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.  

  

Spotlight on... Cantemerle

 

Profile

Owner: Groupe SMABTP
Classification: Fifth Growth
Vineyard area: 87 hectares
Average annual production: 300 000 bottles p/a
Colour: Red
Standard blend: 35% Cabernet Sauvignon, 40% Merlot, 23% Cabernet Franc and 2% Petit Verdot
Other wines: Les Allées de Cantemerle (150 000 bottles p/a)

History

Chateau Cantemerle’s history extends well into the Middle Ages, when the original chateau formed part of the fortifications defending the Medoc. And though viticulture did not become an integral part of life at Cantemerle until the 16th century, wine was produced from at least 1354, when one of the earliest-known lords paid off a debt with a “tonneau of clairet”. In 1579 the estate was purchased by Jean de Villeneuve – ushering in a more focused era of wine production. But whilst the Villeneuve-Durfort family is widely credited with advancing viticulture in the Medoc region, their three-hundred-year reign was not without its fair share of scandal.

In the mid-seventeenth century, Louis de Villeneuve – then Lord of Cantemerle – was excommunicated “for having caused a great scandal in the church of Macau” after he kidnapped the sister of Lord of Gironville and beat her publicly during a church service.  Further controversy followed in the 1800s when the Villeneuve-Durforts entered into a now-famous legal battle with their neighbour, Pierre Chadeuil, who had begun to use the Cantemerle name to promote his wines. After winning all rights to the name, Caroline Villeneuve-Durfort used the dossier collated during the court case (including selling prices) to ensure Cantemerle’s last-minute inclusion in the 1855 classification. (Early documents confirm that the chateau narrowly escaped being left out all together, thanks to her efforts.)

Between 1879 and 1887 the vineyards endured an exhausting battle against phylloxera and downy mildew, after which the Villeneuve-Durforts sold the chateau to the Dubos family. Unfortunately, chronic financial problems (as well as family quarrels) impeded any real development, and the estate was sold to the Groupe SMABTP in 1981.

Since then, the new management has undertaken extensive rebuilding and replanting work. And after something of a slump in the ‘70s and ‘80s, Cantemerle’s last ten vintages have reaffirmed its well-earned place among the cinquieme crus.

Cantemerle 2009 and 2010

The 2009 and 2010 have been Cantemerle’s highest-scoring vintages of the last two decades. James Suckling awarded 93-94 points to the 2010 and 95 points to the 2009, effusing that the latter wine was the “best ever” vintage of Cantemerle. The World of Fine Wine panel recently described the chateau as making “some of the most exciting wines on the entire Left Bank these days”.  

Moreover, despite Cantemerle’s rising quality the prices have remained at extraordinarily reasonable levels. With a market price of less than £250 per12x75, both the 2009 and 2010 look underrated – particularly in comparison with other Fifth Growths. On a price-over-points basis (POP – please see the explanations below the charts) Cantemerle offers the best value out of the Fifth Growths for its 2009, and the third best value for its 2010 – and the best for a wine with 94 points.

All prices are in GBP and are for 12x75cl cases. Scores are from www.jamessuckling.com. Where a score was unavailable, * denotes that the score from www.winespectator.com/ was used instead.

POP

A wine’s POP score is its price-over-points ratio, our loose measure of value. It is calculated by dividing the price of a nine-litre case of wine by a shortened 20-point score. We have calculated this 20-point score by simply subtracting 80 from the official rating from James Suckling (for barrel-score spreads we use the mid-point of the score), on the basis that any wine under 80 points is unlikely to attract a secondary market. In theory, the lower the POP score the better value a wine is. 

Spotlight on... Pape Clement

 

Owner: Bernard Magrez and Leo Montagne 
Vineyard area: 60 hectares 
Average annual production: 7,000 cases (Pape Clement rouge) and 350 cases (Pape Clement blanc) 
Colour: Red
Vineyards: 57 hectares planted with 60% Cabernet Sauvignon, 40% Merlot. 3 hectares planted with 45% Sauvignon Blanc, 45% Semillon, 10% Muscadelle. 
Other wines: Le Clémentin du Pape Clément and Le Prélat du Pape Clément

LWIN 1013690

Chateau Pape Clement, located in Pessac, is one of the oldest estates in the region: it produced its 700^th wine in 2006. It is named after Pope Clement V, who received the vineyard and surrounding property – then known as La Mothe – as a gift in 1299. This was when he was still Bertrand de Goth, Archbishop of Bordeaux; he managed the vineyard even after being promoted to Pope in 1305. In 1309 the demand of his papal duties was too great for him to sustain the vineyard, and he passed it to Arnaud de Cantelou, his successor as Archbishop of Bordeaux.

The vineyard remained in the possession of the Church until the end of the eighteenth century. During the Revolution it was confiscated and fell into the public domain. It was during this next period that the wine became a more commercial enterprise, especially after the negociant Jean-Baptiste Clerc acquired the estate in 1858. He expanded the vineyard and established the quality of Pape Clement, with the wine winning awards from various agricultural societies.

After Clerc’s death in 1880 the vineyard passed through various owners. Castellations and ramparts were added to the chateau by Cinto, another negociant. But by 1939 the estate was dilapidated, and the vineyard had been devastated by hail two years previously. At this point it was bought by Paul Montagne, who restored the estate and employed the late Émile Peynaud as oenologist. On Montagne’s death the estate was passed to his son Leo, who retains a small share in the property today. The majority is owned by his son-in-law Bernard Magrez, who also owns estates in St Emilion, Haut-Medoc and Sauternes. Michel Rolland acts as advisor on Pape Clement and Magrez’s other estates – the pair have been working together for over two decades.

Pape Clement 2010

In Liv-ex’s interview with Robert Parker last year the critic praised Magrez’s influence on Pape Clement, describing the wine as being “undrinkable” in the mid-1970s but one of today’s “great estates”. Certainly his score for Pape Clement 2010 would attest to this: it was one of his ten perfect wines of the vintage. 

Since the release of Parker’s scores on March 1^st, there has been steady trade on Liv-ex for Pape Clement 2010.  As shown above, its price has rocketed, rising 50% since the end of December. Nevertheless, it remains one of the most affordable 100 point wines on the market. 

Spotlight on... Clinet

Profile

Owner: Laborde family 
Vineyard area: 11.27 hectares  
Average annual production: 55,000 bottles
Colour: Red
Vineyards are planted with 85% Merlot, 12% Cabernet Sauvignon and 3% Cabernet Franc.
Other wines: Fleur de Clinet

LWIN: 1008225 

The fortunes of Château Clinet have been mixed. In the 19^th century the estate flourished under the ownership of the Arnaud family (who also owned Petrus), but its prosperity waned after being sold in the 1860s to the Constant family, and then soon sold again. Failing to find a long-term proprietor, the estate passed through a succession of owners and the wines declined in quality.

In the 1900s the estate was bought by the Audy family, who were to hold onto the chateau for the next 91 years. Nevertheless its fate didn’t begin to turn until the 1980s, when it fell under the management of Jean-Michael Arcaute, who was then married to Clinet’s owner Anne-Marie Audy.  He restructured the vineyards, planting a high proportion of Merlot; previously, 25% of the vineyards had been Cabernet Sauvignon. Harvesting by machine was replaced with harvesting by hand, and a second wine (Fleur de Clinet – originally named Domaine du Casse) was introduced. Arcaute’s influence on Clinet was clearly a success: the 1989 release was considered by Robert Parker to be one of the best of the vintage, and remains one of Clinet’s most accomplished wines yet.

Arcaute stayed on as administrator when the GAN Insurance Group acquired a share of Clinet in 1991, but in 1998 the property was purchased by Jean-Louis Laborde, whose son, Ronan, runs it today. The vinification cellar underground was refitted and expanded in 2004, and the cellar has thermally regulated wooden vats as well as temperature and dampness control. Vineyard work is done using horses rather than tractors in places, to protect the soil and the vines.

Clinet 2010

Since its outstanding 1989 vintage, Clinet has received good but not exceptional scores. Looking at scores from Jean-Marc Quarin and James Suckling (the one in the chart below is an average of the two), the majority of wines from 2000-2007 received less than 90 points. Yet in the last few years Clinet’s quality appears to be rising: the 2008, 2009 and 2010 have been more highly regarded than many of their predecessors.   

The 2009 was deemed by many to be on par with the 1989, and received a perfect score from Parker. As such it has a price up to five times that of its earlier wines. With Parker about to release his 2010 scores, the value of this vintage is very much in the spotlight. Both Quarin and Suckling scored the 2010 more than the 2009, and have recently upgraded their scores from the En Primeur tastings in 2011 (Jancis Robinson MW also upgraded hers). Suckling was particularly effusive, awarding Clinet 2010 97 points and assuring that while the wine is ‘gorgeous’ now, in six years time its ‘great quality’ should really be evident.

With Clinet 2010 currently at under £1,000 per 12x75 – less than half the price of the 2009 – there would seem much to play for. 

 

* Scores taken from www.quarin.com and www.jamessuckling.com (average shown here)

Spotlight on... Screaming Eagle

History

Screaming Eagle’s (LWIN 1122792) current vineyards in Oakville, California were bought by former real-estate manager Jean Phillips in 1986, although the grapes – a mixture of varieties – were originally sold to other Napa Valley wineries. Wanting to make her own wine, Phillips sought the opinion of Robert Mondavi Winery employees, and subsequently hired Richard Peterson as a consultant, and then Peterson's daughter, Heidi Peterson Barrett, as her winemaker.    

Phillips bottled the first Screaming Eagle by hand in 1992, releasing it in 1995. It was critically much acclaimed, and the very low production numbers drew further attention to the wine. Its small quantities (around 500 – 750 cases a year) and high prices have seen it become one of the most famed wines of Napa Valley.  Over the years, Phillips has replaced the white grapes in the 19-hectare vineyard with red Bordeaux varieties, and it is now planted with Cabernet Sauvignon, Merlot, Cabernet Franc, Petite Verdot and a small amount of Sauvignon Blanc. 

In 2006 the estate was sold to Charles Banks and business entrepreneur Stan Kroenke, who since 2009 has been the sole proprietor. The vineyards are managed by David Abreu Vineyard Management. The current winemaker is Nick Gislason and the Oenologist is Marc Gagnon, with Michel Rolland as consultant Oenologist.

Screaming Eagle in the Liv-ex Power 100

2012 was the seventh year that Liv-ex (in collaboration with the Drinks Business) produced the Liv-ex Power 100, a list of the most ‘powerful’ brands in the business, with criteria being trade on Liv-ex, price per case, price performance, critic score and production. Screaming Eagle was the highest new entrant, coming in at seventh place. With the average price for its wines around £16,500 per 12x75, only Petrus ranked as more expensive. Screaming Eagle was one of several non-Bordeaux brands – including Guigal and Sassicaia – that rose up the list in 2012, as buyers turned to top wines from other regions. General Manager of the winery Armand de Maigret has stated that the wine is no longer seen as a cult, but “a grand cru – a Napa first growth.”

The below table breaks down Screaming Eagle's performance in the Liv-ex Power 100. The weighted production figure has been worked out by multiplying average price by average production.

Spotlight on... Taittinger Comtes

History

The Chardonnay and Pinot Noir vineyards of Taittinger were first planted in the 18^th Century, developed by a Benedictine monk who was one of the founding fathers of champagne. The estate was bought by the Taittingers in 1932. They were a family of wine merchants, and from 1945-1960 Francois Taittinger established the cellars in the Abbey of Saint-Nicaise. After Francois’ death in 1960 his brother Claude took over and directed the business until 2005, establishing the brand’s prestige, and in recent years his nephew Pierre-Emmanuel has helped to further increase its success.

The Taittinger group was sold in July 2005 by the Taittinger family to the U.S. hotel group Starwood Capital. Several in the profession were concerned by the idea of foreign investors who didn’t understand the culture of Champagne, and it was just a year later that Pierre-Emmanuel Taittinger bought back the business with the support of the Northeast Regional Bank of the Credit Agricole.

Composed of 100% Chardonnay, Taittinger Comtes de Champagne (LWIN 1083057) is the flagship brand, and was first produced in 1952. Since then, only 30 vintages have been released: the 2002 is its most recent, and appears to be attracting a growing following. 

Taittinger Comtes 2002

The 2002 was released in summer 2012 and began steadily trading on Liv-ex. It has accounted for much of Champagne’s sales over the summer months, when fizz is already in high demand. Last week Jancis Robinson awarded the wine 18/20, declaring it ‘very fine and filigree.’

The effect of the new 2002 release on Taittinger trades is evident. Looking at the year to date compared with the same period last year, both the volume and value of trades has increased considerably. The number of 6x75cl trades (taken from the sum of all bottles traded) has risen from 11 in 2011 to 351 in 2012.

While there have also been trades in the 1995 and 2000 vintages, the 2002 has accounted for 98% of total Taittinger Comtes trades this year by value.  It is currently trading on Liv-ex for £360 per 6x75cl.

Champagne’s total share of market trade has been higher than average in 2012, with the region seeing a two and a half year high of 4.4% in June 2012. With Dom Perignon and Louis Roederer’s flagship brands seeing fewer trades this year than in 2011, it is clear that it is Taittinger leading the charge.  

Spotlight on... Sassicaia

Profile

Owner: Tenuta San Guido 
Classification: DOC Bolgheri
Vineyard area: 75 hectares (covering all three wines produced)
Average annual production: 180,000 bottles
Colour: Red
Vineyards are planted with 85% Cabernet Sauvignon and 15% Cabernet Franc.
Other wines: Guidalberto and Le Difese

LWIN: 1102037

 

History

Sassicaia means stony terrain, from the Italian word sasso (stone). The wine’s history began when Mario Incisa della Rocchetta - whose great-grandfather Leopoldo was an avid collector of vines - married the heiress to the Tenuta San Guido estate in Bolgheri. After they had settled in Bolgheri he planted a vineyard with Cabernet Sauvignon, having first experimented with a variety of vine cuttings.

The wine itself was first produced in 1948, but at first it was for family consumption only. In 1965 Incisa della Rocchetta planted two more vineyards of Cabernet Sauvignon and Cabernet Franc, and this expansion led to the commercialisation of Sassicaia. Its first vintage was released in 1968, to a purportedly positive reception. In the following years there were additions to the production such as temperature controlled rooms, steel vats and French oak barriques.

Nevertheless, because of the use of a ‘Bordeaux blend’ of grapes, Sassicaia was considered a table wine for many decades. Along with a group of other wines – including Ornellaia, Tignanello and Solaia – that broke away from DOC restrictions (one of which was the stipulation that Chianti could be composed of no more than 70% Sangiovese) it became recognised as a high quality non-DOC wine: a Super Tuscan. In 1994 the Italian government acknowledged the superior quality of Sasicaia and granted it its own appellation, Bolgheri Sassicaia DOC.

The rivalry between Sassicaia and Ornellaia is well known. Ornellaia is produced by Lodovico Antinori, the cousin of Nicola Incisa (who has managed the Sassicaia estate since his father Mario Incisa della Rocchetta died in 1983). Ornellaia’s vineyards are adjacent to Sassicaia’s, and the wine uses the same Bordeaux blend of grapes. It wasn’t produced until 1985, and Sassicaia was long considered to be the better wine. In recent years this has shifted to see Ornellaia increase more in price, but since the start of the year both wines have seen successful trade on Liv-ex, although in the last month it is Ornellaia 2009 that is most catching buyers’ attentions. 

Super Sassicaia

Sassicaia was considered the most Super of the Tuscans, until Ornellaia began to outperform it. Nevertheless, Sassicaia has still managed to stay strong during the market’s downturn, with seven out of its last ten vintages seeing positive price movements over the last year, and three of them tipping the £1,400 mark.

As seen in the chart below, the 2008 vintage (scored 94 by Wine Spectator) has seen the greatest price change, moving up 17.6% since August 2011. The 2000 (WS 93), 2005 (WS 94) and 2006 (WS 94) vintages have also increased in value by in excess than 5%. Only the 2002 (which scored 87 on Wine Spectator, the lowest of all the vintages below) is currently trading for under £1,000 per 12x75 case. 

Tuscans triumph

Italian wines accounted for 3.8% of all Liv-ex trades in July 2012, a striking increase on the 0.7% for the same period last year. As we discussed in the July Market Report, the Super Tuscans have far outperformed the Liv-ex 50 over the last five years, seeing an average return of 76% (compared to 26%). 

Sassicaia’s success is clear when the average price movement for its last ten vintages year-on-year is compared to that of the First Growths. It has seen a rise of 3.5%; a striking achievement when compared to the First Growths, which are seeing more than 30% losses over the past twelve months. Nevertheless, it still sits behind Ornellaia and the wine of the moment, DRC. 

Spotlight on... Clos Fourtet

Profile

Owner: Cuvelier Family 
Classification: St.-Emilion Premier Grand Cru Classé B
Vineyard area:19 hectares
Average annual production: 5,000 cases of the Grand vin Clos Fourtet, 2,500 cases of the second wine Closerie de Fourtet
Colour: Red
Vineyards are planted with Merlot 85%, Cabernet Franc 5%, Cabernet Sauvignon 10%
Other wines: Closerie de Fourtet

L-WIN: 1008339

History

Originating from a defensive fort in the Middle Ages, Clos Fourtet is one of St Emilion’s few walled vineyards, or clos. The chateau was built by the Rulleau family, over limestone quarries that have come to serve as cellars for barrels and bottles. Its military origins were denoted by its name, Camfourtet (loosely translating as Camp Fourtet), which was changed by the Rulleaus in 1868 to Clos Fourtet.

In 1919 the estate was purchased by the Ginestet family, but sold in 1949 to raise money for their purchase of Chateau Margaux. The Lurton family were the new proprietors, and they set about improving the wine by making several changes to its production. They reduced the quantity of Cabernet Sauvignon in the vineyard to make way for the more suitable Merlot, which fared better on the damp clay and limestone soils, and the chai was supplied with stainless steel fermentation tanks.

The Lurton family sold the estate in 2001 to Philippe Cuvelier, a businessman who had made his fortune in stationery prior to his involvement in the wine industry. Cuvelier made significant investments in the vineyard. Today he runs it with the help of estate manager Tony Ballu and winemaker Daniel Alard, both of whom stayed on after the change in ownership. The oenolgist Stéphane Derenoncourt is also there as consultant.

Clos Fourtet 2009

The 2009 vintage has been famously classed a 100 point ‘perfect’ wine. Currently trading on Liv-ex for less than £1,400 per 12x75cl case, it offers value for money against many of the other equally scored 2009s, such as Montrose and Ducru Beaucaillou, which are trading for £500 more, and Pavie and L’Evangile, which are trading for around £900 more.

The wine was well-received by critics across the board. Describing the wine as ‘luscious... open and beguiling,’ Jancis Robinson’s most recent score was 18.5. James Suckling was equally complimentary, awarding it 94: ‘Full bodied, with a beautiful velvety texture and a juicy and delicious finish.’

First of the 500

In our July Market Report we surveyed the performance of the Bordeaux 500 since the beginning of 2012, examining the percentage gains or losses they had made over that time period. Clos Fourtet was at the pinnacle of the list, showing an increase in value of more than 14%.

The survey was conducted before the changes to the Bordeaux 500 were made (which saw the 1999s make way for the 2009s) and therefore the wines featured were from 1999-2008. Achieving the top position without the aid of its perfect vintage suggests that the 2009 has added gravitas to Clos Fourtet’s earlier wines.

The chart below shows the change in value since the start of the year for each of the estate’s last twelve vintages. This may be a difficult period for Bordeaux, but it is striking to note that none but the 2010 – the fourth most expensive wine on the chart, and yet the most recent vintage - has experienced a loss year to date. The 2000 has risen by 67%, while the 2009 has more than doubled in value, increasing by an impressive 144%.  

 

Spotlight on... Pichon Baron

Profile

Owner: AXA-Millésimes
Classification: Deuxièmes Cru
Vineyard area: 73 hectares
Average annual production: 24,000 cases (12-13, 000 of Pichon Baron and 10-12, 000 of Tourelles)
Colour: Red
2011 blend: 82% Cabernet Sauvignon, 18% Merlot 
Other wines: Les Tourellles de Longueville

L-WIN: 1014163

History

Château Pichon Longueville-Baron was originally a farmhouse called La Baderne. The wine was brought into production in the 17^th Century by Jacques de Pichon, Baron of Longueville, and quickly gained an excellent reputation. The château today, known for its witch-hat turrets and traditional fairytale castle appearance, was built by Raoul de Pichon-Longueville in 1851, and the wine was awarded second growth quality in the 1855 classification. The estate was once whole, but split between siblings in the 19^th Century under Napoleonic laws, and divided into the properties of Pichon Longueville Baron (Pichon Baron) and Pichon-Longueville-Comtesse de Lalande (Pichon Lalande).

Bought by the Bouteillier family in 1933, the wines of Pichon Baron flourished until the death of Jean Bouteillier in 1961. His children were inexperienced in wine, and throughout the 1970s and 1980s the quality suffered.

AXA-Millésimes took over the estate in 1987, and with the appointment of Jean-Michel Cazes of Château Lynch-Bages as administrator the wines improved, consistently accruing top scores from critics.

Since Christian Seely took over the managing of the estate in 2000, Pichon Baron has continued to rise in quality. It has firmly established itself as a Super Second, and is seen by many as superior to Lalande, which has historically overshadowed it.

Pichon Baron 2011

The 2011 Pichon Baron’s Liv-ex Total Score (the mean score of critics) was 92.6, placing it in the top 15 of the Bordeaux 2011s.  The wine came to market at €72 per bottle ex-negociant, a 46% reduction on the 2010. 

James Suckling awarded the wine 92-93, describing it as having "very pretty aromas of currants and blueberries with hints of flowers. Full body with silky tannins and a fruity finish." (www.jamessuckling.com)

Beating the Bordeaux blues

Pichon Baron tends to be cheaper than its fraternal neighbour, Pichon Lalande, although in 2011 both vintages were released at exactly the same price, reflecting recent sentiment.

As shown in the index below, Pichon Baron has traditionally matched its peers, but since the end of 2010 it has outperformed its competition. In the last two years it has risen by 72.9 points, almost double that of the Left Bank 200, which charts the last ten vintages of the top twenty châteaux outside of the First Growths.  Even as the Left Bank 200 dipped further by 5.1 points to the end of May, Pichon Baron was up by 1.7, and on the rise. 

 

  

Spotlight on...Guigal

Owner: Marcel Guigal
La Landonne: 100% Syrah
La Mouline: 11% Viognier and 89% Syrah
La Turque: 7% Viognier and 93% Syrah 

History

Guigal is the Northern Rhone's leading negociant - and the force behind the Cotie Rotie's illustrious "La Las". The domaine was founded by Etienne Guigal - formerly of Vidal Fleury - in 1946. Etienne's son, Marcel, began managing the Établissements Guigal in 1961, and after four successful decades in business, the family purchased Vidal Fleury in 1984.

It was around this time that the producer's trademark cuvées found favour with the most influential of critics, Robert Parker. The domaine's single-vineyard, low-production wines - La Mouline, La Landonne and La Turque - were nicknamed the La Las and quickly became benchmarks of quality in the Cote Rotie. Their popularity injected the appellation with a salubrious dose of prestige and status, and played a large part in reviving interest in the Rhone as a leading wine-producing region. In recent years, the La Las are said to have received more perfect scores from Robert Parker than any other wines in the world. 

Since the 1980s, Guigal has purchased vineyards in numerous appellations, including Saint-Joseph, Hermitage and Crozes-Hermitage. Today, the domaine is synonymous with quality at all levels and is responsible for more than two-thirds of the Cote Rotie's production. 

The 2010 vintage

Jancis Robinson is one of the first major critics to have published scores for the 2010 vintage. Her tasting notes, which were posted only last week, suggest that the vintage is "exceptionally good" and an impressive follow-up act to the plump 2009s. Robinson awarded the La Las scores of between 18 and 18.5 points - led by La Mouline, which she dubbed "their La Tache":

"Lots of heady appeal. Long with violets and liquorice on the nose and then lots of sinew on the finish. Extremely youthful." 

Market trends

The broadening trend that we have seen this year has translated into price rises of up to 37 per cent for Guigal's trophy wines. On average, the last five physical vintages of the La Las have risen in value by eight per cent year on year (a particularly commendable figure when compared with the 18 per cent fall of the Liv-ex Claret Chip Index). If we analyse the individual performances of the three leading labels, we find that the most expensive of the group - La Landonne - has recorded the largest gains. Over the last four weeks, La Landonne has accounted for a fifth of Liv-ex trade in Rhone wines, whilst the region as a whole has generated over six per cent of monthly exchange turnover - five times that of its 2011 average.

Guigal's wines not only boast high scores, they are perceived to be low-risk options relative to their Bordeaux counterparts. And with plenty of well-priced stock available, there are bids and offers to suit all budgets. (Liv-ex trading members can view live markets here.) The table below shows the current prices, yearly moves and scores of the La Las' most recent vintages.

All prices are for 12x75cl cases stored in bond. Scores from Jancisrobinson.com.