All powerful US wine critic
Robert Parker’s California taster Antonio Galloni has spoken out about the
trading of cult wine Screaming Eagle on the secondary market, dubbing it “unhealthy.” While researching a feature on
cult wines for the drinks business, Galloni, who rates Californian wines for
Parker’s bi-monthly publication The Wine
Advocate, told me: “The Screaming Eagle phenomenon is not healthy. Very
few people buy Screaming Eagle to drink it. It has become a pure instrument of
speculation, which is sad, as it’s a great wine.”
The San Francisco Chronicle’s wine critic Jon Bonné had similarly
strong views on Screaming Eagle, agreeing that the wine, made in Oakville in
the Napa Valley, has become too mythical for its own good. “Screaming Eagle has
become a unicorn that isn’t worth chasing anymore,” he told me. First released in
1995, Screaming Eagle continues to command high prices at auction,
with a 75cl bottle of the 1997 vintage selling for £2,267 at Christie’s New
York this April.
New releases of the wine quickly double on resale – Elin McCoy of Bloomberg believes that at least a third
of Screaming Eagle’s mailing list customers immediately “flip” their bottles on
the secondary market. Bonné meanwhile, is cynical about the pricing of
Screaming Eagle and California’s other so-called “cult” wines. “To justify
stratospheric pricing based on points and scarcity, and to claim that
California is a bargain by Bordeaux standards is a big does of hubris that doesn’t
do anyone any good,” he said.
Despite or perhaps because of their high price tags, both Screaming
Eagle and Harlan Estate are doing well in China, favoured in wealthy circles
for their rarity. “The combination of money and early curve interest that drives cult
wines has migrated to Asia. “China wants Screaming Eagle, Harlan and Colgin as
much as they once wanted Lafite and Latour,” believes Bonné.
While Chinese consumers are catching on to California Cabernet, there
are signs that other grape varieties are being welcomed into the cult wine
fold. “It’s not all about Cabernet anymore. Californian Syrah is starting to
have its moment in the spotlight through the likes of Sine Qua Non and Saxum,”
Mark Andrew of London fine wine merchant Roberson told me over the phone. Londoners
are developing a thirst for Sine Qua Non, small parcels of which are selling
well at Wolfgang Puck’s Park Lane steak venture CUT, and at auction.
Though despite this
interest, competition is becoming increasingly tough at California’s top end. “Consumers have
become much more discerning and value-conscious as a result of the financial
meltdown. There will always be room for niche, high-end wines, but the
competition is fierce,” says Galloni. Bonné agrees: “Look at wines that have traded
hands, like Sloan or Merus; Napa just isn’t big enough for all the rich folk
hoping to create the next must-have wine. It was a ludicrous model from the
outset, and it’s just playing through the endgame now.”
The lifespan of a cult wine is decreasing, as access to the wines via
Facebook, Twitter, blogs and bulletin boards is speeding up their democratisation.
“Cult wines are just getting started, but the journey from
embryonic cult to washed up has-been is getting shorter,” says Andrew. Love them or loathe them, cult wines are here to stay.
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