Monday, 16 April 2012
Château Lafite
Thursday, 12 April 2012
Lafite set to release early and low
Christophe Salin, director of Domaines Barons de Rothschild, has revealed Lafite is to release its 2011 price early and with a significant price drop to 2010. “We want to release early this year, possibly even as early as the end of April. All the wines will have been tasted in the next three weeks, so there’s no need to wait,” he told the drinks business at the Lafite 2011 en primeurs tasting in Bordeaux.
Commenting on the rumour that the château is to release early and low in order to restore faith in the market, Salin said: “I’ve heard that rumour too, because it’s based on something I said. With Lafite we have the luxury of being able to sell at a high price, but we want to play by the rules and listen to the market. We don’t want to be individualists – Bordeaux is a collective work; we have power and duties so we need to play as a team,” he added.
Salin stressed a need for modesty this year. “2011 will be the vintage that restores Bordeaux’s image, as last year we were very expensive and people lost faith,” he said. Lafite is busy planting Cabernet Sauvignon and Syrah at its new vineyard site in Penglai in China’s Shandong province. “Cabernet alone is too tannic for the Asian palate, so the Syrah will be used to soften the blend,” Salin told db, though a 100% Syrah is not on the cards: “Syrah without Cabernet is like a beautiful woman without brains,” Salin quipped.
Meanwhile, Jean-Guillaume Prats, president of Château Cos d’Estournel, told db that reports of hail problems at the property have been exaggerated. “We suffered at the hands of one intense hail storm but it had more effect on phenolic ripeness than anything else – our yields are actually up on last year as the grapes weren’t hit,” he insisted.
In terms of pricing, Prats agrees with Salin that they must come out quickly: “The Bordelais showed an enormous amount of incompetence and arrogance by waiting too long to release last year and lost a lot of good will in the process. “We’ve learnt our lesson and want a quick campaign this year in time for Vinexpo Hong Kong,” he said.
Despite being only one tier down in the 1855 Bordeaux classification system, Prats views the first growths as inhabiting a world of their own. “We’re in a different league to them. Whatever they do has very little influence on our decision making process,” he said. Prats also voiced his dislike of the tranche system in Bordeaux, describing it as an artificial way to work out what the price should be. “I don’t believe in tranches. We release everything en primeur and about 75% of our stock in the first tranche,” he revealed.
Friday, 6 January 2012
Lafite '08 down 45% as fine wine prices fall

The value of Lafite 2008 is down 45% on last year, as 2011 fine wine prices showed their most dramatic slide since 2008. As reported on the drinks business, according to Liv-ex, prices of the 100 top-traded wines fell by an average 22.5% between June and December last year – the steepest fall since the beginning of the recession nearly four years ago. Lafite ‘08 peaked in January 2011 at £14,043 a case, but was trading this month at £8,108, while Lafite 2009 has dropped 28% in value in the last six months, from £13,831 a case in July 2011 to £9,800 in December 2011.
Year to date prices for Lafite 2008 were already down 26% last August with the wine proving the worst performer in terms of price of the last 10 physical vintages from the estate. This is in stark contrast to October 2010, when the price of Lafite ’08 shot up by 20% overnight after it was announced bottles would be marked with the Chinese symbol for the number 8, regarded as lucky in China.
Meanwhile, the Live-ex Claret Chip, consisting of Bordeaux first growths from top vintages going back to the mid-‘80s was down 26% in the second half of 2011. The second wines of the first growths have also performed poorly, with Château Margaux’s Pavillon Rouge 2008 down by nearly 50%. Carruades de Lafite 2008 fared better, but still lost 29% of its case price. Though Carruades 2005 is holding up well, selling for £3,672 in June 2011 and £3,054 last month.
Bucking the trend are top second growths like Leoville-Las-Cases and Cos d’Estournel, which have maintained their value and outperformed the falling market. Outside first growth claret the picture is slightly rosier, with Burgundy’s Domaine de la Romanee Conti, Chateau d’Yquem and Super Tuscan Sassicaia the strongest brands in 2011.
Why the change? According to WineSociete China, China’s leading organisation for wine education, it can be put down to China’s money supply. In 2009, Chinese banks made almost 10 trillion yuan in new loans, expanding the country’s loan portfolio by a third. In 2010 they lent almost 8 trillion yuan, roughly twice as much as in 2008. Trillions of yuan, formerly locked up in bank reserves, flowed into the economy, leading Chinese consumers to put their rapidly depreciating currency into hard assets like fine wine.
Last year, money supply growth and lending in China fell sharply as Beijing put the brakes on asset and consumer price inflation. As lending has declined, so have sources of credit for many of China's local and privately owned enterprises. In an attempt to generate liquidity, fine wines are quietly being offered for sale by many Chinese collectors.
Monday, 2 January 2012
Julio Iglesias interview
Julio Iglesias doesn’t do things by half. During his 42-year music career, the Madrid-born singer has sold more than 300 million albums in 14 different languages, making him among the top 10 best-selling musicians in history. Last year, the 66-year-old, who has reportedly slept with over 3,000 women, released album number 77, and he’s currently midway through a world tour – ‘It’s a great excuse to drink wines from different countries every night,’ he says, laughing.
His speech is littered with huge numbers – a million dollars here, 800 million pesetas there, and I quickly get the impression that Iglesias’ world is one in which money is no object. ‘I used to spend more than a million dollars a year on wine,’ he tells me, in a genuinely casual, rather than boastful way. The singer has bought so much wine over the years that he seems to have lost count of how many bottles he has in his three cellars in Spain, Miami and the Dominican Republic.
‘I’ve got about 5,000 top wines and hundreds of thousands of normal wines,’ he admits, without hyperbole. Generous with his plentiful stock, he gives away about 100 cases of wine to friends every year and thinks nothing of cracking open a bottle of Pétrus 1982 after a concert to share with his band. Isn’t it wasted on the uninitiated? ‘Not at all,’ he counters. ‘They’ve all become wine connoisseurs and have built cellars too. The vodka days are over!’
It was in the summer of ’82 that Iglesias tried to buy the acclaimed Ribera del Duero estate Vega Sicilia. ‘I was having dinner with friends in Madrid and it came up in conversation that Vega Sicilia was on the market for 800 million pesetas (around US$6m back then). I got on the phone to them the next morning, but it was too late.’ The winery had already been sold to a Venezuelan family, who went on to sell it to the Alvarez family, the current owners. ‘It wasn’t my lucky day, I guess,’ Iglesias says wistfully.
Vega Sicilia aside, he insists he’s not just a trophy collector – wine has shaped his outlook on life. ‘My understanding of life has become much stronger and clearer through my appreciation of wine,’ he says, describing spending those millions on wine in the ’80s as: ‘the best thing I ever did in my life’. Brought up in Madrid in the '50s by his doctor father, Iglesias got by in the early days by drinking ‘any old stuff from Valdepeñas’. In his late teens he played as a goalkeeper for Real Madrid football club, until a near fatal car accident in 1963 ended his sporting career. During his rehabilitation, to develop dexterity in his hands, he started playing the guitar and subsequently, writing music.
Iglesias’ wine epiphany was equally notable. In 1973 he was invited by Baroness Philippine de Rothschild – a big Iglesias fan – to a dinner party at her home in Paris after one of his concerts. ‘She asked me what I thought of the wine and I told her that I’d never tasted anything like it,’ Iglesias recalls with brio. ‘She summoned the butler to serve a second wine, this time in a decanter, which I later learned was Lafite 1961. It was the first time in my life I’d felt a wine all the way down to my toes. It worked its magic through my body and made me realise that wine had a lot more mystery and history than I had first thought’.
The memory of the Lafite lingered, sending Iglesias on a lifelong wine journey. He began picking up the odd case in the countries he toured in – reds in France, whites in Germany – and got seriously into collecting in 1978, after building a 4,000-bottle cellar in the Miami home he shares with his second wife and their five children. He grew his cellar by seeking out bargains at New York merchant Sherry Lehmann. ‘In the late ’70s you could still get hold of great 1947s and 1961s. The ’75s were coming onto the market and I started spending a lot of money on Bordeaux, buying up all the Pauillac, Pomerol, Graves and Margaux I could get my hands on. Before you can appreciate great Burgundy, you’ve got to cut your teeth on good Bordeaux’.
Outside of France, Iglesias collects Spanish icon wines from Rioja and Ribera del Duero, particularly (perhaps still longingly) Vega Sicilia, as well as Pesquera, Pingus and CVNE Imperial. ‘I’ve recently got much more interested in Spanish wines’, he tells me. ‘I love trying wines from lesser-known Spanish regions like Calatayud, Jumilla and Zamora’. He dips his toe in the New World via Australia, South Africa, California and Argentina, but his wine heartland is very much Bordeaux and Burgundy. ‘My latest obsession is Pinot Noir,’ he tells me excitedly. ‘Romanée-Conti from a good year is absolutely unforgettable. When made well it’s so approachable young. You don’t have to wait for it, which is great, because I don’t have too much time.'
Article originally published in Decanter magazine
Thursday, 2 June 2011
Bordeaux wine labels in China



Monday, 11 April 2011
Château Pontet-Canet
Tuesday, 16 November 2010
Decanter First Growths masterclass

First Growths masterclass
Sunday, 19 September 2010
Dalmore tasting at Selfridges

Tasting season is in full swing. August was painfully quiet, hence the silence on the blog front. My diary was a barren wasteland of blank space, but the dog days are over - September has saved my social life!
Saturday, 6 March 2010
Chateau d'Anglès at Hix
Last week I found myself at Hix restaurant twice in as many days. I partied in the downstairs bar on Monday night at the launch of KitchenAid's new range of blenders. It doesn't sound very glam, but the cocktails that were coming out of those bad boys were amazing. KitchenAid is the i-pod of the blender world. The range comes in a series of cool colours, so you can sync it with your Smeg.
