VALANDRAUD - COMTE VOGUE CHAMBOLLE MUSIGNY - LUNE ARGENT - GRAND PUY LACOSTE - ECHO LYNCH BAGES - DRC ROMANEE CONTI - GUIGAL COTE ROTIE LANDONNE - RUINART DOM RUINART GIACOMO CONTERNO BAROLO CASCINA FRANCIA - RIOJA ALTA RIOJA GRAN RESERVA 904 - DUHART - COMTES LAFON MEURSAULT GOUTTE D'OR - LEOVILLE LAS CASES - CANON GAFFELIERE CANTEMERLE MILON - CECILIA BERETTA VALPOLICELLA CLASSICO SUPERIORE TERRE DI CARIANO - CHAPOUTIER CHAPELLE AUSONE - DRC ECHEZEAUX - FLEUR PETRUS GRUAUD LAROSE - BRANE CANTENAC - ERMITAGE MEAL - GUIGAL COTE ROTIE TURQUE - JOSEPH FAIVELEY MAZIS CHAMBERTIN - LEOVILLE CHAPELLE MISSION - CLINET - DRAGON QUINTUS - ORMES PEZ - OPUS ONE - DOMAINE LEFLAIVE BARTON - TORBRECK RUN RIG - GUSBOURNE BLANC DE BLANCS - PONSOT CHAPELLE CHAMBERTIN CHEVALIER MONTRACHET - LASCOMBES - DUJAC CLOS ROCHE - TERTRE ROTEBOEUF - BOLLINGER VV - DRC RICHEBOURG - LYNCH BAGES - BOUTISSE - DUCRU BEAUCAILLOU - MEYNEY - PETIT MOUTON FRANCAISES - PAGODES COS - RONAN BY CLINET - MISSION HAUT BRION - CHENADE - GAJA COSTA - DOMAINE LEFLAIVE BATARD MONTRACHET - TROTTEVIEILLE - PELICAN ARBOIS SAVAGNIN OUILLE RUSSI - FOURRIER GEVREY CHAMBERTIN CLOS ST JACQUES - LOUIS ROEDERER CRISTAL ROSE - - MIRAVAL COTES DE PROVENCE ROUGE - BEAUSEJOUR DUFFAU - PONSOT CLOS ROCHE VV DOMINUS - CHAPOUTIER ERMITAGE BLANC OREE - PAUL JABOULET AINE HERMITAGE CHAPELLE - - SASSICAIA - LAMBRAYS CLOS LAMBRAYS - POUJEAUX - DOMAINE LEFLAIVE BIENVENUES BATARD FELTON ROAD RIESLING DRY - CANON (SAINT EMILION) - CLARENCE HAUT BRION - FELTON ROAD MONTRACHET - LATOUR - ARMAND ROUSSEAU CHARMES CHAMBERTIN - MOET & CHANDON PINOT NOIR BLOCK 5 - SMITH HAUT LAFITTE - COS D'ESTOURNEL - LEOVILLE POYFERRE - PINGUS DOM PERIGNON - DOMAINE LEROY CLOS VOUGEOT - BAHANS HAUT BRION - BENJAMIN HENRI JAYER NUITS SAINT GEORGES MURGERS - GEORGES ROUMIER CHAMBOLLE MUSIGNY LEROUX PULIGNY MONTRACHET CHAMP GAIN - MASSETO - MICHEL OGIER COTE ROTIE CRAS - RAUZAN SEGLA - BRUNO GIACOSA BAROLO FALLETTO - DUJAC ECHEZEAUX - - GAJA SORI SAN LORENZO - GAZIN (POMEROL) - TUA RITA REDIGAFFI - LAVILLE HAUT DOMAINE JEAN-LOUIS CHAVE HERMITAGE BLANC - CARRUADES LAFITE - VIEUX CHATEAU BRION - FARGUES - BIONDI SANTI BRUNELLO MONTALCINO RISERVA - SAINTAYME CERTAN - LAFLEUR - JACQUES FREDERIC MUGNIER CHAMBOLLE MUSIGNY - PENFOLDS GRANGE - GEORGES NOELLAT NUITS SAINT GEORGES CRAS - HARLAN AMOUREUSES - PALMER - CHEVAL BLANC - ARROSEE - JOSEPH DROUHIN BONNES PROPRIETARY RED - FELTON ROAD RIESLING BLOCK 1 - JOSEPH FAIVELEY MARES - BOLLINGER RD - JACQUES FREDERIC MUGNIER MUSIGNY - VOUGERAIE CHAMBERTIN CLOS DE BEZE - ARLOT ROMANEE SAINT VIVANT - CLOS ST JEAN BONNES MARES - LOUIS ROEDERER CRISTAL - TALBOT - PETIT VILLAGE - GUIGAL CHATEAUNEUF DU PAPE DEUS EX MACHINA - EVANGILE - PONSOT GRIOTTE COTE ROTIE MOULINE - JOSEPH DROUHIN MUSIGNY - HAUT BATAILLEY - CHAMBERTIN - CLOS PAPES CHATEAUNEUF DU PAPE - BEYCHEVELLE - CLOS ARMAND ROUSSEAU CHAMBERTIN - CHAPOUTIER ERMITAGE PAVILLON - FOURTET - TAITTINGER COMTES CHAMPAGNE - FELTON ROAD PINOT NOIR AUSONE - ROCHE BELLENE CLOS ROCHE - PICHON LALANDE - FRATELLI CORNISH POINT - DOMAINE LEROY CORTON CHARLEMAGNE - FELTON ROAD ALESSANDRIA BAROLO GRAMOLERE - PEDESCLAUX - BRANCAIA BLU - PINOT NOIR CALVERT - JOSEPH DROUHIN GRIOTTE CHAMBERTIN - KRUG BRUNO GIACOSA BARBARESCO ASILI - CROIX BEAUCAILLOU - DOME - VINTAGE BRUT - MOET & CHANDON DOM PERIGNON ROSE - TIGNANELLO COMTE VOGUE CHAMBOLLE MUSIGNY 1ER CRU - HAUT BRION - - BASSERMANN JORDAN JESUITENGARTEN GROSSES GEWACHS - PICHON SCREAMING EAGLE - TAITTINGER COMTES CHAMPAGNE ROSE - DOMAINE BARON - MALARTIC LAGRAVIERE - DOMAINE LEROY VOSNE ROMANEE LEROY NUITS SAINT GEORGES BOUDOTS - DOMAINE JEAN-LOUIS CHAVE BEAUMONTS - ECHO LYNCH BAGES - DRC ROMANEE CONTI - GUIGAL HERMITAGE - CLOS MARQUIS - FREDERIC MAGNIEN GEVREY COTE ROTIE LANDONNE - RUINART DOM RUINART - COMTES LAFON CHAMBERTIN CAZETIERS - POL ROGER SIR WINSTON CHURCHILL - PAVIE MEURSAULT GOUTTE D'OR - LEOVILLE LAS CASES - CANON GAFFELIERE MACQUIN - LAFITE ROTHSCHILD - SOLAIA - BEAUCASTEL CHATEAUNEUF - CANTEMERLE - CHAPELLE AUSONE - DRC ECHEZEAUX - FLEUR PETRUS DU PAPE - QUINAULT L'ENCLOS - MOUTON ROTHSCHILD - SUDUIRAUT - - GRUAUD LAROSE - BRANE CANTENAC - CHAPELLE MISSION - CLINET MALARTIC LAGRAVIERE BLANC - GAJA BARBARESCO - PHILIPPONNAT - DRAGON QUINTUS - ORMES PEZ - OPUS ONE - DOMAINE LEFLAIVE CLOS GOISSES BRUT - ANGELUS - DOMAINE CHEVALIER - CHEVALIER MONTRACHET - LASCOMBES - DUJAC CLOS ROCHE MONTLANDRIE - COMTES LAFON MEURSAULT CHARMES - SALON - TERTRE ROTEBOEUF - BOLLINGER VV FRANCAISES - PAGODES COS MESNIL - PETRUS - CONSEILLANTE - HENSCHKE HILL OF GRACE SHIRAZ - RONAN BY CLINET - MISSION HAUT BRION - CHENADE - GAJA COSTA - SAN GIUSTO PERCARLO - PONTET CANET - FELTON ROAD PINOT NOIR RUSSI - FOURRIER GEVREY CHAMBERTIN CLOS ST JACQUES - LOUIS BANNOCKBURN - MONTROSE - PIN - BRUNO GIACOSA BAROLO ROEDERER CRISTAL ROSE - DOMINUS - CHAPOUTIER ERMITAGE BLANC ROCCHE FALLETTO - GIACOMO CONTERNO BAROLO RISERVA OREE - PAUL JABOULET AINE HERMITAGE CHAPELLE - FELTON ROAD MONFORTINO - PEBY FAUGERES - CHAPOUTIER ERMITAGE BLANC RIESLING DRY - CANON (SAINT EMILION) - CLARENCE HAUT BRION ERMITE - PAVIE - CLARENDON HILLS ASTRALIS SHIRAZ - CASANOVA DI - FELTON ROAD PINOT NOIR BLOCK 5 - SMITH HAUT LAFITTE - COS NERI BRUNELLO MONTALCINO TENUTA NUOVA SAINT PIERRE - VEGA D'ESTOURNEL - LEOVILLE POYFERRE - PINGUS - HENRI JAYER NUITS SICILIA UNICO - MARGAUX - TORTOCHOT CHAMBERTIN - BOLLINGER SAINT GEORGES MURGERS - GEORGES ROUMIER CHAMBOLLE GRANDE ANNEE - COUTET (BARSAC) - ARMAND ROUSSEAU GEVREY MUSIGNY CRAS - RAUZAN SEGLA - BRUNO GIACOSA BAROLO CHAMBERTIN CLOS ST JACQUES - CLERC MILON - CHAPOUTIER FALLETTO - DUJAC ECHEZEAUX - DOMAINE JEAN-LOUIS CHAVE ERMITAGE ERMITE - HOSANNA - HAUT BAILLY - COLGIN IX PROPIETARY HERMITAGE BLANC - CARRUADES LAFITE - VIEUX CHATEAU CERTAN RED - GAJA SPERSS - DRC TACHE - COMTE VOGUE CHAMBOLLE - LAFLEUR - JACQUES FREDERIC MUGNIER CHAMBOLLE MUSIGNY MUSIGNY AMOUREUSES - TRAPET PERE ET FILS LATRICIERES AMOUREUSES - PALMER - CHEVAL BLANC - ARROSEE - JOSEPH CHAMBERTIN - BEAUCASTEL CHATEAUNEUF DU PAPE HOMMAGE J DROUHIN BONNES MARES - BOLLINGER RD - JACQUES FREDERIC PERRIN - JOSEPH PHELPS INSIGNIA - PONSOT CLOS VOUGEOT - BIONDI MUGNIER MUSIGNY - VOUGERAIE BONNES MARES - LOUIS ROEDERER SANTI BRUNELLO MONTALCINO - EMMANUEL ROUGET VOSNE CRISTAL - TALBOT - PETIT VILLAGE - GUIGAL COTE ROTIE MOULINE ROMANEE CROS PARANTOUX - PETIT CHEVAL - PONSOT CLOS - JOSEPH DROUHIN MUSIGNY - HAUT BATAILLEY - ARMAND ROUSSEAU VOUGEOT VV - EGLISE CLINET - FORTS LATOUR - RIEUSSEC - CALON CHAMBERTIN - CHAPOUTIER ERMITAGE PAVILLON - AUSONE - ROCHE SEGUR - GEORGES ROUMIER BONNES MARES - DUJAC CLOS SAINT BELLENE CLOS ROCHE - PICHON LALANDE - FRATELLI ALESSANDRIA DENIS - FIGEAC - YQUEM - HENRI JAYER VOSNE ROMANEE - RESERVE BAROLO GRAMOLERE - PEDESCLAUX - BRANCAIA BLU - BRUNO COMTESSE - TRAPET PERE ET FILS CHAMBERTIN - SCARECROW GIACOSA BARBARESCO ASILI - CROIX BEAUCAILLOU - DOME - COMTE CABERNET SAUVIGNON - CRUZELLES - MONDOTTE - BRANAIRE DUCRU VOGUE CHAMBOLLE MUSIGNY 1ER CRU - HAUT BRION - SCREAMING ROTHSCHILD & CONCHA Y TORO ALMAVIVA - COMTE VOGUE BONNES EAGLE - TAITTINGER COMTES CHAMPAGNE ROSE - DOMAINE LEROY BORDEAUX MARES - TROTANOY - GAY - JANASSE CHATEAUNEUF DU PAPE VV - NUITS SAINT GEORGES BOUDOTS - DOMAINE JEAN-LOUIS CHAVE PEGAU CHATEAUNEUF DU PAPE LAURENCE - JEAN-JACQUES HERMITAGE - CLOS MARQUIS - FREDERIC MAGNIEN GEVREY CONFURON ROMANEE SAINT VIVANT - CLIMENS - ORNELLAIA - CHAMBERTIN CAZETIERS - POL ROGER SIR WINSTON CHURCHILL DOMAINE LEROY NUITS SAINT GEORGES LAVIERES - PAPE CLEMENT - - PAVIE MACQUIN - LAFITE ROTHSCHILD - SOLAIA - BEAUCASTEL BERNARD DUGAT-PY CHAMBERTIN - FOURRIER GRIOTTE CHAMBERTIN CHATEAUNEUF DU PAPE - QUINAULT L'ENCLOS - MOUTON EN PRIMEUR VV - BONNEAU MARTRAY CORTON CHARLEMAGNE - COMTE VOGUE ROTHSCHILD - SUDUIRAUT - MALARTIC LAGRAVIERE BLANC - GAJA MUSIGNY VV - PETER SISSECK (ALNARDO) PSI - DOMAINE LEROY BARBARESCO - PHILIPPONNAT CLOS GOISSES BRUT - ANGELUS VOLNAY SANTENOTS - GIACOMO CONTERNO BAROLO CERRETA - - DOMAINE CHEVALIER - MONTLANDRIE - COMTES LAFON MEURSAULT PAVILLON ROUGE - TROPLONG MONDOT - JEAN NOEL GAGNARD CHARMES - SALON MESNIL - PETRUS - CONSEILLANTE - HENSCHKE HILL REPORT CHASSAGNE MONTRACHET BOUDRIOTTE ROUGEVALANDRAUD - OF GRACE SHIRAZ - SAN GIUSTO PERCARLO - PONTET CANET - FELTON COMTE VOGUE CHAMBOLLE MUSIGNY - LUNE ARGENT - GRAND PUY ROAD PINOT NOIR BANNOCKBURN - MONTROSE - PIN - BRUNO LACOSTE - GIACOMO CONTERNO BAROLO CASCINA FRANCIA - RIOJA GIACOSA BAROLO ROCCHE FALLETTO - GIACOMO CONTERNO ALTA RIOJA GRAN RESERVA 904 - DUHART MILON - CECILIA BERETTA BAROLO RISERVA MONFORTINO - PEBY FAUGERES - CHAPOUTIER VALPOLICELLA CLASSICO SUPERIORE TERRE DI CARIANO - ERMITAGE BLANC ERMITE - PAVIE - CLARENDON HILLS ASTRALIS 2018 VINTAGE CHAPOUTIER ERMITAGE MEAL - GUIGAL COTE ROTIE TURQUE - JOSEPH SHIRAZ - CASANOVA DI NERI BRUNELLO MONTALCINO TENUTA NUOVA FAIVELEY MAZIS CHAMBERTIN - LEOVILLE BARTON - TORBRECK RUN - SAINT PIERRE - VEGA SICILIA UNICO - MARGAUX - TORTOCHOT RIG - GUSBOURNE BLANC DE BLANCS - PONSOT CHAPELLE CHAMBERTIN - BOLLINGER GRANDE ANNEE - COUTET (BARSAC) CHAMBERTIN - DRC RICHEBOURG - LYNCH BAGES - BOUTISSE - DUCRU - ARMAND ROUSSEAU GEVREY CHAMBERTIN CLOS ST JACQUES BEAUCAILLOU - MEYNEY - PETIT MOUTON - DOMAINE LEFLAIVE - CLERC MILON - CHAPOUTIER ERMITAGE ERMITE - HOSANNA - HAUT BATARD MONTRACHET - TROTTEVIEILLE - PELICAN ARBOIS SAVAGNIN BAILLY - COLGIN IX PROPIETARY RED - GAJA SPERSS - DRC TACHE OUILLE - MIRAVAL COTES DE PROVENCE ROUGE - BEAUSEJOUR - COMTE VOGUE CHAMBOLLE MUSIGNY AMOUREUSES - TRAPET PERE DUFFAU - PONSOT CLOS ROCHE VV - SASSICAIA - LAMBRAYS CLOS ET FILS LATRICIERES CHAMBERTIN - BEAUCASTEL CHATEAUNEUF DU LAMBRAYS - POUJEAUX - DOMAINE LEFLAIVE BIENVENUES BATARD PAPE HOMMAGE J PERRIN - JOSEPH PHELPS INSIGNIA - PONSOT CLOS MONTRACHET - LATOUR - ARMAND ROUSSEAU CHARMES VOUGEOT - BIONDI SANTI BRUNELLO MONTALCINO - EMMANUEL CHAMBERTIN - MOET & CHANDON DOM PERIGNON - DOMAINE LEROY ROUGET VOSNE ROMANEE CROS PARANTOUX - PETIT CHEVAL CLOS VOUGEOT - BAHANS HAUT BRION - BENJAMIN LEROUX PULIGNY - PONSOT CLOS VOUGEOT VV - EGLISE CLINET - FORTS LATOUR MONTRACHET CHAMP GAIN - MASSETO - MICHEL OGIER COTE ROTIE - - RIEUSSEC - CALON SEGUR - GEORGES ROUMIER BONNES MARES GAJA SORI SAN LORENZO - GAZIN (POMEROL) - TUA RITA REDIGAFFI - - DUJAC CLOS SAINT DENIS - FIGEAC - YQUEM - HENRI JAYER VOSNE LAVILLE HAUT BRION - FARGUES - BIONDI SANTI BRUNELLO ROMANEE - RESERVE COMTESSE - TRAPET PERE ET FILS CHAMBERTIN MONTALCINO RISERVA - SAINTAYME - PENFOLDS GRANGE - GEORGES - SCARECROW CABERNET SAUVIGNON - CRUZELLES - MONDOTTE NOELLAT NUITS SAINT GEORGES CRAS - HARLAN PROPRIETARY RED - - BRANAIRE DUCRU - ROTHSCHILD & CONCHA Y TORO ALMAVIVA FELTON ROAD RIESLING BLOCK 1 - JOSEPH FAIVELEY CHAMBERTIN - COMTE VOGUE BONNES MARES - TROTANOY - GAY - JANASSE CLOS DE BEZE - ARLOT ROMANEE SAINT VIVANT - CLOS ST JEAN CHATEAUNEUF DU PAPE VV - PEGAU CHATEAUNEUF DU PAPE CHATEAUNEUF DU PAPE DEUS EX MACHINA - EVANGILE - PONSOT LAURENCE - JEAN-JACQUES CONFURON ROMANEE SAINT VIVANT GRIOTTE CHAMBERTIN - CLOS PAPES CHATEAUNEUF DU PAPE - - CLIMENS - ORNELLAIA - DOMAINE LEROY NUITS SAINT GEORGES BEYCHEVELLE - CLOS FOURTET - TAITTINGER COMTES CHAMPAGNE - LAVIERES - PAPE CLEMENT - BERNARD DUGAT-PY CHAMBERTIN FELTON ROAD PINOT NOIR CORNISH POINT - DOMAINE LEROY CORTON - FOURRIER GRIOTTE CHAMBERTIN VV - BONNEAU MARTRAY CORTON CHARLEMAGNE - FELTON ROAD PINOT NOIR CALVERT - JOSEPH CHARLEMAGNE - COMTE VOGUE MUSIGNY VV - PETER SISSECK DROUHIN GRIOTTE CHAMBERTIN - KRUG VINTAGE BRUT - MOET & (ALNARDO) PSI - DOMAINE LEROY VOLNAY SANTENOTS - GIACOMO CHANDON DOM PERIGNON ROSE - TIGNANELLO - BASSERMANN CONTERNO BAROLO CERRETA - PAVILLON ROUGE - TROPLONG JORDAN JESUITENGARTEN GROSSES GEWACHS - PICHON BARON - MONDOT - JEAN NOEL GAGNARD CHASSAGNE MONTRACHET MALARTIC LAGRAVIERE - DOMAINE LEROY VOSNE ROMANEE BOUDRIOTTE ROUGEVALANDRAUD - COMTE VOGUE CHAMBOLLE WWW.WINEINVESTMENT.COM BEAUMONTS - ECHO LYNCH BAGES - DRC ROMANEE CONTI - GUIGAL MUSIGNY - LUNE ARGENT - GRAND PUY LACOSTE - GIACOMO COTE ROTIE LANDONNE - RUINART DOM RUINART - COMTES LAFON CONTERNO BAROLO CASCINA FRANCIA - RIOJA ALTA RIOJA GRAN MEURSAULT GOUTTE D'OR - LEOVILLE LAS CASES - CANON GAFFELIERE RESERVA 904 - DUHART MILON - CECILIA BERETTA VALPOLICELLA CANTEMERLE - CHAPELLE AUSONE - DRC ECHEZEAUX - FLEUR PETRUS CLASSICO SUPERIORE TERRE DI CARIANO - CHAPOUTIER ERMITAGE - GRUAUD LAROSE - BRANE CANTENAC - CHAPELLE MISSION - CLINET -
Contents
Introduction 4 BORDEAUX DAY THREE
Executive Investment Summary 6 Calon Segur 39 Montrose 41 Top 10 Bordeaux Wines of the 2018 Vintage 13 Cos d’Estournel 41 Lafite Rothschild 42 Pichon Baron 43 BORDEAUX DAY ONE Pichon Lalande 45 Pontet Canet 46 Cheval Blanc 17 Mouton 46 Figeac 18 Lynch Bages 47 Le Pin 19 Latour 48 Ausone 21 Angelus 22 BORDEAUX DAY FOUR Pavie 24 Vieux Chateau Certan 25 Negociant Tastings 49 Eglise Clinet 25 Haut Bailly 52 Clinet 26 Smith Haut Lafitte 52 La Mission Haut Brion 53 BORDEAUX DAY TWO Pape Clement 54
Negociant Tastings 28 Critic Opinion 56 Talbot 32 Lunch at Belgrave 32 Bordeaux En Primeur 2018 Scores 59 Palmer 33 Margaux 34 Cult Wines Tasting Notes 62 Rauzan Segla 35 Leoville Poyferre 36 Leoville Las Cases 36 Ducru Beaucaillou 38 Introduction
Introduction
The Cult Wines Team spent a week in Bordeaux tasting 2018 barrel samples across 29 properties, covering over 200 wines. We’re delighted to share our findings with you in this remarkable vintage and as a result we’re eagerly anticipating the release of the 2018s over the coming weeks.
For this year’s report, we’ve divided up the days and visits and we’re pleased to share our team’s perspective on the vintage from UK, Hong Kong and Singapore. Here are a few words about the vintage from the contributing editors to our En Primeur 2018 report:
“2018 tastes incredibly well from the barrel with strong fruit across all the appellations and some really well integrated tannins already. Whilst there are some pronounced differences between properties, St Emilion and St Julien performed generally very well with some very good surprises. The best wines of the vintage have the ability to become even better than 2010 or 2016 and one will certainly want to own those. If released at an attractive price, those will represent very good opportunities for future appreciation and will fit well in any Fine Wine portfolios”
Olivier Staub | Investment Director | UK
“With murmurings of yet another great vintage, I must admit I was cynical ahead of the 2018 EP tastings. Although not as homogenous as 2016, it’s true that there are many wines destined for greatness and 2018 is a wonderful vintage in the making. The best wines are opulent, fresh, accessible and well balanced with high quality tannins. I find it hard to compare 2018 to the previous benchmark vintages due to unique circumstances during the growing season. If priced correctly a vintage to buy for sheer pleasure and more pertinently long-term investment.”
Aarash Ghatineh | Global Sales Director | UK
“Finally a vintage that is enjoyable to taste En Primeurs! ‘Silky’, ‘delicious’ and ‘approachable’ were the words that the Cult Wines dream team used the most during our week in Bordeaux, while ‘creamy’, ‘refined’ and ‘elegant’ were often repeated by our hosts. With the 2018 vintage, Bordeaux is back to what it does best: blue-blooded wines in high definition that will stand the test of time!”
Nicolas Laurent | SE Asia Associate Sales Director | Singapore
4 Cult Wines | wineinvestment.com Introduction
“What an exhilarating vintage to taste through. It may not have the universal quality throughout like 2016, but that somehow makes it all the more interesting. Due to the tough growing conditions, this is a vintage that left the winemaker with nowhere to hide, and it’s quite easy to tell who has been able to navigate the pitfalls of 2018 successfully. Those that have, have produced wines of remarkable precision, balance and freshness with an almost absurd level of complexity. The best wines are certainly built to last, and whilst you are always aware the tannins are there, they are extremely well integrated making the wines a joy to taste. The usual suspects have all performed well this year, and what I particularly enjoyed about 2018 was the number ‘lower’ profile estates that have really excelled. I am very much looking forward to seeing the overall strategy for the releases. ”
Joe Alim | Hong Kong General Manager | Hong Kong
“2018 – ‘The Fresh Prince of Bordeaux’ this a vintage that will give great pleasure in youth and in age. ‘Fresh’ is the most common descriptor amongst tasting notes, but perhaps more poignant is the poise and balance of their tannins that harmonise beautifully with the freshness and ripeness of fruit. High alcohol levels have been masked expertly - Elegant and exuberant, silky and finessed, this is one of the most approachable modern vintages…the lovechild of 2009 & 2016. As always pricing will be key, but from a quality perspective there is no question…this is a real beauty!”
Jonathan Stevenson | UK Sales Manager | UK
“2018 is an outstanding and consistent vintage across all appellations. Inclement weather gave way to a hot and dry summer, with perfect conditions come harvest. Importantly the nights were cool meaning the wines retained their freshness and the early rains meant the water table was high. Wines have the approachability of the 2009s and the structure of 2010 & 2016, which means these will age with grace over many decades. Thankfully (most) have moved away from the over-extracted wines that we have seen over the past decade. 2018 has reaffirmed my love of Bordeaux! ”
Martin Docherty | Senior Portfolio Manager | UK
“2018 – a vintage which has somehow captured the sunshine of 2003, married it with the freshness of 2010 and built the structure of 2016. This is a vintage where every element is dialled up to 11, but all in balance – big fruit, big freshness, big structure. As a year, the quality of the tannins will define its development. Whilst they are as pronounced as 2016, in the best performing properties they are entirely devoid of any dryness, greenness or rough edges, creating wine which will be pleasurable at every stage of its evolution.”
Jack Chapman | Senior Portfolio Manager | UK
5 Cult Wines | wineinvestment.com Executive Investment Summary
CULT WINES INVESTMENT TEAM - OLIVIER STAUB & YIJUN LU Bordeaux 18: Executive Investment Summary
As will be revealed later in this report, there is no denying the quality of the 2018 vintage and the pleasure these wines will offer consumers over many years to come. It is now widely publicised that this is a great Bordeaux millesime which might stand shoulder to shoulder with 2009 and 2016, with stunning results at some of the properties.
When it comes to assessing the potential of this latest vintage for investment purposes what considerations should an investor take?
In the absence of one of the more discerning critics, Neal Martin, who will not be tasting until the summer, the market is without one of its go-to points of reference. We believe that the Wine Advocate (TWA) will be most influential over price and demand. We also expect a few critics to seize the opportunity to increase their influence. With this in mind the Global Wine Score (GWS) will be the next most important score we use to evaluate the vintage as this is a consensus score based on an aggregation of all the major critics. TWA have now published with GWS yet to aggregate when all scores are in. We are now awaiting release prices to have the full picture before advising clients on which wines to purchase from this vintage.
Scores, though, are not everything. To provide some insight, we split the region into 5 main categories of wines and analysed their past performance across all chateaux: Left Bank First Growth (LBFG), Right Bank First Growth (RBFG), Second wines of first growth estates (Seconds), 2nd/3rd Growth wines which qualify as Super Seconds from right and left bank (SS RB, SS LB) and other wines which are released with high quality/price ratios (QPR), irrespective of their sub-region. The list of wines in each group can be found in the Appendix A.
Whilst past performance is no guarantee for the future, we share the results of our analysis below as this will form the basis of CW approach to this EP campaign: as always, we aim to select wines which have the best potential for appreciation, not the ones with the best score or the lowest price.
6 Cult Wines | wineinvestment.com Executive Investment Summary
Left Bank First Growth (LB FG)
As demonstrated in Exhibit 1 below, outstanding quality, as represented by high wine critics ‘scores, along with justifiable release prices, have made Bordeaux First Growths from left bank an attractive source of long-term returns for investors.
Generally, wines with scores over 97 points are deemed as outstanding. To put them in context, Lafite vintage 2000 and 2005 were both awarded as high as 98 points scores, according to GWS. High initial release prices tend to follow high-scoring vintages, which reduces the short-term growth potential of these wines. However, as exhibit 1 shows, these vintages have a greater propensity to achieve high prices in the long-term (2000, 2003 and 2005 are the three highest priced vintages).
These wines therefore reward the long-term investor and do provide solid returns over time as highlighted by the performance of Lafite 2000 and 2005 vintages below. The price of Lafite 2000 has risen by 377.6% in the last 15 years.
Exhibit 1: Chateau Lafite Rothschild Highly acclaimed vintages (e.g. 2000, 2003 & 2005) delivered outstanding long-term performance
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Vintage between 2000-2008 / Source: Liv-ex
Reflecting on recent vintages of Bordeaux (2015, 2014, 2012, 2010, 2009), the Left Bank First Growth performance as an investment has been irregular and is very much dependent on release prices and time. The LB FG annualised return of 4.17 % (Exhibit2) is significantly weighed down by the negative returns produced to date by the 2009 (-27%) and 2010 (-26%) vintages. These were released EP at a very high price. In contrast, the absolute performance of the 2014 and 2015 vintages (lower EP prices) is at +56% and +41% respectively since release (Exhibits 4 and 5). With the 2018 vintage set to have exceptional quality at the First Growths, this is a category to watch closely.
7 Cult Wines | wineinvestment.com Executive Investment Summary
Exhibit 2: Returns Bordeaux 09, 10, 12, 14, 15 EP performance
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Source: Liv-ex *Annualised returns calculated inclusive of all wines listed in Appendix A, aggregated across all five vintages outlined above
Second Wines
Strong brand awareness from the First Growths and solid returns have underpinned our positive stance toward Second Wines. These have been consistent top performers for the past 15 years and although EP release prices have crept up over the years, we still expect them to continue to provide potential for appreciation (Exhibit 2).
It might be less of a no brainer at recent prices but Carruades de Lafite and Petit Mouton have consistently been amongst the top performing wines in terms of returns (Exhibit 3) and we don’t expect 2018 to be different, as long as their release prices relative to those of the Grand Vin are in line with recent vintages.
Exhibit 3: Best performing Second Wines Bordeaux En Primeur 2014, 2015, 2016
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Source: Liv-ex 8 Cult Wines | wineinvestment.com Executive Investment Summary
Right Bank (RB)
The right bank wines should be serious contenders for portfolio allocation in 2018: the quality of St Emilion and Pomerol is very high and the wines should achieve high scores. RB First Growths and Super Seconds performance, although dependent on release prices, has been fairly consistent across vintages due to scarcity value and we expect 2018 wines to be in high demand. In particular, Super Second RB relatively attractive release prices to quality level have been supportive for returns in the past. We shall await for EP prices to pick the right wines in this category.
Quality Price Ratio Wines (QPR)
Away from the big names there should be plenty of opportunities to acquire some fantastic wines which should reward smart selection. Those wines with the best quality/scores to price ratio have a proven track record of positive short to medium term returns as shown in Exhibit 2.
Careful selection of well-priced, high quality, investable wines has always been key to our portfolio allocation process at Cult Wines and have been consistent performers for our investors. As ever, we will monitor 2018 release prices very closely to identify those wines with best potential increase in value.
Past recent vintages
Exhibit 4: Bordeaux 2014 EP Best and worst performing categories for Bordeaux 2014
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Source: Liv-ex
• Second wines topped the performance rankings for Bordeaux 2014, with Carruades de Lafite and Le Petit Mouton de Mouton Rothschild the best performers in the category. • LB FG and QPR gained 56.2% and 46.8% respectively. • Château Lafite-Rothschild and Château Margaux from LB FG performed best in their category. • Wines from QPR showing significant returns are: Château Clerc-Milon, Château Carmes Haut Brion and Château Beychevelle.
9 Cult Wines | wineinvestment.com Executive Investment Summary
Exhibit 5: Bordeaux 2015 EP Best and worst performing categories for Bordeaux 2015
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. i t n i st e t n i st econ Wine u e econ u e econ e t owt owt i t n n
Source: Liv-ex
• First Growth from both left bank & right bank and second wines have performed very well in this good vintage. • Château Le Pin (87.8%), Château Lafleur (73.1%) and Château Petrus (62.2%) drove the RB FG Performance. • Second wines performed well again, with Carruades de Lafite and Le Petit Mouton de Mouton Rothschild still the best performers.
Exhibit 6: Bordeaux 2016 EP Best and worst performing categories for Bordeaux 2016
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. i t n i st econ Wine u e econ u e econ e t e t n i st owt i t n n owt
Source: Liv-ex
• The right bank First Growths and Super Seconds are already performing well in this young quality vintage: Chateau Lafleur (RB FG) is up 95% and Chateau Canon (SS RB) 60%. • Second wines figure in the top 3 performers again, proving that they deliver returns over short termtoo: Carruades de Lafite is up 65% since release. • One to watch in QPR is Chateau Lafleur Cardinale, showing a 75% increase from EP.
10 Cult Wines | wineinvestment.com Executive Investment Summary
Cult Wines Approach
As demonstrated above, wine selection, when investing, can be tricky and requires expertise. This is particularly true with En-Primeur when the volume of information, good or bad, surrounding wine quality and what to buy increases significantly.
Our approach is to carefully pick the wines we think have the best potential for medium to long term appreciation based on statistical analysis, market knowledge and internal research.
CW has a proven track record in building wine portfolios with superior returns and our EP selection approach has delivered solid performance for our investors as shown in exhibit 7.
Exhibit 7: Performance: Vintages Performance of Top 10 En Primeur Recommendations from Each Vintage / Campaign (Rebased at Release)
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11 Cult Wines | wineinvestment.com Executive Investment Summary
Summary Tables
To conclude, below is a list of the 10 wines which have consistently been the top performers in all their past 3 quality vintages (2014, 2015, 2016) followed by some performance summary tables.
• Carruades de Lafite Second • Le Petit Mouton de Mouton Rothschild Second • Château Canon Super Second RB • Château Figeac Super Second RB • Vieux Château Certan Super Second RB • Château Carmes Haut Brion QPR • Château Beychevelle QPR • Château La Violette Pomerol QPR • Château Lafleur Right Bank FG • Château Pichon-Longueville, C. de Lalande Super second LB
Wine Performance Per Category
Super Second Super Second Second First Growth First Growth Vintage QPR Left Bank Right Bank Wine Left Bank Right Bank
2014 35.55% 35.76% 94.75% 56.20% 38.94% 46.81%
2015 8.75% 25.30% 40.19% 40.83% 40.96% 25.83%
2012 25% 39.72% 94.81% 27.81% 41.49% 39.20%
2009 25.06% 49.50% 81.21% -26.88% 33.32% 58.82%
Second Wine Performance
Return To Return To # 2014 2015 Date Date
1 Carruades de Lafite 209.59% Carruades de Lafite 115.2%
2 Le Petit Mouton de Mouton Rothschild 200.27% Le Petit Mouton de Mouton Rothschild 102.7%
3 Pavillon Rouge du Château Margaux 135.05% Pavillon Rouge du Château Margaux 51.6%
4 Clarence Haut Brion 112.45% Alter Ego de Palmer 33.7%
5 Le Carillon d'Angelus 78.92% Le Carillon d'Angelus 24.1%
6 Reserve de la Comtesse 49.46% Reserve de la Comtesse 18.3%
7 Alter Ego de Palmer 37.63% Clarence Haut Brion 16.2%
12 Cult Wines | wineinvestment.com Executive Investment Summary
Appendix A: Cult Wines Categories
Left Bank FG QPR
• Château Haut-Brion • Château La Violette Pomerol • Château La Mission Haut-Brion • Château Beychevelle • Château Lafite-Rothschild • Château Duhart-Milon Rothschild • Château Margaux • Château Clerc-Milon • Château Mouton-Rothschild • Château Talbot • Château Smith-Haut-Lafitte Pessac-Léognan • Château Marquis d’Alesme Becker Right Bank FG • Château Cantenac-Brown Margaux • Château La Dominque • Château Angelus • Château Gazin • Château Le Pin • Château Brane Cantenac • Château Pavie • Château Gloria St.-Julien • Château Cheval-Blanc • Château d’Issan • Château Petrus • Château d’Armailhac • Château Ausone • Château Carmes Haut Brion • Château Lafleur • Domaine De Chevalier Pessac-Léognan • Château Rauzan-Ségla • Château La Tour Carnet Second • Château Pavie-Macquin • Château Monbousquet St.-Emilion • Carruades de Lafite • Château Malescot St. Exupéry • Le Petit Mouton de Mouton Rothschild • Château Haut-Batailley • La Chapelle de La Mission • Château Haut-Bailly • Pavillon Rouge du Château Margaux • Château Giscours Margaux • Alter Ego de Palmer • Château Larcis Ducasse St.-Emilion • Arômes de Pavie • Château Lagrange St.-Julien • Le Carillon d’Angelus • Château La Gaffelière • Reserve de la Comtesse • Château Les Ormes-de-Pez • Clarence Haut Brion • Château Pédesclaux • Château Lafon-Rochet • Château Fleur Cardinale St.-Emilion Super Second LB • Château Beauregard • Château Latour À Pomerol Pomerol • Château Lynch-Bages • Château Grand-Puy-Lacoste • Château Pontet-Canet • Château Lascombes Margaux • Château Palmer • Château Le Gay • Château Montrose • Château Calon-Segur • Château Pichon-Longueville, Baron • Château Berliquet • Château Ducru-Beaucaillou • Château Pape-Clément • Château Pichon-Longueville, Comtesse de Lalande • Château Branaire-Ducru St.-Julien • Château Cos d’Estournel • Château Léoville-Poyferré • Château Léoville-Las-Cases • Château Canon-La Gaffelière St.-Emilion • Château Léoville-Barton • Château Beau-sejour Becot Super Second RB • Clos L’Église Pomerol • Château Trotte Vieille • Château Peby Faugeres • Château Langoa-Barton • Château Clos Fourtet • Château Nénin Pomerol • Château La Fleur-Pétrus Pomerol • Château Valandraud St.-Emilion • Château Figeac • Château Pavie-Decesse St.-Emilion • Château Trotanoy Pomerol • Château l’Eglise-Clinet • Château Canon • Château La Conseillante • Vieux Château Certan • Château Troplong Mondot • Château Clinet • La Mondotte • Château Beausejour Duffau Lagarosse • Château Hosanna Pomerol • Château Bélair-Monange St.-Emilion
13 Cult Wines | wineinvestment.com Top 10 Bordeaux Wines of the 2018 Vintage
SOMMELIER’S CHOICE - LUKASZ KOLODZIEJCZYK Top 10 Bordeaux Wines of the 2018 Vintage
2018 is a vintage where quality meets quantity. Similar to 2016 in this respect, although these were more uniform and offered more precision. If I were forced to make a vintage comparison – 2018 is a marriage between the richness and power of 2009 and the plush, softness of 2015. Yields are plentiful and close to the Bordeaux 10 year averages, although Pontet-Canet and Palmer managed only 8 and 11 hectolitres per hectare respectively…we wish them better luck in the next vintage.
The warmth of the vintage resulted in high juice to skin ratio, producing highly tannic wines.
The best examples managed to bind the tannins seamlessly, resulting in bright acidity and generous ripe fruit and ultimately delivering extremely sumptuous and exciting wines. For some Chateaux, the temptation of picking too late or too early, combined with over-extraction resulted in clumsy, chunky and unexciting wines. This is a great vintage but is heterogeneous and requires care and attention.
A glorious summer opened up the picking window, which brought about a diverse selection of wine styles. A combination of winemaker skill and drought-resistant terroir proved the catalyst in producing the best wines. The last hot vintage in the memory was 2003 and whilst similar, 2018 saw plenty of cool nights and high temperatures spread over longer periods which resulted in steady, progressive ripening. This was key in preventing wines from shutting down and allowing PH level remain low – the result? A striking freshness in many wines from 2018.
I shared an interesting conversation at Chateau Angelus, with Stephanie de Bouard-Rivola (General Manager) where she recalled the growing season as challenging. Many weekends and national holidays were spent in vineyards combating mildew. Talking to winemakers at other estates, it became clear this was a wider issue and this story was repeated. In fact, there was a record of 56 mildew attacks in 2018 versus only 10 on average in a regular growing season.
In summary there were plenty of highlights in 2018 and some outstanding efforts. Many of which could well set new benchmarks for respective estates. Below our top 10 favourite wines which in our opinion married the best quality and price.
2018 Chateau Pichon Longueville Comtesse de Lalande, Pauillac, France
“Thank you, Nicolas Glumineau for this masterclass in winemaking. Wine of the Vintage.” In so many ways similar to the Reserve, but many more way it was so much more. Deeper and more welcoming with a fragrant bouquet of charcoal, black cherry, blueberries, raisin and black liquorice, violet, dry flowers, graphite and hint of pilled lime. Silky, fine and precise with superb integration and precision of flavour. Sweet and sour fruit beautifully lined with minerals and flowers. Persistence with equilibrium, refinement with depth. For my palate this is the best wine yet emerge from this iconic estate and with that, my wine of the vintage!
100 Pts
14 Cult Wines | wineinvestment.com Top 10 Bordeaux Wines of the 2018 Vintage
2018 Chateau Ducru-Beaucaillou, Saint-Julien, France
Bruno Borie couldn’t be happier, declaring 2018 vintage of Ducru-Beaucaillou “new benchmark” thanks to warm weather in August and September with only one day of rain per month with refreshing cool nights throughout. Athletic and seamless, this wine dances on the palate. Silky with a superb, compact and pure core of red/ blue and blackberries, violet, liquorice, red pepper, cedar and underbrush. Dense and fresh with ripe tannins folding into structure that is perfectly married to bright acidity. A landmark wine for the vintage that oozes poise and precision.
100 Pts
2018 Chateau Potensac, Medoc, France
I always like these wines, quintessential Medoc with lots to give considering the price. Juicy and intense with mineral depth, silky tannins blended with the ripeness of cassis and dark cherry. Silky and fine, with pleasant juiciness and purity.
93-95 Pts
2018 Vieux Chateau Certan, Pomerol, France
The devil is in the detail, and there is detail and precision in abundance here. On par with the outstanding 2015 and 2016, VCC is on a roll! Pure, bright aromas featuring red cherry, raspberries with violet crushed flowers and minerals. Silky tannins and lovely savoury depth. This wine is mouth-wateringly refreshing.
97-99 Pts
2018 Chateau Angelus, Saint-Emilion Grand Cru, France
A blend of 65% Merlot and 35% Cabernet Franc matured in 100% new oak in 2018 deliver something truly special. Intense, ripe aromatics of plum and cassis with green bell pepper, black currant leaf, graphite and underbrush. Great flavour delivery that connects the initial attack to round and sine mid-palate seamlessly with sweet, ripe tannins and excellent birth freshness.
98+ Pts
2018 Chateau Beau-Sejour Becot, Saint-Emilion Grand Cru, France
I must admit, not a producer that I am very familiar with, but having tasted 2018 this is going to change. This is a fabulous wine.Saturated ruby with rich cassis, damson, raisins, liquorice, violet and turned earth. Silky, fine and pure with plenty of precision and richness.
97 Pts
15 Cult Wines | wineinvestment.com Top 10 Bordeaux Wines of the 2018 Vintage
2018 Chateau Palmer, Margaux, France
Since 2017 Chateau Palmer is a certified biodynamic which clearly increases quality but organic winemaking comes at the price, in 2018 no Alter Ago (second wine) has been produced with just 11 hectolitres per hectares. Palmer 2018 comprises of 53% Cabernet Sauvignon, 40% Merlot and 7% Petit Verdot and is matured in 60% new oak and 14.3% Abv. Fine, pure aromatics of red cherry, violet, blackcurrant, graphite and fresh flowers with flowing, crunchy tannins and pure, mineral aftertaste. I feel at this stage it is too hard to say, but this could well eclipse the quality of 2015 and 2016, making this a new benchmark vintage for Palmer.
98+ Pts
2018 Chateau Haut-Bailly, Pessac-Leognan, France
Fantastic effort by the team at Haut-Bailly, I feel it could be the best wine produced to date. Fine and luxurious aromatics of smoke, earth, raspberries and berries of the forest with flowers, liquorice and graphite. Superbly detailed and precise, this is perhaps the best wine ever made.
98-99 Pts
2018 Chateau Canon, Saint-Emilion Grand Cru, France
Beautiful Canon this year, not as sumptuous as 2015 however well worth considering for your cellar. Red cherry, plum with floral nuances, shaved pencil and crushed leaf. Wine of fine elegance with the lean, flowing palate with juicy core and ripe, structured tannins.
96-97 Pts
2018 Chateau Smith Haut Lafitte, Pessac-Leognan, France
The pursuit of quality by Florence and Daniel Cathiard, owners of Smith Haut Lafitte is remarkable. In the last ten vintages they have produced some of Bordeaux’s best wines without question. The same is true of their effort in 2018…this is another superstar of the vintage. The attack is pristine, bursting with aromas of black plum, dark cherry with cassis, violet, verbena and a mineral frame. Pure, tense and savoury, the mouth filling palate is compact yet clean and supple tannins are laced with red and blue-berries. Mineral notes are present in the finish, which is long and beautifully focussed. This is a precise and elegant wine that will age gracefully for years to come.
97-99 Pts
16 Cult Wines | wineinvestment.com Bordeaux Day One
BORDEAUX DAY ONE: Cheval Blanc
As has become customary our first stop on the 2019 En Primeur road show was Cheval Blanc where the juxtaposition between the 19th Century Chateau and modern cellar (reporting to have cost over $20,000.000) built in 2009 never fails to impress. With our palates far from fine-tuned at 9:30am Cheval should be at a disadvantage, however this year we were all pleasantly surprised by how approachable of all of the wines on show were. Approachability, alongside concentrated would become a buzz words across nearly all of the wines we tasted throughout the week with polished velvety tannins shining through.
In terms of the growing season it really was a “game of two halves” with a very wet start (twice the monthly average in March and April) which meant mildew was a big problem. Fortunately, the weather changed dramatically in early July with four months of hot (+1.5 degrees above the average), dry weather ensuring grapes of exceptional quality. Harvest took place between 10th of September and the 11th of October under ideal conditions. Yields for both the Grand Vin and Petit Cheval were high (43 hectares per hectolitre).
First up we tried Quinault L’Enclos; a Pomerol estate (in the heart of the town of Libourne) acquired by Cheval Blanc in 2018. Cellar renovations and restructuring of the vineyards, alongside the expertise of Cheval have really enhanced the quality and reputation of this once crestfallen Chateau. Solid, straightforward with firm tannins and menacing dark fruits with a mid to long finish. Not on the investment radar but will provide good value drinking over the next 10 to 15 years.
Le Petit Cheval is a wine that Technical Director Pierre-Oliver and his team are very proud of. Le Petit does not come from pre-determined plots like a lot of “second wines” and therefore, alongside the Grand Vin can be picked from any of their 55 plots depending on their final blends. What they are trying to achieve is a “baby Cheval Blanc”, so with similar characteristics of the Grand Vin but slightly dialled down and approachable from an earlier age.
In 2018 they have largely achieved this; intense nose, red fruits with a backdrop of cocoa, vanilla combing beautifully. Impressive long and silky finish, An excellent wine. Our Second Wines strategy has been a huge success for Cult Wines over the past 10 years, with a huge emphasise on clients wanting to access the brand at a lower price point to the Grand Vin. That said the general release price of Le Petit Cheval often prevents us from backing this from an investment stance.
Tasting the Grand Vin at Cheval is always a privilege and this year was no exception. This year’s blend comprises of 54% Merlot, 40% Cabernet Franc and 6% Cabernet Franc. It was almost as if we were tasting a wine that had already been bottled - hugely fresh, complex and powerful on the nose, rich, full-bodied, silky with plenty of dark fruits on the palate. Superb. When asked for a vintage comparison we were immediately directed to the 2016, 2010 and 2005 vintages with a general sentiment of this being on par with the greatest vintages ever produced!
17 Cult Wines | wineinvestment.com Bordeaux Day One
With the financial backing from LVMH, no stone is unturned at Cheval Blanc and the quality of the wine is without question incredibly high. With this comes consistently high release prices which mean Cheval Blanc is not always a “go to” on release. The 2017 vintage was released at €432 per bottle and is currently trading at -3% discount to release. The 2016 was released at €552 per bottle and if the 2018 is to gain any traction it really needs to be in line with this price on release.
We are still waiting on the majority of critics to release their scores though we already have a perfect 100 points from Jean-Marc Quarin and a barrel score of 98-99 from James Suckling.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Cheval Blanc 97-99 98-99 – –
Figeac
We were greeted at Figeac, not with a beautiful drawing room, nor a vaulted cellar- not even a murky barrel storage, but instead an incredibly modest, if still pleasantly decorated porta cabin. Any assumption that the estate had fallen on hard times was rapidly allayed, as dotted around the estate (which, so as not to entirely alter perception, we wish to clarify still does have a beautiful Chateau) were cranes and construction workers.
Figeac is building an entirely new winery. From scratch. This state-of-the-art facility is not just a monolith pertaining to their recent success, but also one of the reasons that they represent one of the strongest investment cases in Bordeaux. In 2022, Saint-Emilion will undergo a re-classification, an act which is scheduled for every decade and saw both Pavie and Angelus re-rated in 2012 (with commensurate price rises). The Bordelaise, due to the region’s constant politicking, can often be coy about these systems, but when we asked directly ‘are Figeac aiming to be upgraded in 2022’ the simple answer they gave was, well… Yes.
The new multi-million euro winery is being constructed specifically so the Chateau can undertake ‘micro vinification’. This comes in the form of 48 fermentation vessels, all of different shapes and sizes, which will allow for every single different plot of vines to be vinified separately. Alongside an extensive geophysical and soil study undertaken with Burgundy University, Figeac have gone to huge expense in order to identify every micro ‘terroir’ within their property. Vines on soil with higher chalk content will produce a subtly different wine than those on gravel, clay or limestone, and they will soon have the technology to treat every parcel differently, before constructing a superior final product.
Addressing this year’s wine, the two buzzwords are extraction and tannin. Due to the hydric stress caused by a warm summer, grapes were far smaller than usual, so intensity had the potential to be off the charts. Careful management of crush and maceration were essential to imbue aromatics and avoid an overwhelming wine with nothing but sheer power. Tannins are not as pervasive at 2016, but this feels like it is down to their sheer quality rather than a lack of structure – there are no hard edges to limit this wine. Overall the 2018 Figeac feels like it was constructed in a lab, pin point amounts of acid, tannin, fruit and aromatics built into a wine which has always delivered consistent performance. This is due 100 points, and with their eyes on the 2022 reclassification, there is serious upside potential.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Figeac 97-99 98-99 – 97-100
18 Cult Wines | wineinvestment.com Bordeaux Day One
Le Pin
One of the great delights of the EP tastings is a visit to the 2.7ha micro estate that is Le Pin. The winery, completed in 2012, is conspicuous by its lack of size and external opulence – a rare distinguishing feature in Pomerol. Instead it is functional and you can’t help but feel that the aim is to let the wine do the talking and talk it invariably does! For the past few vintages, tastings have been hosted at Jacques Thienpont’s family home, a grape’s throw from the winery and bordering the vineyards.
Jacques and his son Georges are always welcoming hosts and were clearly rather pleased with this year’s offering, although it’s difficult to remember a year when that shouldn’t be the case! We started with L’If, the 8ha St Emilion estate bought by Thienpont in 2010, yielding around 7,000 bottles for the 2018 vintage. A subtle nose of black cherry, some earthy notes, dark chocolate precedes a silky smooth palate with perfectly ripe fruit, some plum and sweet kirsch. A delightful long finish. This project continues to excel thanks, no doubt, to the Thienpont family’s fantastic knowledge of terroir and winemaking skill. Bravo.
Le Pin saw an unusual growing season, with “abundant” rainfall during the first half of the year, providing the vines with a vital water resource to survive the hot and dry summer that followed. Often considered the finest 100% Merlot wine on the planet, 2018 looks set to become another legendary vintage underpinning that merit. Pronounced smokiness on the nose, ripe plum and blackcurrant, some cocoa and floral notes. Charming and feminine on the attack, layers of ripe fruit, cherry, plum and pomegranate, pleasant spice, dense and smooth with beautifully balanced sweetness. Gorgeous. Reaffirmed for another year, the Thienponts can do no wrong…
Onto the numbers, Le Pin is often a standout performer when purchased En Primeur and features consistently in the top performing wines of the vintage. Those who were fortunate enough to secure a first tranche allocation in 2017, have registered returns of over 51%. Those who purchased at the same stage in 2016 have seen returns in excess of 65%, and for 2015 an impressive 85% return in under 3 years. Even though recent vintages have performed well, back vintage benchmarks for Le Pin have also increased considerably maintaining relative value across the latest releases.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Le Pin 97-99 98-99 – –
19 Cult Wines | wineinvestment.com
Bordeaux Day One
Ausone
Last stop before lunch, we arrive early (a rarity for EP tastings) at the narrow and winding driveway that leads to this auspicious estate.
Chance to catch a quick breath and take in the view: Saint-Emilion town is one of the most picturesque in this corner of France and is well worth the visit even for the non-oenophile.
Having worked our way through Vauthier’s other wines first – Simard, Haut Simard, Moulin St Georges, Le Clotte and the second wine Chapelle d’Ausone; all of which were increasingly delightful – we suspected we would be in for a treat with the Grand Vin.
Year after year, tasting Ausone from the barrel splits opinions. Always high quality but commonly misunderstood. Either top of the class or missed the mark, rarely in between. Maybe this is the bane for those at the top; anything less than perfection is unfairly considered a failure.
The 2018 though, was unanimously popular. We’re only four Grand Vins into this year’s tastings and already there are murmurs from the team, “potential wine of the vintage?” – slow down boys and girls. Concentrated blackcurrant and vanilla nose, like a rich, spiced berry cordial meant for the colder months. Deep mineral palate. Dark and brooding with unctuous reduced blueberry, raspberry and cassis. Very long finish. Delicious.
Is Ausone one to buy En Primeur?
The 2017 was released last year at €480/bt with a London release price of £5,640 per 12x75cl but a lucky few accessed as low as £5,300. Currently available for £5,600 representing -0.7% to 5.7% movement over a year depending on your entry point. Not a bad range but considering you can buy Robert Parker’s possible “wine of the [2008] vintage” at ~£5,000 with a decade of age behind it, it didn’t scream “buy me!”
The 2015 and 2016 are perhaps better recent comparisons in quality for the 2018. Released at 540 EUR/bt (£5,600 per 12) and €588/bt (£7,250 per 12) respectively and trading today at £8,200 and £8,700, representing growth of 46.2% over two years and 20.0% over two.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Ausone 98-100 99-100 – –
21 Cult Wines | wineinvestment.com Bordeaux Day One
Angelus
Leaving the topographical apogee that is Chateau Ausone, now is time to drive down and taste a third Premier Grand Cru Classe A, the first one in the alphabet… you guessed it, Chateau Angelus! Having arrived slightly ahead of schedule, we negotiate our way in with the hostesses, and are welcome with a glass of Carillon de l’Angelus 2018 by the delightful Victoire Touton. We are quick to pick a few bites of cheese; 9 hours of back to back tasting can become a tedious exercise, and even though most of us are spitting, it is recommended to feed your stomach here and then.
Carillon de l’Angelus is not the second label of Chateau Angelus anymore, rather, it is now a wine with its own identity, produced from 3 specific plots. Carillon de l’Angelus is produced from 85% Merlot and 15% Cabernet Franc, and made to be approachable sooner, with more purity, freshness, fruit and elegance. Following a meaty nose, it is full but not heavy, with well-made tannins kicking in and giving way to a powerful and long finish. The wine already starts to be integrated.
Last but not least, the wine that everyone has been patiently waiting for: Chateau Angelus 2018! It is the result of rigorous selection in the vineyard, which includes 60-80+ year-old Cabernet Franc vines which were planted by the current owner’s grandfather. With 65% Merlot and 35% Cabernet Franc, the Grand Vin is showing a deep and charming nose, with ripe aromas of dark berries. The lovely and soft attack is followed by a smooth, fresh, light and balanced mid-palate with a good volume and a long finish. Angelus 2018 is a confident wine, settled and effortless, a wine for connoisseurs, which would be best summed up with French expression ‘force tranquille’, loosely translated as ‘quiet force’.
During the later lunch, owner Stephanie de Bouard emphasized the finesse and purity of the 2018, noting that it was the most complete, elegant and refined vintage ever produced at Chateau Angelus. This is the fourth top Saint- Emilion which we have tasted this morning, and it confirms that 2018 is a really wonderful vintage in the making! Here is a short parenthesis on recent release prices, while we enjoy the aftertaste of the 2018 vintage of the Grand
22 Cult Wines | wineinvestment.com Bordeaux Day One
Vin. Last year Angelus 2017 was released at £3,360 per case of 12, and now trades at a 15.2% discount, or £2,850. We did not take a position then. Two years ago Angelus 2016 was released at £3,576 per case, while our clients could get it from us at £3,190. Here again the performance has been negative: -15.0% in two years, or still -4.7% had you purchased it from CW. Three years ago, Angelus 2015 was released at £2,680 per case, now trading at £2,741, which is a 2.3% increase, or a 14.2% growth from our release price of £2,400.
The current average price of a case of Angelus over the past ten vintages is £2,864, which is roughly the same as the current market price of the latest 2017 vintage one year after release. In conclusion, Angelus 2018 will merit strong consideration if priced at a similar level to the current 2017 price, given the discerning increase in quality.
Stephanie de Bouard kindly invited us to join her for lunch in her family house, adjacent to the winery. We were welcomed with a glass of Billecart-Salmon Brut Reserve, a crisp, juicy and mouth-watering Champagne, welcome (indeed) respite from the Cabernet & Merlot onslaught! It was the perfect accompaniment to some sunshine and fresh air on the rear terrace, overlooking the green garden, with the exalted vineyards behind it.
Time stopped for a little while. Back in the dining room, Stephanie shares with us that 2018 was the first vintage with 100% organic farming at the property. At first, she was very happy about their latest development, but in June last year she was wondering why she chose that vintage to start doing so! Indeed, mildew was a threat in the vineyards, but fortunately their teams are very committed and were happy to come to work on Saturdays, Sundays or public holidays in order to protect the vines from the eminent threat of mildew. Angelus ended up with a decent crop of 30 hl/ha for the Grand Vin, and 38 hl/ha for the whole estate.
The “Maigre marine au vinaigre de framboise et poivre Timut” was served together with a Carillon de l’Angelus 2015, which is bold and dense, yet fleshy and smooth, and definitely pleasurable. To pair with the “Supreme de volaille fermiere, creameux de charlotte et legume vert”, two vintages of the Grand Vin are opened for us, 25 years apart from one another: the 2012 and 1987! Stephanie tells us that the 2012 vintage, while being a milestone for the property (which was upgraded to the Premier Grand Cru Classe A status that year), is also very dear to her heart, as she joined the management precisely 7 years ago, on April 1st, 2012. She was then the 8th generation taking over management, with the du Bouard family having been in business for around 230 years. And to celebrate their classification upgrade, they engraved all their bottles from half bottles (0.375 L) to Melchiors (18L) with 21.7 carat gold. Why not!
The 2012 vintage is delicious to taste, with a watercress soup nose, and a palate which is both coating and beautiful. The 1987 vintage that follows, produced from an equal blend of Merlot and Cabernet Franc, is also beautiful, offering much depth, and leather aromas. Stephanie de Bouard reminds us of the difficult weather conditions, as it was pouring for half of the year, however the Cabernet Franc still turned out good (hence the high proportion of it in the final blend).
It is hard to leave Stephanie de Bouard after such a delightful moment in her company, but there should be no rest for the brave, so we have to hop into our cars to reach to our next destination: the fourth and last Premier Grand Cru Classe A of Saint-Emilion. But before we do so, Stephanie very kindly gifts us two bottles of her Carillon de l’Angelus 2010, so that we can extend the pleasure of her hospitality until dinner. Our eternal gratitude to Stephanie and the du Bouard family!
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Angelus 97-100 99-100 – 95-98
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Pavie
Pavie can only be described as opulence personified with spotless cellars, a huge marble-laden reception & perfectly manicured lawns. Due to renovations of the degustation room we tasted through their large portfolio of wines in the rather beautiful main reception area of the Chateau. Having been there the year before, one does wonder what actually needed renovating!
The Chateau was purchased from the Valette family in 1998 for €31,000.000 by Gerald Perse, who had made his fortune by building up a large supermarket chain, though this wasn’t his first foray into wine as he had already purchased another Saint- Emilion estate, Chateau Monbousquet in 1993. Due to the no expense spared attitude it was no wonder that the quality of Pavie increased dramatically, with a number of vintages since 2000 being awarded 100 points by some of the most influential critics. The investment and attention to detail paid off when Pavie, alongside Angelus was elevated to Premier Grand Classe A status (the highest classification in Saint-Emilion) in 2012.
We tried the full range of Vignobles Perse wines, including the Monbousquet, Clos Lunelles, Pavie Decesse and the Bellevue Mondotte, but our main focus was the Grand Vin and Second Wine, Aromes de Pavie, not least because of the commendable direction Perse and the team have taken the wines in the past few years. Avid readers of our reports may recall that Pavie’s best Southern facing plots are being re-planted from Merlot to Cabernet Franc whilst the winemaking team is reducing extraction – rather dramatically.
The Aromes (65% merlot, 18% cabernet franc, 17% cabernet sauvignon) was extremely fresh, medium bodied with firm tannins. Best to date? Quite possibly. Up until this stage there was homogeneous theme running through most wines we tasted. But Pavie stood out as having grippier tannins and crunchier fruits. VERY highly concentrated and perhaps rather difficult to properly assess at this stage... Yields were at 38 hl/ha and the alcohol at 14.5%. This is a big wine and the potential is definitely there – keep an eye on scores!
Aromes de Pavie has improved significantly over the last three vintages (first produced in 2005) and has formed an important part of our second wines strategy. The 2016 & 2017 were both released at the same price, €72/bt. Any increase on this would make it difficult to get behind the 2018 release. The Grand Vin was released at €276/bt for 2017 and €294 for 2016. With the 2016 being heralded, at the time of release, as one of the greatest Pavies ever (it had an unprecedented six potential 100 point scores from the leading critics in barrel) it was felt that the discount on the 2017 was not large enough. This proved to be the case with a 12 month theoretical return of -3.5% – strong vindication of our decision not to take any of our allocation last year. 2018 will need to be in line with the 2016 price to garner support. Both James Suckling and the Wine Spectator have given 2018 Pavie 98-99 Points
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Pavie 97-100 98-99 – 96-99
24 Cult Wines | wineinvestment.com Bordeaux Day One
Vieux Chateau Certan
Vieux Chateau Certan is always a unique pleasure to visit – it’s enviable position between Le Pin and Petrus should indicate grandeur, but whilst the Chateau is a beautiful wisteria faceted building, the whole operation is deeply understated. Alexandre and Guillaume Thienpont, members of a family ubiquitous with the region, greeted us wearing clothing which could just about be described as agricultural, within a chai which too could have passed as a very sturdy farm building. The wine, on the other hand, could not have sat further from this image.
The most striking thing about the 2018 Vieux Chateau Certan is its total elegance. You could easily be excused for thinking you had a glass full of Burgundy, although the wine was in no way lacking power or structure. Apparently, this was down to two things. The first being the grape’s inverted characteristics. It is usual, according to the Thienponts, for the Cabernet Franc to bring the deft, elegant character to the wine and the Merlot to provide a hedonistic slant, something that in 2018 was entirely flipped on its head. With the maximum possible Cabernet Franc included in the blend (30%) this has left an A-typical 70% slant toward the grape bringing finesse, which really shows. The second inconsistency worth noting is when they chose to pick the grapes at VCC. Rain is usually considered anathema at harvest, however the Thienponts recognised that due to the hydric stress and miniscule size of the berries, their vines could actually benefit from a limited amount of rehydration prior to picking. Only they and Cheval Blanc dared leave fruit hanging long enough for this to happen. A shrewd move which shifted the final product from behemoth to ballerina. Price will undoubtedly be the arbiter here. However with increased prevalence and some outstanding scores in the last few vintages, the market is really beginning to pull this estate into focus and it remains outstanding value when positioned next to its more lauded neighbours.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Vieux Chateau Certan 97-100 99-100 – –
Eglise Clinet
Denis Durantou is known, not least for the flagship Eglise Clinet but also for his consistent ability to produce an excellent range of wines at the (far) more affordable end of the Bordeaux spectrum.
Saintayme, La Chenade, Les Cruzelles and Montlandrie have for years been among our go-to recommendations to stock up on En Primeur to satisfy the everyday Bordeaux consumption needs. Maybe that’s not doing them justice… Jancis Robinson recently named Saintayme, Chenade AND Cruzelles in her ‘Top 10 2015s to Look Out For’ which, “outperformed their status and prices in [her] recent blind tastings.”
With only 4,900 bottles produced, La Petit Eglise is hard to get your hands on but if you can, well done. At ~£30 per bottle in the UK it’s a very sensibly-priced step up in quality from the four aforementioned.
Putting affordability firmly in the rear-view mirror again, time to step up to the Grand Vin, L’Eglise Clinet. Powerfully perfumed with violet, oud and cardamom. Great depth and length. Raspberry, star anise and green bell pepper on the palate. Sticking with the reliable 90% Merlot and 10% Cabernet Franc; the latter really shines through in this glass.
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2017 Eglise Clinet was released at €168/bt (£2,064 per 12) but can be snaffled up for under £1,950 today.
2016 was being sold at first release (€225/bt) for £2,740/12 and the 2015 (€180/bt) for £1,900/12. These two vintages are current on the market for £2,500 and £1,960 per 12.
Even the legendary 2009 and 2010 can be purchased today for £2,450-£2,600 per 12.
M.Durantou has a quandary at hand: ‘how does one present an incentive to buy Eglise Clinet in the barrel?’ – his hands are tied.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Eglise Clinet 96-98 99-100 – 95-98
Clinet
Tasting the last vintages at Château Clinet always feels a bit like home, as we are hosted by half-British owner Monique Bailly, and we taste the wines in her company by the fireplace. The grill sitting there seems to have been used recently, and we can well imagine staying over for dinner (it is our last visit of the day, after all) and grill a few pieces of meat on vine trunks, while sipping Chateau Clinet’s latest offering! As usual, we go through the recently bottled 2016 vintage of their other wines first: Ronan by Clinet (100% Merlot) is fruity, forward and smooth, Ronan Pur’Cab by Clinet (50% Cabernet Franc, 50% Cabernet Sauvignon) is slightly better, soft and full of freshness, and Fleur de Clinet (the second label of Clinet, with 95% Merlot, 5% Cabernet Franc, and 9,000 bottles produced) is well made and in place, elegant and textural at the same time. It is always a pleasure to taste a few bottled wines among so many in-barrel En Primeurs, so thank you, Monique!
26 Cult Wines | wineinvestment.com Bordeaux Day One
Nevertheless, coming back to En Primeurs tasting with Chateau Clinet 2018 is definitely a treat, as the wine is velvety, creamy, with blackberry jam aromas, and a lush, well balanced and concentrated palate. The blend is 85% Merlot and 15% Cabernet Sauvignon, with 75% of the wine aged in new oak barrels, and 25% in second fill barrels. Monique Bailly explains us that they treated mildew in the same way and same quantities as usual, but that the timing was key last year.
She adds that, as it was the case at Chateau Angelus, they were lucky that their teams were supportive and did not mind coming to work on Sundays in order to preserve the health and quality of the grapes. Chateau Clinet ended up with a yield of 38 hL/ha, which produced 49,000 bottles, right in line with their average crop after all.
Let’s talk numbers now. Clinet 2017 was released one year ago at £620 unit price (£690 ex-London IB retail), which means +2.9% ex-Cult Wines (-7.5%), as the vintage currently trades around £638/12. Two years ago, Clinet 2016 was released at £820 CW unit price (£864 ex-London IB retail), and now trades at £828, for a performance of +1.0% ex-Cult Wines (-4.2%).
Three years ago Clinet 2015 was released at £624 both ex-London and ex-Cult Wines unit price, for a performance of +37.8% as it currently sits around £860/12 on the market. This matches the average current case price of Clinet over the past 10 vintages; it is worth noting here that this average is sensibly pushed up by the 2009 vintage which trades at £2,300/12, as well as the 2010 which trades at £1,040/12.
Should we focus on the 5 most recent vintages only, then the average price per case drops to £652/12, which would see the expected release of the latest 2018 vintage probably somewhere below £800/12.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Clinet 94-96+ 95-96 – –
27 Cult Wines | wineinvestment.com Bordeaux Day Two
BORDEAUX DAY TWO: Negociant Tastings
During our week long ‘degustation du vin’ we are lucky enough to visit some of the most beautiful, exciting and interest properties in Bordeaux, but we unfortunately can’t quite do it all. It is also useful to re-sample many of these wines in a more controlled, academic setting, so every trip we attend separate tastings hosted by two of our leading Negociants. These tastings are also essential in order to gain a macro-perspective on the quality of appellations as a whole, how they fared and the continuity (or not, as the case may be) across the vintage.
Below you will find details on some of the major viticultural areas in Bordeaux, alongside wines which we thought were outstanding – one off the beaten track, the other something that has frequently been in the spotlight.
Saint-Emilion
2018 in Saint-Emilion represented a return to the relative norm, after the devastatingly low yields of the 2017 vintage. There is no clear delineation between Merlot and Cabernet Sauvignon in this vintage, whether on right bank or left, quality is very high in both camps. The key here, as with the whole region, is how the growers chose to balance extraction, control their pressing and limit maceration. The best wines maintain an immaculate balance between their essential components, the worst suffer from being impenetrable, soupy and low acid.
Canon Spotlight: Top Choice Canon in 2018 exemplified this balance. The core of fruit as present, but not overpowering and beautifully underpinned with a calcareous freshness. With the 2016 sat at a towering 80%+ on release, if priced correctly this could well represent another huge opportunity
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Canon 97-99 98-99 – 96-99
Pavie-Macquin Spotlight: Under the Radar Choice Possibly overshadowed by its namesake, Pavie-Macquin is a property on the rise. Denser than Canon, but with the energy to carry the weight of its fruit, Pavie-Macquin has gone from a wine routinely scoring in the early 90s to the upper echelons. With 96 points in 2016 and 95-97 in 2017, another top score (which seems highly likely) could galvanise its position. Very hard to ignore given the price tag and added attraction of low production, around 4,500 9l cases per vintage!
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Pavie-Macquin 95-97 97-98 – 95-98
28 Cult Wines | wineinvestment.com Bordeaux Day Two
Pomerol
Pomerol could well have had the easiest ride in 2018. As one of Bordeaux’s earlier ripening viticultural areas, they were able to achieve good phenolic ripeness without fear of over-ripening, losing acidity of creating wines with huge extraction. The best wines in Pomerol this year are both ethereal and powerful – a balancing act which is hard to achieve.
La Conseillante Spotlight: Top Choice Under the watchful eye of estate manager, Marielle Cazaux and consultant winemaker, Michel Rolland, La Conseillante 2018 is a typical blend of 80: 20. One of the most emblematic properties of Pomerol has created a wine to rival 2016 (TWA 98+pts). Simply delicious! A powerful yet elegant wine, showing bright fruit characteristics and complex aromas of violets. Plush texture and very fine tannins. However, Conseillante has had a mixed record at EP, we have to go back as far as 2014 for any meaningful source of return.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator La Conseillante 96-98+ 97-98 – –
Gazin Spotlight: Under the Radar Choice Nicolas de Bailliencourt and his team have been on a roll of late and Gazin continues to attract a greater number of followers as quality increases. At the time of writing, Wine Spectator’s 93-96pts is a big improvement on the 2016-barrel rating (91-94pts) and suggests that 2018 could be a new modern day benchmark for this affordable Pomerol property. If prices reasonably, this could be one of the value picks of this appellation.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Gazin 91-93 94-95 – 93-96
Pessac-Leognan
In the same way as Pomerol, Pessac will by-enlarge avoid vast over extraction in their wines. The most immediate difference here is how fleshy the wines are in 2018 – there is no hint of the austerity which sometimes accompanies the appellation. Seemingly no elegance has been sacrificed in order to achieve this muscle, with the most outstanding wines being backed by a racy mineral edge.
Pape Clement Spotlight: Top Choice Smelling Pape Clement immediately leads us down a path, there was a big hit of sweet fruit and even a waft of alcohol emanating from the glass which hinted at over extraction, but the palate somehow drew an incredibly pure mineral seam straight through these characters. One of Bordeaux’s oldest Chateaux and continues to attract greater attention as quality rises.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Pape Clement 96-98 97-98 – 95-98
29 Cult Wines | wineinvestment.com Bordeaux Day Two
Carmes Haut Brion Spotlight: Under the Radar Choice If you’re not already aware of Carmes Haut Brion, this is the time to become so. If you caught it on release, the 2016 will have already shown +100% growth. 2018 could well represent their magnum opus – it as if every bright red fruit has been crushed into the glass and laced with a razor-sharp mineral edge. A brand new chai and general investment in the estate indicate the potential here and this should be a landmark vintage for the estate.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Carmes Haut Brion 94-96+ 97-98 – 95-98
Margaux
Margaux is often referred to as the most capricious appellation in Bordeaux. On its day, it produces arguably the most refined, perfumed wine in all the land, however an off year can result in flat, lean and unappealing offerings.
This dichotomy translates well with collectors, with relevant potential upsides for the savvy investor. 2018 has been somewhat different… Not only are the wines fragrant and elegant, they also have a rare glyceryl power. The ascendancy across Margaux this year are utter head turners, especially with the lower yields some Chateau have experienced.
Cantenac-Brown Spotlight: Top Choice A wine which has always struggled to capture the attention of the critics despite its status, Cantenac-Brown seems on the verge of a renaissance. The brooding quality of their 2018 showing could well merit a 95+ point score, a new peak for Cantenac-Brown and one which would push it will beyond its current modest price tag. With a constantly broadening market, these ‘up and coming’ wines present not only a strong case for potential appreciation, but also have a far wider market to sell into.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Cantenac-Brown 91-93 93-94 – 94-97
Malescot St Exupery Spotlight: Under the Radar Choice Arguably one of Margaux’s most perfumed wines, the only thing Malescot has lacked is a touch of consistency. That said, it represents outstanding value, especially in favourable years and is backed by the impressive skills of superstar wine consultant Michel Rolland. This year will easily rival their best and has maintained a graceful touch in spite of the overall power of the vintage.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Malescot St Exupery 94-96+ 97-98 – 93-96
30 Cult Wines | wineinvestment.com Bordeaux Day Two
Saint Julien
Saint Julien has always held a reputation for consistency, which is has arguably bested in 2018. The wines are entirely representative of what one might refer to as ‘archetypal Bordeaux’, but in such a dependable vintage have come through with even greater intensity, depth and precision. Across the board, Saint Julien has been impressive, with some of the best value wines going.
Beychevelle Spotlight: Top Choice From an investment perspective Beychevelle is as close as you can come to a sure thing. Its dragon boat label has resonated so well with the Chinese market that consistent growth of 25%+ per annum is routine and with this being heralded as another ‘lucky number 8’ vintage, it is bound to be met with high demand. Market dynamics aside, this is one of the strongest wines they have ever made, with remarkable purity and flavours turned up an extra notch.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Beychevelle 94-96+ 93-94 – 94-97
Leoville Barton Spotlight: Under the Radar Choice Not so far off the beaten track as to cause alarm, Leoville Barton actually ranks at the top of the Saint Julien tree with its status as a Second Growth (there are no First Growths within the appellation) but always failed to find favour with Robert Parker, who found it stylistically too lean. There has over the last few years been a shift back toward what one might refer to as ‘good old claret’, a wave which Leoville Barton is set to ride. This will be exacerbated by the plentiful nature of the 2018 wines, although Leoville Barton has retained its signature style, this is a vintage in which it was nigh on impossible to create something without some generosity!
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Leoville Barton 94-96 95-96 – 96-99
31 Cult Wines | wineinvestment.com Bordeaux Day Two
Talbot
There are more than a few interesting facts about Chateau Talbot. It was supposedly named after a British soldier and Aristocrat Sir John Talbot who carried not one, but five noble titles and as well as being nicknamed the ‘English Achilles’ and ‘Terror of the French’ during the 100 years’ war. Fast-forward to present day and they have modernised to the point of esotericism- a now abandoned practice was to place grape bunches in a warm air tunnel after picking to remove moisture and they have begun experimenting with Genodics, a system in which frequencies of sound are used to repel parasites and alter proteins within the vines.
Whatever you attribute their progress to, it is a wine which in China is referred to as ‘Great Treasure’ and the 2018 will almost certainly be their best iteration yet – immaculately balanced, intense and classic, all initial scores place this, a wine which has always sat around the early 90s, into the mid-90s score bracket. One to watch.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Talbot 91-93 94-95 – 93-96
Lunch at Belgrave
Lunch at Château Belgrave is always a treat. Having rattled through 50 (was it?) wines already in the morning sitting, some hearty local fare is well-earned. To fuel our discussions: oysters, foie gras, smoked salmon, white asparagus – lavishness defined – and that was only the starter! Oh yes, there was Époisses de Bourgogne cheese as well. You’re spoiling us, Mr Ambassador.
On hand to accompany our feast were a selection of slightly more mature Bordeaux the highlights of which were Clinet 2011, Rauzan Segla 2009 and a beautiful Coutet 2008.
32 Cult Wines | wineinvestment.com Bordeaux Day Two
Palmer
When we reach Chateau Palmer another fellow Brit, Export Director Christopher Myers, welcomes us with a large smile and a firm handshake. He walks us to the ageing cellar to taste the latest 2018 vintage, and as we enter we cannot help but notice that there seems to be far fewer barrels than usual… Seconds later, our eyes look down to the latest vintage fact sheet on the tasting table, and we are stunned when we spot the latest yield: a mere 11 hl/ha! Christopher, still smiling, explains to us that they have suffered from the strongest mildew pressure of the past 40 years. Unlike some other producers in Medoc, Chateau Palmer’s CEO Thomas Duroux has chosen to stick with their Organic (and biodynamic) methods in 2018, only to see their crop cut in three versus their usual yields. One cluster per vine was the final output…
10% of the crop is usually sold in bulk, while the rest makes it to the Grand Vin and Alter Ego. But there is no Alter Ego in 2018, as the winemaking team felt that the identity of the wine could not be translated this time. Still, 90% of the crop has made it to the Grand Vin, as the output was definitely of top quality. And this is the reason why Christopher is smiling in spite of a dreadful growing season: even though only 6,000 cases are being produced, Chateau Palmer 2018 is a brilliant wine! The blend of 53% Cabernet Sauvignon, 40% Merlot and 7% Petit Verdot offers a beautiful cherry scented nose, followed by an enticing mouthfeel, where tannins are noticeable but silky and well-integrated. In one word, this is a very elegant Chateau Palmer!
Back to the numbers, one year ago Palmer 2017 was released at £2,140/12 unit price ex-CW (£2,350/12 ex-London IB retail), which means a negative performance of -5.8% for the latter, and a positive one of +3.5% for the former, as it currently has a market price around £2,214/12. Two years ago, Palmer 2016 was released at £2,880/12 (we did not take a position) and is now being traded at a 14% discount at £2,478/12. Three years ago, Palmer 2015 was released at £2,000 unit price ex-CW (£2,200/12 ex-London IB retail), which means a +23.9% growth for Cult Wines’ clients based on the current market. The average case price of Chateau Palmer over the past 10 vintages is £2,164/12, so we believe that the right value for the 2018 vintage would probably be around £2,200/12.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Palmer 97-99 94-95 – 97-100
33 Cult Wines | wineinvestment.com Bordeaux Day Two
Margaux
The eponymous Chateau Margaux, a grand pseudo Greek Palladian Chateau, is undoubtedly one of the most beautiful and iconic in Bordeaux. Approaching the firmly locked gate which bars the immaculate manicured approach to the main Chateau building always endows oneself with a boyish sense of wonder. This, however, did not last long, as we were quickly whisked below ground into their vast and vaulted barrel cellar in order to taste what the vintage had to offer.
Aurelien Valance, Commercial Director at the Chateau, lead the tasting surrounded by other members of Margaux’ technical team. His first words were alarming – “this Chateau Margaux is hugely extracted”. An involuntary internal groan was hard to stifle as words which we thought were just fading into the past like ‘Parkerised’ and ‘over ripe’ came rushing forward. Fortunately, they were entirely unrequired.
Yes, Chateau Margaux’s 2018 is very concentrated, but in such a way as to not be overwhelming, indeed Valance remarked that the Pavillon Rouge had the highest tannin content they have ever seen, with the Grand Vin not far behind in scale, but upon tasting, neither packed any bitterness or astringency. The tannins were very present, but equally very pleasant.
Pavillon Rouge could again prove to be the investment superstar. Price disparity between it and the Grand Vin continue to close and with this vintage representing their most structured yet, it is a wine which will be taken even more seriously.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Margaux 97-100 99-100 – –
34 Cult Wines | wineinvestment.com Bordeaux Day Two
Rauzan Segla
In terms of quality, Rauzan Segla has not always previously lived up to its Second Growth status originally awarded in the 1855 Classification. However, a run of good vintages (their best ever to date) and a sensible pricing strategy mean that Rauzan is firmly on our radar. 2018 looks to continue with this good run with Nicolas Audebert (Director of both Château Canon, Château Rauzan-Ségla & Château Beauregard) professing this to be their best to date – “We like to say we have the taste of Victory in 2018”
Owned by the internationally-renowned Wertheimer family of Chanel since 1994, quality has improved year- on-year however the introduction of Nicolas in 2014 has really seen the quality soar. This is certainly no fluke with Chateau Canon also on a hot streak – in 2015 Canon produced the wine of the vintage with three 100-point scores from Neil Martin, Antonio Galloni and James Suckling. What makes Rauzan Segla so attractive is that it is now largely on par with other Second Growth wines such as Leoville Las Cases, Ducru Beaucaillou & Montrose but can be purchased at a discount of over 50%.
This year’s Grand Vin is made up of 62% Cabernet Sauvignon, 36% Merlot, 1% Petit Verdot & 1% Cabernet Franc. We tasted a number of samples straight from the barrel (different cooperages/ different toasts from new and old barrels) but the “final blend” barrel sample we tried made us all stand to attention. Layers and layers of pure fruit encapsulated in an incredibly well structured and balance wine. A long, long finish.
Pricing has yet to catch up on the approved quality making this property a must-buy on release. Since release the two last physical releases, 2014 & 2015 (2016 will hit these shores over the next few months) are trading at an increase of 76.5% & 48% since release. If they adhere to their sensible pricing strategy, we should see the release in line with the 2016 price (€58/bt).
Total production, by Left-Bank standards, is low with ~8,000 cases of the Grand Vin produced per annum which will only add to the demand for this year’s vintage.
Those critics out of the block early have encouraging given Rauzan big scores with James Suckling leading the way with a potential 100-point score (99-100 in barrel).
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Rauzan Segla 97-99+ 99-100 – 96-99
35 Cult Wines | wineinvestment.com Bordeaux Day Two
Leoville Poyferre
The Leovilles, due to their close proximity, are always a hive of activity during En Primeur tastings. While Las Cases place tasters amongst their antique fermentation vessels, at Poyferre we were guided into a clinical tasting room, just off of their magnificent barrel store, in order to taste this fresh produce. Clinical is a word which neatly sums up Poyferre’s approach – never have we been presented with so much information. Charts depicting harvest dates across the last decade, joules of energy from the sunshine in the last five vintages, even a confusing pictogram which indicated when budbreak, flowering and veraison took place for each of their four grapes varieties. Poyferre haven’t stripped the romance away from their wine, but have instead overlaid it with scientific enquiry.
There is a trenimon of striking data, the first and perhaps most interesting of which is that 2018 represents their longest picking period in the last decade! Poyferre have referred to this as the ‘a la carte’ nature with which they were able to approach their grapes. Due to the pristine health of the fruit produce, there was no need to rush at any juncture, grapes were simply harvested at the peak point of their development cycle. The second and third neatly interlink: of the past five vintages, 2018 had by far the most consistently low rainfall between the months of April and September (if it were a finance chart, we would call it ‘low volatility precipitation’) alongside the highest average joules across the summer.
The resultant wine is awash with deep, dark, almost impenetrable black fruit, but backed by a surprisingly pretty nose and a structure which, whilst prevalent, is in no way obtrusive. Whilst this is undoubtedly one for the long term, Poyferre have typically been sensible with their initial release pricing – one to watch.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Leoville Poyferre 94-96+ 97-98 – 95-98
Leoville Las Cases
Bordeaux weather is a capricious mistress. Blue skies and warmth to finger numbing chills and rain in 3 minutes flat and thankfully back again.
Thankfully this was not a sign of foreboding to heed on our arrival at Leoville Las Cases. Chapelle de Potensac and Chateau Potensac are both super approachable even today. Full bodied and high tannins but nicely integrated so there was no assault on the palate. At an average £25 per bottle for the latter, this is a fair buy for guilt-free dinner parties.
Clos du Marquis is more interesting than LLC’s official second wine, Petit Lion. At an average £50 per bottle for the former, you’re stepping away from the everyday drinking price but worth paying attention to.
36 Cult Wines | wineinvestment.com Bordeaux Day Two
Also putting its name in the hat for wine of the vintage, Leoville Las Cases is a tense combination of graphite, perfumed Virginia tobacco and pencil shavings.
Their 2016 will be a tough act to follow, which was widely praised and will go down in the annals of the illustrious estate. This garnered the perfect 100 points from Lisa Perrotti-Brown for the Wine Advocate and has seen a 15% boost in price over the last 6-months as a result.
Price difference between the 2016 (£2,300/12) the 2015 (£1,500/12) and the 2014 (£1,150/12) is chasmous, considering the quality variance is not that large. With the 2010 available in the market today at £1,900/12, the 2009 at £2,100/12 or even the 2005 at £2,150/12, LLC would be wise not to let the praise for the 2016 affect their pricing strategy for the 2018. They are their own competition after all.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Leoville Las Cases 98-100 99-100 – 97-100
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Ducru Beaucaillou
The final tasting on day two took place at the ever impressive second growth estate, Ducru Beaucaillou. Positioned perfectly alongside the Gironde, Ducru unquestionably boasts some of best terroir in Saint Julien. Greeted by impeccably dressed hostesses, ample helpings of cheese and ham, Ducru is always a fitting curtain call on the day’s tastings.
Ducru’s Brand Ambassador, the charming Pascale Blickman, walked and talked us through the vintage summary, which was summarised by very little rain fall in Saint Julien, perfect ripeness and perfect timing on the harvest.
The first of 3 wines to taste was Lalande Borie, which by all accounts is a superb entry level wine and provided much excitement for what was to come from the remaining wines.
Second was the ever impressive ‘La Croix Ducru Beaucaillou’, which was a clear step up in quality from the former (as you would expect), but most notably a clear step up in quality from any previous vintages tasted of La Croix tasted at this stage.
Pascale then introduced the Grand Vin, and was immediately questioned on her opinion on how to benchmark the 2018 vintage. Her response was straight to the point, “there has never been a vintage like this, and we have produced in my opinion our best and most precise wine”. Needless to say that the following 5 minutes affirmed her views, with the Ducru offering great intensity, depth and precision. Typical of the vintage, it’s a big and complex wine, with a charming approachability – a blockbuster!
Investment wise, Ducru always offers up an interesting proposition, and the 2018 vintage could be worthyof consideration. Whilst we await a full overview on critic ratings, James Suckling has scored Ducru @ 98-99 pts. To put this into context with modern vintages, the 2015 vintage was rated @ 95-96 pts, and 2016 has an in-bottle rating of 99pts from JS.
Average performance across all vintages in the last 12-months has been a steady 5.9%, and the 2009 vintage commands £2,200 per 12 offering a strong prime vintage benchmark for this year’s release.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Ducru Beaucaillou 97-99 98-99 – 96-99
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BORDEAUX DAY THREE: Calon Segur
For the (we’ve lost count) consecutive year, the second half of our EP trip kicked off at Calon Segur in the glorious Saint-Estephe sunshine, and where they have just finished a $34 million renovation of their cellar and chateau. There aren’t many estates on the Left Bank who have gone through such a big transition as Calon. Since the new owners took over in 2012, quality has improved markedly under the expert stewardship of Laurent Dufau and his charming team. But don’t be fooled, they do not lack ambition here. This classified Third Growth is vying for ‘Super Second’ status and wine maker Vincent Millet has produced a wine of equal measure, if not superior to the lauded 2016.
In a vintage where controlling the elements were key, Calon Segur 2018 checks in at 14.9% but wears it sublimely, without a degree of heat. Over extraction a running theme for estates that missed in 2018, Calon have produced a succulent wine with penetrating luscious red and dark fruits, a saline, savoury finish left our team wanting for more… They kindly obliged.
At the time of writing, Jean-Marc Quarin’s rating of 100pts (2 points better off than 2016) alongside Wine Spectator’s 96-99pts make this a standout from an exceptional vintage for the appellation. In recent years, pricing has been fair and investors would have seen returns of 53% and 22% had they purchased the 2015 and 2016 vintages upon release.
However, just like previous years, allocations will be tightly controlled and fiercely competitive.
Special mention also has to go to Capbern – a wine hard not to drink now.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Calon Segur 96-98 97-98 – 96-99
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Bordeaux Day Three
Montrose
Acquired by the billionaire Bouygues brothers in 2006, Montrose has been rejuvenated at a huge cost and has been on a hot streak ever since, consistently producing wines of First Growth quality. Montrose’s barrel samples are often tightly wound and can be challenging for tasters even in blockbuster vintages such as 2016.
This year, 2018 is of a different profile to 2016 but oozes class and for the 4th year in a row we anticipate high scores for a wine that has recorded an average GWS of 95.9pts across 2014-2017 just pipping neighbouring Cos (95.7pts). 2009 and 2010 remain the modern-day benchmarks for the estate trading at £2,200/12 and £1,850/12 respectively.
Provided they are consistent with recent pricing strategy then this will be a wine to consider buying En Primeurs. Also, of worthy consideration and true to vintage form is, Le Dame de Montrose, which in recent years is closing the gap on its big sister.
An average GWS of 90.9pts over the last three vintages means it’s not quite at the current level of the likes of Forts or Petit Mouton, but it’s surely too good to be trading at its current price point? This will go down as one of the top second labels in 2018.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Montrose 96-98 98-99 – –
Cos d’Estournel
‘Always a pleasure and never a chore’ a saying that fits perfectly with this next tasting at Cos d’Estournel. From the moment you walk in, you are reminded of the lofty ambitions of this estate. Dimly lit and carefully filled with luxurious Indian style artefacts, the main foyer and tasting room could be easily mistaken for the set of the next Bond movie.
The 2018 vintage was typified by two contrasting periods that complimented each other perfectly; a cold wet winter preceded a warm, dry summer – a perfect harmony. Ripeness and fullness of fruit was present in all three of the reds (Cos, Pagodes & Goulee) and with this came high levels of alcohol (both Cos & Pagodes with over 14.5%). What is remarkable is that this was barely noticeable when tasting the wines, as they all shared very similar balance of tannins that masked the alcohol content completely.
Although the Grand Vin wasn’t quite up to the levels of the 2016, we think the 2018 comfortably trumps the 2017, so pricing will be key in determining the true value of Cos d’Estournel’s releases this year. One thing is for sure – this is a quality set of wines that are fruity and fresh and strike a perfect balance between power and finesse, making them distinctly approachable already.
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Notoriously a slow mover, Cos has only seen 13.5% average growth across all vintages in the last 2 years. 2-year growth in the last 5 physical vintages is lower still at 11.29% which tells us that they are yet to master their pricing at EP. The estate did, however, jump up 19 places to 19th in the Liv-ex Power 100 and with average case prices still under £1,400/12, it definitely shows value versus the First Growths and even some of their second wines.
2016 was a new benchmark for quality and has seen over 30% growth after Neal Martin and James Suckling confirmed the perfect 100 point score in bottle. The 2018 really isn’t far behind in quality, so a well-priced release for this year’s vintage could be very tempting!
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Cos d’Estournel 97-100 98-99 – –
Lafite Rothschild
With our first tasting under our belt and promising signs ahead, we made a beeline for the darling of Bordeaux; Chateau Lafite Rothschild. The estate itself carries a charm by default, but lacks the lustre and grandeur of all the other First Growths and quite a number of other Chateaux beyond that. Don’t let this detract from the importance of this visit every year. With three wines on show that have consistently posed a question in each vintage, generally offering collectors and investors an opportunity of some kind.
The 2018 Liv-ex Power 100 saw Domaine Leroy take top spot for the first time, pushing Lafite down to second place. That said, with a number 1 share of 11.28% in value traded and ranked 2nd for volume traded at 5.26% there is no question that Lafite Rothschild remains a true power house even in a broadening market. Average 2-year growth of 12.89% across the past 5 physical vintages, Lafite has been a resilient performer since the overpriced releases in 2009 & 2010.
2018 marked the 150th anniversary of viticulture and to begin with offered little hope, as a cold wet winter brought incessant pressure of mildew in spring. Fortunately, Lafite & Duhart were able to withstand the pressure. L’Evangile & Reuissec were not so fortunate, both only able to muster tiny production levels and atypical blends to manage the turbulent hail and mildew affects. This said, the L’Evangile still triumphed in adversity, even if the final product was nowhere near the quality of the next three wines.
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Interestingly we tasted Carruades first which was strong, without being sensational but carried all the typical definition that has made this wine a storied success during each EP campaign. Those familiar with our second wine strategies, will know that quality of the wines is not the key performance driver, based on recent secondary market trends. Carruades consistently offers the value gateway to the Grand Vin and it is no surprise that the last 5 physical vintages have seen 2-year average growth of 36.56%.
Up next, Duhart Milon which was arguably the star of the show. Although growth rates have not been as compelling (10.45% over 2 years), this could be the year to take up the value play from the stable. By our reckoning it should outscore Carruades and with average case price across all vintages of only £752/12, it makes practical sense.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Lafite Rothschild 98-100 99-100 – –
Pichon Baron
Without question, Pichon Baron is one of the most aesthetically appealing estates on either side of the Gironde – it really is stunning. Set back a few hundred yards from the road beyond a large rectangular pool of water that sits functionally above the cellars, the chateau is picture perfect with grey slated symmetrical turrets adorning an immaculate white stone façade (the animated homepage of their website depicts this perfectly if I haven’t set the scene well enough!). Not only does the pool capture a stunning reflection of the main building, but the cool water is in fact used to reflect heat and regulate the cellar temperatures throughout the year.
The wines were showcased as a triumphant success. Spring and early summer brought conditions worryingly suited to mildew, but fortunately warmth and sunshine turned at the perfect moment. The remaining months of harvest and prolonged end of season ripening, defined another very good vintage for Pichon Baron.
Looking at the growth rates, this is an estate that has begun to move back into focus. 2-year growth rates across all vintages of 19.03% is encouraging and signals increased market attention, Pichon Baron has begun to turn heads again. 2015, 2016 and 2017 have all scored over 95 pts on GWS (only 2010, 2009, 1990 & 1989 have achieved the same) and we fully expect 2018 to complete a quartet of great vintages.
In 2018 Pichon Baron placed 16th in volume traded with a 2.1% share on the Liv-ex Power 100 and is definitely one to watch as the market begins to take note of their return to form.
A special word of thanks to the team for hosting a wonderful lunch – it is safe to say that the 2009 Pichon Baron and Tourrelles de Longueville 2011 are drinking very well from magnum!
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Pichon Baron 97-99 97-98 – 95-98
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Bordeaux Day Three
Pichon Lalande
After a hearty lunch and only a short walk across the road, it would be fair to say that from a tasting perspective Pichon Lalande was starting on the back foot. Some vigorous swilling of water was much needed to freshen up our palates before we embarked upon our next tasting. The main building overlooks a perfectly mown tiered lawn, which in turn looks out to Chateau Latour. A noteworthy mention here, because in actual fact the Grand Vin from both estates share many characteristics and in our humble opinion are two of the great successes in 2018. The Reserve de la Comtesse really set the bar high and was amongst the best second wines we tasted during the week. Powerful bold, dark fruits, super refined tannins and a balanced, elegant finish. Bring on the Grand Vin! One word – WOW! Subtle sweetness on the nose, slightly shy almost. Milk chocolate, glacier cherries, polished violet, ripe berries and endless finesse… simplicity defined. Balanced and elegant through a long and winding silky finish – insanely impressive. In fact, why not – wine of the vintage!
Across all vintages Lalande has only seen 11.91% growth over the last 2 years, but when we hone in on recent vintages, the picture is far more exciting. The last 5 physical vintages have seen a compelling 21.38% growth in the last 24-months and signify a seismic shift in quality over recent years. Both Pichon’s are in a similar vein of form in recent years and Lalande has average a whopping 95.91 across 2017, 2016 & 2015. The last vintage before this to achieve a GWS higher than 94 was the 1996, so it has been quite a turnaround over the past few years and what is most exciting is that the 2018 could well be the pick of the bunch, eclipsing the ethereal 2016. The clearest benchmark over the long term is the 1982 that trades up at £7,000/12 and if the 2018 continues to stack up the plaudits and is released sensibly, this will be a must have wine.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Pichon Lalande 97-99 98-99 – 97-100
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Pontet Canet
With the long sensual finish of Pichon Lalande still lingering in the palate (what a wine!) we took the short drive up the Gironde via Pauillac town centre to Pontet Canet. Frankly, it was a surprise that they were even showing their wines this year as news had already filtered around the trade that they had suffered a 60%+ hit on average production. Mildew wreaked havoc across their organically cultivated vines in the gloomy months of June, July and August and left crop losses at an all-time high.
The wine we did taste was good, without being great and in such difficult circumstances there would never have been greater temptation to deviate from their biodynamic and organic production principles to save the vintage. Admirably, they refused which means that the 2018 vintage will unfortunately pass this great Pauillac estate by. Fingers crossed they have better fortunes for this year’s harvest.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Pontet Canet 97-99 97-98 – –
Mouton
After leaving Pontet Canet in blinding sunshine, we arrived at Mouton in the pouring rain; a pattern that had been repeating itself throughout the day. Not letting the weather dampen spirits, we boarded the obligatory golf carts, and headed into a bustling tasting room to try the 2018 offering from the Mouton stable. Armailhac and Clerc Milon were first up, two wines that often merit consideration given the strength of the brands, particularly in Greater China.
Clerc Milon has been one of the standout EP performers over the past 10 years, and the average growth across the previous five releases has been +61%. Armailhac hasn’t quite reached those heady levels, however the previous five are all in positive territory with a respectable return of +20.8% on average; the 2014 has been particularly strong at +62%. Both wines have great structure, a hallmark of the vintage, but it is the Clerc Milon that really excels. It’s a wine that is more complex than the previous five vintages, and one that could develop into a standout wine from Pauillac.
We then moved on to Petit Mouton, which most will know by now, has been one of the exemplary En Primeur performers over the past 10 years. The past 5 vintages have returned an average of 110% for those that bought the at their first release price.
The estate has held back more and more of the stock over the past three vintages, making it a wine that’s difficult to access – notwithstanding it would be a huge surprise if this wine didn’t merit consideration upon release.
It’s important to note that the quality of this wine has a less significant impact on the investment merit than other areas, it’s a wine that has consistently sold through in every vintage given the strength of the Mouton brand.
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That being said, this is a wonderful vintage of Petit Mouton, and one that could well be the finest the estate has ever made. Like many of the estates that have excelled in 2018, it is a deeply complex wine, with an incredible structure and plenty of dark red fruit.
Given the high quality of Petit Mouton, it probably doesn’t come as a surprise that the Grand Vin also excels his year.
James Suckling has already given the wine 100 pts, and quite poignantly mentioned the legendary ’59 and ’45 in his tasting notes. This is without question a very fine vintage of Mouton, and certainly one of the wines of the vintage.
The best vintages from the estate released over the past 10 years are currently trading at GBP 5,000+/12, and we would be surprised if the wine was released below this benchmark given the quality.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Mouton 97-99+ 100 – –
Lynch Bages
As with last year the Cazes family decided to showcase their 2018 vintage at the recently purchased Haut Batailley. We first tasted through the latest offering from Haut Batailley including their newly rebranded second wine, Verso. The Grand Vin has very pronounced tannins and is obviously a wine that has been built for the long term. Both these wines have a very savoury edge to them, and although the Haut Batailley was muted on the nose, Verso was quite expressive, exuding earthy tones that are fairly unique on the left bank this year. When any estate is purchased by a family with such expertise as the Cazes family, one would expect a change across all areas of the estate. The release price of the 2017 has failed to engage the market so far, and as this is the first full vintage under the new stewardship, we would not be surprised to see the price increase again. In which case it might be a difficult one for investors to find value in.
Moving around the room, the next station was Ormes de Pez, the Saint-Estephe estate which has been owned by the Cazes family since 1927. Whilst this isn’t a wine that we would advise clients buy as part of their investment, you would be hard pushed to find a better value wine for drinking from this vintage, their 2018 is exceptional; it has a wonderful freshness and vibrancy, with a long finish and ample fruit.
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Then on to the wines from Chateau Lynch Bages; the Grand Vin, and their second label Echo de Lynch. The estate have consistently released their Grand Vin at a fair price level, and whilst the performance of the previous 5 vintages hasn’t been spectacular thus far (+18%), it is a wine that is unquestionably a long term proposition. The 2018 is likely to be no different, as whilst the wine is undoubtedly of the highest quality, it is incredibly tannic and structured, and will reward those prepared to wait. If given time, this wine could very well be spoken about amongst the best wines produced at this estate over the past 10-20 years.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Lynch Bages 96-98 97-98 – 96-99
Latour
Our last, and very much not least, stop of the day was at Chateau Latour. Whilst this tasting doesn’t have huge significance from an en primeur perspective (the estate withdrew from the process in 2012, and now only release their wine when ready to drink), it is always a huge treat, as over the past 5 years the Grand Vin has consistently been in the top 5 wines of the vintage.
After a long day tasting barrel samples, we also had the welcome prospect of tasting through their recently released back vintages; Pauillac 2014, Forts de Latour 2013 and Latour 2008.
The Forts de Latour 2018 is structured, layered albeit quite reserved. A fine effort that will no doubt develop into a superb expression of the vintage when the estate decide to bring it to market; this may be a while given the style of the wine!
The estate have continued their exceptional run of vintages with the 2018 Latour, it is a hugely powerful mountain of a wine that is incredibly layered and complex. Although reserved in its current state, it’s very easy to see that this wine will develop into something quite amazing if given time.
Finishing our day with the 2008 Latour was special, and it’s safe to say that very little of this wine was spat out by the team tasting.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Latour 98-100 99-100 – –
48 Cult Wines | wineinvestment.com Bordeaux Day Four
BORDEAUX DAY FOUR: Negociant Tastings
For our final morning in Bordeaux, we arrived at one of our Negociants for an epic four hour tasting where we were delighted to uncover the hidden gems of the 2018 vintage. As loyal readers will note, Bordeaux is a very well explored region, so it is essential to move ahead of the market. The following insights provide the best chance of isolating opportunities and generating returns from wines that overdeliver for their price tag.
Berliquet A Future Canon in the Making? Delicious extracts of black fruit, notes of tobacco and creamy minerality. Berliquet 2018 exhibits some of the characteristics of neighbouring vineyard and stable mate Ch. Canon. Very impressive!
In 2017, luxury goods empire Chanel group added another Bordeaux estate to its portfolio, with the acquisition of Berliquet in St-Emilion. The Wetheirmer family also own aforementioned Ch. Canon and Rauzan Segla which have benefitted immeasurably from the services of general director, Nicolas Audebert, who since 2014 has achieved brilliance at both properties. In the resulting vintages Canon has achieved an average GWS of 96 pts as well as 3x 100 pts from Messrs Galloni, Martin and Suckling for the 2015 effort. Across the Gironde at Rauzan Segla, an average GWS of 94.16 pts suggests a massive improvement in quality, with 2016 and 2015 achieving 97 pts from Neal Martin – his highest ever rating.
Last year, Berliquet was released at ~€30 per bottle, half the price of Canon. The total annual production is 2,000 cases (vs 7,500 for Canon) and Audebert seems confident of maintaining his winning formula. “The [24 acres] are in one single block on the best exposition, west/southwest and 100 percent on the limestone plateau and côte. It’s 100 percent in line with our style and the type of terroir we know and love very much.”
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Berliquet 93-95+ 94-95 - -
Beauregard In 2014, Beauregard was sold to a partnership with the Cathiard family, who also own Smith Haut Lafitte. A significant injection of capital and expertise which has already begun to show in the wine with scores rising in the last two vintages from ~85 points to the 90+.
Situated almost equidistant from Le Pin and Cheval Blanc, Beauregard benefits from highly coveted terroir on Pomerol’s limestone plateau and the Cathiards have halved the vineyards size so that ~9 ha are now committed to producing the best possible Grand Vin.
The 2018 displays notes of dark fruits, spice and a hint of chocolate. Silky fine tannins and a racy finish make this a great value Pomerol.
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This is a visual demonstration for something entirely self-evident – a Chateau purchased by an owner with vastly greater resources, who invests a lot of money in the winery and vineyards and brings a whole raft of expertise creates steep prices rises in the wine.
Pre and Post Takeover Release Prices
Clinet
Clinet
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Following this pattern, Chateau Beauregard sits on the cusp of these price rises. Having already attracted dramatically increased scores, we predict that a suite of strong scores in 2018 could possibly trigger a new wave of interest.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Beauregard 93-95 93-94 - -
Lafon Rochet This is an estate we have been monitoring for the past few years, owned by the Tesseron family (they also own Pontet Canet), the consultant winemaker here is Jean-Claude Berrouet who used to oversee operations (until his son took over) at a little known Pomerol estate – Petrus. Arguably, the most improved Grand Cru classé from the 1855 classification, very highly rated in 2016/2015 and the 2018 has strong claims to flourish in a great year for Saint- Estephe. The 2016 and 2017 were released at €33 and €30/bt respectively and the most expensive modern vintages, 2010 and 2009, trade at £400/12. For a vineyard down the road from Cos d’Estournel and overlooking Lafite, release prices remain very reasonable. We love recent vintages here and this is the best yet.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Lafon Rochet 90-92+ 93-94 – 90-93
Other wines worthy of a mention are:
St-Julien: Talbot, Branaire-Ducru Pauillac: Grand Puy Lacoste Pomerol: La Dominque, La Conseillante St-Emilion: Beausejour Duffau-Lagarosse, Beausejour-Becot
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Bordeaux Day Four
Haut Bailly
Haut Bailly never disappoints. In fact it’s a tasting we always look forward to, even after the marathon negociant session. The big news coming out of Haut Bailly this year is that 2018 looks set to be another stunning vintage for the Pessac property. In other news, they made half the normal production as a result of mildew in spring and they have also renamed their second and third wines. Previously La Parde de Haut Bailly, the second wine will be known has ‘Haut-Bailly II’’ and its third wine simply ‘HB’.
2018 Haut Bailly is classy and incredibly refined. Rich, smoky, concentrated and packed with sweet, precise fruit. This is a muscular Haut Bailly for long term cellaring. Meanwhile, HB II and HB deserve attention for those looking to stock up their cellar at home.
Haut Bailly has been a great EP purchase for Cult Wines customers, having produced a profit in each of the previous three campaigns. The 2017 is one of the wines of the vintage and was available to CW investors at £775/12, and now trades at a 12% increase. The 2016 has been less profitable, and now trades at 6% increase on its release price of £920/12. The 2015 was a standout performer, available to CW investors at £685/12 unit price, and now currently trading at £980/12.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Haut Bailly 96-98+ 97-98 – –
Smith Haut Lafitte
A fitting end to a great day of tasting. Smith Haut Lafitte is an amazing setting. Quirky and unique with impeccable attention to detail, there are so many touches of class around the place that make this estate one of the best visits of the week.
The framework of the Chateau and surrounding buildings have an air of mystery – think medieval town square meets Zaanse Schans windmills. We headed downstairs for a quick tour of the Gothic, Hogwarts-esque cellars before heading up to taste the wines.
Inside the tasting room, the striking SHL emblem adorns the centre of each wall in the room and the ceiling is supported by a myriad of beautifully aged exposed wooden beams. We were shown through the wines by estate owner, Florence Cathiard and she gave a concise and insightful summary of their efforts for 2018.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Smith Haut Lafitte 97-99+ 98-99 – 95-98
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La Mission Haut Brion
Our penultimate tasting of the day was at the majestic La Mission Haut Brion. Clarence Dillon will alternate between here and Chateau Haut Brion across the road for their chosen venue to showcase their vintage offering, and both venues are nothing short of exquisite – two of the oldest and most beautiful estates in Bordeaux. We made our way up to the tasting room where we were greeted with a selection of seven wines, four red and three white, and then the room feel silent as everyone took their opportunity to appreciate the wines on offer. Starting with the two second labels, Clarence de Haut Brion and Chapelle de la Mission, two wines that feature high on our buy recommendation list across a number of vintages. They are the two second wines that offer the most value for investors, and knowing the estates’ intention to try and raise the profile of each wine to a level that is more in line with other second labels, it is likely that their 2018 editions will again be wines to look out for. As with the other second wines, the quality of the wine isn’t quite as crucial as with other wines, but even so, both wines are superb in 2018. The Clarence just edges it, with a very deep dark fruity flavour, with superb freshness and great length. The Chapelle is more savoury, but no less exciting, however the presence of the fruit is what sets the two wines apart.
This is a common theme with the two Grand Vin, as the Haut Brion is certainly the more fruit forward of the two, whilst the La Mission has tones of red meat and spice that are more prominent. Good luck to whoever has to choose between these two wines as they are stunning wines in the making and great expressions of their terroir. The consistency seen at the two estates over the past five years has been incredible, and 2018 is certainly a contender for their finest modern vintage, for both properties. Haut Brion is a majestic and powerful wine that just seems to last for minutes. La Mission Haut Brion has just as much length and power, however there is a more minerality and reserved edge to the wine. Haut Brion has been the viable option for investors over the past 5 years, and whilst the previous three years haven’t set the world alight yet from an investment perspective, all three wines still look interesting propositions from a medium to long term outlook, and we expect the 2018 to offer a similar opportunity of long-term stable growth. It would have to be a change of strategy at La Mission from the previous five years in order for this wine to work, and this would be surprising to see. Definitely a wine to look out for in 10 years once it reaches its drinking window.
This is also a rare opportunity to taste the almost unattainable whites from these two estates. Whilst their 2018 efforts do have a lot of the hallmark characteristics that make these wines so special, the pronounced tropical fruit, elegance and poise, they seem to be lacking in some areas in comparison to some of the more recent years. 2018 is certainly special for the reds, however it seems the winemakers had a more challenging time with the whites this year. Perhaps the unusual vintage conditions were a little too much to contend with?
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator La Mission Haut Brion 98-100 97-98 – –
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Pape Clement
Our final tasting of the trip was at Pape Clement, which is a tasting that is easy to get lost in given the number of wineries and subsequent wines that Monsieur Magrez now produces. We decided to keep it focussed on the offerings from Bordeaux, probably wise with a number of fatigued palettes in tow.
Our first cuvee was Saint-Emilion estate Chateau Fombrauge, which is always a wine that is worth keeping an eye on for the drinking cellar. It’s business as usual this year, as the wine is a pretty and fruit forward effort that will certainly be ready for drinking slightly earlier than some of its counterparts. We then moved around the room to La Tour Carnet, the Haut- Medoc situated fourth growth from the Magrez stable. This wine has a significant following in the Greater China region, and is one that continues to offer considerable value, both from a drinking perspective and, on occasion, an investment point of view too. With an average case price of ~£300/12, it’s easy to understand why. The 2018 effort is full of freshness, if lacking a little depth, however if the price is at a level seen over the past 5 years, then the 2018 will again be worth looking out for.
Our last wine of the trip was the 2018 Pape Clement. It has to be said, that when it comes to pricing, this estate tend to release at the right level to offer enough incentive for collectors to buy at first release. As a result, 10 of the last 12 vintages released are in positive territory, and the 2015 and 2014 have shown the most promise recently with growth of 35% and 25% respectively. This estate has a number of vintages trading at £1500+/12, so a release in line with the previous 5 years of £700-£800 should work well from a medium to long term perspective given the extraordinary quality of the wine.
2018 Vintage Wine Advocate James Suckling Vinous Wine Spectator Pape Clement 96-98 97-98 – 95-98
54 Cult Wines | wineinvestment.com
Critical Opinion
Critical Opinion
“I don’t think you have to be into extreme sports to be a great winemaker, but I do think possessing this personality type could have been an advantage in Bordeaux in 2018. It was a vintage that favored the agile, those willing to go the extra mile and who have the hyper focus to cope with fast-paced developments. Those possessing the blind faith of a risk taker. In this vintage of extremes, a producer undaunted by flirting with disaster and with a bit of luck on his/her side could well have sailed over the finish line to glory with all the flair and panache of Alain Prost”
“’Rich, already flamboyant fruit and beautifully plush tannins with seamless acidity mean many of the successful wines will be approachable relatively early. This said, the very best 2018s will be very long lived indeed. Superlatives such as Lafite Rothschild, Latour, Léoville Las Cases, Haut-Brion”
Lisa Perrotti-Brown MW, The Wine Advocate
“As for the wines, the 2018 vintage is rife with superb options. Overall, 2018 is better than 2015 and 2016 as it is a more consistent vintage, though there are high points in both of those earlier vintages that sometimes best their 2018 counterparts.”
James Molesworth, Wine Spectator
“Two words best describe the 2018 Bordeaux wines presented at this year’s En Primeur: Heartbreak and happiness.”
Roger Voss, Wine Enthusiast
“Great wine is about character and style. All the world’s best art, music, food, architecture and of course wine provide unparalleled experiences. That special sense of uniqueness shows itself with the 2018 Bordeaux vintage”
Jeff Leve, The Wine Cellar Insider
“Perhaps the closest we can come to a definition is 2009 meets 2016 on the Left Bank, and 1998 meets 2015 for the Right Bank.”
Jane Anson, Decanter Magazine
56 Cult Wines | wineinvestment.com Critical Opinion
The Wine Advocate Parker’s hegemony placed The Wine Advocate (TWA) at the apogee of critical publications, especially when it came to Bordeaux- no one wielded a greater influence over the market. In spite of his departure, it still remains at the top of the tree, reviews are accessible, well written and insightful, with Lisa Perotti-Brown taking up his mantle. She does not wield the unfettered influence of Parker, but her palate seems to fairly well align with his previous choices (perhaps deliberately, in an attempt to galvanize her position) and the publication demands respect.
Generally, if TWA presents a score which is not widely contravened by the rest of the market, it will be the strongest price arbiter.
Perotti-Brown identified 12 potentially perfect wines, each given a range of 98-100 points (6 wines) and 97-100 points (6 wines).
Vinous Vinous is arguably in contention with TWA for the top spot, with their recent poach of Neal Martin, Parker’s original successor, and the ascendancy of Antonio Galloni across regions like Champagne, Italy and Burgundy, they appeared to be wresting power from the post Parker Advocate.
Two things have let them down, the second being most pertinent for this campaign. Galloni, a talented journalist and taster (he was writing about 50% of TWA’s content before he left) established Vinous as he didn’t want to risk the autocracy achieved when prefacing the publication with a single person’s name (‘Robert Parker’s The Wine Advocate’ was a title which gave him more influence than anyone, but also has also cost more influence upon his departure) but in aiming for this more democratised approach has fallen short- he was not able to delegate as effectively as hoped. Galloni has insisted upon scoring Bordeaux alongside Martin, sometimes with very varied results- Vinous’ claim is that it gives perspective, the market’s frustration is that scores are now more diffuse than ever. Who represents the publication’s actual view?
The second is Martin’s unfortunate health, which has kept him out of this year’s tasting. It may ironically serve to streamline the process and increase the overall publication’s influence, but in the back of everyone’s mind Neal Martin was bought into Vinous to be their Bordeaux man- Galloni, with the greatest respect, feels like he’s along for the ride.
Wine Spectator Slightly predating The Wine Advocate, Wine Spectator is the USA’s ‘other’ wine rating entity. It arguably lost out to TWA as Parker was the first to appropriate the 100 point scoring system, but still have a great deal of influence on the US market and to a lesser extent beyond.
James Molesworth, who runs TWS’s Bordeaux section, has a reputation as a relatively harsh critic, producing scores which frequently sit below those of TWA- this has a twofold effect of giving his views greater validity but also making them less widely appropriated.
Molesworth was the first to move on the 2018 vintage, with some very favourable ratings. A potentially shrewd move by TWS, as it is inevitable that the first to press receives the greatest exposure. Molesworth awarded five wines the ultimate 97-100 points when tasting blind.
57 Cult Wines | wineinvestment.com Critical Opinion
Decanter Decanter has been around since 1975, established three years prior to TWA and is a British institution when it comes to wine. Despite this, it has never had the influence of Parker. Although a key market, Decanter remained too conservative and Anglo centric to move markets and the publication was also concerned with wine from the top to the bottom, further diluting their influence on the fine wine market.
That said, with the small ‘power vacuum’ which currently exists, Decanter could well move into a more advantageous position. Jane Anson, their critic for Bordeaux, has a fantastic palate and writes in an appealing style. Although Decanter can be accused of being a bit ‘stuffy’, its conservative nature is actually going some way to validate her assertions- effusive praise or enthusiastic scoring are given over a backdrop of British reserve.
Unless there’s serious additional global uptake, Decanter is unlikely to push the market in the same way as the big players above, but it is certainly one to watch.
Anson identified seven potentially perfect wines, each given a range of 98-100 points.
Global Wine Score Global Wine Score or GWS is not so much as critical publication as it is a data aggregation engine. It hasn’t been widely appropriated by the market in the form of quotable scores as it is more challenging to understand, but is incredibly useful when aggregating all the factors at play which will influence the market value of a wine.
It is a very useful tool to examine the wider pool and with the lack of a pre-eminent critic gives us a top down view, but in itself will not alter the price of a wine in any great way.
58 Cult Wines | wineinvestment.com Bordeaux En Primeur 2018 Scores
Bordeaux En Primeur 2018 Scores
The table below will be updated as scores are released.
Wine Name Wine Advocate James Suckling Vinous Wine Spectator Decanter GWS
Angelus 97-100 99-100 – 95-98 98 –
Armailhac 91-93 93-94 – 91-94 94 –
Ausone 98-100 99-100 – – 98-100 –
Batailley 92-94 94-95 – 89-92 94 –
Beausejour Duffau 95-97+ 99-100 – 95-98 98-100 –
Belair Monange 97-99 98-99 – 96-99 97 –
Beychevelle 94-96+ 93-94 – 94-97 – –
Branaire Ducru 92-94 95-96 – 94-97 – –
Brane Cantenac 92-94 95-96 – – 95 –
Calon Segur 96-98 97-98 – 96-99 96 –
Canon (Saint Emilion) 97-99 98-99 – 96-99 97 –
Canon Gaffeliere 94-96 94-95 – 95-98 – –
Cantemerle 86-88 94-95 – 87-90 92 –
Cantenac Brown 91-93 93-94 – 94-97 94 –
Carmes Haut Brion 94-96+ 97-98 – 95-98 98 –
Carruades Lafite 92-94 95-96 – – 93 –
Chapelle Mission Haut Brion 91-93 93-94 – – – –
Chasse Spleen – – – – – –
Cheval Blanc 97-99 98-99 – – 98-100 –
Clarence Haut Brion 92-94 94-95 – – – –
Clerc Milon 93-95 95-96 – 93-96 96 –
Clinet 94-96+ 95-96 – – – –
Clos Fourtet 95-97 96-97 – 96-99 97 –
Clos Marquis 92-94 94-95 – 92-95 – –
Conseillante 96-98+ 97-98 – – – –
Cos d’Estournel 97-100 98-99 – – 97 –
Coutet (Barsac) – 91-92 – 90-93 – –
Domaine Chevalier 94-96+ 99-100 – 94-97 – –
Ducru Beaucaillou 97-99 98-99 – 96-99 – –
Duhart Milon 93-95 95-96 – 90-93 95 –
59 Cult Wines | wineinvestment.com Bordeaux En Primeur 2018 Scores
Eglise Clinet 96-98 99-100 – 95-98 – –
Evangile 97-99 98-99 – – – –
Figeac 97-99 98-99 – 97-100 98 –
Fleur Petrus 94-96 97-98 – 96-99 – –
Forts Latour 93-95+ 94-95 – – – –
Gaffeliere 94-96 95-96 – 94-97 96 –
Gazin (Pomerol) 91-93 94-95 – 93-96 – –
Giscours 90-92+ 96-97 – 93-96 95 –
Gloria 92-94 93-94 – 93-96 – –
Grand Mayne 91-93+ – – – – –
Grand Puy Ducasse 91-93 93-94 – 92-95 – –
Grand Puy Lacoste 92-94+ 94-95 – 95-98 95 –
Gruaud Larose 95-97 95-96 – – – –
Guiraud – – – – – –
Haut Bages Liberal – 96-97 – – – –
Haut Bailly 96-98+ 97-98 – – 98-100 –
Haut Batailley 92-94 94-95 – 92-95 93 –
Haut Brion 97-99+ 98-99 – – 98-100 –
Issan 94-96 95-96 – – 96 –
Lafite Rothschild 98-100 99-100 – – 98-100 –
Lafleur 97-100 100 – – 98 –
Lafon Rochet 90-92+ 93-94 – 90-93 94 –
Lagrange Saint Julien 93-95+ 93-94 – 93-96 – –
Langoa Barton 92-94 93-94 – 93-96 – –
Larcis Ducasse 96-98 97-98 – 94-97 – –
Lascombes 92-94 94-95 – 93-96 – –
Latour 98-100 99-100 – – 98 –
Leoville Barton 94-96 95-96 – 96-99 – –
Leoville Las Cases 98-100 99-100 – 97-100 98 –
Leoville Poyferre 94-96+ 97-98 – 95-98 – –
Lynch Bages 96-98 97-98 – 96-99 97 –
Malartic Lagraviere 92-94 95-96 – 92-95 – –
Malescot St Exupery 94-96+ 97-98 – 93-96 93 –
Margaux 97-100 99-100 – – 98 –
Mission Haut Brion 98-100 97-98 – – – –
Monbousquet 93-95 94-95 – 94-97 – –
60 Cult Wines | wineinvestment.com Bordeaux En Primeur 2018 Scores
Montrose 96-98 98-99 – – 97 –
Mouton Rothschild 97-99+ 100 – – 98-100 –
Ormes Pez 90-92 93-94 – 90-93 93 –
Pagodes Cos 93-95 94-95 – – 92 –
Palmer 97-99 94-95 – 97-100 98-100 –
Pape Clement 96-98 97-98 – 95-98 – –
Pavie 97-100 98-99 – 96-99 96 –
Pavie Decesse 96-98 97-98 – 95-98 – –
Pavie Macquin 95-97 97-98 – 95-98 98 –
Pavillon Rouge 93-95 95-96 – – – –
Petit Mouton 92-94+ 97-98 – 91-94 – –
Petit Village 90-92+ 96-97 – 92-95 – –
Petrus 98-100 100 – – 98 –
Phelan Segur 93-95 95-96 – 90-93 94 –
Pichon Baron 97-99 97-98 – 95-98 97 –
Pichon Lalande 97-99 98-99 – 97-100 98-100 –
Pin 97-99 98-99 – – 98 –
Pontet Canet 97-99 97-98 – – 96 –
Quinault l’Enclos 92-94 93-94 – – – –
Quintus 94-96 93-94 – – – –
Rauzan Segla 97-99+ 99-100 – 96-99 97 –
Reserve Comtesse 92-94+ 93-94 – 90-93 93 –
Rieussec – 93-94 – – – –
Saint Pierre 94-96 93-94 – 92-95 – –
Smith Haut Lafitte 97-99+ 98-99 – 95-98 98 –
Sociando Mallet 85-87 94-95 – 90-93 94 –
Suduiraut – 97-98 – 91-94 – –
Talbot 91-93 94-95 – 93-96 – –
Tertre 89-91 94-95 – 91-94 – –
Troplong Mondot 93-95+ 97-98 – 95-98 97 –
Trotanoy 97-99+ 98-99 – 97-100 98-100 –
Valandraud 95-97+ 97-98 – 96-99 96 –
Vieux Chateau Certan 97-100 99-100 – – 98-100 –
Valandraud – 97-98 – 96-99 96 –
Vieux Chateau Certan – 99-100 – – 98-100 –
61 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
Cult Wines Tasting Notes
Tasting Notes by Lukasz Kolodziejczyk - Cult Wines’ Head of Fine Wine
2018 Chateau Quinault L’Enclos, Saint-Emilion Grand Cru, France Ripe redcurrant and plums, blackcurrant, leaf, roast coffee and graphite. Spicy and fresh with silky tannins. 93
2018 Chateau Cheval Blanc ‘Le Petit Cheval’, Saint-Emilion Grand Cru, France Pure, clean, precise, red and dark cherry, leaf, spicy with smooth tannins and juicy length. 94-95
2018 Chateau Cheval Blanc, Saint-Emilion Grand Cru, France Saturated ruby with ripe character featuring raspberries and dark plum, spiced red cherry, graphite and smoke. The palate is silky with finely grained tannins, harmonised and fresh. 97-98
2018 l’If, Saint-Emilion, France Violet, red cherry, plum with a touch of earth and pine. Soft and silky tannins with plenty of purity and depth. 94
2018 Le Pin, Pomerol, France Deep, rich ruby with classic perfume of black plum, spiced dark cherry, morello cherry with cigar leaf and black liquorice. Pure and dense with a spicy, firm core, silky tannins and plenty of mineral freshness. 97-98
2018 Chateau de Fonbel, Saint-Emilion Grand Cru, France Juicy and pure with red cherry and black plum, graphite and mellow and roundness. Massive fan of this wine, impossible to be objective. 92
2018 La Chapelle d’Ausone, Saint-Emilion Grand Cru, France Bright ruby with cassis and sweet vanilla, violet, herbs and cracked minerals. Lean, precise and pure ending with plush fruit supported by a mineral core of freshness. 96
2018 Chateau Ausone, Saint-Emilion Grand Cru, France Open, fragrant minerals with lively aromatic of blue and blackberries, violet and fresh herbs supported by the delicate, nuanced aroma of vanilla and cedar. Mineral, pure and finely detailed with silky tannins and laser-like precision. True bona fide. 100
2018 Le Carillon de l’Angelus, Saint-Emilion Grand Cru, France Dark berry nose supported by blackcurrant leaf, tobacco leaf and flinty minerals. Silky and dense with a spiced red cherry core seasoned with minerals. 94-95
2018 Chateau Angelus, Saint-Emilion Grand Cru, France A blend of 65% Merlot and 35% Cabernet Franc matured in 100% new oak delivers intense, ripe aromatics of plum and cassis with green bell pepper, black currant leaf, graphite and underbrush. Great flavour delivery connecting the superb initial attack to the round mid-palate with sweet, ripe tannins and excellent freshness. 98+
2018 Chateau Pavie Les Aromes de Pavie, Saint-Emilion, France Toasted coffee, liquorice, smoke, cold red cherry and raspberries with exciting mineral depth. Grippy with bitter oil, ripe cherry and plum. 93
62 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2018 Chateau Pavie, Saint-Emilion Grand Cru, France Supremely aromatic blending perfume of violet, Christmas spices, Turkish delights with ripe blueberries, spiced red currant, sweet vanilla, smoke and iron. Dense and sumptuous with luxurious spicy roundness refreshed by mineral depth. All in sync and there will be fantastic development over the years. 98+
2018 Vieux Chateau Certan, Pomerol, France Pure and bright aroma featuring red cherry, raspberries with violet, crushed flowers and minerals. Silky tannins and lovely savoury depth, whilst mouth-wateringly refreshing. 97-99
2018 Saintayme, Saint-Emilion Grand Cru, France Crisp and fresh with red and dark cherry and raspberries, mineral spice, dry flowers and spicy purity. 93
2018 Chateau Montlandrie, Cotes de Castillon, France More of dark cherry with graphite and violet mixed with crisp mineral spice. Bright and energetic wines. 92
2018 Denis Durantou La Chenade, Lalande-de-Pomerol, France Spicy and firm, dark cherry, flowing with great persistence and purity. 91-92
2018 Chateau Les Cruzelles, Lalande-de-Pomerol, France Red currant, crushed flowers, floral and intense, spiced. Silky and firm. 93
2018 Chateau L’Eglise-Clinet, Pomerol, France Ripe strawberries and red cherry, coffee, roast cherry with iodine, graphite and fresh herbs. Lean and spicy with a depth of minerals and fine, crunchy tannins. 96-97
2018 Chateau L’Eglise-Clinet ‘La Petite Eglise’, Pomerol, France Liquorice and black cherry, blood orange, mint crushed flowers, smoke and turned earth. Delicious, vegetal and earthy flavours beautifully refreshed by spicy mineral and pure fruit. 94
2018 Chateau Client Fleur de Clinet, Pomerol, France Roast coffee, dark cherry, blueberries, plum with violet and earthy spice. Silky and fine, spicy core with smooth tannins with a calming effect, being smooth and fine. 93
2018 Chateau Clinet, Pomerol, France Client 2018 blends 85% Merlot, 15% Cabernet Franc - 75% new oak with welcoming, ruby violet with red currants and raspberries, dense and round with mineral intensity, coal-like minerals. Deep and fine, middleweight structure has purity and precision. 96-97
2018 Bernard Magrez Chateau La Tour Carnet, Haut Medoc, France Deep and rich with, violet, raspberries and black cherries seasoned with black currant leaf being spicy, mellow and fresh. 93-94
2018 Chateau Belgrave, Haut-Medoc, France Graphite, black cherry, damson, boysenberry with smoke and violet with spicy mineral tension. Silky and firm. 94-95
2018 Chateau de Camensac, Haut-Medoc, France Red cherry, dusty blackberries and black currant with mint and pepper. Medium body with rich, sweet tannins being silky and fine. 93-94
63 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2018 Chateau Cantemerle, Haut-Medoc, France Bright ruby with, spicy and fresh aromas featuring violet, ripe plum and black cherry being firm, lasting and spicy. 93
2018 Chateau Canon, Saint-Emilion Grand Cru, France Red cherry, plum with floral nuances, shaved pencil and crushed leaf. Wine of fine elegance with lean, flowing palate with juicy core and ripe, structured tannins. 96-97
2018 Chateau Pavie Macquin, Saint-Emilion Grand Cru, France Black cherry mixed with crushed leaf, baked black cherry and raspberries. Silky, firm and spicy with juicy depth and bright freshness. 95
2018 Chateau La Gaffeliere, Saint-Emilion Grand Cru, France Pure and perfumed black cherry, violet, blackcurrant leaf and damp earth. Lean spicy and pure, intense freshness. 96-97
2018 Chateau Beau-Sejour Becot, Saint-Emilion Grand Cru, France Saturated ruby with ripe cassis, red fruits, earthy and floral. Silky, fine with a dense, smooth, fresh finish. 95-96
2018 Chateau Grand Mayne, Saint-Emilion Grand Cru, France Black cherry and ripe red currant with graphite violet and dry herbs. Silky, fine and spicy with deep fresh mineral. 94
2018 Domaine de Chevalier, Pessac-Leognan, France Black raspberries and spiced red plum, crushed herb and smoke and mineral. Juicy and intense with crunchy, lean tannins. 95-96
2018 Chateau Les Carmes Haut-Brion, Pessac-Leognan, France Leafy and spicy at first with freshly picked blueberries infused with violet and chopped herbs. In the mouth wine is silky and energetic finishing with creamy tannins and lovely purity. 95-97
2018 Chateau Latour-Martillac, Pessac-Leognan, France Deeply saturated colour with spicy black cherry, liquorice and smoke. Silky and fine with lasting, refreshing flavour. 95
2018 Chateau Giscours, Margaux, France Spicy and focus, dark and red berry with delicate herbal notes, pine and graphite. Medium body with silky and fine tannins. 94-95
2018 Chateau Leoville Barton, Saint-Julien, France Pure fruit with graphite, fine spice and bright, rich berry fruit. Silky, harmonise with lovely lightness and freshness. 95-96
2018 Chateau Talbot, Saint-Julien, France Graphite, smoke and earth with cassis, red cherry, green bell pepper and graphite. Expressive, with silky freshness and fine, pure intensity. 95-96
2018 Chateau Lascombes, Margaux, France Silky and fine with spicy mineral freshness mixed with pure, mostly black fruit mixed with violet and spices. 93-94
2018 Chateau Beychevelle, Saint-Julien, France Ripe black cherry, expressive and pure with flowers, dry herbs and iron. Silky, flowing and delicious- pure with lasting, fine finish. It might be the best Beychevelle ever made. 96+
64 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2018 Chateau Lafon-Rochet, Saint-Estephe, France Spicy and rich, build on the ripe red fruit, leafy freshness with graphite and smoke. Compose, with fine depth and purity. Are we experiencing a breakthrough vintage at Lafon Rochet? 94-96
2018 Chateau Cos Labory, Saint-Estephe, France Raspberries and red cherries with violet, baking spice and minerals. Precise and pure with a mineral core of freshness. 95
2018 Chateau Palmer, Margaux, France Being organic comes at the price, in 2018 no Alter Ago been produced with just 11 hectolitres per hectares. Since 2017 Chateau Palmer is a certified biodynamic which clearly increases quality. Palmer 2018 comprises of 53% Cabernet Sauvignon, 40% Merlot and 7% Petit Verdot matured in 60% new oak and 14.3% Abv. Fine, pure aromatics of red cherry, violet, blackcurrant, graphite and fresh flowers with flowing, crunchy tannins and pure, mineral aftertaste. This might eclipse the quality of 2015 and 2016 which means the best wine ever made by Palmer. I feel at this point is hard to tell for sure, we will have to sample those side by side which I am looking forward to. 98+
2018 Pavillon Rouge du Chateau Margaux, Margaux, France Pure and expressive with cassis, dark cherries, smoke, black currant leaf, menthol, truffle and shaved pencil. Lively with biting tannins and clean freshness, fantastic concentration, purity and depth with delicious mineral ending. 94- 95
2018 Chateau Margaux, Margaux, France In 2018 Grand Vin represent 36% comprising 90% Cabernet Sauvignon, 4% Merlot with 4% Cabernet Franc and 2% Petit Verdot. The beautiful fragrance of dark cherry with smoke, classic, blueberries, menthol, roast herbs and sawdust. Liquid, silky palate with red cherry and plum, graphite and spiced cherry and richly textured, dense tannins. 97-99
2018 Pavillon Blanc du Chateau Margaux, Bordeaux, France A unique wine, in my opinion, one of the finest varietal of Sauvignon Blanc in the world, matured in 20% of new oak. Green herbs salad, lemon, lime peel, gooseberries, cut grass and wet gravel. Fluid and mineral palate have plenty of energy and intensity having great mouth-watering freshness. 95-96
2018 Chateau Rauzan-Segla, Margaux, France Opaque, saturated colour with rich cassis, herbs and spicy minerals. The palate is firm, ripe and sweet tannins with lots of acidity sour red berry aftertaste. 96-97
2018 Chateau Le Crock, Saint-Estephe, France Fragrant, forward with cassis and dark, plum, graphite, herbs and dry leaf. Grippy, ripe tannins with the intense flavour of cassis and black cherry. 93
2018 Chateau Moulin Riche, Saint-Julien, France (leoville poyferre) Mellow and round with spicy cherry and minerals. Rich and dense with round, deep flavour refreshed by mineral lead acidity. Great flow on the palate with velvety, mouth-watering tannins. 94
2018 Chateau Leoville Poyferre, Saint-Julien, France Cassis and black cherry intermixed with violet, red pepper, earth and smoke. Lovely texture with spicy mineral depth and crunchy tannins. Dense and lasting. 96-97
65 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2018 La Chapelle de Potensac, Medoc, France Second wine to Potensac since 2003 and this 2018 is fine with voluptuous cassis and berries of the forest mixed with flowers and minerals. Round and firm palate with spicy fresh tannins. 92
2018 Chateau Potensac, Medoc, France Juicy and intense with mineral depth, silky tannins blended with the ripeness of ripe cassis and dark cherry. Silky and fine, pleasant juiciness and purity. 93-95
2018 Clos du Marquis, (Chateau Leoville-Las Cases), Saint-Julien, France Blends beautifully blue and blackberries with minerals, flowers, cedar and pine. Tense and crunchy tannins with lots of precision and depth. Pure, lasting and delicious. 94-96
2018 Chateau Leoville-Las Cases ‘Le Petit Lion du Marquis de Las Cases’, Saint Julien, France Silky and firm, pure cassis and dark cherry, firm and athletic with lots of depth and richness. Spicy and firm with plenty of poise and freshness. 95-96
2018 Chateau Leoville-Las Cases ‘Grand Vin de Leoville’, Saint-Julien, France Deeply mineral and spicy with graphite, red and blackberries, dry earth, sweet oak and ink. In the mouth, this wine is tense and mineral with ripe, rich finely grained tannins. 97-98
2018 Chateau Lalande-Borie, Saint Julien, France Dark cherry compote and plums, underbrush and clove. Juicy, silky and firm with lovely mouth-filling texture and freshness being supple and lasting. 94- 95
2016 Chateau Ducru-Beaucaillou ‘La Croix de Beaucaillou’, Saint-Julien, France Dark cherry and strawberry compote, smoke, mineral and baking spice. Dense, round and muscular with mineral tannins and refreshing finish. 94-95
2018 Chateau Ducru-Beaucaillou, Saint-Julien, France Bruno Borie couldn’t be happier declaring 2018 vintage of Ducru-Beaucaillou a “new benchmark” thanks to warm weather in August and September with only one day of rain per month and refreshing, cool nights. Athletic and seamless, this wine dances across your palate being silky with a superb, compact and pure core of red/ blue fruits and blackberries, violet, liquorice, red pepper, cedar and underbrush. Dense and fresh with ripe tannins folding into a structure perfectly married to bright acidity. A Wine of great poise and precision. 100
2018 Chateau Capbern, Saint-Estephe, France Dark cherry, cassis, black plum, smoke and cedar. Dry, mineral and spicy with graphite lead mineral intensity. 93-94
2016 Chateau Calon-Segur Marquis de Calon, Saint-Estephe, France Bright ruby with violet rim and intense, the ripe perfume of red and dark cherry, smoke, damp forest, and wet graphite. Rich and spicy. Massive weight and density. 94
2018 Chateau Calon-Segur, Saint-Estephe, France Matureed in 100% new oak comprising 65% of Cabernet Sauvignon, 17% Merlot with 15% Cabernet Franc and 3% Petit Verdot. Prune, strawberry compote, ripe cranberry with tobacco leaf, sweet vanilla, smoke and pencil shavings. (Maybe too alcoholic??) Feels dense and full at 14.9% as impressive as this wine is, I am looking for more freshness yet this is EP, and at this point feels a little too overripe. One to keep an eye on once bottled. 94-95
66 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2016 Chateau Tronquoy-Lalande, Saint-Estephe, France Raisin and black plum, earth, truffle, black cherry and mineral. Composed and dense with spiced dark cherry and earthy aftertaste. 92-93
2018 Chateau Montrose La Dame de Montrose, Saint-Estephe, France Seductive graphite, fig, black cherry, flowers, and smoke combined with silky, fine mid-palate with finely grained tannins. Great freshness and precision. 94-95
2018 Chateau Montrose, Saint-Estephe, France Saturated, deep colour with smoke, dark cherry, black plum and mulberries with graphite, pepper and black currant leaf with a hint of spicy vanilla. Silky and harmonised, with richness and roundness being well put together with plenty of freshness and round, ripe tannins. 98
2018 Chateau Cos d’Estournel ‘Goulee’, Medoc, France Perfumed and bright with spiced red cherry, peppery, mint, perfume and graphite. Refreshing and spicy. 90-91
2018 Chateau Cos d’Estournel ‘Les Pagodes de Cos’, Saint-Estephe, France Aromatics of reduced balsamic red and blueberries with black liquorice, turned earth oaky spice. Tense, ripe and structured with spicy core and lovely mineral tension. 94
2018 Chateau Cos d’Estournel, Saint-Estephe, France Lightly extracted and reserved nose of mostly red berry fruit with Asian spice, earth and crushed leaf with violet and underbrush. The mineral led palate is well harmonised and proportioned. delicious spicy freshness on the finish. 96- 97
2018 Chateau Cos d’Estournel ‘Les Pagodes de Cos’, Blanc Saint-Estephe, France The first vintage for Le Pagodes de Cos Blanc, clear sign of ongoing refinement of the range. Wine has ripe citrus flavour with cut grass, gooseberries and exotic fruit. Well made, lively and pure. 91-92
2016 Chateau Cos d’Estournel Blanc, Bordeaux, France A rich core of spicy minerals mixed with papaya, passion fruit, lime, green apple and wax. Broad and dense with intensity and precise mineral freshness. 93-94
2018 Chateau Duhart-Milon, Pauillac, France Cassis and dark cherry with graphite, smoke, violet, damp forest and smoke. Mineral and fine, pure palate with liquid depth and excellent precise purity. 95-96
2018 Chateau Lafite Rothschild ‘Carruades de Lafite’, Pauillac, France Reserved aromatics of dark raspberries, coal, wild herbs, earth, minerals and ripe flowers. Focussed and deep with fine tannins and minerals. 93-95
2018 Chateau Lafite Rothschild, Pauillac, France Dark cherry, black plum with cigar leaf, geranium flower, soy sauce, wild herbs and pine. Dry, savoury sweet with bitter herbal core supporters by crunchy fruit with richly textured, fine tannins. Effortless delivery - long and luxurious. 98- 99.
2018 Chateau Pichon-Longueville Baron Les Tourelles de Longueville, Pauillac, France Violet with red and dark cherry, spiced minerals with a hint of oak, flowers and sappy, bright finish. 93-94
67 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2018 Chateau Pichon-Longueville ‘Les Griffons de Pichon Baron’, Pauillac, France Spicy and forward with wild berries, shaved pencil, cassis leaf and smoke. Ripe and rich with delicious caressing freshness. 94-95
2018 Chateau Pichon-Longueville Baron de Pichon-Longueville, Pauillac, France Flowers with graphite, blue and black fruit, sawdust and soy. Silky and fine with mineral richness, ripe, smooth tannins finishing with sweet/sour red cherry fruit. 97-98
2018 Chateau Pichon Longueville Comtesse de Lalande Reserve de la Comtesse, Pauillac, France Black cherry with liquorice, red plum, damp earth, smoke and graphite spice. Flowing texture with finely grained tannins, silky and precise fruit being delicate, deep and fresh. 95- 96
2018 Chateau Pichon Longueville Comtesse de Lalande, Pauillac, France In so many ways similar to Reserve, however being so much deeper and welcoming with fragrance of charcoal, black cherry, blueberries and raisin and black liquorice, violet, dry flowers, graphite and hint of peeled lime. Silky, fine and precise superb integration and precision of flavours - sweet and sour fruit infected with minerals and flowers. Persistence with equilibrium, refinement and depth. For my palate best wine yet emerge from this iconic estate and my wine of the vintage. 100
2018 Chateau Pontet-Canet, Pauillac, France Lightly extracted with ripe and forward, strawberry confiture, raisins and black plum with tobacco leaf, black currant leaf, red pepper and flinty minerals. Rich and dense with spicy red cherry and silky, refreshing tannins. Alcohol feels high, we’ve been told they’re not sure yet as the wine is still ageing. I suspect around 15%. 95-96
2018 Chateau Mouton Rothschild, Pauillac, France Ripe black cherry, cassis and dark cherry with liquorice and graphite. Sweet and sour berry fruit with silky, tightly grain tannins. Rich and dense – long finish with warmth and spicy aftertaste 97-98
2018 Le Petit Mouton de Mouton Rothschild, Pauillac, France Ripe and smoky with cassis, graphite, dry flowers and pine. Rich and voluptuous with a firm, silky tannins supported by the fresh and sumptuous palate. 95-96
2018 Chateau Les Ormes-de-Pez, Saint-Estephe, France Violet and ripe black cherry, red currant and spice plum with turned earth, violets and sweet baking spices. Rich and voluptuous, with mineral freshness. 92-94
2018 ‘Verso’ 2nd wine of Haut Batailley, Pauillac, France Verso will debut in 2018 as the second wine of Chateau Haut-Batailley. Spicy and dense with mineral purity with lively intensity, prune, fig and date. Spicy and soft. 91
2018 Chateau Haut-Batailley, Pauillac, France Ripe black cherry and raspberries with black currant, raspberry jam and graphite. You will feel the warmth of the vintage; those wines are rich and round with spicy aftertaste. 94
2018 Echo de Lynch Bages, Pauillac, France Cassis, black cherry and plume, blackcurrant jam, violet, rich graphite, dense and rich. 94
2018 Chateau Lynch-Bages, Pauillac, France Dark, saturated core with the ripe berry of the forest, graphite, violet and underbrush. Plush and dense with rich textures being lasting and muscular. 96-97
68 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2018 Chateau Latour Le Pauillac de Latour, Pauillac, France Violet, spiced dark cherry and plum with raspberries, wet coal and minerals. Medium body, silky tannins with lots of spiciness, cassis and dark cherry. 92
2018 Chateau Latour ‘Les Forts de Latour’, Pauillac, France Dark plum, cherry and raspberries dark flowers, wet gravel and oaky spice. Dense, silky and fine with purity and concentration. 96-97
2018 Chateau Latour, Pauillac, France Opaque, sumptuous and aromatic with garden flowers, violets, Asian spice, balsamic, roast meat and graphite. Silky, deep and fine, fantastic tactile texture of tannins which have volume and density. Wine of poise, depth and precision with masterful equilibrium and depth of flavour. 100
2014 Chateau Latour Le Pauillac de Latour, Pauillac, France Silky and fine with raspberries, red cherries and blackcurrant, minerals and spice fine with juicy intensity. Silky and fine. 91
2013 Chateau Latour ‘Les Forts de Latour’, Pauillac, France Spicy and earthy with herbs, red cherry fruit and bright, mineral intensity. Medium body with juicy, lean structure and mellow tannins. 91
2008 Chateau Latour, Pauillac, France Maturing, mahogany rim with expressive rich aromatics of soy, truffle, a bonfire with black cherry and earth. Savoury and round with mellow tannins and richness which is subtle and fine. 95-96
2018 Chateau La Dominique, Saint-Emilion Grand Cru, France Classic and opulent, forward personality with graphite, violet, raspberries, black currant and smoke with intensity and spic with a firm, silky tannins. 94-95
2018 Clos Fourtet, Saint-Emilion Grand Cru, France Ripe raspberries and dark cherry mixed with blackcurrant leaf, violets and baking spice. Dense with creamy tannins and plenty of richness and juiciness. 95-96
2018 Chateau Berliquet, Saint-Emilion Grand Cru, France Fine and round with sweetly fruited blackberry and raspberry compote with lead pencil shavings. A firm finish with mouth-coating tannins that are ripe and sweet. 95
2018 Chateau Troplong Mondot, Saint-Emilion Grand Cru, France The opulent flavour of cassis and dark cherry and earth, with length, depth and concentration. Feels poised and precise, with great mineral freshness and savoury tannins. 95-96
2018 Chateau Beausejour Duffau-Lagarrosse, Saint-Emilion Grand Cru, France Concentrated and round, seductive and well-built mixing dark plum, blackcurrant leaf and graphite. Tannins feel your palate harmonising with the brightness of fruit and acidity. 97-98
2018 Chateau Peby Faugeres, Saint-Emilion Grand Cru, France Rich and dense black currant, berries of the forest and raspberries with massive tannic structure married to lively acidity. 94-96
69 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2018 Chateau Figeac, Saint-Emilion Grand Cru, France Aromatics of mostly blackberries with flowers, spice, liquorice and clove. Deep, athletic flavour with persistence and lingering aftertaste with tannins that are ripe, intense and smooth. 97-98
2018 La Mondotte, Saint-Emilion Grand Cru, France Dark, pure fruit aromatics lifted by fresh garden herbs, flowers and graphite. Rich and ripe with a dense texture and very fine tannins. 96-97
2018 Chateau La Conseillante, Pomerol, France Ripe red and dark cherry, violet, spiced cherry raspberry. Medium body, silky, tactile palate with a spicy aftertaste. 95-96
2018 Chateau d’Issan, Margaux, France Very pure and precise nose and with spiced cherry and plum and minerals with a firm core of depth and savoury, dry tannins. 95-96
2018 Chateau Branaire-Ducru, Saint-Julien, France Mid-weight wine with lovely pure red cherry, blackcurrant and spiced plum. Sour and spicy with a silky texture and refreshing finish. 94-95
2018 Chateau Talbot, Saint-Julien, France Fragrant and open with sweet fruit flavours infused with graphite, violet and mint. Feels medium body with rather toasty structure and at this point, however, I see that dissipating with time. 95-96
2018 Chateau Leoville Barton, Saint-Julien, France Elegant with attractive aromatics of graphite and spice, violet with red and dark plum, blackcurrant and spiced cherry and smoke. Earthy and pure fruit which is rich and voluptuous with a long roast coffee aftertaste. 95-96
2018 Chateau Grand-Puy-Lacoste, Pauillac, France Beautifully creamy and rich with raspberries and dark cherry compote, violet and graphite. Well harmonised, structured, dense and spicy. Superbly composed. 95-96
2018 Chateau Haut-Bailly, Pessac-Leognan, France Fine and luxurious aromatics of smoke, earth, raspberries and berries of the forest with flowers, liquorice and graphite. Superbly detailed and precise, perhaps best wine ever made here. 98-99
2018 Chateau Le Pape, Pessac-Leognan, France Toasty and mushroom with deep, mineral intensity and spicy cherry and plum. Rich and dense, silky tannins. 93 2018 HB II, Pessac-Leognan, France ‘HB II’ Is the first vintage of this newly renamed second wine. Blend of 65% Merlot and 45% Cabernet Sauvignon matured in 20% new oak. Expressive aromatics of violet, flowers, dark raspberries, seasoned with baking spice, sour red cherry fruit and minerals. Fine, silky with an intense- soft, spicy aftertaste. 94-95
2018 Chateau Smith Haut Lafitte ‘Le Petit Haut Lafitte’ Blanc, Pessac-Leognan, France Precise, grassy with exotic fruit and citrus, subtle and energetic. 92
2018 Chateau Smith Haut Lafitte, Pessac-Leognan Blanc, France The tropical nose of grapefruit, passion fruit and ripe apple with warmth oak and lively minerals. Deep and concentrated flavours with a creamy texture and mouth-watering minerals. 95-96
70 Cult Wines | wineinvestment.com Cult Wines Tasting Notes
2018 Chateau Smith Haut Lafitte ‘Le Petit Haut Lafitte’, Pessac-Leognan, France Beautiful aromatic dark cherry, plum, rose petal, tea leaf and graphite. Dry, savoury and rich with an intense core of silky, firm tannins 94-95
2018 Chateau Smith Haut Lafitte, Pessac-Leognan, France The pristine aroma of black plum, dark cherry with cassis, violet, verbena and mineral. Pure, tense and savoury- compact clean, mouth-filling and supple tannins with red and blue-berries and mineral aftertaste being long and focused. 97-99
2018 La Chapelle de La Mission Haut-Brion, Pessac-Leognan, France Pure black cherry, and black currant. Graphite smoke and dark cherry. Flowers. Dry, structured and fine. Creamy and long. 95
2018 Le Clarence de Haut-Brion - Chateau Bahans Haut-Brion, Pessac-Leognan, France Pure and precise with, lavender, dark cherry, chocolate and raspberries with dry flowers and flint. Round, dense and poised with harmony and richness. Sweet and sour with excellent integration and silky, dense and harmonise tannins. 96
2018 Chateau La Mission Haut-Brion, Pessac-Leognan, France Seductive and sleek black cherry, plum, violet, dry flowers, raspberry confiture. Silky, refined and poised, extremely precise with velvety tannins and superb gentle delivery of flavour finishing with graphite and sweet blueberries. 98
2018 Chateau Haut-Brion, Pessac-Leognan, France Dynamic and precise nose featuring violet, graphite smoke, pine and smoke with lavender, dark cherry, raspberries and berries of the forest. Pure and sumptuous, dense, layered with soy, graphite and smoke - dense- super fine, polishedtannins with luxurious, lingering length. 99-100
2018 La Clarte de Haut-Brion Blanc, Pessac-Leognan, France Grassy and clean with peach, quince, minerals and pure - ripe and dense with great depth and concentration. 95-96
2018 Chateau La Mission Haut-Brion Blanc, Pessac-Leognan, France Salty and mineral with pure depth and roundness. Green apple, lemon and papaya with grassy depth and precision. Savoury and salty, world class. 97-98
2018 Chateau Haut-Brion Blanc, Pessac-Leognan, France A dense and rich palate of ripe citrus, salty mineral grass and salty powerful and dense with great density and power. Top class. 98
2018 Le Clementine du Chateau Pape Clement, Pessac-Leognan, France Juicy red currant and raspberries, with silky fine pure with graphite and spiced cherry. Silky and juicy. 93
2018 Chateau Pape Clement, Pessac-Leognan, France Lavender, graphite, mulberries, raspberries and red cherries, violet, toasted oak. Silky, fine and spicy with red currant and raspberries - tannins detailed and fine-grained. Juicy, savoury depth with a sweet/sour ending. 97
2018 Chateau Pape Clement Blanc, Pessac-Leognan, France Anise, spiced white plum, ripe citrus, white flowers. Mineral and tense with excellent depth and persistence. The juicy, vibrant ending. 96
71 Cult Wines | wineinvestment.com
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