VENERABLE VINTAGES
>>
best ever – as they did in 2005, 2009 and
2010. Mr Stockman thinks, putting aside
the hyperbole, that 2016 is an “excellent
year”. While many years are characterised
by one appellation or area performing
well (for example, “a Left Bank Year” or
the Margaux of 2015), he and many of his
fellow experts thought the entire region
performed well.
The next phase of sales after the tastings is
“the campaign”. Pricing will be determined.
Up to 95 per cent of the wine will be sold on
SPHERE
#42
2017
12
BEST OF THE BEST
Napoleon III was not to be outdone by his rivals, the English. He created a massive
Exposition Universelle
in 1855 to outdo London’s Great Exhibition of 1851 to showcase
France’s finest in industry and agriculture, especially the Bordeaux vintages.
To help non-French visitors appreciate France’s finest wines, Napoleon III asked the
regions to create a system of classification of wine estates to denote their various
levels of quality, recognising the reputation of chateaux and the prices their wines
fetched in the market. The system of
Grand Cru Classés en 1855
was born.
The
Premier Cru
are the most revered wines, with only the famous Château Latour,
Château Lafite, Château Margaux and Château Haut-Brion making the list at its
inception. The only change in the history of the classification was the elevation of
Château Mouton to the coveted rank in 1973.
Les Grand Cru Classés en 1855
includes sixty red wines from the Médoc region plus
one from Graves, the exceptional Château Haut-Brion. Many people do not know that
Bordeaux also produces white wines, including 25 from Sauternes and Barsac that
qualify for the
Grand Cru Classés en 1855
.
by the
négociants
over the next few months.
Ideally, a reasonable pricing will see values
rise over time. The factors influencing
decision-making can be elusive to pin down,
but economics certainly have an impact.
The 2008 pricing was depressed not by
the quality of the vintage, but the global
economic downturn. Money held back that
year drove higher pricing in 2009. A repeat
attempt at a big price jump didn’t work well
in 2010. Chinese factors influenced pricing
in 2011 (upwards) and 2012 (downwards) as
their buying became more important.
The system works well when prices rise
from the
en primeur
value. Those who buy
and hold are rewarded for making the
investment in holding stock, including
storage costs. If prices fall from
en primeur
prices, the whole system could be at risk
from buyers losing faith and preferring not
to buy early. A sentiment that overpricing
rewards those who wait could depress
early buying and destroy the
en primeur
system. As in much of business, a cautious
optimism can provide many rewards.
The quality of the vintage doesn’t just
influence buying out of Bordeaux. It even
drives trends in France’s biggest competitors
for vinology supremacy – like Italy.
INFLUENCE
The change in direction of Bordeaux wines
over the decades has influenced wine
producers in regions around the world.
The Garonne River divides Bordeaux
into the Right Bank (to the east)
and the Left Bank (to the west).
Credit: UGCB
