 2015s at Roumier were picked on 10 September, a little later than some other growers in Chambolle-Musigny, though not extraordinary late. This average yields was around 30hl/ha and they include around 40-50% whole bunch fruit (see individual notes). The racking had been done in September, unlike chez Mugnier next door where Frédéric was still waiting.

The wines tended to be low in malic acid, which is passim in 2015, although the tartaric pulled the wines through and maintained the balance so crucial to counter the ripeness. This was an outstanding array of wines, each one reflective of its terroir, each complex and sensual. Anyone who enjoys Christophe Roumier’s wines is going to fall head-over-heels in love with his 2015s and it seems almost pointless to pick out one particular cuvée.

I must comment upon the one and a quarter barrels of Musigny, however. The previous evening I had reflected upon the fact that I had not given a potentially perfect score after endless tastings – surprising given how already well-regarded the growing season is. Perhaps there would not be one? Then I tasted the 2015 Musigny and as I have explained before, it is the absence of any doubt that gives me the mandate to give a (potentially) perfect score.

Any numerical association is a moot point when a wine like this is so rare and coveted. Rather I would use it as an indication that among the 5 or 6 outstanding Musignys that I tasted from barrel, this was a bit like a sprinter putting a yard or two between himself and the rest, as he passes the finishing line. You know, it kind of reminded me of the 2005 Musigny that I tasted with Christophe a decade ago. It’s just a shame it cannot be cloned so that more people could witness it first hand. That’s life, I guess.

The best can sometimes be hyped beyond their true worth, but here at Roumier, the wines deliver not upon reputation alone, but the fermented grape juice in the glass...very special fermented grape juice.

2015 Releases & Scores

GC Bonnes Mares 96-98 GC Musigny 99-100 GC Corton Charlemagne 90-92 GC Charmes Chambertin - GC Ruchottes Chambertin 96-98 PC Morey Saint Denis 'Clos de la Busuiere' 92-94 PC Chambolle Musigny 'Les Cras' 92-94 PC Chambolle Musigny 'Les Amoureuses' 97-99 PC Chambolle Musigny 'Combottes' 93-95

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 27 DOMAINE PONSOT

I have admired Laurent Ponsot’s wines for many years, so trust me, I was as vexed as anyone when his 2015s left me scratching my head. “I started picking on 22 September and finished 7 days later,” Laurent told me. “The 2015 was an easy vintage. There was pressure from oïdium but there were no big disaster. The yields were low, between 20-22hl/ ha. It is the kind of vintage where the vintage taste takes over from the terroir - in 2014 it was different. Nothing racked at the moment or will be until bottling.” It is the date that sticks out - 22 September.

Compare that with his fellow winemakers in Morey-Saint-Denis: 3 September (Thierry Broin at Clos des Lambrays), 5 September (Christophe Perrot-Minot and Jacques Desvauges at Clos de Tart) and 8 September (Cécile Tremblay and Romain Taupenot). So you are looking at some 2 weeks difference in picking.

When I asked Laurent he told me that he has picked according to Nature’s signs since 1983, to the extent that he sets the picking date as far back as June or July. Now, I love an outlier, a winemaker that furrows their own path.

I never prejudge any wine until I have tasted it, so despite the difference in picking dates I came to no conclusion, notwithstanding that I have been tasting at Domaine Ponsot for many years. I’ve been here before. And you could argue that as the year draws on those daylight hours shorten, so 2 weeks extra in September is not the same as at the end of August. However, on several of these wines I found myself asking the same question...where’s the fruit? Where had it gone? Perhaps the wines were simply not showing well at the time, however, my concern is that following some three months of dry and warm conditions, extended fruit hang would ineluctably leave the grapes too high in sugar and low in acidity.

Those were not my concerns: the wines did not seem excessively alcoholic. It was that the fruit seemed static rather than animated, in comparison to previous vintages that have tasted at Ponsot. I asked Laurent, if he picked on 22 September, does that imply that the aforementioned growers picked too early? Of course, it depends on the unique circumstance for each parcel of vine - winemaking is holistic and Laurent did not say that was the case. I just feel there is a point whereby too late is too late.

Maybe I’ll re-taste the wines and eat my words - nothing would give me more pleasure. And yes, not everything left me feeling the same way and it is remarkable that some of the whites tasted as fresh as they did when some growers had the secateurs out at the end of August. So, let’s see what happens in bottle.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 28 DOMAINE PONSOT Continued

2015 Releases & Scores

GC Clos de la Roche Vielles Vignes - GC Clos St Denis Vielles Vignes 92-94 GC Chambertin 91-93 GC Chapelle Chambertin - GC Griotte Chambertin 90-92 PC Chambolle Musigny Les Charmes 89-91 PC Morey St Denis Cuvee des Alouettes 88-90

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 29 DOMAINE DU COMTE LIGER-BELAIR

I have been tasting and writing about this domaine right from the early days when the then young Louis-Michel took over the running of the historic domaine located in the heart of Vosne-Romanée. The wines have been fine-tuned in recent years, both out in the vines where everything has been converted to biodynamic viticulture and perhaps just as importantly, in the winery, in particular with respect to more assiduous use of oak.

As one expects, the 2015s are absolutely gorgeous wines, so much so that in some cases it was tempting to elope with the sample bottle, never to be seen again. There is beguiling purity of fruit, satin-like textures, and impressive depth of aromas and flavors. I found it difficult to pick out the stars here as there is consistency across the range.

Naturally the monopole of La Romanée is the jewel in the crown and these days, just as expensive. However, it is undeniably absolutely gorgeous. Actually, I might pick out the Clos de Vougeot as one that caught my attention since it is the one label that is not owned by the domaine. I heard whispers that it is sourced from a choice parcel within the medieval walls and that was clearly evident in the resulting wine - an absolute gem.

As I have mentioned, prices have become expensive in recent years even relative to inflation-prone Vosne- Romanée, however, it does not appear to have dampened demand.

2015 Releases & Scores

GC La Romanee 96-98 GC Echezeaux 94-96 PC Vosne Romanee aux Brulees 94-96 PC Vosne Romanee Les Petits Monts 93-95 PC Vosne Romanee Les Suchots 94-96 PC Vosne Romanee aux Reignots 95-97 PC Vosne Romanee Les Chaumes 90-92 PC Nuits Saint Georges aux Cras 92-94

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 30 DOMAINE TRAPET

The 2015s that I tasted at Domaine J-L Trapet were without question, the best I had ever tasted at this address.

Maybe it was one of those occasions whereby I fought to keep my excitement disguised behind my poker face. I tasted down in the cellars, switched on my laptop as usual.

“There is no wifi connection down here thank God,” Jean- Louis Trapet forewarned as I automatically connected onto the TWA software system. “The picking date was very important in 2015. It rained on the Sunday 12 September. We started picking on the Monday 6 September and picked everything before the rain. We had a big team of pickers and managed to harvest right at optimal maturity. I used a minimum of 50% whole bunch for all the cuvées, around 80-90% for the grand crus. We will rack in February for bottling in April.” As one of the most ardent biodynamic winemakers, Jean-Louis’ wines tend to wear their heart of their sleeves, reflecting their terroir and growing season for good, and it has to be said, occasionally not so good.

However, his 2015s are brilliant wines brimming over with tension and vivacity. Perhaps “electrifying” is the most apt word in the dictionary and that energy is going to ensure they will repay long-term ageing. I’ve always enjoyed Trapet’s wines but frankly, never expected them to blow me away like these 2015s.

2015 Releases & Scores

GC Chambertin 96-98 GC Chapelle Chambertin 95-97 GC Latriecieres Chambertin 93-95 PC Gevrey Chambertin Capita 91=93 PC Gevrey Chambertin Ostrea 90-92 PC Gevrey Chambertin Petite Chapelle 88-90

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 31 DOMAINE MEO-CAMUZET

At Domaine Méo-Camuzet I tasted through the entire range of whites, both domaine and négoçiant, though limited myself to just a couple of their whites due to time constraints. Theirs is a large portfolio nowadays.

“We did not really see hydric stress,” proprietor Jean-Nicolas Méo told me. “What we saw was a resistance to sugar accumulation and then all of a sudden, they shot up. I think that this was due to the weather and the sunny days. The tricky thing was that in terms of ripeness it went almost overnight from underripe to overripe, and so we ended up harvesting earlier than expected. In the end there were two phases of picking (at least after the Meursault that was picked on 31 August). The first was 2 to 5 September and the second 8 to 12 September, after which there was 80mm of rain. There were high levels of tartaric acid, but low levels of malic, though it was rounded a little by the malolactic fermentation, which lasted until August and September. Alcohol levels are around 13.5° with nothing in excess of 14°. Usually I don’t show any barrel sample before malolactic but they were hard to resist, so gratifying and easygoing. Even the big wines were accessible. We will just rack them before bottling.”

It was a good line-up of wines here, including some fine examples within their négoçiant range, where my pick would be the Fixin Clos du Chapître. It seems obvious and oh-so predictable, but there is no question that the Vosne-Romanée Cros Parantoux is astonishingly fine, eclipsing the more reserved and almost obstreperous Richebourg at the moment— though of course Richebourg is a wine only a fool underestimates.

What caught my eye (or taste buds) was the quality of Cortons coming through in 2015, in particular their Corton La Vigne Au Saint that evinces how far the top reds from this famous hill have upped their game in recent years, including those here at Méo-Camuzet. No more bucolic, broad-shouldered Cortons made of girders and grit: now more finesse and terroir expression, certainly more approachability and attendant drinkability. Perhaps in some instances I was seeking that extra “je ne sais quoi” that would elevate the domaine’s 2015s up towards the very best in the appellation.

That may develop with time in bottle. Several of these wines might miss a little substance towards the finish, but they will definitely fill out with the racking that is due. For now, there are plenty of rich pickings here.

2015 Releases & Scores

GC Echezeaux 93-95 GC Clos de Vougeot 92-94 GC Richebourg 94-96 GC Corton Les Perrieres 91-93 GC Corton La Vigne au Saint 93-95 PC Vosne Romanee Les Chaumes 90-92 PC Vosne Romanee aux Brulees 93-95 PC Vosne Romanee au Cros Parantoux 96-98 PC Nuits Saint Georges aux Murgers 90-92 PC Nuits Saint Georges Les Boudots 89-91

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 32 DOMAINE DUJAC

It’s a girl! A girl! That might not sound like massive news, since many of us procreate at one stage or another and history has proven that frequency of X-X chromosomes is roughly equal to X-Y chromosomes. We’re split 50:50 boy and girl.

However, some families disproportionately lean to one side or another (and I write that as the eldest of four boys). The Mugneret family in Vosne-Romanée gave birth to girls from 1929 until Marie-Christine’s grandson arrived in November this year. In a nice twist, Alec Seysses told me that his second child was born a girl. Apparently this is an equally rare event and upon racking his brain, Alec said it was decades since the last female Seysses. The timing could have been better.

This “harvest baby” was born on 14 September, just two days after the picking had finished. “We started on the 7 September,” Alec explained. “We were expecting a rather good crop both in terms of quality and quantity, although we ended up with only three barrels more than in 2013. We were lucky to get water during the season and the only time we were really getting short was around 2 weeks before the picking. We used quite a high proportion of whole bunches because we had never seen such a clean vintage. I was on the truck watching the sorting. It was like a holiday for me. We used on average around 90% whole cluster, maybe a little less on the négoçiant wine. The malolactic fermentation finished a little early as the malic was fairly early, so we could barrel down earlier. The riper side [of the 2015s] was showing more in October than today [in late November].”

I was very impressed by the 2015s from Domaine Dujac. They were generally very fresh and precise, reflective of their respective terroirs. The Gevrey-Chambertin 1er Cru Les Combottes punched well above its weight, which really should not be a surprise because it is a supremely well-situated premier cru.

Only the Chambolle-Musigny Les Gruenchers suggested just a hint of sur-maturité on the nose and I felt there was just a little volatility here at the moment. Perhaps that was accentuated by the precision shown elsewhere among Dujac’s range?

Whilst I often found myself preferring the Clos Saint-Denis to the Clos de la Roche when the two are served side- by-side, here I found a little more depth and complexity imbued upon the latter, one of the standout wines in 2015. I should also mention the white wines from Dujac because they are written about less often, but they seemed to achieve commendable nerve and race despite the warmth of the growing season.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 33 DOMAINE DUJAC Continued

I find that their use of Nomblot concrete eggs imparts a little more austerity that counterbalanced tropical notes that could have seeped into their whites and they are well worth checking out.

All in all, an outstanding set of 2015s from Dujac. I just hope Alec can get a bit more sleep during the coming weeks. It does get easier...a bit.

2015 Releases & Scores

GC Chambertin 95-97 GC Charmes-Chambertin 91-93 GC Clos St Denis 94-96 GC Clos de la Roche 95-97 GC Bonnes Mares 93-95 GC Echezeaux 92-94 GC Romanee Saint Vivant 96-98 PC Morey St Denis 90-92 PC Gevrey-Chambertin aux Combottes 92-94 PC Chambolle-Musigny Les Gruenchers - PC Vosne-Romanee Les Beaux Monts 93-95 PC Vosne-Romanee Les Malconsorts 94-96

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 34 DOMAINE JACQUES-FREDERIC MUGNIER

First things first... A tête-à-tête about the 2015 growing season, perchance the minutiae of Musigny? The attributes of Les Amoureuses versus Bonnes-Mares? No. “Frédéric...that’s a nice hi-fi you got,” I remark upon entering his office, “tell me about it.” Thereupon two audiophiles embark upon a discussion about his music system, the former engineer explaining the importance of speaker leads whose AC current flows in one direction, why vinyl is king, etc... In fact, following the tasting he invites me in for a listen and I would, had I not a pressing appointment. I wonder what he would play? He looks like a JS Bach man to me, then again, perhaps he likes a bit of Kanye in the morning.

Once music talk had finished, it was time to troop down to his cellar to taste through his 2015 and some of his 2014s, passing Loulou, owner of La Dilettante restaurant on the way (how nice to see some mature vintages on their way to diners, of course, something the domaine is proactively encouraging but withholding the release of their Musigny Vieilles Vignes that lasts for about 3 nanoseconds on wine lists before being preyed upon by label hunters).

“Spring was very dry until the end of July,” Frédéric told me. “Some of the vines suffered from drought, although it does not show much in the wines since it was early. Bonnes Mares is sensitive to that. There was some oïdium pressure but we had no damage from it. It was important when you applied the [anti-powdery mildew] powder. There was one day with adequate conditions to do it - a Sunday, and so you had to be flexible. There was no oïdium on the grapes though. We started picking on 8 September, on the Tuesday and finished the following Monday. The fruit was perfectly healthy and therefore no sorting was necessary, just a few bunches with a little sunburn. These can sometimes take a long time to sort out but I de-stemmed first and then used a vibrating sorting table, kind of reversing the process, which is more efficient to get rid of any burnt berries. Everything in 2015 was de-stemmed. I prefer to rack before it’s too cold but everything was running a bit late this year, so nothing has been racked yet [this was late November].”

I tasted from used barrels rather than new. This was one of many visits where it was absolutely crucial to spend time with the winemaker, not only to obtain insight behind the wines, but afford them time to open. Since none of them had been racked, you had to factor in that they were even more reticent and closed than their peers, at a time of year when barrel samples do go into a kind of “hibernation”. However, there is not doubt that they all exhibited wondrous delineation and transparency, each so reflective of their terroirs, some achievement given the warmth of the growing season.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 35 DOMAINE JACQUES-FREDERIC MUGNIER Continued

I always have a penchant for the two premier crus: Les Fuées and Les Amoureuses, the former often being over-looked. I’ve never been a huge fan of the Bonnes-Mares Grand Cru from Mugnier, the Musigny Vieilles Vignes often some leagues ahead.

What I discerned here was an intellectual aspect to Mugnier’s 2015s. These are not as sensual as Christophe Roumier’s next door, and eschew the density of de Vogüé. They will be wines that deserve contemplation before enjoying their sheer deliciousness, as I am sure Frédéric will do whilst listening to his hi-fi in his office.

2015 Releases & Scores

GC Bonnes Mares 91-93 GC Musigny Vielles Vignes 95-97 PC Chambolle Musigny Les Fuees 92-94 PC Chambolle Musigny les Amoureuses 94-96 PC Nuit Saint Georges Clos Marechale 90-92

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 36 DOMAINE ANNE GROS

The Rue du Commune in Vosne-Romanée is home to many well-known winemakers: the Mugnerets, Lamarche’s and not one but two members of the Gros dynasty, cousins Michel and Anne.

Anne Gros’ winery is always spotlessly clean and this year I tasted with Anne and her oldest daughter of three children, whose images are enshrined in the glass stained window in the barrel cellar stairwell.

“The wines have opened recently,” she told me as we tasted directly from stainless steel vats. “We picked from 7 September and finished around 5-6 days later for the red, waiting one more week for the Haut Côtes Blanc. We used one-third new oak across the range, usually Damy, which is traditionally used for white wines, but here we use it for the reds. We have also begun using a little Berthomeau, whilst the whites are matured in François Frère demi-muids.”

I have been enjoying Anne’s wines for many years now. They are often clinical in style, which I don’t mean in a negative way. There is a meticulous, fastidious approach to winemaking here and that is translated into the wines, so much so that I feel that in their youth they can appear to be bereft of personality. Rather it’s just a question of patience because they just need bottle age to develop their nuances, articulate their respective terroirs.

I tasted wines from both the domaine and the small négoçiant range, the latter sporting the same label but in inverse coloration. The Richebourg was somewhat predictably a tour de force, although the Clos de Vougeot was another great offering from within those medieval stone walls. I was also impressed by the Vosne-Romanée Les Barreaux, punching above its weight for a village cru.

2015 Releases & Scores

GC Clos de Vougeot le Grand Maupertui 93-95 GC Richebourg 96-98 GC Echezeaux 91-93 VC Vosne Romanee les Barreaux 90-92 PC Chambolle Musigny la Combe d'Orveaux 89-91

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 37 DOMAINE ROBERT GROFFIER

Icolas Groffier was on hand to guide me through his 2015s. As usual he was in garrulous form, typically quite a contrarian when it came to discussing the vintage that he described as “difficult” rather than “easy,” a “cool” season rather than “warm.” “There were many things to think about during the season,” he opined as if his brain is still wracked by the memory. Was he confusing 2015 with 2016? No...he was definitely referring to the former.

“There was hydric stress and the leaves were falling off the vines. The analysis was saying that we could have picked on 15 August—however, although the fruit seemed ripe, it was not. It was a bit like 2010. The vines were having to defend themselves as if it was a cool vintage. It was difficult to decide when to pick. I was concerned about the warmth. Did you wait and risk too much sugar and concentration or pick early to keep the acidity? In the end I picked on 2 September to preserve the freshness. There were lots of grapes but little juice so that we cropped everything at around 20hl/ha. During the élevage I was worried about the use of oak and it marking the wines. It is a difficult vintage to understand. They are serious wines, not “jazzy”. Their style is not wines of warmth. They have strong character and they are vin de gardes. I think they will close down. Because of this I have not bottled too many magnum otherwise you have to wait twice the amount of time.”

I detailed Nicolas Groffier in last year’s article. It used to drink Groffier’s wines regularly but then found them a little heavy and did not visit for a number years. Certainly upon returning the wines have improved and in 2015, a vintage that might have been overworked in the past, Nicolas has put the brakes on and created a set of concentrated, intense, yes “serious” 2015s that will require commensurate bottle age.

There is plenty of freshness here and commendable terroir expression. There are two real highlights for me: a quite brilliant Chambolle-Musigny 1er Cru Les Sentiers and a very regal Bonnes-Mares. Also, don’t overlook the vineyard that I often think of Les Amoureuses’ kid brother: Les Hauts Doix.

Repeating my sentiments from my previous article: it is time to check out Groffier once again.

2015 Releases & Scores

GC Bonnes Mares 94-96 GC Chambertin Clos-de-Beze 94-96 PC Chambolle Musigny 1er Cru les Amoureuses 94-96 PC Chambolle Musigny 1er Cru les Hauts Doix 91-93

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 38 DOMAINE SYLVAIN CATHIARD

My last visit of the week was to Domaine Sylvain Cathiard, an appropriate way to finish what had been five days full of splendid 2015s.

Sebastien Cathiard has been the young man in charge here since taking over from his father and as I have written in previous reports, has made an effort to not so much change the style of the domaine’s wines, but rather make them more nuanced and approach the level of new oak with prudence. Whereas once for example, the Romanée-Saint-Vivant comprised of three pristine new barrels, nowadays often one of those will be used.

“The vines did not suffer too much sunburn during the growing season,” he answered when I posed that question. “We were analyzing the fruit from the end of August and beginning of September and we could have begun on 5 September. But they just did not seem phenolically ripe and so we started on 12 September and picked over the next three days. Looking back, I am glad to have started on the 12 rather than the 5 September. We did a cold pre-fermentation at around 10°C to cool the must and I did a little more pigeage than in 2014, because I did not want to extract any astringency from the skins or pips. Everything was de-stemmed. The pH levels are very good, around 3.40 and 3.45 and in fact, they actually increased a little after malolactic because the malic was low. That keeps the freshness. The malolactics were late and so the barrel samples are at different stages, the Vosne-Romanée Malconsorts being the last to finish. The level of new oak is the same as 2014, around 50% for the premier crus and never more than two-thirds new oak. What has changed is the toasting.I have reduced the level of toasting for three-quarters of the barrels.”

This is a strong set of wines from Sebastien, maintaining the style of Cathiard insofar that they are plush in style, more like Grivot in style than say, perhaps to some modern in style, but today demonstrating more terroir and less of the winemaking regime thanks to the more thoughtful use of new wood.

There are many highlight beyond the obvious crown in the jewel, the Romanée-Saint-Vivant. The Nuits Saint-Georges Villages is a treat, ditto the premier cru Aux Murgers (although opt for the Aux Thorey if you prefer a Cru that will needs less bottle age). The premier crus from Vosne-Romanée are fantastic, the Aux Malconsorts founded upon the backbone and structure this vineyard imparts, the Aux Reignots with stunning tension and electricity, a barrel sample that just seemed so alive.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 39 DOMAINE SYLVAIN CATHIARD Continued

Sebastien himself remarked how much the barrel samples had changed in recent days, so my observations are a snapshot. But overall the quality here suggests that Cathiard’s 2015s will be some of the best in town (or village).

2015 Releases & Scores

GC Romanee Saint Vivant 96-98 PC Nuits Saint Georges les Murgers 93-95 PC Nuits Saint Georges Aux Thorey 90-92 PC Vosne Romanee Aux Malconsorts 96-98 PC Vosne Romanee aux Reignots 92-94 PC Vosne Romanee en Orveaux 93-95 PC Vosne Romanee les Suchots 95-97

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 40 DOMAINE FRANCOIS LAMARCHE

It is always a pleasure to catch up with Nicole Lamarche, who may or may not have been sporting less body piercings this year, but remains the coolest looking vigneron in Vosne-Romanée by some stretch. I have not noticed any body piercings on either Louis-Michel Liger-Belair or Aubert de Villaine...but you never know.

To reiterate previous reports, Nicole has done much to propel the domaine forward in recent years, including the conversion of the family’s vineyards to biodynamics. That cannot have been easy after her father François died in a tractor accident in 2013.

“The harvest commenced on 10 September and finished 18 September. I picked one day, stopped for the rain, started after the rain. I had read in one of my mother’s books that explained how rain helps keep the acidity, which is what I wanted...”

It is an intriguing idea, although I am unsure whether it is true. Perhaps the perception of acidity alters since rain could slow down the accumulation of sugar, though whether it physically changes acidity is another thing. Then again, what is wine, but perception?

“I used 30% whole bunch in every appellation, which is the same for 2014. The wines were racked 15 days ago [mid- November] and I added sulphites last week. I used a maximum 50% new oak except for the grand crus and I will bottle in March or April under a good moon.”

Certainly Lamarche’s 2015s exude red fruit and red only. The following appointment was virtually the opposite, 2015s firmly in the black side of the color spectrum, so it is certainly not a vintage that produced a singular style. Lamarche’s wines are soft, pure, silky smooth, no huge extraction but instead these are unapologetically ethereal in nature.

“For 2015 there will be two views,” Nicole opined. “There are people that want to have deep and heavier wines because it was easy to obtain the tannin. I don’t want the sort of wine. I want to keep the wines elegant with good acidity.” Last year she introduced me to a special cuvée of La Grande Rue entitled “Cuvée 1959”.

For details of its background, readers should refer to my 2014 Burgundy report. I did ask Nicole how the wine was progressing and whether she had noticed any bifurcation with the regular cuvée.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 41 DOMAINE FRANCOIS LAMARCHE Continued

“I find that there are more tannins in the 1959. It is more linear. In the regular La Grande Rue you have all these different terroirs, but not in this cuvée, so in a way it is a less mysterious wine. We only make around 583 bottles...”

Nicole went on to reassure that although it is available through their importer in Hong Kong, since it was they that gave impetus to the idea, bottles are available in other markets. Nicole just felt it was not ideal to divvy up such a small quantity amongst several agents and it would be easier to distribute through one.

In 2015 I did find a subtle stylistic difference between the two La Grande Rue bottlings, although would not adjudge one to be implicitly superior than the other. As I say in my tasting note, they are almost two sides of the same coin.

Overall, it was another satisfying clutch of releases. If you want bags of red fruit, soft and caressing texture, approachability and “Pinoté,” then come straight to Lamarche.

2015 Releases & Scores

GC Grand Echezeaux 94-96 GC Echezeaux 93-95 GC La Grande Rue "Cuvee 1959" 94-96 GC La Grand Rue 94-96 GC Clos de Vougeot 93-95 PC Vosne Romanee aux Malconsorts 93-95 PC Vosne Romanee les Suchots 92-94 PC Vosne Romanee La Croix Rameau 91-93 PC Vosne Romanee Les Chaumes 89-91 PC Nuits Saint Georges aus Cras 91-93

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 42 DOMAINE FOURRIER

Jean-Marie Fourrier could not join me during my visit, which was great news because that meant I could natter with his English-born better half, Vicky. (Only joking J-M.) He was actually checking out a new waxing machine that will make their task less laborious than it is presently.

“We started picking on 10 September with a big team and picked everything within 5 days...” Vicky told be, as she began summarizing the growing season. Now, that is pretty good considering the size of the portfolio, domaine and négoçiant included.

“We have started to use a company where you can hire from around 200 pickers. These people have already been doing harvest in Beaujolais, etc, so they know what to do. We found that the berries had thick skins, very little juice but good ripeness and acidity. Everything is de-stemmed as usual. Stems can affect the pH levels and bring it down, so that is another reason why we would not use them. We did two pigeages each day during the cuvaison. The wines are matured in 25% oak or thereabouts and we will start bottling in January...with our new wax machine.”

I have long been a fan of Jean-Marie’s wines even since I came across them in the late 1990s in the UK, still perhaps their biggest market (for some inexplicable reason France has never really taken to Fourrier). There are numerous highlights, not only on the domaine side, but also on the negociant side of the business, which Vicky said was now the only way to expand the business since land prices are so prohibitive. At least Jean-Marie seems to be able to get his hands on some choice premier and grand crus including Clos de Vougeot, Chambolle Amoureuses and Chambertin.

On the domaine side, the Clos Saint-Jacques is wonderful although I must confess, I wish that they kept the old vines in main blend rather than parsing them away to create the Cuvée Centenaire, which is only sold in the Far East. For me, and indeed for many others I speak to, you feel as if you are paying top dollar for something precious and yet deprived of its “heart” in order to please the tiny number who can get their hands on a piece of the two barrels. Griping over.

Elsewhere, there are delectable offering from Gevrey Champeaux and Morey Clos Sorbé that will get taste buds salivating, amongst many others.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 43 DOMAINE FOURRIER Continued

2015 Releases & Scores

GC Chambertin 94-96 GC Echezeaux 92-94 GC Chambertin Clos de Beze 91-93 GC Clos de Vougeot 90-92 GC Mazoyeres Chambertin 90-92 GC Latricieres-Chambertin 89-91 GC Griotte-Chambertin 93-95 GC Charmes Chambertin 92-94 PC Chambolle Musigny les Amoureuses 91-93 PC Chambolle Musigny Les Gruenchers 91-93 PC Gevrey Chambertin Combe Aux Moines 91-93 PC Gevrey Chambertin Clos Sorbe 91-93 PC Gevrey Chambertin Clos Saint-Jacques 93-95 PC Gevrey Chambertin Clos Saint-Jacques "Cuvee Centenaire" 93-95 PC Gevrey Chambertin Les Cherbaudes 90-92 PC Gevrey Chambertin Cru Champeaux 92-94 PC Gevrey Chambertin Les Goulots 90-92 PC Vosne Romanee Les Chaumes 90-92 PC Vougeot les Petit Vougeos 89-91

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 44 DOMAINE DE LAMBRAYS

Poor Thierry Brouin. I cannot think of many wittier Burgundy winemakers than Thierry, a rare dry sense of humor that always makes visits a joy. Then there he was about to enjoy a well-earned retirement to be replaced by a Kiwi winemaker and then that plan hit the skids, so whilst LVMH are sifting through the curriculum vitae, Thierry remains on the bridge, steering the good ship Clos des Lambrays. To cap everything off, he was hobbling across the cobblestone courtyard. I asked him what had happened? “I fell off my motorbike,” he answers. And there I was thinking that Thierry would be slowing down. “It was my own fault. There was nobody else involved. I hurt my knees.”

Whilst he’s not racing around the Côte d’Or on his motorbike, Thierry has overseen the 2015 vintage and I tasted through both the white and red wines.

“There was a bit of dryness, but not too bad,” he explained. “We started picking in Morey-Saint-Denis on 3 September, then picked the whites on 5-6 September. Crazy, isn’t it? Picking the whites after the reds. We finished on 9 September. The yields averaged 31hl/ha.”

As typical of Domaine des Lambrays, this is a classic style of winemaking that neatly sidestepped the richness foisted upon Burgundy by the warmth of the growing season that year, perhaps with the exception of the Morey Saint Denis 1er Cru. The Clos des Lambrays appears well balanced with sufficient fruit, though perhaps it does not quite possess the sheen and precision of the 2015 Clos de Tart. (And here, it should be pointed out that whereas historically Clos de Tart could be picked a fortnight or more after Clos des Lambrays, in 2015, the picking started only 48 hours later.)

Clos des Lambrays whites are often overlooked and they shouldn’t be because they are rather good, plus they practice identical modus operandi in terms of vineyard husbandry, picking dates, vinification and so forth, so basically and differences are the result of terroirs.

The 2015 Puligny-Montrachet 1er Cru Clos des Caillerets is very impressive in the context of the vintage. So, in the meantime Thierry Bourin will continue at the helm, contracted to stay until 2018 and possibly furthermore in a consultancy capacity. The longer, the better—as far as I am concerned.

2015 Releases & Scores

GC Clos des Lambrays 93-95 PC Morey-Saint-Denis 1er Cru "Les Loups" 90-92

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 45 DOMAINE GEORGES NOELLAT

I hereby declare that winemaker Maxime Chuerlin is the most rapid speaking Frenchman I have ever met (the runners- up: Bruno Clair and Jean-Luc Thunévin). Maxime was accompanied by his faithful hound, Lafite, who insisted upon rolling around the gravelly cellar floor so that everything seemed to smell of gravel. Naughty dog (but very cuddly).

Maxime told me that he started picking on the 7 September and harvested everything within 3 days. “I was never worried about the dryness during the season,” he explained. “There was no hydric stress or blockage to maturity.”

One interesting piece of information that Maxime told me was that unlike other growers that reduced the amount of pigeage, he actually did double the amount compared to the 2014 vintage because the tannins were so pure. He plans to bottle the wines next spring.

I asked whether he felt 2015 is the best vintage he has made since he debuted at the domaine in 2010. “The 2010s might be bigger wines,” he answered. “However, the 2015s have great freshness and great density.”

Maxime’s ascendance in recent vintages could be described as meteoric, the name on everyone’s lips, so to speak. That is testified by his winemaking and there are some fabulous 2015s here, in particular his Grands Echézeaux that is verging on profound. The wines under his own name that I have included here perhaps lacked the finesse in his wines for the domaine, although they are just his first vintages and coming from purchased fruit, he probably does not have the same degree of control in the vineyard. These will surely improve with time.

For now, there is plenty at Domaine Georges Noëllat to savor. Sometimes I think that he should just keep a tight rein on the new wood, although frankly what I admired in 2015 is how deftly he has assimilated the new oak into the fruit.

If you have not discovered the wines yet, do so before they become impossible to find.

2015 Releases & Scores

GC Echezeaux 92-94 GC Grands Echezeaux 95-97 PC Nuits Saint Georges Aux Cras 92-94 PC Nuits Saint-Georges Aux Boudots 93-95 PC Vosne-Romanee Les Beaux Monts 95-97 PC Vosne-Romanee Les Chaumes 91-93 PC Vosne-Romanee les Petits Monts 92-94

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 46 DOMAINE MARQUIS D’ANGERVILLE

Guillaume d’Angerville presided over a fine set of 2015s that rank amongst some of the finest from Volnay.

“From the season standpoint, 2015 started similar to 2014 in terms of the early spring. But then the hydric stress began in May. We had some rain at the beginning of the month and then it became dry and very warm. The flowering was early, taking place around 10 June under perfect conditions after a little rain. Afterwards there was nothing, no rain at all, literally 2mm in around 6 weeks. It finally rained in 1 August and again 3 days later, which was a little late in the season. There was no disease - no mildew, oïdium - nothing. Overall, in theory it has the characteristic of a solar vintage but it has more freshness than you expect. The plant adjusted to the warm weather early in the season but the finish was not so sunny. The harvest began on 4 September under good conditions and it was easy because the fruit was so clean, finishing around 9 September. The fermentation was normal, nothing special although the malolactics are a little late, some of them having only just finished. The premier crus will be bottled between March and April.”

This was a very consistent set of wines across the board and it was difficult to distinguish between the Volnay premier crus not in terms of signature style, but in terms of quality. It was left to the Clos des Ducs to assert its superiority, a really fabulous, bewitching Volnay that exuded sophistication and class.

Having tasted this monopole’s wines back to the 1920s, I can vouchsafe that the 2015 will last decades not years, subject to temptation. Also, I often feel that the Volnay 1er Cru is overlooked since the label is bereft of a specific vineyard. Don’t! A blend of Les Pitures and Mitans, two worthy lieux-dits themselves, I often feel that the blend is more than a sum of its parts.

2015 Releases & Scores

PC Volnay Clos des Ducs 94-96 PC Volnay les Caillerets 93-95 PC Volnay aux Champans 93-95 PC Volnay les Taillepieds 93-95 PC Volnay les Fremiets 91-93 PC Volnay 90-92 PC Pommard les Combes Dessus 88-90 PC Volnay Clos des Angles 88-90

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 47 DOMAINE GERARD MUGNERET

My final visit after 5 weeks of tasting was to a grower that I really admire but perhaps does not enjoy the same profile as some of his peers: Pascale Mugneret at Domaine Gérard Mugneret.

“Unfortunately there was not enough wine because spring was too warm for the budding,” he told me, before relating an interesting perspective on the vintage that I had not heard during the 100-odd visits preceding it. “There is a period in the bud for which the decision is taken, if it will turn into grapes or into a tendril. If it is fresh and cool then it is better for it to finish as a grape whereas if it is too warm it will turn into a tendril. In French we call it “differentiation”. In addition the berries were not that big and not too full of juice. When there was some water it was too late to obtain more juice. You need it when the grape is green, not when the grape is mature after véraison, because by then the size of the berry is already defined. The flowering was not perfect. We usually say when we have rain during flowering it is not a good thing. We had no rain but it was hot and so it raises the question if flowering can be affected by temperatures; after all, the vines are sensitive. It’s just my suggestion. We had no problem with oïdium, which was one of the big issues of the vintage, although we had some sunburned grapes. That’s becoming usual now. We picked from 4 to 8 September. We were 30% below a normal harvest in the end. We did 3 pigeages maximum for a cuvaison that lasted between 16 and 18 days, although for the Les Brûlées there was only one pigeage. It’s a classic vintage, not a sunny vintage [millésime du soleil].”

This was the perfect way in which to complete the marathon of visits. Just very good wines from very good vineyards made by a very good winemaker. The fruit here is definitely on the red side, exuding that essence of Pinoté in all its unfettered glory and I found assiduous use of both whole bunch fruit and new oak. I will not pick out any particular cru since they all have something to offer.

With the tasting done, we nattered about consumers drinking Burgundy too young, then he snapped a photo of me tasting the last wine just as Pierre Duroché had taken me tasting the first and then it was time to head home.

2015 Releases & Scores

GC Echezeaux 93-95 PC Chambolle Musigny Les Charmes 92-94 PC Vosne Romanee Les Brulees 92-94 PC Vosne Romanee Les Suchots 92-94 PC Nuits Saint Georges les Boudots 91-93 PC Savigny les Beaune les Gravains 89-91

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 48 DOMAINE DE L’ARLOT

The handing over of the reins at a property does not necessarily run like clockwork. Since Jacques Desvauges moved on to Clos de Tart and handed the keys to ex-Alex Gambal winemaker, Géraldine Godot, I wondered whether she would be able to recreate some of the sublime wines of the past.

The 1990 Nuits Saint-Georges Clos de l’Arlot will forever be the Burgundy epiphany, the one that made the first impression upon me, so I always want to see this domaine succeed. I suspect that Géraldine was understandably put back by the comments. Then again, it can sometimes take a couple of vintages, a bit of trial an error, to slip into the role. It’s called bedding in.

Given the benevolence of the relatively benign growing season, this would be the real test. And I have to say, there were a clutch of really outstanding 2015s from Domaine de l’Arlot that proved Géraldine has little to worry about (apart from a problematic growing season like 2016!).

The two premier crus, Clos de l’Arlot and Clos des Fôrets Saint Georges were two of the best I have tasted in a number of years, likewise the oft-forgotten Vosne-Romanée Les Suchots and Romanée-Saint-Vivant.

“I started picking on 3 September and finished on 9 September, just before the rain,” Géraldine told me. “We started with the white. It as my first vintage alone, but it was easy because there was good maturity of the grapes. We did not need to select the fruit. During the fermentation I tasted the wines every day and I decided if we would so something or not. For the pigeage, my feeling is to do a maximum of 3 or 4 during the cuvaison because it is not the only way to do the extraction. We racked during the following harvest and the first bottling will be in December, the rest transferred into tank in January for three months.”

Géraldine is certainly putting her stamp on the wines, taking the decision to block the malolactic fermentation for the Gerbottes and Clos de l’Arlot Blanc in order to preserve acidity (the pH is 3.25).

In what some might see as a nod back to former winemaker Jean-Pierre de Smet, she also used 100% whole bunch on two of the cuvées and generally showed assiduous use of stem addition throughout the range, inasmuch that in one or two it was barely perceptible.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 49 DOMAINE DE L’ARLOT Continued

The 2015s from Domaine de l’Arlot are quite intense, brimming with energy and they come highly recommended.

2015 Releases & Scores

GC Romanee Saint Vivant 95-97 PC Vosne Romanee Les Suchots 94-96 PC Nuits Saint Georges Clos des Forets Saint Georges 93-95 PC Nuits Saint Georges Clos de l'Arlot 92-94 PC Nuits Saint Georges Mont des Oiseaux 90-92

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 50 DOMAINE CLAUDE DUGAT

My tasting at Domaine Claude Dugat may have been brief, since there are just half-a-dozen labels and all the barrels are literally next to each other. However, this was one of my most exciting visits, one of those where you could really see the domaine changing tack, resulting in wines that surpass practically everything that I have tasted before (wishing no disrespect to Claude).

I met with Claude’s son Bernard Dugat, who works alongside his sister Laetitia, who must be given much credit since she is out there in the vines, which is where quality begins. (There is one other younger sister who works at the florist in Gevrey.)

“We harvested from 2 September and then over the next six days. I would rather pick too early than too late and accept higher acidity. I am an energetic person...I guess I like energetic wines. The alcohol levels were 12% to 12.5%. It is important to keep things simple. We have just changed a couple of things with regard to leaf cover and stopping all chaptalization.”

It’s not that Claude’s offspring have radically altered everything at the domaine that bears his name. As Bernard told me, he was never forced into winemaking, but together with his sister, naturally took up the pruning sheers or the pipette.

The crucial sentence is Bernard’s comment that he would rather pick too early than too late, a sentiment that I doubt Claude would have ever espoused, since he sought wines with body and density. The wines are now much more precise and tensile, much more terroir specific and I am certain they will age as well, if not more so, than those under Claude’s direction.

When it came to wines such as the Griotte-Chambertin and Chapelle-Chambertin, they were quite simply the best that I have ever tasted at the address, but even the Gevrey-Chambertin 1er Cru would show a few growers’ auspicious grand crus, how it’s down.

This will be one of the most fascinating domaines to visit in the future. For now, try to lay your hands on whatever Dugat 2015s you can.

2015 Releases & Scores

GC Griotte-Chambertin 96-98 GC Charmes-Chambertin 91-93 GC Chapelle-Chambertin 94-96 PC Gevrey Chambertin 92-94 PC Gevrey Chambertin Lavaux Saint-Jacques 93-95

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 51 DOMAINE HUDELOT NOELLAT

My visit to Domaine Alain Hudelot-Noellat with hirsute winemaker Charles Van Cannyt was one of the most amusing during my never-ending forays in and out of domaines.

Hot topics of discussion included whether his recent nuptials into the Gagey family of Louis Jadot precludes either husband or wife criticizing each other’s wines across the dinner table, whether opera is rubbish (or not), in addition to one very funny anecdote that’s probably best I do not share.

In between our jabbering, I tasted through a terrific set of 2015s that serve notice that this domaine is really ratcheting up the quality. From the entry-level Bourgogne Rouge onward, these barrel samples reaffirmed my estimation of Hudelot-Noëllat rapidly ascending to one of Vosne-Romanée’s top growers by dint of the location of their vines, rather than the location of the winery that almost seems misplaced in Vougeot.

“We did not see too much hydric stress,” Charles explained. “There were times we could see that we needed more rain, but the vines never shut down. There was just some grillure of the bunches, but not much and in fact, burnt berries was actually a more significant factor in 2016. By the end of August, sugar levels were suddenly higher than before. We started picking on 7 September in Les Murgers in Nuits Saint-Georges because of the precocity of the vineyard. The maturity is always is very high there. In five days everything was finished as we have a lot of pickers, and then it rained for a whole week. It was the easiest vinification that I have done because the sanitary conditions were perfect. It was easy to extract, in fact, we had to be careful not to extract too much. This year I kept a little whole bunch fruit in each of the blends, no more than 20%. The malolactic fermentation finished in September and so we will probably rack at the end of November. Since I prefer freshness, I will probably bottle in December for the village crus, and January and February for the premier and grand crus.”

What I adored about these wines was their effortless nature. It was like the wines just took a cursory glance at the growing season and said: “All right, then...bring it on.” And the result is a collection of fresh, vibrant, tensile wines that are packed to the rafters with fruit that the warm growing season ordained. Moreover, whereas some either intentionally or otherwise allowed the fruit to slip into the black fruit spectrum, here the fruit is decidedly red, which is where Pinot Noir thrives—where you obtain that notion of “Pinoté” and terroir is articulated in most detail.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 52 DOMAINE HUDELOT NOELLAT Continued

Naturally, the Richebourg and Romanée-Saint-Vivant are king and queen respectively, on equal footing at the moment, unlike last year where the latter has the edge (reaffirmed when Charles opened those two 2014s for me). However, there are rich pickings across the range, the village crus some of the finest that I encountered across all my tastings.

Now that I have expressed my views on the 2015s, maybe I can sneak in that funny anecdote. You see, what happened was that during the...

2015 Releases & Scores

GC Romanee Saint-Vivant 96-98 GC Richebourg 95-97 GC Clos de Vougeot 91-93 PC Vosne Romanee les Malconsorts 95-97 PC Vosne Romanee les Suchots 94-96 PC Chambolles Musigny les Charmes 91-93 PC Vougeot les Petit Vougeot 91-93 PC Nuits Saint Georges les Murgers 90-92 PC Vosne Romanee les Beaumonts 89-91

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 53 DOMAINE LEFLAIVE

A couple of weeks before visiting Domaine Leflaive, a friend asked why critics do not address the issue or premature oxidation in their reviews. Is that not tantamount to giving misleading information? I replied that my job as a reviewer is to evaluate what is in the glass. You cannot downgrade a score on the chance that it could be compromised in bottle.

Indeed I actually addressed the issue in my introduction to last year’s 2014 report. At least the domaine are clearly no longer ignoring the issue and in Brice de la Morandie, they have the ideal person to make difficult decisions and reinstall Leflaive as one of the great Burgundy domaines. It still is, in my opinion.

Their enviable array of holdings has not altered. However, a reputation does not make any grower immune to premox or high incidence of TCA, and they have understood that, and acted upon it—some might say—in radical fashion.

Brice told me that they are closely monitoring both practices in the vineyard and during vinification, impressing upon me that they would uphold and continue the biodynamic practices introduced by the late Anne-Claude. Biodynamie is not at fault, so why change if it has worked for many years? Rather, they are looking at their use of wine presses as a possible cause for premox.

From 2014, they have taken what I feel is a momentous decision to bottle everything under DIAM, more exactly, DIAM 10 for the Bourgogne Rouge and Village Cru, DIAM 30 for everything else...including the Montrachet. This is not some rash decision. “C’est un decision raisonée et raisonnable,” insists Brice. He told me that they have been trialing DIAM for some years and conducted blind comparative tastings since the 2011 vintage. Guess what. His team unanimously preferred the bottles closed under DIAM over cork. They went further and analyzed the bottles and found that whilst the SO2 level was consistent for DIAM at 20mg/L, it had fallen to between 18 and 5-mg/L under cork so that the wine was no longer being protected. Moreover, he feels that DIAM is simpatico with the biodynamic ethos even if some might claim that it is not natural. Then again, as I pointed out during my discussion with Brice, the first rule of a wine is to give pleasure. If a bottle is premox’d and unpalatable, any biodynamic practices, any meticulous care during vinification, is irrelevant. It is meaningless. Therefore I fully support the move.

At the end of the day, as Dominique Lafon said, winemakers will never know until they try. Empiricism is the only way to properly evaluate alternative closures, not hearsay of speculation. It’s a start and even though there are likely to several areas of production that need to be addressed, at least incidences of TCA will be zero.

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 54 DOMAINE LEFLAIVE Continued

Brice told me that he fears that the discussion of Leflaive’s wine will surround associated issues and I am guilty of this already in this introduction, so let us look at the wines that I tasted with winemaker Eric Remy, Antoine Repetit de la Bigne having departed in recent months.

“Between October and December 2015 the conditions were humid,” he explained. “In 2016 there are some similarities to 2014. Budding took place at the end of March and there followed a regular maturation. Flowering occurred on 22 May, practically the same as in 2014. There was a warm period at the beginning of June so the flowering was rapid and it continued warm and dry. Fortunately in mid-June there was 50mm of rain. In July there came a big divergence with 2014 as it was very warm and dry, whereas in 2014 it was cool. At the beginning of August, the bunches continued to advance in maturity and consequently we kept bringing the date of harvest forward so that it eventually began on 28 August. The last time we started in this month was in 2003. The picking lasted around a week, starting gently and analyzing the [grape] maturity. On the Saturday morning we started with the grand crus as the weather forecast was not good but actually the weather stayed fine. We continued with the premier cru and village crus. The yields are 32hl/ ha for the Bourgogne Blanc and average 48hl/ha for the domaine. Fermentation was classic...”

Brice interjected to remark: “When the crop was harvested the acidity was not so good. So it has been a pleasant surprise to find pH levels as low as 3.10 and 3.15.” As usual, the wines were matured in barrel for 12 months and then will spend an additional 6 months in stainless steel.

Simply, I actually found the 2015s very similar in terms of quality, if not stylistically, to the 2014s. When I examined my scores they appeared identical in many cases, with the exception of the Bienvenue-Bâtard-Montrachet and the Puligny-Montrachet Les Combettes. That is some achievement given that on paper, the 2014 white Burgundy wines are supposed to be superior to their 2015 counterparts, as I discovered at many domaines. Not here. For sure, they have a little more weight and richness, yet they seem to present the same precision and tension as the previous vintage, equally expressive of their respective terroirs.

Since the bottles will be closed under DIAM, I no longer have to forewarn about the specter of TCA, though of course it is not only the closure that needs to be addressed. It is not the prime cause of premature oxidation and I should stress again that they are analyzing all parts of the process. At least there is a proactive approach and Brice is not one to ignore a problem, recognizing that it has been tarnishing the domaine’s reputation.

A new chapter has clearly opened at Domaine Leflaive and I am certain there will be more developments in forthcoming months.

2015 Releases & Scores

GC Montrachet 94-96 GC Batard Montrachet 92-94 GC Bienvenue Batard Montrachet 91-93 PC Puligny Montrachet Pucelles 92-94 PC Puligny Montrachet Folatieres 90-92 PC Meursault Sous le Dos d'Ane 89-91 PC Puligny Clavoillon 89-91

Burgundy 2015 Critical Acclaim | +44 (0)20 8332 9386 | wineinvestment.com 55 NOTES & CONCLUSIONS

NOTES

There are a number of scores that haven’t been released yet so please refer to the producers section of the report as the main target list for 2015 as well as the backfilling strategy.

CONCLUSIONS

Global demand is justifiably very high for this vintage and therefore unlike any previous campaign, it is imperative that clients indicate their interest early in order to explore and evaluate the range of high quality wines. Given the nature of this market, the key producer recommendations named in this report are inevitably in short supply, and by the same regard whilst the access we have to carefully selected back vintages is unrivalled, we must stress that interest in these wines is likely to be amplified off the back of 2015 releases, and are therefore are similarly time sensitive.

Our team of knowledgeable portfolio managers are on hand to guide you through some of the strategies outlined in this report.

Should you wish to speak to one of our team please call us 0208 334 6923.

Notes & Conclusions | +44 (0)20 8332 9386 | wineinvestment.com 56 CULT WINES SOLUTIONS FOR FINE WINE

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