Liv-ex Fine Wine Market Blog

Spotlight on...Eglise Clinet

 

Owner: Denis Durantou
Appellation: Pomerol
Vineyard area: six hectares
Average annual production: 18,000 bottles p/a
Standard blend: 85% Merlot, 15% Cabernet
Other wines: Petite Eglise

History

Small but significant Eglise Clinet is the progeny of Pomerol’s Clos l’Eglise and Chateau Clinet. Plots from both properties were merged in 1882 when the estates’ owners, Mauleon Rouchut and the Constant family, decided to embark on a joint venture. Initially, the wines were sold as Clos l’Eglise Clinet, but this was shortened to its present form in the mid-20th century.

By the 1940s, the estate was owned by the grandparents of current proprietor Denis Durantou. The family did not live at the chateau at the time and they made most of their money from their dairy farm in Coutras. With their energy focused on bovine and butter, the family arranged for Pierre Lasserre of Chateau Rene to manage the estate in return for a 50 per cent share of the yearly profits. This arrangement came to an end in the 1980s when Denis Durantou took the reins.

The 2012 vintage

Eglise Clinet’s reputation has gone from strength to strength. Several critics cited its 2009 and 2010 as the wine of the vintage, and the chateaux repeated this success earlier in the year when the 2012 was the only wine to receive a potential 100 point in-barrel score from Robert Parker. It received high critic scores across the board; James Suckling awarded the wine 94-95 points and described it as “top notch […] full bodied, and grows on the palate ever so steadily.”

Market Trends

Despite the market’s downturn, the most recent ten physical vintages of Eglise Clinet have performed remarkably well over the past year. On average, the wines are up by 10% since April 2012, with the high-scoring 2009 leading the way (up 45%).

As shown below, the Right Bank 100 Index has far outperformed its wider parent index, the Liv-ex Bordeaux 500, over the last five years – and Eglise Clinet has been one of the wines pushing it up.  

  

Market forces

The above chart shows the percentage difference between the London release price of the 2012s and the current market price for their cheapest vintage available. For just over a third of wines, the 2012 is the most affordable on the market. For the rest, earlier vintages can be bought for less.

Secondary market trade at or above the release price has been heavily concentrated in those chateaux that took note of current trading in back vintages, and dropped prices accordingly. This strategy has paid dividends.   

Pichon Lalande listens to the market

Pichon Lalande released today at €57.6 p/b ex-negociant – 20% less than the release price of its 2011 last year. In contrast to its fraternal neighbour Pichon Baron, this makes the 2012 the cheapest vintage available.

The wine is being offered in London at £650 per case: 10% less than the current price for its 2007, 2008 and 2011. It remains to be seen whether the 2012’s affordability leads to demand, but this is certainly the kind of pricing that En Primeur buyers will welcome.

Pichon Baron misses the mark

The pause in the 2012 releases last week did little to quell fears that this will be a ‘forgotten’ campaign; many worried that a scrum of late releases will result in wines being overlooked.  This morning the campaign resumed.  Pichon Baron was out of the blocks at €65 per bottle ex-negociant: a 10% reduction on its 2011 release price but a 51% increase on its 2008.

Consequently, the 2012 is more expensive than the current prices of several earlier Pichon Baron vintages. It is being offered in London at £710 per 12x75: dearer than the 2006 (£650) and the 2007 (£684), and almost the same price as the 2008 and 2011.

With the 2012s so far failing to rouse interest – only the Firsts and Carruades have traded in May – keen pricing is more important than ever. Pichon Baron is unlikely to provide reassurance. 

Right Bank 100 posts ninth consecutive gain

Of the component indices of the Liv-ex Bordeaux 500 Index, the Sauternes 50 gained the most in April, closing the month up 1.4%. Nevertheless, the appellation has seen the greatest loss year to date and is the only index to have declined over a five year period.

Meanwhile, the Right Bank 100 continues to strengthen.  The index has risen every month since July, with prices steadily lifting for vintages of promoted St Emilion wines Angelus and Pavie.  Even eye-watering release prices for their 2012s appear to have had a positive effect, with prices for back vintages rising to meet the level. And with critic scores highlighting Pomerol as the stand-out commune for the new vintage, Right Bank prices may well continue to outperform. 

First Growths show the way

Today Haut Brion 2012 was released at €240 per bottle ex-negociant, the same as Margaux and Mouton. It is being offered in London for £2,800 per 12x75. This makes the new wine 4% more expensive than its next more affordable recent vintage, the 2007.

As last week’s blog highlighted, it is the wines at the top end of the price spectrum that offer the most handsome reduction on the 2011s. In particular, Lafite and Margaux 2012 – as shown in the chart below – are significantly cheaper than their next most affordable vintage. 

It is early days for Haut Brion 2012: it is yet to trade.  Meanwhile Lafite, Margaux and Mouton have accounted for 84% of all Bordeaux 2012 trade on Liv-ex to date. In a campaign where price is everything, the Firsts are leading the way.  

Liv-ex 100 falls 1.3% in April

For the first time since November the Liv-ex 100 closed the month with a loss. Falling 1.3%, it closed April on 276.26, while the Liv-ex 50 dropped 1.3%, to 318.57.  

Although Bordeaux 2012 release prices have come down on the levels of 2011, the market is so far unimpressed. While a handful wines have traded on the secondary market, many consider Bordeaux too expensive, and have reacted by selling high value wines from exceptional vintages.

Meanwhile off-vintage Bordeaux found the bid, and feature in April’s top movers alongside acclaimed champagne brands.  Interestingly, Palmer 2005 rose on the back of the 2012 release which came out in London at a staggering £1,700.

波尔多2012：一切在于价格

下图比较了2012年和2011年现价的下跌程度（灰色的异常上升是由於柏菲庄Pavie, 金钟庄Angelus 和宝马庄Palmer的升价所致）。一级酒庄 - 在图表的右侧 - 作出了最大的降價，使他们的葡萄酒在二手市场上開展了一些初步的活动。否则, 总體而言, 波尔多2012年还未能激起市場的兴趣。

罗伯特•帕克(Robert Parker)上周五发布了他對2012年波尔多的酒評分数。波美侯(Pomerol) 的評分相当高，木桐(Mouton)得分是一级酒庄之冠，但并没有太多令人惊讶的高分。对于那些尚未公布價格的酒莊，现在价格成了一切的关键。

逆市而行：柏菲庄Pavie和金钟庄Angelus 2012

与其他波尔多2012成鲜明对比，上周柏菲庄和金钟庄公布了他们的前酒商发行价，为每瓶180欧元，都远高于其2011年的前酒商价格及许多以往年份的市场价格。

由于他们去年九月的推广，其酒庄的2012年葡萄酒已预期会较去年的昂贵。然而，不是人人都预见到这种程度的加价。在Liv-ex的期酒调查中, 会员预测(平均而言) 2012年柏菲的前酒商发行价将为每瓶120.4欧元; 这已比2011年升价了6％，而不是现时58 ％的加幅。

如下图所示，这俩酒庄的2012葡萄酒均比其2006年，2007年，2008年和2011年都更昂贵。自酒庄升级以来，柏菲庄价格平均上涨了23％，而金钟庄则上涨了25％。酒庄已发布了其最高价格的挑战。现时在Liv-ex的出价为每箱(12×75) 1,500 至1,600英镑或每瓶146至156欧元，显示买家愿意为2012支付多一点, 但其上限似乎不太可能高达现时这昂贵的发行价。

Bordeaux 2012: all about price

The chart below shows how prices have dropped for the 2012 vintage against current 2011 prices  (the anomaly in grey is due to Pavie, Angelus and Palmer). The First Growths – to the right of the table – have made the biggest effort, and they are the wines seeing tentative activity on the secondary market. Otherwise the Bordeaux 2012s have by and large failed to ignite interest.

An hour ago Robert Parker released his Bordeaux 2012 scores. Pomerol scores highly, and Mouton is the First Growth of the vintage, but there are few surprises on the upside. For those chateaux yet to release, price is now key.