F I NEWINESTOBUY • C LASSICVINTAGES • V INEYARDS • M ERCHANTS Buying^Investing inWine

Made in Lebanon Next generation Jancis Robinson Châteaux draw from The wave of new bars Classic vintages historic roots aimed at the young to drink now Vineyards Page 3 Merchants Page 2 Fine Page 4

Saturday October 19 2013 Old certainties are under threat

or most people, austerity has interest from east Asia. Between 2009 The shift in global meant higher taxes, scarcer and mid-2011, bordeaux prices surged public services and eroding some 80 per cent, as buyers in China economic power living standards. For inves- and beyond fought to own the best tors in , however, the vintages from the top châteaux. Ever towards Asia is Fpressure on governments to show since, burgundies and greater fiscal probity has brought new have drawn a growing number of old- opportunities as some of the world’s world investors. introducing new most intriguing wine cellars have Since Asian interest began to slow opened up over the past year. from 2011, sufficient demand has tastes into the fine In January, the French city of Dijon remained for these wines to help them sold off 3,500 bottles of prized burgun- significantly outperform bordeaux, dies – roughly half its stock – to fund according to Liv-ex, the London-based wine market but municipal services. exchange for investment-grade wine. In March, the UK government sold “Investing in the wine market is bordeaux remains from its vast fine wine collection for becoming less about bordeaux, as peo- the first time, putting 54 bottles of the ple thought it was becoming too dominant, says best up for sale, including a 1961 Châ- expensive,” says Justin Gibbs, co- teau Latour, to raise £74,000. founder of Liv-ex. “People are rotating The French presidency put 1,200 their focus.” Peggy Hollinger bottles of its finest vintages on the Cult wines such as California’s block at the end of May. Comprising Screaming Eagle and Italy’s super one-tenth of the Elysée palace’s cellar, Tuscans have done well, helped not the auction raised close to $1m; the just by their quality but also by their most expensive bottle, a 1990 Château small output, which makes them more Petrus, went for €7,625. attractive to some investors. There All three auctions raised far more has even been some noise about cer- than expected. These were rare oppor- tain wines from Lebanon or Israel. tunities in what recently has been a But it will be decades before these lacklustre investment climate. newcomers can replicate the consist- The bidding also reflected investors’ ency of the fine French wines, says growing appetite for alternatives to Miles Davis, a partner of Wine Asset the traditional bordeaux, whose prices Managers, an investment fund. had been driven to heady levels by spectacular harvests and a surge of Retaining their cachet: many see little to challenge fine French wines for some decades yet Getty Continued on page 2 2 ★ FINANCIAL TIMES SATURDAY OCTOBER 19 2013 Buying&Investing in Wine

Old certainties Modern breed of bar targets young are under threat Continued from page 1

“I don’t think any profes- sional investor would look at these,” he says. “You Down-to-earth approach sets out to cater as much to the novice as the seasoned tippler, writes Natalie Whittle have to have a track record and back library. You don’t know whether any wine is brilliant or not for 20 or 30 he wine is a garnet colour, Mr Sager-Wilde points out, but he is years. It is a risky policy.” with an almighty, rich nose. clear that the wine is worth it: “What Peter Shakeshaft, chief It is a Ramisco 1992 from we’re pouring now is hard to get.” executive of Vin-X, a bro- the tiny Colares region west Last year, the couple ran a sellout ker, says investors should of Lisbon, Portugal, and it pop-up bar and know that customers, beware of anyone proposing Thas made its way into a glass in even in their 20s and 30s, are prepared wines from unusual places. Crouch End, north London, at the Bot- to pay for something special. “If someone is going to tle Apostle, one of a new breed of wine Sager & Wilde has 32 wines by the talk about something com- shops and bars in the capital aimed glass and one or two change every pletely different, I would go squarely at young wine enthusiasts. day. You might get a £16 glass of for a second or third opin- A 30ml, £2.95 taster of this punchy Silex, Didier Dagueneau, or an ion,” he says. wine is dispensed from one of two “incredible value” 1997 for £6.50 However, no investor can Enomatic wine-dispensing machines – or, for adventure, a Gamay from escape the inevitability of at the shop and, at £49 a bottle, it is Serbia. bordeaux. The good news is expensive enough to warrant trying You can buy wine by the bottle to that after prices for the big before buying. take away at Sager & Wilde and this names hit historical highs That is not the only virtue: the tast- is another increasingly popular in 2011, some experts sug- ing opportunities are also a way to feature at contemporary, wine-con- gest value may be creeping notch up greater knowledge of differ- scious restaurants. back. ent wine styles. Over a (pretty decent) meal at Counterintuitively, per- Indeed, when the first Bottle Apos- L'Entrepôt you can pick from more haps, poor vintages in 2011 tle opened in Hackney, east London, than half a dozen wines by the glass, and 2012, and what prom- in 2009, its self-stated mission was to and take home a bottle of the one you ises to be a disappointing create “a wine shop [that] could cater like best with a 10 per cent discount. harvest this year, may also as much to the wine novice as it does At Sweet Thursday, a bright, buzzy help drive up prices. to the seasoned tippler”. pizzeria-wine shop in De Beauvoir “A smaller supply should Informality is essential to this new town, north London, co-owner Beth- mean prices have a chance style of wine buying – the antithesis any Chellingworth runs the wine side of pushing forward,” says of the quiet and haughty staff of the Rolling out the barrel: Borough Wines in London takes the informal approach to attracting customers Rosie Hallam of the business, which gives a 10 per Mr Gibbs. This could rekin- traditional wine shop. Across London, cent discount to bottles bought after a dle interest in stock from but particularly in the east, the trend floorboards and pinned with commu- really appealed to consumers, it’s the and they’re well informed. People are meal. other older vintages that is finding favour. nity notices by the door. But key to most important part of our business. asking more questions, they’re inter- She admits that the wine retail is have been overshadowed by Muriel Chatel opened her shop Bor- its success – it was quickly followed Most of the time, especially during the ested in organic wines – the whole “not as profitable as the restaurant, the bordeaux bubble. ough Wines, also in Hackney, in 2010, by branches in Stoke Newington and week, consumers want a pleasant, explosion of food and wine is reflected but it’s a nice asset to have; all our That is positive for the after a decade selling wine at her stall Deal, Kent, and a restaurant-shop, easy drinking house wine. How we do in the customer.” wines are on display, and our wine wine market as a whole. in London’s Borough Market. L'Entrepôt, in Hackney Downs – are it is [to ensure] all the money is spent Michael and Charlotte Sager-Wilde tasting events are really popular”. “Ninety-five per cent of the Ms Chatel, who grew up amid viti- the stainless steel vat and refrigerated on wine and not on packaging.” took an even bigger bet on this curi- Ms Chellingworth buys “things we trade is still in bordeaux,” culture in Bergerac, France, says: barrels that stand in the corner. Ms Chatel develops relationships ous consumer when they opened their enjoyed – the target was people our says Mr Gibbs. “I’ve been in the wine trade for 10 Every month it holds a different with emerging winemakers, rather wine bar, Sager & Wilde, earlier this age and background... there’s no “Other regions may have years and it has changed so much. wine, dispensed into refillable, retro than big domaines, and buys surplus year. New Zealand Sauvignon Blanc or Ital- caught the eyes of inves- “People are travelling and getting glass bottles with rubber-seal stoppers wine that still delivers on quality. By locating in an affordable part of ian Pinot Grigio, we wanted to chal- tors, but the market doesn’t interested in wine in Europe. When (made in Italy for olive oil, rather A recent Portuguese red certainly Shoreditch, in London’s East End, lenge people a little bit. [You have to] go up without bordeaux they come back, it used to be the case than wine). The customer first buys had a delicious balance unthinkable keeping the bar menu to good cheese build up trust and rapport.” going up.” you had to go to specialised places [to the bottle for £2.50, and each subse- in a supermarket wine of the same and charcuterie, and cutting out As Ms Pyke of Borough Wines says, Peter Meltzer, author of learn more], but that’s not where this quent refill is £5. Around 300 litres get price. luxuries such as drinks napkins, they her customers “don’t feel stupid or Keys to the Cellar: Strategies young crowd wants to hang out; wine sold every week this way at each of Corinna Pyke, Borough Wines’ co- could offer some unusual, top-end patronised”. They enjoy “a relaxed and Secrets of Wine Collect- selection in pubs is really awful, too.’ the branches. director, says: “Part of our success is wines by the glass. and welcoming environment”, which ing, says every investment The shop is accordingly relaxed and Ms Chatel says the response has that we’re not a stuffy intimidating Some nudge beyond the £10 mark, even has about it a touch of “humour portfolio has to be domi- friendly, lined with scuffed wooden been “quite incredible . . . the refill wine shop. Our staff are quite young, “higher than some Mayfair places”, as and irreverence”. nated by the traditional bor- deaux. “Other wines, however good they may be in the glass, don’t tend to appreci- teaux listed as first growths in ate at the same rate,” he 1855. The astronomical prices says. City vineyards preserve the château’s reds command, The reasons are simple: however, should keep them off bordeaux is still the most the estate’s actual terroir indef- liquid of investments; the initely, with further develop- best vintages have proved history and way of life ment held in check not by lack their value for longer-term of demand for new homes, but investors; and when the because the estate’s interna- time comes to realise a port- tional renown makes it sacred folio, buyers are easily found ground. for well-known brands. Tucked away in centres and suburbs, producers fight Beyond the medieval surviv- There is a sense, though, als and the rural vineyards that the world of wine sprawl of urban expansion, writes Feargus O’Sullivan swamped by sprawl, one final investing is changing. The category of city wine producer decision by Robert Parker, remains: the toy vineyard. the world-renowned critic f you imagine the suburbs north of Paris were particu- fruity and appealing, but of no While they will probably not whose judgment can make of any great city, you prob- larly prized for their south-fac- great complexity”. welcome the designation, or break a vintage, to sell a Iably think of business ing suntrap slopes. The now While the Parisian stream of wines made recently in Lon- substantial stake in indus- parks, motorways and residen- down-at-heel Goutte d’Or quar- wine has thinned to a trickle, don fall into this category. try bible The Wine Advo- tial sprawl, not vineyards. ter near Montmartre took its Viennese production is a rela- These include a new enter- cate to Singapore-based City is nonethe- name from the “golden drops” tive torrent. prise called London Cru that investors suggests the old less surprisingly common. It of the white wine once made Just like Paris, the Austrian Green space: Clos Montmartre been made within city walls, makes wine from imported certainties no longer apply. can be found in areas ranging there. capital’s wine tradition dates on the Rue Saint Vincent EPA other wine regions have French grapes in Earl’s Court, Asian investors are from minute patches of Gamay What killed this thriving back as far as the Romans. become urban only recently west London. Enfield’s seven- becoming more knowledge- vines in the backstreets of industry was better transport. Unlike its French counterpart, thanks to the insidious creep acre Forty Hall vineyard in the able about the market and Montmartre in Paris to broad When full, heady bordeaux Vienna still has many vines – of metropolitan sprawl. north of the capital, mean- their tastes – and money – acres hidden among the man- brought in by train became 612 hectares of them growing Vine growers living in while, will be producing its may bring new perspectives sions of Bel Air in Los Angeles. available at good prices, the within its city limits. These France’s Pessac area a few cen- first organic vintage this year. to the fore. The urban wines that these thin northern tipple that largely cling to hillsides in the turies ago would probably Both are intriguing projects “Asian buyers are begin- sites produce are of fascinating arrived by cart lost some of its suburban Vienna woods, the have thought their village no doubt, although they ning to ask the right ques- curiosity to wine lovers, lustre, while faster public tran- low range at the far eastern becoming a suburb of the city remain too small to be of great tions. They are not just revealing not just the ability of sit made the hillsides newly end of the Alpine chain. ‘It is quite an of Bordeaux was as unlikely as significance. buying on a name,” says vines to thrive in difficult attractive for Paris workers’ Some Viennese wines are men landing on the moon. Yet while toy vineyards pro- Matthew Tipping of the fine circumstances but also how housing. actually very good. Wineries indulgence, for Nonetheless, houses are now duce little wine, they can be wine team at Berry Bros & the trade has shifted its bound- Bar some private garden such as Wieninger produce a edging in between its plantings unusually potent symbols of Rudd, the wine merchant. aries and clientele over the stretches of vines, the 1,700 considerable volume of inter- example, to own of Sémillon and Sauvignon their owners’ wealth. Yet for the foreseeable centuries. bottles produced annually by esting whites, including delib- Blanc. This process is steadily It is quite an indulgence, for future, bordeaux will domi- Take Clos Montmartre. Now Clos Montmartre are all that erately old-fashioned field a chunk of transforming the home of example, to own a chunk of nate. a pocket-sized parcel of vines remains of this once great blends and novelties (for Aus- expensive urban some of Bordeaux’s best whites expensive urban property and Mr Meltzer, with decades making wines for charity and trade. Sheltered from cold by a tria) such as oaked Chardon- into yet another dull suburb of devote it to growing fruit. of auction watching behind the local town hall, the French high wall (“clos” refers to a nay, which are available to property and plaster-covered concrete and Overall, however, urban him, says it is “still the sta- capital’s last vineyard is a rem- protected vineyard enclosure) buy in the UK. Not necessarily faux-rustic shutters. winemaking remains a charm- tus quo” that will offer the nant of a once sizeable Paris its wines are pretty good, stellar by Austria’s generally devote it to In particular, houses have ing curiosity. Long may it con- best returns. basin industry dating back to given local pollution levels. excellent standards, these are now moved to abut the vine- tinue, while the more serious “The others may be great Roman times. In medieval and Master of wine Tim Atkin nonetheless serious wines. growing fruit’ yards of Château Haut Brion, business of life goes on else- to drink, but they are not as early modern France, the hills has described them as “light, While some wines have long one of the five Bordeaux châ- where. collectable.”

On FT.com

Health Tasting What are the Low-alcohol benefits of wines put to drinking wine? the test Andrew Jack on the They represent a pros and cons of big opportunity, but the odd glass of red who drinks them?

Contributors

Borzou Daragahi Natalie Whittle North Africa and Middle East Associate editor, FT Weekend correspondent Magazine

Abigail Fielding-Smith Hugo Greenhalgh Beirut correspondent Commissioning editor Philip Parrish, sub-editor Peggy Hollinger Andy Mears, picture editor Leader writer Steven Bird, designer Rachel Savage, research Feargus O’Sullivan Freelance writer and journalist For advertising details, contact: Mark Howarth, Jancis Robinson 0207 873 4885, Wine expert and author [email protected], or your usual FT representative. Rachel Sanderson All FT Reports are available on Milan correspondent FT.com at ft.com/reports

Lucy Warwick-Ching Follow us on Twitter at Online Money editor @ftreports FINANCIAL TIMES SATURDAY OCTOBER 19 2013 ★ 3 Buying&Investing in Wine Bekaa valley Regulator fails finds its feet to enthuse UK body to curb fraud is short on recruits, says Lucy Warwick-Ching

Lebanese production draws on roots set deep series of high-profile financial advisers from rec- fraud cases involving ommending risky, unusual in history, writes Abigail Fielding-Smith Awine investment in or complex funds to “ordi- the UK has led to the nary” (less wealthy or less launch of a new self-regula- sophisticated) investors. tory body. Not everyone is The introduction of the s co-owner Ramzi Ghosn Phoenicians, whose Mediterranean convinced of its merits. WIA has been broadly wel- calmly inspects the vats trading empire flourished from their Established to promote comed by the financial serv- fermenting the Cinsault bases in Lebanon’s coastal cities from transparency among mem- ices industry. and grapes that 1550BC to 300BC, have a reasonable ber firms and to stamp out “Wine is a very small, give Massaya wine its dis- claim to be the first wine exporters. fraudulent activity, the illiquid and unregulated tinctiveA nose, you would never guess As the scent of lavender wafts Wine Investment Associa- market,” says Yogi Dewan, that Hizbollah militants are clashing across the air, the view from the Mas- tion (WIA) was launched in chief executive and found- with gunmen just half an hour down saya winery is mostly unspoilt by the February. ing partner of Hassium the road. Perhaps understandably, Mr trappings of subsequent eras. Vines It followed revelations Asset Management, a Ghosn is keener to talk matters of the seem to stretch all the way across the that a growing number of wealth manager. palate, rather than dwell on the valley floor to the snowy higher fraudsters were setting up “Sadly, as prices have turbulent politics of the Middle East. reaches of the mountains. offices in the City of Lon- increased, so has the incli- “We’re moving away from easy-go- Distributed by Thorman Hunt in the don to cold-call potential nation for forgeries,” he ing wine,” he says. “Finesse is the UK, the products of the 15-year old investors. adds. name of the game.” vineyard turn over more than $2m a Wine investment compa- “As wine merchants Until recently, to year. It is investing in a new winery nies have been invited to spring up, so does the most people simply meant the Bekaa near the ski resort of Faqra. The inspector’s call: sign up to a new code of number of funds, scams and valley’s Château Musar, whose owner As Mr Ghosn explains over a 2008 Ramzi Ghosn tests his conduct and to agree to investment schemes that Serge Hochar beat a path to interna- red from their popular silver, mid- vineyard’s produce Investment tougher controls, as well as piggyback on uninformed tional markets at the height of the level selection, the vineyard’s a stringent complaints pro- investor interest.” country’s civil war. Musar’s quirky relatively short history has been cedure. Mazars, the He cautions: “It is a start reds, as unpredictable and complex as eventful. What to buy accountancy and audit firm, but, as an investor, it is Lebanon itself, remain the industry’s At the end of the civil war, Mr is working with the WIA to hard to see it really making best-known export. Ghosn and his brother were living in carry out compliance audits a difference.” Since the civil war ended in 1990, Paris. Determined to help Lebanon of member firms. Members Geordie Clarke, editor of the number of producers has rebuild, they started making arak, a In terms of financial investment, Château that sign up to the code will digital wine magazine By increased from a handful to nearly 40. local aniseed-flavoured spirit, at the Musar (left) is the one to lay down. be entitled to display an The Bottle, says to be effec- In spite of still-turbulent politics, family’s holiday estate in the Bekaa Since Michael Broadbent named it the industry kitemark. tive the WIA needs over- ambitious post-Musar players such as valley, from which they had been “find of the fair” at Bristol Wine Fair in “After 30 years of inaction whelming industry support. the Ghosn brothers are determined to forced to flee one night in 1975. 1979, Serge Hochar’s bold, original it was essential that regula- “Unfortunately, it has put out wines that are taken seri- Plans evolved and the brothers wines have captured the public tion was introduced into been unable to stir up a rea- ously, whilst staying true to the ter- became interested in developing a imagination. what is a sector of growing sonable amount of interest roir. winery. In 1998, they signed up two This year Bonhams sold cases of importance,” says Hugo in the market,” he says. “So With an output of only 8m bottles a French partners: the Bruniers of Châ- Chateau Musar 1985 and 1986 for Rose, WIA chairman. far the WIA has just two year – and the cost of producing and teauneuf-du-Pape and Dominique nearly £500 and, according to “For the first time the full member firms and two exporting them from the Middle East Hebrard of Bordeaux, who provided Bloomberg, its 1959 vintage sells for industry has a body to more are pending subject to – Lebanon’s wine does not come not investment as well as advice on nearly $1,800 a bottle. establish a code of practice, successful audits.” cheap. Entry level bottles retail for producing and marketing the wines. Mr Hochar’s personal favourites from regulate operators, expose Others warn that because around £9 in the UK. Even with the support of their more recent years include 1991 and rogue traders and ultimately the WIA is a “self-regula- Like most producers, the majority French partners, it took them 10 years 1988. These wines are “not classical”, he increase investor confidence tory body”, this gives little of Massaya’s vines are in the Bekaa to become profitable. The business Mr Ghosn says, are the says, but have “something distinctive” in wine as an asset class.” reassurance for investors. valley, a stony, mountain-flanked suffered in the face of bombs raining almost perfect wine-grow- about them. “I hate perfection,” he The introduction of the “It falls a long way short 2,000 sq km plateau close to the down on the valley during the 2006 ing conditions of the confesses. code coincided with a crack- of regulation by the FCA, Syrian border. Its sun-baked summers war between Hizbollah and Israel. region. Wine writer Michael Karam says while down by the Financial Con- which would mean inves- and cool evenings make it ideal for With tensions rising again in “We have sunshine,” he no one else is producing wines likely to duct Authority (FCA), the tors could fall back on the . Lebanon because of the civil war in says, gesturing at the increase in value, the best of the major City watchdog, on the pro- financial services compen- A short drive north from Massaya, Syria, Mr Ghosn has had to draw up light dappling through wineries will be “fabulous” to drink in 10-15 motion of unregulated sation scheme if necessary,” the magnificent ruins of a Roman contingency plans to get their bottles the leaves. “You can be years. Tips include a case of the Comte de investment funds – includ- says Patrick Connolly, a temple to Bacchus at Baalbek offer to port in Beirut, the capital, if roads lazy in Lebanon and M from Château Kefraya, the Gold Reserve ing investment in wine – to certified financial planner a hint of the deep historical roots are cut off by demonstrations. produce good, decent from Massaya or the El from Ixir. the public. at Chase de Vere, the finan- of Lebanon’s wine culture. The Set against these problems, wine.” The FCA has banned cial advisers. Investors lap up Montalcino

Overseas owners of vineyards reap rewards, writes Rachel Sanderson

n a balmy midsum- its hospitality business. It great year of 1979, he says, More than a quarter of mer evening this has a cellar that dates from thanks to the effect of a overall sales go to the US, Oyear, the Tuscan 1580, one of the oldest in cool spring and an excep- while southeast Asia, east- wine town of Montalcino, the area. tionally warm September. ern Europe and Brazil are famous for its Brunello red “What Mr Esteves bought Recent arrivals say growing markets. wine, held a fundraiser for was a brand of great pres- another attraction for out- The area has become the local school. Under the tige and a piece of history side investors is the open- quite international in char- slogan “Brunello for Mon- of Brunello,” Mr Gabelli ness of the traditional wine- acter. The Italian-American talcino”, the event was as says. “He is a great lover of producing community. Mariani family, one of the striking for the interna- wine. Brunello is renowned Mark Barnett, founder of biggest distrib- tional nature of the gather- the world over. It is like a London restaurant Mao Tai, utors in the US, were ing as for its setting in a billionaire buying a 120m has a villa in the hills sur- among the first newcomers. 14th-century hilltop fortress yacht, except Mr Esteves rounding Montalcino where They bought their Castello surrounded by vineyards. bought a wine estate.” he and his wife spend sev- Banfi estate in the early Among the several hun- Fabrizio Bindocci, presi- eral days each month. He 1980s and cleared brushland dred guests dining on dent of the consortium of says that compared with to create 1,000ha of vine- Fiorentina Tuscan steaks Brunello di Montalcino pro- “Chiantishire”, there is an yards. and Brunello red there were ducers and managing direc- easy flow of learning about Massimo Ferragamo, one local producers and also US tor of the Il Poggione win- winemaking, from the long- of the heirs to the Salvatore bankers and lawyers, board- ery, says foreign interest in time residents to the new- Ferragamo shoemaker-to- level executives and Euro- Montalcino has risen in the comers. the-stars dynasty, bought pean and Chinese business past few years, not just “People are very well his Montalcino estate, Cas- owners, many of whom because it is beautiful but travelled, very open and tiglion del Bosco, a decade were not tourists but resi- also because the wines are willing to share their pas- ago. It has 70ha of vine- dents. proving to have a signifi- sion for wine. That makes a yards, all licensed to pro- At a time of deep reces- cant return on investment. difference,” he says. duce Brunello. It also has a sion in Italy, Montalcino is Production of Montalcino Francesco Ripaccioli, golf course, hiking trails a place where the fabled wines in 2012 exceeded owner of the Canalicchio di and luxury accommodation draws of the bel paese – 14.1m bottles, of which 9.2m Sopra winery, agrees. “The in the main estate house or wine, landscape and quality were Brunello di Montal- new investors would not in villas on the estate of life – are proving a pull cino. Revenues were €167m, have been able to find the grounds. for foreign investors. More- up 2.5 per cent compared success they have without Mr Ferragamo spends over, given a jump in inter- with 2011. The region has the back-up from the tradi- most of his time in the US national demand over the seen sharp growth in direct tional producers,” he says. as chairman of the shoe- past five years for Brunello sales as the number of tour- He notes that the relation- maker’s operations there and its younger sister wine, ists to the region rises. In ship can also be mutually but was driven to invest in Rosso di Montalcino, they 2012, direct sales were beneficial. Montalcino by an ambition can also get a return on worth 18 per cent of total Until five years ago, the “to make a great wine”, their investment. revenues. Revenues from winemaking region of says Simone Pallesi, chief André Esteves, owner of wine tourism rose 8 per Montalcino had never executive of Castiglion the Brazilian investment cent from the year before. produced more than del Bosco. bank BTG Pactual, is the Mr Bindocci is hopeful of 10m bottles a year but The estate’s vineyards latest international arrival another jump in sales this it has seen a surge in unusually are located to the Montalcino estate year. Fresh from the har- exports, particularly 350m above sea level and scene. He bought the vest of this year’s grapes, to the US. Exports are south-facing, produc- Argiano estate with friends the vendemmia of 2013 may now account for 65 ing a hot, dry microcli- this year for an estimated be on a par with Brunello’s per cent of revenues. mate but with limited €50m. A working vineyard humidity because of the since the 1500s, it has 48ha altitude. Their top-of- of vines and produces the-range red is 110,000 bottles a year of Campo del Drago Brunello di Montalcino. DOCG. Mr Esteves joins Richard Tasting notes Mr Pallesi says Parsons, former chief execu- the increasing tive of media group Time attraction of Mon- Warner, and the family of talcino to interna- Swiss pharmaceuticals Premium for tional visitors pro- baron Ernesto Bertarelli, vides “huge who have acquired wine- potential for all of making estates in the Mon- scarcity us at Montalcino”. talcino area. Louis Camill- “People don’t eri, chairman of Philip Mor- just come to drink ris International, the Brunello any tobacco group, is another Bordeaux may dominate the wine more,” he adds. recent arrival. investment market but Wine Searcher “More and more Giorgio Gabelli, who is figures published this summer showed the they want to expe- managing Mr Esteves’ priciest come from Burgundy, followed by rience the reason investment in Montalcino, Germany’s Mosel. The prices – bottles of why Brunello is says Argiano made €3m in Burgundy’s Domaine de la Romanée-Conti what it is and the revenues in 2012. Most of have sold for over £34,000 – reflect not connection with this came from wine, while just quality, but scarcity value from small the terroir and some 20 per cent came from estate sizes. the end result.” 4 ★ FINANCIAL TIMES SATURDAY OCTOBER 19 2013 Buying&Investing in Wine The classics in Maghreb fortunes rise their prime North Africa rediscovers wine heritage, writes Borzou Daragahi

ntil about 60 years ago, Algerian wines are distinctive for Jancis Robinson exported more their low acidity, high percentages of wine than any other alcohol and very little ageing. Vintages fit to drink now country – even France. Its They are rich in colour, dominated by history of winemaking Clairette and Ugni Blanc grape varie- Udates back to the first millennium BC, ties. Visitors to Algeria adore the when Phoenician and Carthaginian Cuvée Monica produced by the vine- traders shipped barrels of wine across yard owned by the actor Gérard Dep- ne of the pleasures of they are very concentrated and initially drew the attention, and the Mediterranean. ardieu. It has a slightly earthy, smoky being on the London most are slumbering in a quiet can be delicious today, there are So it was with some excitement that flavour with hints of cherry. tasting circuit is lockdown phase. The 2006s are some properties, especially on the the young medical student Ramzi Tunisian winemaking is concen- feedback from FT much less concentrated, but the right bank, where the 2001 is Bendella first tried the produit of his trated among some 20 vineyards on readersO over the spittoon. I have best still need time for the fruit more elegant and satisfying. own country a decade ago. But, as he the Cap Bon peninsula to the east of recently been reminded it is some to shine through the structure. The 1999s are more, shall we recalls, “it was very bad wine”. Alge- Tunis, the capital. time since I wrote about which Only when we go back to 2004 say, serviceable, but the wine of ria’s 1990s civil war had crushed an Many in north Africa’s wine indus- vintages of classic wines are best do we reach a vintage that a the last two “8” vintages – 1998 industry that had been propped up by try say sales have grown. “There is an to drink now. classically trained claret drinker and the initially very tough 1988 the French during its colonisation of increase of 5 per cent compared with Given that red bordeaux might consider drinkable. I have – is at last ready to drink. The the north African country. last year,” says Samir Dardouri, chief occupies such a high proportion always liked these rather fresh, 1997s are generally on the way Peace has been good for Algeria’s of marketing at Les Vignerons de of FT readers’ cellar space, I will rigorous wines and am beginning down, along with such wines wines and the industry has improved , a collective of Tunisian begin by considering vintages for to appreciate their direct appeal. from the 1991-94 period as remain, dramatically, amid what some might wine growers revitalised about a dec- this investment favourite. Let us The 2004 bordeaux vintage has while 1996, 1995 and 1986 can call a renaissance of wines of franco- ade ago by German investment. pass lightly over the overpriced been rather obscured by the provide fully mature drinking phone north Africa, including Around 70 per cent of its production is 2012s and 2011s to alight on 2010s. massive reputations of the vintages now. The 1990s, 1989s and 1982s and . exported, primarily to France but also These are looking better and either side of it, which is a pity. are still great at the top level, but “The glass, the corks – all of that as far afield as Brazil and China. better, but even the lesser I was not as enthusiastic as many a lesser wine is fading. has improved,” says Victoria Meghdir, Popular Tunisian wines include examples are so stuffed full of some about the 2003s produced in As for red burgundy, there is vice-president of Meghdir & Sons, a Selian, produced by Domaine Neferis, everything, including tannins, that heatwave year. Many reached more wine-by-wine variation in wine importer in the US state of New the spicier Calatrasi and a that it would be a shame to open their sugar levels by desiccation ageing rate and potential than Jersey. “But it is just a matter of dry blanc premier cru. Château Mor- them now. Some of the lesser rather than phenolic ripening and with red bordeaux. But if we take getting the mainstream population to nag is a fragrant and smooth blend of 2009s with their voluptuous fruit, the result is wines without a a typical Côte de Nuits premier appreciate it. A very small percentage Carignan, and grapes. on the other hand, are already a really interesting, complex mid- cru red, which is generally a year of the population knows or has experi- Rich pickings: a vineyard in The biggest impediments to expand- pleasure to drink. palate capable of evolving to the or two slower to develop than a enced these wines.” Had Brachoua, Morocco ing and improving the wine industries The 2008s tend not to be as subtle nirvana of red bordeaux Côte de Beaune, I suggest 2010 While the sunlight, moisture and Getty of north Africa are political and cul- charming and will probably perfection. Only a few of the and 2009 are stored away for a few temperature in wine-producing areas tural. Mr Bendella, now a urologist in benefit from prolonged ageing just finest wines, mainly from Pauillac years, along with the best 2005s. of the Maghreb region are ideal, north Oran, still hides his consumption of as much as the 1998s and 1988s and Saint-Estèphe, will attain Some 2002s may be emerging Africa’s social climate is harsher. The wine from his parents. have. I know it is not logical to nirvana. Some are plagued by from the shell into which so Islamic faith of most of the population assume the weather follows the burnt or raisined flavours, and I much red burgundy retreats after forbids alcohol. Gregorian calendar, but there is a suggest most are enjoyed now. a few years in bottle. “The quality has improved since com- similarity between the three most The reputations of 2002 and Of vintages to drink now, 2007 panies such as [French drinks group] recent vintages ending in 8 and 2001, once regarded as a pair of would be my choice. These wines Castel invested and Bordeaux vignerons Tasting notes those ending in 7. Speaking of lesser equals, continue to diverge charm, even if they rarely have gave of their expertise,” says Douglas which, 2007 offers some of the best with the years. The 2002s seem the stuffing for prolonged ageing. Wregg, sales and marketing director at drinking for those who cannot lighter and leaner, whereas some The 2008s, which were obdurate Les Caves de Pyrène, a UK-based wine Pioneer spirit afford to pay for prolonged ageing. of the most rewarding wines to in extreme youth, are starting to importer. “But the winemaking has This was another vintage that drink now are the 2001s. Although show the great terroir definition lagged behind probably because there was overpriced initially, but at the 2000 vintage was the one that of which they are capable. isn’t a critical local market.” New World wines may lag behind the least these relatively light, fruity The 2006s, 1999s and especially Algeria produces around 500,000 Old World’s in prestige but are not wines have matured rapidly. 1996s and 1995s are the vintages hectolitres of wine a year, Morocco necessarily that new. Frederick the If I were still choosing wines for ‘Some of the lesser to pick now at exalted appellation about 400,000 and Tunisia 300,000. (By Great of Prussia, right, drank South an airline, I would make a beeline levels, although many will repay comparison, north Africa produced African wines from Constantia in the for 2007s. Not so the 2006s and 2009 red bordeaux, further patience. Avoid most upwards of 25m hectolitres annually 1770s, while the oldest Syrah vines are especially 2005s, which still 2004s and drink most 2003s now 60 years ago.) not in their native France but Australia’s warrant keeping for many a year, with their voluptuous while the fruit lasts. Algerian wine-growing regions are Barossa Valley. Bordeaux, for different reasons. The 2005s centred in the country’s agriculturally by contrast, was not fully colonised are a bit like the 2010s (bless them fruit, are already a See Purple Pages of rich northwest, near the second city by the that forms for respecting my divisible-by-five- pleasure to drink’ JancisRobinson.com for nearly of Oran. They include Sidi Bel Abbès, the bulk of its great wines until the years-tends-to-be-superior rule); 90,000 wine reviews Mascara, Mostaganem and Tlemcen. 19th century.