Bordeaux Rumors, Gossip, & Some Setting the Record Straight

by Mike Supple

It has been widely rumored that the prices in 2005 grew so out of hand because the Asian market is buying blindly just for the name on the label. Many of the top negociants in Bordeaux (who are allocated the lion's share of the first growths) have stated that this is simply not true. While there is interest, the Asian market simply is not buying Bordeaux en primeur. They are however purchasing all of the first growths and a few of the other top classifieds they can get that are immediately available in inventory and can be drunk now.

So who did buy 2005 futures? The buying largely came from the US and UK markets. This is of note because a fair amount of the buying done in the UK was through wine investment funds (doing speculative buying). Speculative buyers like this do not buy to cellar or drink, but rather to get a return on their investments. This is usually a short term investment strategy, and the negociants in Bordeaux expect the 2005 wines to be back on the public market from the UK in the next 5 - 10 years. In fact, much of the wine sold to these funds may be purchased back by the very same negociants. In addition, much may go to US market as well, especially if the dollar gains strength.

There seems to be a wide consensus among most (if not all) of the Chateaux owners in Bordeaux in respect to our top three critics from the US: Robert Parker, Stephen Tanzer, and James Suckling (of Wine Spectator). Whether they agree or disagree with his ratings, Robert Parker commands the most respect of all of the critics. He is a great taster: meaning he takes his time to evaluate the wines thoroughly and does so without any outside influence. His interest is in the wine itself, not creating or destroying the reputations of Chateaux that have been around for hundreds of years. He has a great palate and is able to express himself in such a way that makes wines very accessible. Stephen Tanzer is also a great taster, but he does not command the interest and audience of Parker. While he does have a great palate and is incredibly fair, he simply does not capture the spirit of the wines like Parker. This leaves us with James Suckling. The Wine Spectator is not viewed very favorably. While a Chateau will never be upset with a great rating, it is a general consensus that there is more behind Suckling's scoring than bringing wine to the people. He and Spectator seem to have more of an agenda, and the method of their scoring and reviewing has lead to unnecessary detriment to many Chateaux and wineries all over the world. The various owners I have spoken with also feel Suckling is not as comfortable with his own palate, and his opinions and tastes can vary drastically from day to day.

In respect to the 2005 vintage, it has been rumored that the Chateaux had to hold large amounts of their inventories because the pricing was too prohibitive for the marketplace. This is not true. When the wines were released, the negociants all bought everything they could. The high prices presented a daunting financial risk to them, so they in turn pushed a successful campaign and sold most of what they had. Of course the Chateaux may hold between 10-20% of their inventories for library releases, but for the large part this vintage is essentially gone.

What is the hottest region in Bordeaux for 2006? No matter who we ask, there is a lot of buzz about Pomerol. So far our tastings have been confirming this.

People in Bordeaux simply do not drink American wines. Even our most famous wines carry very little name recognition in France. There are of course a few rare exceptions. I met with Helene Garcin (of Clos l'Eglise Pomerol among others) who had earlier that day had a bottle of Moraga and Colgin. When I mentioned that I had found few other people who shared her interest in American wines she agreed, but stated, "They're crazy. I love California Cab."

JJ Buckley sent two of the most attractive and intelligent representatives from the United States to Bordeaux. This rumor has been thoroughly researched, and has been found to be absolutely true.

Argentina is the hot new region where many of Bordeaux's top winemakers are buying vineyard land and making stunning wines. Why not America, Australia, New Zealand or South Africa? Because these regions all largely produce common varietals. Argentina has vineyards malbec - some of which are older than vines in Bordeaux - that is all on original rootstock and has not yet been affected by phylloxera. Malbec is a fantastic grape that can achieve a powerful intensity in fruit and tannin, and poses an exciting new area of work for Bordeaux winemakers. Also, let us not forget land and labor is cheaper in Argentina...

Using some sort of gravity-flow method in the winery is the hot trend. Almost every winery I have toured has a variation on the theme of how they use gravity flow to move the juice around the skins and between the various tanks/barrels rather than pumping the grapes and juice. The general consensus is that pumping the grapes bruises the berries and can affect the end result of the wine. The level to which this actually improves the end wine is difficult to measure, but the practice is undeniably spreading like wildfire across Bordeaux.

France is not a great place to get a bowl of French Onion Soup. This is something I discovered years ago while living in Paris, but it was reconfirmed a couple of nights ago. What I received was a bowl of hot water filled with undercooked onions topped with a thin soggy piece of bread, some cheese, and a thick layer of oil. Perhaps this is the "real" way to make soup à l'oignon, but I am more in to the thick stew-like richness of onion soup found in America.

Fewer people are coming to Bordeaux this year than in 2005 to taste the barrel samples. Haut Brion has 20% fewer clients registered for tastings during the week of the UGC. How this might affect Chateaux decisions on pricing remains to be seen.

The two hottest wines being sold by all negociants regardless of vintage are Latour and Ausone.

And one more minor yet somewhat perplexing point: two wine makers have served us champagne not from flutes, but from standard white wine glasses. I have one word: huh?

2006 Pricing: What will it be like?

by Mike Supple

Over the past few days we have spoken with several top negociants and Chateau owners about their speculations on the 2006 vintage pricing. The general feel is that prices overall will drop on the high-end wines (1st growths) to somewhere between the '04 and '05 pricing. Prices will likely be closer to the '05, putting the estimated drop at about 20%-25%. When it comes to the strong value classified growths (25 Euros and below) the prices will remain very close to the level of 2005.

The Chateau Perspective

The top Chateaux (1st growths) are not afraid about the pricing. The demand for their wines is there, and they feel their wines will sell no matter what. The demand for the wines worldwide is increasing dramatically, but the production in 2006 is down from 2005, as much as 20% for some Chateaux. Some of the more value oriented Chateaux claim to have lost money in the 2004 vintage. They feel the quality of their wines is above that of the '04, and some even state the 2006 has better balance than the '05. Since the quality is still there, they feel there is no incentive to lower their prices.

The Necogiant Perspective

The negociants will be buying the 2006 vintage no matter what, whether or not consumer demand exists in the market place. In order to keep their allocations for future vintages, they must take their allocations each year. However, they seem to agree that there is no fear of being able to sell the first growths at high prices. That being said, they expect a price drop of around 20%, which at the current Euro to US Dollar exchange rate would mean a cost per bottle at around $350-$400 dollars en primeur. There is also a general consensus that the pricing on the cheaper value driven wines will largely remain unchanged from 2005; the quality of the wine for the price is more than acceptable, especially when compared to wines of equal fame, heritage and quality throughout the world.

Where the most worry lies for the negociants is in the Super Seconds. These Chateaux want to keep their pricing high and make the money of the first growths. The problem is that they are not first growths. The worldwide demand simply is not there in a way to support such high pricing. While the pricing en primeur for the 2006 super seconds will likely drop, it will probably be a modest drop (10%-20%) that could result in stagnant consumer market interest. For the negociants, this means they will have to hold a lot of expensive inventory.

What does this mean at the consumer level?

Across the board prices for all vintages have been on a steady increase since the release of the 2005 en primeur pricing. It is currently more expensive to buy the 2005 futures directly in Bordeaux than from retailers in the United States. Many negociants are looking at the retailers in the US and contemplating buying the wine back at full retail mark-up, then flipping it again at higher prices to other markets. The important point here is that even though prices are increasing, it is wise to give the 2005 vintage another look. I have tasted through several of the 2005 wines again this week, and the quality is undeniably there. These are huge wines that are going to be incredibly long lived. In several cases where I have tasted the '06 and '05 samples side by side, the '05s tasted younger. 2005 produced wines with such power and fruit that it is especially worth exploring some of the lesser known classified growths, because the cost less prohibitive and the wines are outstanding.

If the 2005 prices still have your heart pounding and cause your head to spin, it is definitely worth looking more closely at the 2004 vintage. These wines are considerably cheaper than 2005. Granted the quality is not the same, but with today's technological advances (and some might suggest global warming weather influences) the classified growth Chateaux are working hard and making much higher quality wines in less classically perfect vintages. The wines from 2004 are very good - not great - but very good, and in many cases still a fraction of the price of the '05s. However, these wines may not be such great values for long; negociants are all aware of the quality of the '04s and the value these wines represent when compared to 2005 This means price increases when consumers catch on and start rapidly buying 2004. We suggest buying what is already available in the American market at this time, because there is no doubt that the prices from the negociants are simply higher today than they were just six months ago.

Another discovery we have made this week in the search for great back vintages at better pricing is that 1999 and 2001 are both showing incredibly well right now. So far we have tasted a few including Chateau Brane-Cantenac, Chateau La Graviere, Chateau Le Gay, Chateau Bellisle Mondotte, Chateau Haut Berget and the Clos l'Eglise Pomerol. My choice of the group is the 2001 Chateau Le Gay. The color of the core is a very dark maroon surrounded a bright garnet red rim. Huge white and black truffle aromas swim around rich blackberry and raspberry followed by a light clay minerality and violet notes. In the mouth the wine feels fantastic. It is still full and powerful, yet the tannins have rounded to give an elegance to this wine. Lush black fruits are supported by a solid streak of minerality. The finish is long, lingering and spicy.

March 31: A short night

We have moved our base of operations to Margaux. Check out our sleek new pad!





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Interview at Lascombes

Enjoy a video tour of the grounds, winery, barrel rooms and vintage bottle cellar (with bottles dating back to 1881) of Chateau Lascombes, one of the hottest up and coming Chateaux in Bordeaux. Also General Manager Dominique Befve responds to Shaun Bishop's questions about the 2006 vintage.





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March 29: Lunch at Chateau Lascombes

by Mike Supple

For lunch today we were the fortunate guests of Dominique Befve, General Manager of Chateau Lascombes. While it was a rather overcast day, this did not take away from the beauty of the Chateau and its vineyards.

We toured through the vineyards and wine making facility where we learned of the many improvements the new ownership has made since they took over the Chateau in 2001. A major change that took place in the vineyards was the replanting of many hectares from Cabernet Sauvignon to Merlot. Cabernet Sauvignon generally grows well in gravelly soil, whereas Merlot thrives in clay and limestone. The majority of Lascombes' vineyards were planted to Cabernet Sauvignon, but much of it was planted in clay. The new owners tore out all of this Cab, and replanted it to Merlot. The current varietal distribution is 50% Merlot, 45% Cabernet Sauvignon and 5% Petit Verdot.

Many major changes were made in the winemaking facility. A new facility was built, laying vats out on four different levels. After being sorted twice, the grapes are brought to the top level of the facility where they are slightly crushed and cold maceration begins. This is a process by which they use dry ice to lower the temperature of the grapes so alcoholic fermentation ceases. This lasts for about a week. The purpose of the cold soak is to deepen color and stabilize with wine while adding greater aromatic complexity.

After the week, the wine is fermented and separated by gravity through the four floors into various vats, including large new French oak barriques, where the wine undergoes malolactic fermentation.


We were next led in to the unforgettable blue barrel room. The wine in the barrels pictured here is all 2006. A strong smell of sulfur pervaded the whole room, as the wine had recently been inoculated.

After the tour we joined Dominique Befve to taste the 2006 Lascombes. My impressions are as follows:
The wine is muted and somewhat cloudy with a dark purple/maroon core. The rim is much more clear with bright pink and fuchsia notes. The nose presented heady earth, clay and limestone notes up front with darker cassis and blackberry in the background, edged by sage and mint. The front of the palate was much softer than I expected, but the tannic strength builds quickly. The fruit, acidity and tannins all build together on the mid-palate, giving a balanced feel that is much better than I remember the 2005. The tannins are not quite as powerful as the '05, and neither is the fruit. Flinty dark fruits and dusty cedar lead in to the finish with notes of limestone and clay.

For lunch we started with glasses of champagne along with seared scallops in a light butter and fine herb sauce. Next came the 2003 Chevalier de Lascombes (the second label). This is a lighter style Lascombes, with brighter red fruits and hints of cedar spice. The wine is very approachable right now. For the main course we had roast pork T-bone, green beans and pan fried golden potatoes. The next wine was the 2001 Lascombes. This was much darker and fuller than the 2003 Chevalier. This is a bold wine and very spicy. Cinnamon, vanilla, and smoky sweet tobacco dominate the palate over a background of dark berries. The obligatory cheese plate came next, paired with a nice raspberry compote. Chocolate hazelnut crunch torte finished off the meal.

Before we left, we got Dominique's opinion on the '06 vintage as a whole: "Pomerol is great. St-Emilion and Margaux are up and down: some great, some not as good. For Chateau Lascombes, the '06 technical data on the wine is more in balance than was 2005."

March 29: Meeting with Negociants

by Mike Supple

A negociant in Bordeaux is usually a firm that has long established business with several Chateaux. When the wines are released, the each Chateau sells its wine through a courtier to one or more negociants, who then in turn sell it to the retail market (or to importers into various countries). Using this method, the Chateaux hope to attain maximum global exposure for their wines while only having to work with a few select individuals. Very few Chateaux - especially among the classified growths - do business outside of this negociant structure. Thus in order to get a maximum allocation of any particular wine (for example Chateau Latour), it is in the best interest of an importer/retailer to do business with several negociants. The entire process is much more complicated and convoluted, but that is the 60 second version.

Today we met with a few major negociants in Bordeaux to discuss business opportunities as well as their thoughts on the 2006 vintage. Due to confidentiality agreements between various negociants, I will not be listing the names of the actual firms, nor the individuals with whom we met. Instead I will use pseudonyms while recapping any particular stories from negociant meetings.

Early this morning we met with 'Gilles' of the largest negociant house in Bordeaux. Gilles made an interesting point that I had never considered: when the wines are being transported from the various Chateaux to the warehouse of the negociant, (particularly in famous vintages and from top Chateaux) the negociant has to hire couriers whom they trust not to disappear with their wines. When it comes time to move the 2005 vintage, the cost is going to be higher because more security measures will be taken. For this vintage, Gilles is going to use the same courier service he has used in the past, but he is paying to install GPS tracking systems on the trucks so alarms will go off if the truck leaves a specific pre-determined route. This is not due to lack of faith in the driver, but rather as a method of recovering the truck as quickly as possible in the event that one is hijacked.

We did ask Gilles his thoughts on where pricing would sit for the 2006 vintage, as well as when the en primeur (futures) prices were likely to be announced making the wines available for purchase to the public. While it is up the the individual Chateau to decide when to release their pricing, many of them do discuss timing with each other, and base their pricing off of their neighbors' decisions. This year, it is unlikely that the prices will be released before the end of April, as everyone is anxiously awaiting the release of Robert Parker's notes and ratings.

Following the release of Parker's scores, the French will be holding an election for President, and there are some days of government holiday. For these reasons, it is unlikely that en primeur pricing will be released before May 8. Once it begins, Gilles feels the prices for the 2006 vintage will be released slowly, and this will help set the standards for a successful vintage (from a negociant and Chateau standpoint). In his opinion, it would be best layed out as follows. The first Chateaux to release pricing will be known wineries who sell good wines at reasonable prices (20-50 Euros). These wines will be good values from a relative standpoint, so they will sell and the 2006 market will begin. Then the cheaper (yet still known) Chateaux in the 10 Euro price range will release en primeur and the bargain seekers will join the race, increasing the demand for the 2006 vintage and helping build a strong reputation for it. This could lead to a problem though, because this early perceived success of the 2006 vintage could cause the "super second" growths to come out at artificially high prices, and the rest would go from there.

The better scenario for the retailers and end consumers would be for the en primeur pricing to be released very quickly, within about a one week timespan. In the negociant viewpoint, this is very dangerous. If everybody releases at once, then the Chateaux and negociants have no market activity to base the pricing on. Hence the end consumers often get a much better deal before prices can react to demand and go up. In a slower trickle release, neighbors and Chateaux of equal quality and fame can release one after the other, adjusting their pricing to the market response, thus making for a more successful (read "lucrative" for the negociants and Chateaux) en primeur campaign.

The next negociant, 'Laurent', first took us to taste at Chateau Beychevelle. Notes and photos from that visit will follow. During the meeting after Beychevelle, Laurent offered us glasses of Champagne. I am always intrigued by the choices the French make when it comes to Champagne, because I assume (and usually rightly so) that they drink more champagne than I do and have a broader range from which to choose. This afternoon's selection was the Louis Roederer NV Brut Premier; a classic wine with great acidity and mouthfeel, as well as a nice balance between fruit and toast.

Laurent has already had the opportunity to taste through most of the 2006 vintage, and his thoughts are as follows: "2006 is nothing like the 2004. [Which is a comparison some critics had hinted at before tasting the wines.] 2006 does not have the exuberance or exoticism of '00, '03 or '05, but it is arguably the best classical vintage of Bordeaux in 15 years." He further mentioned that while the wines will not receive the same critical acclaim as the '05 vintage, the '06 vintage as a whole had many similar characteristics as the '05 going in to September, and these are balanced, incredibly well made wines.

When it comes to pricing, Laurent thinks the '06 first growths will be 50% of the '05 pricing. The rest of the wines will be between '04 and '05 pricing, but closer to '05.

We will be bringing our opinion on the vintage to you as we taste more and are able to get a more comprehensive feel.

Traveling to France

Shaun and Mike make their journey from San Francisco to Los Angeles to Paris to Bordeaux.

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March 27-28: Traveling to Bordeaux

by Mike Supple

The marathon day is nearly coming to an end. Three hours from now we will be waking up to start our first day of 2006 tasting. But before I hit the sack, I want to give a little recap of how we got here.

Of course we did our due diligence and checked our flight status before we left for the airport. We got to Oakland, checked our bags, and headed for the terminal. After sitting for about ten minutes, a representative from Southwest informed us that our flight to LA had been canceled. Since the LAX to France flight was booked on a different airline (Air France), Southwest had no responsibility to get us to LA in time to catch our flight. Fortunately we got squeezed on to another flight shortly thereafter, and landed with about an hour to get our bags, check in, and get on the plane.

Security was light-ish (always pick the line that has the fewest strollers in it) and we had a few minutes to spare in the Business Lounge. After a few moments of rest and a light snack of Heineken, baby carrots and cheese (quite the spread in that lounge), we all got herded onto the shuttle that drove us halfway back to Oakland to meet the Air France Boeing 777 on the airstrip.
Once aboard, we played for several minutes with all of the controls: fully reclining seat (see the video), personal LED reading light, and in armrest TV. I couldn't get my TV to pop out of the armrest, which vexed me quite a bit. After pushing, pulling, prodding, punching and pleading, I asked the skinny Spanish flight attendant to help me out. She deftly leaned over, and put all 60 lbs into pushing on the screen...and it jumped out of the armrest immediately. I have since decided that brute force is overrated, and I will avoid it for the rest of the trip.

One of the movie options was the recent Ridley Scott film (starring Russell Crowe) "A Good Year". The movie is about a British investment broker who inherits his uncle's run down Chateau and vineyards in Provence, and how he comes to terms with his new laid back life-style. There are some gorgeous vineyard scenes, and a few clever witticisms contrasting French and American wine making techniques.

After a dinner of some dried beef, salmon, and steak paired with not very interesting nor offensive wines - 2004 Antonin Rodet Mercurey Chateau de Chamirey and 2001 Jean Goyon Cotes de Castillon Chateau de l'Estang - it was sleep the rest of the flight.

We arrived in Paris, and amazingly enough our bags had been checked through all the way to Bordeaux. A brief stamp of the passport, and we were in the business lounge catching up on some e-mails and video editing. We breakfasted (9:00 AM our time, 6:00 PM France time) on some pre-packaged sandwiches, and worked while our flight got delayed.

Once on the plane, we were warned about the dangers of smoking onboard: "For safety reasons smoking is absolutely forbidden in the toilet." I figure if somebody needs a smoke badly enough to actually crawl into the toilet, they are probably not too worried about any other safety hazards involved. Or maybe there was just something lost in translation?

One thing of note: on this smaller Boeing plane to Bordeaux, the seatbelts in the middle seat of each row are all red, while the rest of them are all blue. I suppose this is for ease of the person flying, to ensure the correct belt tab is being inserted into the right buckle. I don't recall ever seeing a small detail like this on an American airline. Could this be a sign of the French attention to detail that makes their vineyards thrive so well? Maybe I'm just reaching...

2006 Bordeaux Preview (Schedule)

The following is our preliminary schedule, so look for notes to come on the various wines each day. More specific details (especially on the wines we are tasting with the various negociants) to follow!

Tuesday, March 27
6:30 PM - Leave San Franciso, CA

Wednesday, March 28
10:35 PM - Arrive in Bordeaux

Thursday, March 29
8:00 AM - 11:00 AM - Negociant Meeting
11:30 AM - 3:00 PM - Tasting and lunch at Chateau Lascombes
3:00 PM - 4:00 PM - Beychevelle
4:00 PM - 5:30 PM - Negociant Meeting
5:30 PM - 8:30 PM - Negociant Meeting
8:30 PM - Dinner with Laurent and Coco of Brane-Cantenac

Friday, March 30
8:30 AM - 11:15 AM - Negociant Meeting
11:15 AM - 1:30 PM - Pavie with Gerard Perse
1:30 PM - 5:30 PM - Reignac with Yves Vatelot
5:30 PM - 8:00 PM - Negociant Meeting
8:00 PM - Dinner at Guiraud

Saturday, March 31
9:00 AM - 10:30 AM - Clos l'Eglise with Helene Garcin and Dr. Alain Raynaud
10:30 AM - 12:30 PM - Chateau le Gay with Jean-Christophe Meyrou
12:30 PM - 6:30 PM - Switch hotels, prepare for UGC events
7:00 PM - Dinner with Dr. Alain Raynaud and Helene Garcin

Sunday, April 1
9:30 AM - 12:30 PM - Negociant Meeting
1:00 PM - 7:30 PM - Super Tasting at Negociant
7:00 PM - 10:00 PM - Dinner with Negociant

Monday, April 2
7:30 AM - 12:00 PM - First Growths tasting at the Chateaux
12:00 PM - 1:30 PM - Lunch at Ducru Beaucaillou
1:30 PM - 7:00 PM - Additional First Growths and Second Growths
7:00 PM - Dinner at Negociant

Tuesday, April 3
8:45 AM - 10:15 AM - Pichon Lalande
10:15 AM - 11:30 AM - Leoville Las Cases
11:30 AM - 1:15 PM - UGC at Chateau Giscours (tasting Margaux)
1:15 PM - 3:00 PM - UGC at Malartic-Lagraviere (tasting Graves and Pessac Leognan)
3:00 PM - 4:30 PM - Moueix Tasting (entire portfolio, including Petrus)
4:30 PM - 6:30 PM - Derenencourt and Thunevin
6:30 PM - 9:30 PM - Dinner at Haut Brion

Wednesday, April 4
8:00 AM - 10:00 AM - UGC at Beauregard (tasting Pomerol)
10:00 AM - 12:00 PM - UGC at Larmande (tasting St-Emilion)
12:00 PM - 2:30 PM - Circle du Rive Doite 2005 Tasting (at Grand barrail Chateau and Resort)
3:30 PM - 4:30 PM - Cheval Blanc
4:30 PM - 5:00 PM - Pavie
5:00 PM - 6:00 PM - Ausone
6:00 PM - Dinner at Hotel Plaisance with Gerard Perse

Thursday, April 5
9:00 AM - 12:00 PM - En Primeur tasting at Maison Joanne
12:00 PM - 1:00 PM - Lunch TBD
1:00 PM - 3:00 PM - Pibran
3:00 PM - 5:00 PM - UGC at Talbot (tasting St-Julien, Pauillac, St-Estephe)
5:00 PM - 7:00 PM - Gruaud Larose
7:00 PM - Dinner at Lagrange St-Julien

Friday, April 6
Back to California

2006/2005: Should We Buy? Part 2

by Mike Supple

"With the continuing rise of Bordeaux prices, should I still be buying 2005 futures, will I be better off waiting until they are actually released, or should I skip this vintage all together?"
-Dave G.

Here is an update on '05 - so far the prices we are seeing ex-chateau are at best the same as their original offering, but in most cases, they are higher. We have not come across any wines from the 2005 vintage where the Chateau has decided the prices are too high and have decided to drop them. The blame for this rise in prices is often put on the weakening US dollar vs. the Euro. This is in fact, not true. While the US dollar is not very strong compared to the Euro, the exchange rate is practically the same right now as it was when the 2005 futures were initially released ($1.00 US buys approximately 0.75 Euros today vs. $1.00 US bought 0.78 Euros in July 2006). A reality of the situation is that wholesalers across the country have raised their prices on average about 10% since the initial release, except for the first growths (and a few other top names) where the average increase has been more in the neighborhood of 20-30%. Retailers in return have been forced to raise their prices accordingly.

If you are looking for a specific area to focus on in 2005, our general impression from the wines we tasted last April was that the focus should be on St-Emilion and Margaux. While I have yet to taste any of these wines again to confirm this, other critics have recently confirmed that the 2005s are still showing the best in these two regions.

On to the more pertinent issue of should you buy. Is a 2005 Bordeaux worth paying for? If you like to drink outstanding wines of the highest quality, then my answer is an emphatic 'yes'. For the 2005 vintage, many of the top Chateaux have produced wines that are being scored in the 95+ range from all of the major critics. To see if these wines are really worth the prices being asked, this all must be looked at from a relative value standpoint.

I still buy (after choking at the price) my Harlan and Colgin, so the question I'm forced to ask myself is, "If I'm willing to pay $200-$1400 (or more) for an American 'first growth', why shouldn't I pay the same (or less!) for wines from a world famous Chateau? Yes, the California Cults may have a production that is a fraction of the size, but the French wines also have a much larger worldwide demand. And let us not forget that these French wines being produced at the 10,000+ case level at quality that is at the very least equal to that of the top California wines (I will leave the debate of Bordeaux vs. Napa for another time). It can be argued that since the Napa wineries are much smaller the wine makers are able to pay much more attention to detail, but the wine makers in France have been doing this for hundreds of years, and have probably picked up a trick or two in their time.

As I mentioned in a previous post, among the top 150 or so Chateaux in France the quality of wine has risen dramatically in the last few years, especially in vintages that in the past would have been quite a bit worse. While many contributing factors go in to this, it is undeniable that at least some of it can be attributed to the same breakthroughs in winemaking technology and ideas that the American cult wineries are using. And on the more encouraging side, due to the production levels, if you want to buy a Bordeaux first growth, chances are you can. How long do you have to be on a waiting list to buy a bottle of Screaming Eagle?

We move through a lot of Bordeaux of many vintages every week, and try to maintain as wide an inventory as possible, but the reality is that we rarely have stock on the first growths. They invariably come in and go out almost immediately: right now Bordeaux is a hot market. People everywhere are in to drinking and collecting great wines, and this stands true for top Bordeaux. Yes prices may be high, but if it is wine of world class quality with worldwide recognition that you seek, the quality you get for your dollar from Bordeaux is incomparable.

So should you still be considering buying '05 futures right now? Buy what you want to buy, but for my money, the relative value still cannot be beat.

What is the UGC?

by Mike Supple

"Sounds great, but what is the UGC?" -Laura G.

The Union des Grands Crus de Bordeaux (or UGC) is an organization of 131 highly selective crus (classified and non-classified) including the noblest names of the Gironde, the Medoc, Graves, Pessac Leognan, Sauternes, Barsac, Saint Emilion and Pomerol. Among other things, a major goal of the UGC is to "develop and employ tastings in France and abroad to make significant contributions to the notoriety and the image of the Great Vintages of Bordeaux."

Each year they hold tastings for a week in Bordeaux. A Chateau in each of the aforementioned regions opens its doors and allows members of different parts of the trade to come in and try the barrel samples of the most recent vintage from the other 131 members of the UGC. This is a helpful step in allowing people like us determine what futures we are going to purchase and offer for sale.

All pretenses aside, it is one of the largest social gatherings in the world for the wine industry.

2005 Mouton Artist

by Mike Supple

"Who is the artist for the 2005 Mouton label?" -Mike C.

This has not yet been announced, but we will update you as soon as we hear!

For those of you who do not know, in 1945 Baron Philippe Rothschild had the idea of putting original art from famous artists on the top of his label. A different artist has graced the Mouton bottle every year since then with the exception of 4 vintages:

1953 - label celebrated the 100th anniversary of the initial purchase of the Mouton property

1977 - the vintage was dedicated to the Queen of England who stayed at Chateau Mouton that year

2000 - the label is an enamelled reproduction of the gold-encrusted Augsburg Ram by Jakob Schenauer, the emblem of Mouton

2003 - a photograph of Baron Nathaniel de Rothschild, celebrating the 150th anniversary of the purchase of the property


Two other vintages have had two labels used for the same year:

1978 - Montreal artist Jean-Paul Riopelle submitted two designs which Baron Philippe de Rothschild like so much he split the production and used both designs.

1993 - The original artwork, a nude reclining nymphet painted by French artist Balthus, was deemed a bit too scandalous for the American market by the Bureau of Alcohol, Tobacco and Firearms. A second blank label was created to put on all of the bottles destined for the United States.

2006/2005: Should We Buy? Part 1

by Mike Supple

I have received e-mails from many of you asking essentially the same question that follows, so I feel it deserves to be answered.

"Are '06 futures worth buying at all? From what I have been reading, unless the prices come down measurably, there will be great resistance, especially in the USA. If that is the case, I wonder if one should make exceptions for futures buying of such things as Petrus, Le Pin, Ausone and maybe Latour. I guess the question comes down to...are some wines always worth collecting?"
-Richard H.

That really is the big question. My immediate short answer is: I don't know yet. I definitely agree with your thoughts on resistance in the US market. Another possibility is that the release of 2006 at high rices could drive the sales of existing futures inventory in the US market by making those prices look better as a relative value. This is the same effect the 2005 release price had on all older vintages of Bordeaux still in retail possession, especially the 1990s vintages. That being said, the proof is always in the glass. Yes, the prices will undoubtedly be high, but seeing how prices of Bordeaux seem to climb every day, even if the 2006 prices are high, will they be worth it, and will they provide the same return that previous vintages have? If the quality is there, then my gut reaction is that there will be demand, especially for the wines you mentioned specifically.

Of course whether or not the quality is there for the 2006 vintage remains to be seen, but preliminary reports tend to intimate that the vintage is going to be quite a bit better than many had guessed early on in the season. The top Chateaux (about 150 of them is the number Robert Parker is suggesting) are all increasing the quality of their wines dramatically every year. They are being more selective, choosing to drop more fruit, improving wine making techniques and technology, and putting more of the juice in their second labels and less into the first labels. The result is that even in what would be viewed as classically worse vintages, these wines are still stunning. This is a huge difference in the wines being made today than, say, those of the 1970s and 1980s.

I think I can safely come out and say that for most of use the pricing of the 2006 vintage will be disappointing. With all the hype surrounding the 2005 vintage, we expected prices to be high, but we never expected them to be what they actually came out at. I think the same thing will happen with 2006: the prices will be lower than 2005, but not nearly as low as people are hoping. The marketplace has totally changed, and the American consumers are no longer the powerhouse that drives the sales of Bordeaux. Emerging markets in Asia, Eastern Europe and South America represent a huge new force of buying power, and a key factor is that they are incredibly label driven - this forces the prices up on the top estates no matter what the quality is for the vintage. What this unfortunately means for everyone is that regardless of the pricing of the 2006s, there are people with stronger currencies and/or stronger desires for these top wines that will keep the prices high.

All that aside, when it comes to the great wines, even if you don’t get involved in the futures campaign, 750ml bottles will always be available (albeit at very high prices). However, knowing that you collect large format bottles, I feel it is important to mention that large format bottles are not nearly as popular in Europe as they are here in the US, and consequently production of large formats is lower than we would hope. Most of the Chateaux that I have been to only produce the large formats after they receive orders for them. This means that large format bottles will only be produced based on the demand from futures orders. This, I feel, lends itself to the reality that yes: some wines are always worth collecting.

About me: Who is Mike Supple?

On the surface, a BA in French Studies from a small university seems largely useless. Until I ended up on a small vineyard in St-Emilion with shears in my hands racing an impending storm, I would have agreed. While the link between studying French literature at the Sorbonne getting my hands dirty in St-Emilion limestone and sand might not be immediately clear, it is the path of education that led me there and my continued interest in studying the why of it all that keeps me going. Although I have been in various aspects of the wine industry (restaurant, retail, import and wholesale), and I had been exposed to great wines long before that harvest in Bordeaux, it was that one adventure that cemented my love for wine.

For me drinking wine is about enjoying what is in the bottle to the fullest extent, and that starts with the history. Knowing where a wine came from, who had their hands in the making of it and what the future might hold all adds a dimension. Of course how the wine smells and tastes in the end is by far the most important factor, but other influences such as food pairing and the company sharing the wine matter too. Drinking wine should be fun, and for me food and friends contribute to that greatly. When I drink wine I am searching for the ultimate experience in the moment.

Another key factor for me – that often gets raised eyebrows or scoffs – is the glassware. People can argue the merits of shape all they want; for me, it makes a big difference. I never wash my glasses with soap either. Lead crystal is porous, and if soap seeps in once every wine thereafter will be forever tainted. Hot water, steam, and a lint free cloth do the trick. It is the little details that really bring out the true cork dork (wine geek, wine snob; take your pick, we’ve heard them all). Why bother? When I open a bottle I don’t care about what score some critic gave it; beginning with the first swirl of the glass, I care about what I am getting from the wine, because I am drinking for me.

I began making notes when I drank wine as a reference method for myself. With so many wines from all over the world, I wanted to be able to better understand what it was that intrigued me about wine, and why I enjoyed certain wines more than others. Whether in a formal dégustation or at home with friends, I still make notes for myself on every wine I taste. If my notes can help me pick a great wine the next time I am looking for something new then it is all worthwhile.

On that note, my 1998 Deutz Blanc de Blancs should be just about at the right temperature now, so it is time to put away the computer and indulge in some elegant, rich, honeyed bubbles.

Bordeaux 2006: More Questions Than Answers...So Far

by Mike Supple

Find a flight, book a hotel, rent a car, call the Chateaux, plan the itinerary, re-do the itinerary, book the lunches, book the dinners, make the trip. Get up at 5:30, taste 200 or more wines by 10:00 PM, go back to the hotel, brush teeth, brush teeth, brush teeth, blog all night long, get in the shower at 5:30 AM…repeat for two weeks. You may not want to do it, but you want to know everything about it. Let us be your boarding pass to Bordeaux this year.

The time has come once again to make the journey across land and sea to taste the best (and worst?) of what Bordeaux has to offer. Shaun Bishop and I will be in Bordeaux from March 28 – April 6 to attend the annual Union des Grands Crus de Bordeaux where we will get to taste through as many of the young 2006 wines as possible while at the same time attempting to answer all the many questions surrounding the vintage.

How was the 2006 season, and does the vintage really have the quality and power it is portended to have?

Will the prices of the 2006 match the 2005 or continue to rise?

Assuming no drop in price, will the high prices of the ’06 vintage do nothing more than drive the sales of the remaining ’05 inventory?

Are we better off buying whatever ‘05s we can get before the next price jump, or will the ’06 futures provide the better value for the dollar?

Are the 2004s shaping up as they should, and how has the extra year of age on the 2005s affected the wines?

Can I get my allocation of Lafite, Latour and Margaux?!? (And can I get my neighbor’s allocation too?)

As we travel, taste, spit, meet, wine, dine and blog, we will attempt to answer all of these questions as well as any more you may have. At the end of each day in Bordeaux, we will be updating this blog with the particular tidbits we pick up as well as updating and uploading tasting notes, places visited, and any various anecdotes inspired by 12+ hours of tasting young Bordeaux. That being said, please SUBMIT ANY QUESTIONS YOU HAVE. We will be happy to take on all inquiries Bordeaux and wine related. We will post your questions online along with whatever responses we are able to supply; after all, the goal of all of this is to get the information back into the hands of our customers so you can make the best informed decisions about your wine purchases. I am also happy to entertain specific tasting requests and be sure that I keep my eyes (and mouth) open for particular wines that may be of more interest than others. I said it once, but I’ll say it again: submit any questions you have! Feel free to contact me directly, day or night in any time zone: mike.supple@winecommune.com.

Adding something new to the mix this year, we are going to be filming many of our various exploits in an effort to bring the UGC Stateside, and to uncover a little more of the mystery of who is behind many of these famous wines, what really goes on in the vineyards of Bordeaux, and how the process of the futures campaign all begins.

The third time is always the charm: let us know what it is you are dying to find out about the 2006 vintage! mike.supple@winecommune.com

We are looking forward to bringing you the best of what UGC 2006 has to offer. Check back often! As for me, I need to get back to my glass of the overlooked and terribly underappreciated 1998 Virginie de Valandraud. Can you smell the chocolate and candied cherries?