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March 2010 Fine Wine Market Update

Another month, another rise in the Liv-ex 100. February saw robust trading conditions that resulted in a further 3% rise in the industry benchmark index, driven once again by the top growths and strong demand in the Far East. The index has now gone through the 250 barrier and closes in on the all time high of 262.71.

 

 

What to buy today?

In the Médoc, demand is spreading with rises being seen for lesser classed growths rather than just the famous five. Demand on the right bank is also growing, while top growths in Burgundy and Italy are also strengthening. However, the top chateau are clearly still the market leaders but despite these price surges, finding ‘value’ is still possible. With that in mind, we have highlighted a selection of wines that are particularly well priced versus their peers.

 

Our Highlights

Château Lafleur

Lafleur is one of the rarest wines of Bordeaux, with only 1000 cases produced on average from an exceptional vineyard next door to Pétrus. One of the most long-lived and most revered wines of Bordeaux, great vintages such as the 1982 rank amongst the all-time greats but as so often, it is in the lesser years that great vineyards like these prove their worth and Lafleur has been one of the most consistent wines in the region over the past 10 or so vintages.

Château Lafleur 2001

£1600 per case 6

The 2001 Lafleur is evolving and very expressive vibrant nose of blackberry, raspberry, wet stones, violets and fresh pine. It soars from the glass (especially noticeable compared to the more straight-laced 2002.) The palate is full-bodied, very harmonious with beautiful smooth tannins, a really sensuous Lafleur that is still so primal and tightly wound. Superb delineation on the finish, great length, biding its time. Wonderful. Drink 2018-2050. Tasted September 2008. 96 points, Neal Martin, eRobertParker.com

 

Château Mouton Rothschild

It must have been difficult for the Mouton branch of the Rothschild family to see the runaway success of their cousins at Lafite over recent months but some of the reflective glow is starting to move the price of Mouton too. Young vintages in particular look well priced by comparison. With the 2000 (97pts) now trading around £7000, we think the 05 and 06 are worth a look.

Château Mouton Rothschild 2005

£4900 per 12

The 2005 Mouton Rothschild will have to take a back seat to the prodigious 2006, but administrator Philippe Dalhuin deserves considerable credit for pushing Mouton to higher quality levels over recent years. A blend of 85% Cabernet Sauvignon and the rest mostly Merlot, the dark purple-hued 2005 exhibits a restrained but promising nose of cedar, tobacco leaf, creme de cassis, and toasty oak. Full-bodied, tannic, and extremely backward, with the vintage’s tell-tale acidity, it appears to be even more closed in the bottle than it was from barrel. It does possess a long finish and multilayered mouthfeel. This is an undeniably outstanding, yet restrained, shy wine for a Mouton Rothschild. Anticipated maturity: 2018-2040. 96 points, Robert Parker, eRobertParker.com April 2008

Château Mouton Rothschild 2006

£4350 per 12

A sensational effort…This utterly profound Mouton will need to sleep for 15+ years before it will reveal any secondary nuances, but it is a packed and stacked first-growth Pauillac of enormous potential. Anticipated maturity: 2020-2060+. 98+points, Robert Parker, eRobertParker.com February 2009

 

Château Margaux

It’s hard not to fall in love with Margaux but even this great château has been struggling to live with Lafite. While form is temporary, class is permanent and Margaux has it in abundance. For drinking now, there can be few better 1st growths pound for pound than the 1999 while for the long-term, the 2005 has all the hallmarks of a blue-blooded chip.

Château Margaux 1999

£2500 per 12

The sexy, dark plum/purple-colored 1999 Margaux is already revealing complex aromatics. This surprisingly charming and round offering is reminiscent of a vintage such as 1985. Although neither a blockbuster nor a heavyweight, it grows in the mouth revealing tremendous length as well as purity. Administrator Paul Pontallier prefers it to the more austere 1998, as do I. This is an archetypical Chateau Margaux of richness, finesse, balance, and symmetry. It can be drunk young, but promises to age nicely for two decades. Extrapolating backwards, it would probably have something in common with the underrated 1962 Medocs. 94 points, Robert Parker, eRobertParker.com April 2002

Château Margaux 2005

£7200 per 12 OR Buy 2 case of more for £6950 per case

Another celestial effort from Paul Pontallier and Corinne Mentzelopoulus…Beautiful purity, length, and nobility define this modern day classic. Is it better than the 2000, 1996, 1990, or some of the vintages from the decade of the eighties? Who knows, but it is unquestionably one of the all-time great wines made at Chateau Margaux. This estate has produced only exceptional wines over the last three decades. The seamlessness of the 2005 suggests it will perform well early, but it should last for a half century or more. Anticipated maturity: 2013-2050+. 98+ points, Robert Parker, eRobertParker.com, April 2008