Cazes and Lurton to lower their prices

Sylvie Cazes, director of Château Pichon Longueville Comtesse de Lalande, has admitted that prices for the Bordeaux 2011 vintage will have to come down to a reasonable level. “Prices must come down, but it’s a case of what’s reasonable – we’re looking at 10-15%”, she told the drinks business at the château’s en primeur tasting last week.

“Our 2010 prices were up 10% on 2009, so there’s no question we have to come down as 2011 isn’t as spectacular a vintage,” Cazes (above) added, emphasising that she wants a quick campaign this year, and for prices to be released in time for Vinexpo Hong Kong at the end of May. Despite being in the shadow of 2009 and 2010, Cazes is confident about the quality of Pichon 2011: “It has good acidity, wonderful freshness, good structure and depth,” Cazes said, admitting that the secret to success in 2011 was avoiding over-extraction.

She compared the vintage to both 2001 and 2008, describing it as softer than the former and more concentrated than the latter. “Sorting was vital to success – we had our team picking berry by berry,” she said. As to whether the Asian market was losing interest in Bordeaux, Cazes is unconvinced: “People say the Chinese are moving on to Burgundy and the Rhône but we’re expecting a swarm of visitors in the next two weeks. “They’ve latched onto the fact that primeurs runs for three weeks and are visiting either side of the main week,” she said.

In Sauternes, Pierre Lurton (right), director of Château d’Yquem, revealed the superb quality of 2011 Yquem was the “big surprise” of the vintage. The abnormal weather conditions in 2011, including a rainy August, lead to a rare burst of noble rot creating fully botrytised grapes. “Our 2011 Yquem is better than both 2009 and 2010. The wines have 145g of residual sugar but retain amazing freshness and balance,” he said, comparing the vintage to both 2001 and 2005, and describing the wines as having “the purity of a diamond.”

In terms of pricing for the reds, including Château Cheval Blanc, which he also runs, Lurton agrees that they must come down. “2011 is not the same story as 2009 and 2010 – a different positioning is needed. The Bordelais should lower their prices by at least 20-30%,” he admitted.

Bob Bob Ricard

A good restaurant is one that transports you from the humdrum of everyday life into another world – a temporary cocoon of comfort. Diner deluxe Bob Bob Ricard is such a place. From the moment the black cloaked doorman ushers you in, the journey begins. Designed by David Collins, who previously prettified The Wolseley, Bob Bob Ricard’s lavish interiors evoke an Edwardian Orient Express carriage, from the plush midnight blue booths complete with pleated lampshades and velvet curtains, which allow for intimacy amidst the buzz, to the smoked mirrors and brass railings running from booth to ceiling.

Table tops are marble, equipped with an electric socket for the silver toasters brought out at breakfast and during afternoon tea, and a golden “Press for Champagne” button. Cubist chandeliers hang from a high Venetian-mirrored ceiling, while walls, covered in paper fashioned from Japanese book bindings, are festooned with ancestral portraits, the subjects of which gaze haughtily into the middle distance. Throwing gender stereotypes out the train window, waiters wear pale pink jackets and ties while waitresses sport turquoise waistcoats.

Russian owner, Leonid Shutov, is keen to please. Every last detail is considered, from the pink and white placemats, menus and plates etched with the BBR emblem, to the pink and gold coasters – even the water bottles have a pink and white label. Attention to detail is fastidious, each intricacy adding to the pleasure of the experience. Unable to resist the lure of the Champagne buzzer, I press it excitedly, feeling momentarily transported from train to plane. Seconds later, our waitress appears and tempts us into two glasses of rich yet refreshing Pol Roger NV – Churchill, I’m sure, would have loved buzzing for his favourite fizz.

Our feast begins with a taster platter of Zakuski (Russian canapés) taken with a shot of Kauffman 2008 Selected Vintage Vodka served at a brain-freezing -18ºC in a charming cut crystal glass. Among the Zakuski is a communion host of creamy foie gras topped with shaved black truffle, quail egg mayonnaise nestled in a lettuce leaf with a razor-thin slither of salty anchovy, and a tiny white dish filled with jellied ox tongue that recalls the meaty interior of a pork pie.

A duo of exquisitely executed cold starters arrives shortly after: a flamboyant take on the ever-popular beetroot and goat’s cheese salad, and a textured venison tartare. The paper-thin beetroot shavings resemble rose petals, with fluffy goat’s cheese sandwiched in between like cream. The meaty medallion of venison meanwhile, is smooth, subtle, pure and lovely. It whispers deer rather than shouting its origins from the plate. Resting on top is a raw quail egg, its yellow innards invitingly on display, begging to be drizzled on the meat. While the egg adds lubrication, drops from an accompanying bottle of Tabasco give a vivifying kick of heat.

Nicolás, our French waiter, urges us to try the three cheese soufflé, made with Parmesan, Wigmore and Shropshire blue, served with a peanut-flecked apple and endive salad. Bob Bob Ricard is fond of apple – it weaves its refreshing way into a large number of dishes as the garnish of choice. Also present in the soufflé is a ghostly trace of truffle. If dishes don’t visibly contain truffle, they are redolent with the ghosts of truffles past. Spewing forth from its ramekin like a Mount Etna eruption, the light and fluffy soufflé’s meringue-like form reminds me fondly of a cheesy baked Alaska.

Alongside the soufflé, we’re served a duo of scallops resting on discs of apple served with grainy black pudding and a truffle dressing. The scallops are pleasingly meaty, but for £13.25, more than two would have been preferable. To wash them down, Nicolás recommends a bottle of 2007 Kumeu River Hunting Hill Chardonnay from Auckland – a creamy white with hints of lime and limestone. Tightly woven and beautifully balanced on the palate, notes of honeysuckle, orange water and Brazil nut are given weight by the judiciously judged oak.

The wine list is incredibly fairly priced, with a maximum mark-up of £50 per bottle added to the trade price, meaning many bottles are cheaper than high-end retailers. BBR is also the only place in the UK offering Château d’Yquem by the glass – the 1998 vintage is currently on sale for £26.75. I digress. Our main event is a slab of crispy suckling pork belly in a (gasp) truffle gravy dotted with glistening globes of apple sauce. The belly meat is achingly tender, while the crunchy cracking adds texture, proving a great match for the Kiwi Chardonnay.

Desserts are worth leaving room for, though this shouldn’t be hard, as portion sizes are fit only to fill up diners of Borrowers proportions. My companion’s Eton mess arrives neatly packed into what looks like an ice pink bath bomb drenched in strawberry sauce. I opt for the trio of homemade ice cream, the waitress kindly accommodating my request that all three of the trio be salted caramel.

Bob Bob Ricard is a one off. Interpreting classic British dishes like prawn cocktail and chicken kiev with a Russian twist, hat tips to the owner’s homeland can be found in frequent caviar cameos on the menu. While portions are small and prices high, there are few restaurants in London that offer such escapism. Clasped in its welcoming bosom, the restaurant takes you on a journey back to an age of elegance – a flight of fancy that requires a vivid imagination to get lost in, but a voyage worth taking. When we reach our final destination and disembark, having stepped out of the fantasy, I feel a pang of sadness, as I make my way home down the sodden Soho street.

Bob Bob Ricard, 1 Upper James St, London W1F 9DF; Tel: +44 (0)20 3145 1000; a meal for two with wine costs around £150.

LVMH profit boosted by wine and spirits

The world's largest luxury goods group, LVMH, reported a 1% rise in 2011 net profit this week, as the company continues to show strong growth in its wine and spirits division, despite economic uncertainty in Europe. As reported on the drinks business, the group’s net profit topped €3 billion as sales jumped 16% last year, driven mainly by spending in Asia. "I'm going to be a bit repetitive because 2011 was an excellent year like 2010, and like I hope 2012 will be," said chief executive Bernard Arnault.

"After an exceptional 2011, LVMH is well-equipped to continue its growth momentum across all divisions in 2012. Its strategy will remain focused on developing brands through strong innovation, quality and expansion in high potential markets," he added. The French group’s portfolio includes Champagne brands Dom Pérignon, Krug, Veuve Clicquot and Moët & Chandon, Château d’Yquem in Sauternes, and Château Cheval Blanc in St Emilion. It also owns Glenmorangie and Ardbeg whiskies, and Belvedere vodka.

LVMH's robust performance sets high expectations for the luxury goods industry. "It's somewhat of a paradox to say that 2011 was a year of global prosperity, but we are lucky to export most of our products," Arnault said. The company’s latest figures show that the European debt crisis hasn't triggered a slowdown in the US. In the fourth quarter, sales in Europe rose 3%, but the strongest growth came from the US and Asia, excluding Japan.

Arnault doesn't see an end to LVMH's good fortune. "Barring a major accident and despite the difficulties in Europe, the world economy is growing and the world wants more and more of our products," he said. The company’s fashion division, which includes brands such as Louis Vuitton, Bulgari and Dior, also showed strong growth.

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.

In the cellar with Julian Sands

Wine and the City chats to English actor and ardent wine lover Julian Sands in his (makeshift) cellar at home in Kent about wine and poetry, what he cracked open at Christmas, and the joys of old Champagne.