Overwhelming feeling: There’s lies, damned lies and the Bordeaux spin machine, which in this vintage above all others it would seem has been working overtime … whatever anyone may have said, there is no way 2010 is remotely close in homogeneous quality as 2005, 2000 or any other recent great vintages (in Richard’s view it shows signs of similarity with 1975).  Reading the various vintage reports and weather analysis it is inescapable that this was not a regular, ideal growing season.  There were problems in May / June with flowering and setting; these were overtaken then by an extended dry period over the summer bordering on drought (during which vines showed signs of hydric stress); amongst the more candid reports there is an acknowledgement that there were issues of when to harvest due to surging ripeness of sugars and rising alcohols and yet the phenolic maturity wasn’t there.  And the late harvest and high tannins have led to a very late malolactic fermentation perhaps making some wines difficult to judge and assess so early in April (our visit in May will be a good yardstick), and undeniably some wines appear to have been somewhat doctored (perhaps entirely necessary in some cases).

Quality of the wines:  Undeniably there is a huge concentration of tannins … but big tannins do not great wine make.  In many cases the tannins appear slightly green and harsh and are certainly not part of a rounded, balanced palate with a harmonious quantity of fresh fruit characteristics.  Many wines appear heavy & dense with noticeably higher alcohols than one would perhaps expect and hope for from Bordeaux (as in 2009 a more Mediterranean feel than a temperate Atlantic maritime influenced vintage) and the quality of the fruit is often slightly cooked, in the worst cases somewhat stewed.  A frequent tasting note arising from all of these attributes is of roasted inferior quality, unripe / green coffee bean on both nose and palate.  It’s fairly rare to find a wine with more appealing fruit aromas and flavours and signs of balance and freshness.

Pricing / Interest:  Thanks to the strength of the market worldwide, the positive PR etc etc it seems inevitable that pricing will be steep, quite possibly steeper than the 2009 vintage.  See http://www.decanter.com/bordeaux-2010/en-primeur-coverage/521685/bordeaux-2010-confidence-in-vintage-at-start-of-en-primeur  It’s unquestionably the best supported and attended Primeur tastings since the 2005 vintage with far more young Asian visitors, more corporate hospitality type visitors around and more Americans than for some years – are they worried about being left behind in the global fine wine market perhaps?!

More tomorrow anyways after we’ve covered the Right Bank in more depth and Pessac-Leognan before returning tonight.

Dom Perignon 1990
A.O.C. Champagne, France

Having spent last week learning how to run my new boat in Tortola, I was certainly in the mood to celebrate when I met up with the management team on arrival. Indeed the irony was not lost on me, when the cork being popped came from a bottle of Dom Perignon 1990; the very vintage I sold to raise funds to make the purchase of the boat. Luckily she isn’t big enough for it to need to be cracked across the hull, only a 35 footer, but what a dream – all decked out for sport fishing and ready to roll. The Champagne was a lovely gesture from my friend and colleague Mike King, this vintage is truly a King of Champagnes and was given 98 points by Robert Parker – stunning!

Zucchetto, Puro-Fol Prosecco 2009
D.O.C. Prosecco, Veneto, Italy

With Summer in full swing, I am tempted by something a little more refreshing and zesty and this top quality Prosecco certainly is that. I find the biggest problem is that it is simply too easy to quaff while lounging in the sun and before you know it, you’ve had rather too much! Prosecco is an excellent alternative to Champagne and at the price, the overindulgence comes cheap! If you want to add a ‘healthy’ touch, start with a shot of peach juice and you’ve got yourself a Bellini cocktail, as made famous at the great Harry’s Bar in Venice. The delicate, creamy palate is lifted by the refreshing lime notes and salty minerality on the finish. A lovely, refreshing treat, enjoy it while the sun is here.

If you know anyone, or you have come into contact with someone who has been defrauded through wine investment please ask them to contact the BBC following the details below. Wine Investment can be a great diversification for a high net-worth individual’s portfolio, but certainly not for someone’s life savings. 08-09 should have been warning enough of the pitfalls of wine investment with prices crashing and total lack of liquidity.

BBC Inside Out wants to hear from you…

Wine experts are warning that the high quality of the 2009 Bordeaux vintage wines could lead to a rise in wine fraud.

Recently the Metropolitan Police Fraud Squad arrested a number of British nationals in connection with an alleged £3m wine investment scam, in which more than 50 victims were persuaded to invest sums of £25,000 to £100,000 to buy cases of Australian wines that did not exist.

Whilst wine could be a good investment, there is a danger that some companies will attempt to exploit less experienced buyers and new investors in the months to come.

For that reason BBC Inside Out wants to produce a documentary about the subject to warn the potential investors.

If you have recently become a victim of a wine scam or invested some money and you’re worried that the company isn’t legitimate, we would like to hear from you. Please call email us on anna.meisel@bbc.co.uk <mailto:anna.meisel@bbc.co.uk>

We understand that it may be difficult to talk about your experience and that the element of embarrassment may be an issue. All information will be handled carefully and treated confidentially. We will not use anything without your prior permission.

We look forward to hearing from you,
BBC Inside Out

I spend a lot of time mentoring business managers and young entrepreneurs and I continually tell them that we have seen most things before and if they follow patterns and understand cycles they will do well. No boom has run unabated, no recession has lasted forever and the bottom of the market is only a retrospectively analyzed point in time, not something which is signaled by a trumpet sounding. One of our researches found this little gem in Peter Dominics Wine List from 1959, the same could have been written in 2009, wonderful quite wonderful.

“The world financial system- so the columnists infer-may break down at any moment. The business of digging up gold and burying it again in deep vaults just is not working. As to investment, gilts, equities are so hazardous it would not surprise us in the least if even the gnomes of Zurich are now secretly swapping carats for Claret”

Source  Winter wine list by Peter Dominic Ltd-  published in 1965!

History has a habit of repeating itself

In their list you could pick up a case of 1959 Lynch bages for the princely sum 22 shillings- £1.10 p I believe.

Should you now wish to drink this little gem it would set you back £6000 a case

TUESDAY, 22 JUNE 2010
From wine to widget (or, my Bordeaux sulk in Rome)

The real voyage of discovery consists not in seeking new landscapes but in having new eyes. – Marcel Proust

“What I don’t understand,” said my Roman friend as we walked through the ruins of the ancient city of Rome, “is how these high prices of Bordeaux wine (En Primeur) can be in the public good?”

Yesterday I was on holiday in Italy. Frankly, I needed a holiday. After waiting weeks for the big names of Bordeaux to release their wines, and just a torturous drip drip drip, I was officially in a Bordeaux sulk.

Then, whilst away, Leoville Poyferre, a Chateau I call “good value drinking claret”, released their wines at +172% on 2008 and +50% on the already highly-priced 2005.

Some wines from 2009 vintage are very good this year, but does this justify the substantially higher price? Feeling rather like an ancient philosopher walking amongst the ruins, however, I felt I should argue the opposite point of view…. The SPQR written everywhere in marble (or, Senatus Populusque Romanus “The Senate and the Roman People”) inspired debate:

“These are great wines, some with hundreds of years of investment behind them,” I said, I admit, rather weakly, “That previous investment over a hundred years by the Rothschilds, for example, must count for something. A brand equity or value, if you will. That pushes up the cost. Perhaps Lafite is worth £1000 or more per bottle.”

“Sure, some wines will be expensive because they are good quality. But is there a link between the cost of production and the release price? Who can afford these wines? And is it based on demand? Only people who invest in them, such as banks and investment companies, who flip them like any other financial product to make money.”

“But what worries me the most when you talk about Bordeaux, is if you have a great object, such as these great wines, then is it right to lock it away in investment bonds so that no one eventually drinks them?”

“If you can afford a Van Gogh, you have a duty to the community to show it to other people. Not lock it up in a storeroom in Switzerland. If you have the Colosseum, you must take care of it as a public duty. These are investments, yes, but the owners have a public duty to take care of them.”

Perhaps it’s because we were talking in Italy, where wine is so much part of the fabric of society, where wine is considered a public good, to be shared and enjoyed, this argument can be put forward. It’d be different in London, where wine merchancy is part of the wine culture. But travel brings new eyes, and walking through ancient ruins, tripping over history at every street corner, it does raise questions about what is Bordeaux wine: is it a wine to be shared and enjoyed, or is it a liquid commodity.

I have no answer to the high prices of Bordeaux, and it’s childish to scream “it’s not fair my £100 wine is now £350″! But, if it is a commodity, then perhaps the prices should be regulated like other financial products.

Bubbles are fine in Prosecco, but price bubbles cause large headaches in the long term.
Let’s hope the debate continues for the benefit of all in the Wine Republic.

Having spent a few days in the States again a couple of weeks ago, I enjoyed something from a little closer to ‘home’ with this spicy, sophisticated Argentinian Malbec. Argentina is just awaking to its full potential and new wineries are producing high quality wines of remarkable purity and freshness. I tried this 2009 Tapiz with an all-American burger – with all the trimmings, and it held its own. It has a lovely aroma and a real depth of fruity flavour. Although a little warm in Fort Lauderdale to be drinking excessively, this really enhanced a fairly simple meal into a dining delight. It is a perfect quaffing wine for chilling out with and would be especially good at my next Barbecue, which will have to be in the BVI with the Management team when they get down here next month.

I am sorry I have not updated this sooner, I had a long surgery on the day they released Lafite, I have a lot to say about this campaign and will follow up next week when I am feeling up to it.

Chateau Release Price 450 Euros

USD At the time of the release

USD            United States Dollars            1.2377500000

http://www.exchange-rates.org/history/USD/EUR/T

Therefore the Price in USD is $559.39

Therefore the winner is Alex Lalchan an English Wine lover, lets hope drinks it!

I would just like to thank all of those who took part, the data was fantastic and will form part of a PHD topic I will undertake on wine price forecasting. The factor in the formula which differentiates wine from many other commodities is P (perception) I strongly believe the chateau weight this factor very highly in there decisions.

On a call yesterday with Mike King our principle buyer I felt very envious of this experience. He told me about a conversation he had with Charles Chevallier, winemaker at Lafite Rothschild and Director of Domaines Barons de Rothschild:

‘I don’t like to talk of comparisons between one vintage and another – after all each has its own character and merits.  However, I was fortunate enough to recently make a rare trip away from Bordeaux to South America, where a Brazilian fine wine enthusiast / collector put on a very special event.  Over the course of 2 weekends we tasted from his own collection 120 vintages of Lafite, ranging from the 1858 to the 2005.  Of all these, the one which perhaps showed the most similarities to the density of character, structure and tannins as exhibited by the 2009 was the 1870.  Indeed, on tasting it, the wine still seemed to show a youthful streak!’

Of interest perhaps; amidst the wines thus far released in the rather slow / stilted / over-engineered Primeur campaign, 4th growth Duhart-Milon from the Lafite stable (by Charles’ own admission the wine which he takes most satisfaction from in recent years) started trading on its first release at around £650/case. Now on its second tranche, it is trading around 30% higher at £850.  Based on this, talk of the 1st growths, (when they at long last enter the fray) starting somewhere not far from the broadly anticipated 750 euros/bottle mark and then reaching 1,000 euros/bottle later within the campaign may not seem quite so far-fetched.

Very interesting and a moment to cherish, wish I was there.

Calling all Manchester United and David Beckham fans!

100% of the Money will go to Charity.

With the FIFA World Cup just around the corner I am getting into the spirit of this highly anticipated tournament.

It has inspired me to help a friend raise some money for his charity by offering a piece of the football action. Beckham fans (who I am one of) have a chance to show their support by bidding on a framed, authentically, autographed Beckham Manchester United shirt. The highest bidder will take home the framed shirt, which comes with a certificate of authenticity, and 100% of the the money raised will be donated to the UK organization, Headway.org.

Headway is a charity that helps support people who have suffered brain injuries. The proceeds from the sale will be used towards the purchase of a new mini bus for the organization.

How to bid for this item:

In the comments section, leave your name and a place where you would like to be contacted along with your bid. The highest bidder wins. I promise I will keep all personal details protected

The contest will be open for: the whole of the world cup

The starting bid will be: 500GBP (British pound sterling)

My charity of choice and one I am a very actively involved with is The Cancer Research Foundation but I decided to contribute to a different cause this time around, one that is just as important. I am sure if we make this aware to enough people we will find someone who would just love this fantastic piece of sporting memorabilia to hang on their wall.