Liv-ex Fine Wine Market Blog

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.

Spotlight on...Brane Cantenac

Owner: Henri Lurton
Appellation: Margaux
Vineyard area: 90 hectares
Standard blend: 65% Cabernet Sauvignon, 30% Merlot, 5% Cabernet Franc
Production: 360,000 bottles p/a
Second wine: Baron de Brane

History

Originally known as Chateau Gorce, Brane Cantenac was one of 18th and 19th centuries’ most venerated Medoc estates. During the Gorce family’s 100-year tenure, spanning roughly 1735 to 1833, the wines are said to have fetched prices similar to those for Brane Mouton – the precursor to First Growth Mouton Rothschild.

Locally famed Baron Hector de Brane – nicknamed the Napoleon des Vignes – sold Brane Mouton to purchase Chateau Gorce in 1833. (This was likely a reflection of the estate’s burgeoning renown.) Shortly thereafter, he renamed the estate Brane Cantenac. Having already earned Second Growth status in various 19th century classifications, including Andre Simon’s in 1800, Brane Cantenac’s place amongst the Dieuxiemes Crus was cemented in 1855.

Quality and prestige declined in the late 19th and early 20th centuries following the onset of phylloxera, oidium and war. The estate was bought by the Societe des Grands Crus de France in 1919, but six years later the company was dissolved and the winery was sold to Leonce Recapet and his son-in-law, Francois Lurton. Since then, Brane Cantenac has remained in Lurton hands and is currently owned by Henri Lurton.

The 2010 vintage

The 2010 vintage received mixed reviews from the critics. While Jancis Robinson called the vintage “awkward” (17), James Suckling eulogised it as “balanced and polished….very elegant” (91-92). James Molesworth of the Wine Spectator awarded the wine 90-93 points, describing it as, “A fresh, floral style, with violet and rose aromas followed by a mix of vibrant red currant and blackberry fruit.”

Having come to market at around £575 per case, prices have edged down slightly since June and the wine is currently offered on the exchange at £540 per case.

Market trends

Like its Second Growth neighbours, Brane Cantenac has seen strong price appreciation since the start of the year. Physical vintages from 2000 onwards have outpaced the broader fine wine market, increasing in price by an average of 17 per cent. Cheaper vintages have posted the most impressive returns, with the 2004 in particular rising in value by more than 40 per cent. Despite the wines’ recent success, they continue to offer respite from the cumbersome prices that accompany some of their higher-profile peers.

It is worth noting that Brane Cantenac is not only one of the most affordable Second Growths on the market – with vintages 2000-2010 available at a mean price of £400 per case – it is also the most affordable entry point to Parker’s Magical 20. The group’s 2009s currently average £1,300 per case, so at £540 – less than half of the price – Brane Cantenac 2009 appears to offer exceptional value for money. 

Prices for 12x75cl cases stored in bond. Image courtesy of Winecellarinsider.com.

Spotlight on... Lafleur

 
 
Owner: Sylvie and Jacques Guinaudeau
Appellation: Pomerol
Vineyard area: 4.5 hectares
Standard blend: 50% Merlot, 50% Cabernet Franc
Production: 12,000 bottles p/a
Second wine: Pensees de Lafleur

History

Located near Petrus on "Le Plateau Argileux", Lafleur’s greatest vintages challenge those of its illustrious neighbour. The micro-estate was established in 1872, when Henri Greloud (the owner of Chateau Le Gay) purchased a small parcel of vines from a monsieur Bernier. André Robin acquired the property in 1915 and can be credited with the estate’s enduring ethos: “Qualité passe quantité” (quality surpasses quantity).

In 1946, management of the winery fell to André’s daughters, Thérèse and Marie Robin. Together, the reclusive sisters produced prodigious wines for several decades. But after Therese’s death in 1984, Jacques and Sylvie Guinaudeau (Henri Greloud’s great, great grandchildren) rented the vineyard from Marie. They eventually acquired full ownership of the property in 2001.

2010 vintage

An atypical blend of 62 per cent Cabernet Franc and the rest Merlot, the 2010 vintage received strong reviews from the major critics. James Molesworth of the Wine Spectator called it “super silky and refined” (95-98), whilst Ian d’Agata of Stephen Tanzer’s International Wine Cellar awarded it 96 points and described it as having “the finest, most polished tannins of all in 2010”.

Market Trends

Even the most influential critics have claimed that Lafleur is, at times, more compelling than Petrus. With this in mind, we thought it would be interesting to compare the prices and scores of top wines from both estates.

As you can see from the table below, recent vintages of Lafleur have received high praise from the Wine Spectator. In fact, those from 2000 onwards have scored an average of 94.6 points – one point shy of Petrus’ average.  Despite their similar scores, the last 12 months have actually seen the price gap between the labels widen. 

 
Prices are for 6x75cl cases stored in bond. Scores from Winespectator.com.

In September 2010, Petrus was changing hands at three times the price of Lafleur (on average). One year on, this ratio has increased to 3.6:1. Whilst Petrus continues to find favour with traders, post-millennial vintages of Lafleur have failed to sustain any real price growth and the majority remain well below their 2008 highs. A six pack of the chateau's 100-point 2005, for example, is now more than £10,000 cheaper than its Petrus equivalent.

Numerous vintages of Lafleur are currently offered on Liv-ex at discount prices. Trading members can view live markets here.

(Image courtesy of Thewinecellarinsider.com)

Spotlight on...Salon Mesnil

 

Owner: Laurent-Perrier
Average annual production: 50,000 bottles per vintage
Blend: 100% Chardonnay

History

One of the world’s best-known Blanc de Blancs, Salon Mesnil was conceived in 1911 by a wealthy gastronomist and Champenois, Eugene-Aime Salon. Production was initially for his own amusement, but in 1921 Eugene was persuaded to produce his first commercially available vintage.

Salon’s death in 1943 saw the baton pass to his niece and thereafter, in 1988, to the Laurent-Perrier Group. Today, Salon is the only Champagne house to produce vintage Blanc de Blancs exclusively. Grapes are sourced from the village of Mesnil along the Cote de Blancs, including the house's own vineyard, the Jardin de Salon. To date, less than 40 vintages have been produced. And with an average production of no more than 60,000 bottles per vintage, the ultra-exclusive cuvee is one of the region’s most expensive exports.

The 1997 vintage

Though the ’96 is admittedly a difficult act to follow, the 1997 vintage of Salon Mesnil did not receive the same sparkling scores as its predecessor. The wine was awarded 91 points from the Wine Spectator and 93 points by Josh Raynolds of Stephen Tanzer’s International Wine Cellar. Nonetheless, at just 60 per cent of the price of the 1996 (volumes of which are beginning to dwindle) the 1997 may be a judicious buy.

Market Trends

Recent vintages of Salon Mesnil have made strong progress this year. The 1995, 1996 and 1997 have all outperformed the Liv-ex Champagne 25 Index in the year to date, led by the 1996, which has posted a 40 per cent price rise. As a result, the wine is now considerably more expensive than surrounding years and is trading at upwards of £3,000 per 12x75cl case. The 1995 (£2,400 per case) and the 1997 (£1,860) have also upped the pace - though not with the same urgency - and have increased in price by 14 per cent and seven per cent respectively. Both look well priced next to the 1999, which has yet to hit the secondary market, but is available from selected merchants at £250 per bottle.  

The chart below compares the price performance of Salon Mesnil 1995, 1996 and 1997 to that of the Liv-ex Champagne 25 Index.

 

Spotlight on...Vieux Chateau Certan

  

Owner: Alexandre Thienpont
Appellation: Pomerol
Vineyard area: 14 hectares
Production: 60,000 bottles p/a
Standard blend: 75% Merlot, 17% Cabernet Franc and 8% Cabernet Sauvignon
Second wine: Gravette de Certan

History

Vieux Chateau Certan, as its name suggests, is one of Pomerol's oldest and most exalted estates, having produced wine since at least the mid 1740s. On the Belleyme Map, published in 1785, the property was listed as "Sertan" and was owned by the Demays, a family of established Bordeaux negociants. A century later, ownership passed to a banker, Charles de Bousquet, who sold it to George Thienpont in 1924.

Though Thienpont may initially have been more enamoured with his first love, Troplong Mondot, he was forced to relinquish it for financial reasons. He and his son Leon then turned their full attention to Vieux Chateau Certan. Their energy and investment in the estate was reflected in the renewed profundity of the wines. And though the tide went out in the 1970s and '80s, quailty levels have risen again in recent times under the auspices of Leon's son, Alexandre.

The 2010 vintage

The latest offering from Vieux Chateau Certan is 86 per cent Merlot, eight per cent Cabernet Franc and six per cent Cabernet Sauvignon. Despite heady alcohol levels (14.5 per cent), the wine achieved both praise and perfection, with James Suckling awarding it 100 points and comparing it to the "legendary 1947 or 1945". Jancis Robinson and James Molesworth (of the Wine Spectator) admired the 2010's brawn and balance and assigned it 18.5 and 96-99 points respectively, with the latter dubbing it "one of the stars of the appellation".

With the critics firmly on its side, Vieux Chateau Certan sits comfortably amongst the top wines of 2010. According to the Liv-ex Total Score - the mean average score of all of the critics surveyed - the label is the sixth most highly ranked wine of the vintage. 

Though the wine went down well with the critics, opening prices were more difficult to swallow. The 2010 was released at €180 per bottle ex-negociant, 15 per cent higher than the 2009. Shortly after its release, the vintage traded on Liv-ex at £2,000 per case, making it more expensive (on the secondary market) than any other recent vintage. And though it traded once more at £2,175 per case, low volumes indicate that the chateau is pushing the very limit of what the market is prepared to pay.

Market trends

Like Petrus and Cheval Blanc, Vieux Chateau Certan seems to be going places. Since the start of the year, vintages 1999-2008 have increased in value by an average of more than 15 per cent. High-scoring years have seen some of the most rapid price acceleration, with the 2000 rising in value by 42 per cent year to date and the 2005 posting returns of 25 per cent. Still, the majority of physical vintages remain significantly cheaper than those in barrel.

The chart below shows the Wine Spectator scores and current prices of the last ten physical vintages, along with those for the 2009 and the 2010. With the 2000 (WS 95) now trading at £1,600 per case, the 2001 (WS 94) looks remarkably cheap at £940, as does the 2004 (WS 94) at £780. Liv-ex trading members can view live markets here.

 

Scores from Winespectator.com, Jamessuckling.com and Jancisrobinson.com.

Image courtesy of Thewinecellarinsider.com.

Spotlight on... Durfort Vivens

 
 
Owner: The Lurton family
Appellation: Margaux
Vineyard area: 32 hectares
Standard blend: 70% Cabernet Sauvignon, 26% Merlot and 4% Cabernet Franc
Other wines: Segond de Durfort, Relais de Durfort and Vivens Rouge

History

An estate of mediaeval descent, Durfort Vivens owes its name to its former proprietors. From the 12th to the early 19th century, the vines were owned by the influential Durfort dynasty - a family of dukes, earls and marshals of France. By the late 1700s, Durfort (as it was originally known) was one of Margaux’s most distinguished exports, with Thomas Jefferson claiming that it was rivalled only by Lafite, Latour and Durfort’s immediate neighbour, Chateau Margaux.

The Viscount of Vivens bought the estate in 1824 and appended his name to the chateau label. With his backing, Durfort Vivens’ reputation continued to flourish, so much so that the 1844 vintage is said to have commanded some of the highest prices in all of Margaux. Unsurprisingly, then, the estate was classified as a Second Growth in 1855, along with five other Margaux properties.

The 20th century brought with it a period of upheaval and decline, as ownership drifted between several businesses. In 1937, however, the company behind Chateau Margaux (owned largely by the Lurton family) purchased the property. Lucien Lurton took the reins in 1961 and was succeeded by his son Gonzague in 1992.

The 2010 vintage

The 2010 is arguably the chateau’s most superlative effort of the past decade. Both James Suckling and James Molesworth (of the Wine Spectator) awarded the wine strong scores of 91-92 points and 90-93 points respectively.

Having earned the approval of the critics, the latest offering was released at a 30 per cent premium to ’09 opening prices (€31.8 p/b ex-negociant vs. €24.5 p/b) – a reflection, perhaps, of the estate’s renewed confidence in its status as a Second Growth.
 
Market Trends

Like the majority of Margaux’s Crus Classes, Durfort Vivens no longer commands the same level of demand as it did in its heyday. In fact, it is currently the cheapest Second Growth on the market, along with Rauzan Gassies.  As a result, it was demoted to Fifth-Growth status in the 2011 edition of the Liv-ex Classification (which recreated the 1855 Classification by ranking chateaux based purely on priced). 

Given Asia’s taste for Left-Bank Classed Growths, the Second Growth clearly offers some interesting buying opportunities to those who favour brand power over Parker score. What’s more, the general broadening of the market that we have seen since late last year appears to have had a positive effect on a number of recent vintages, with the ’07 and the ’08 both increasing in value by more than 60 per cent in the last six months alone. That said, top-scoring wines, such as the ’09 and the ’05, are still available at under £300 per case. And with the 2000 changing hands at the same price as the 2010 – despite its superior bottle age and similar Wine Spectator score – the vintage is certainly one to watch.

 
*Lowest current list price for in-bond stock (12x75cl)
Scores from Winespectator.com

Spotlight on... Torbreck

 
 
Owner: Pete Kight and David Powell
Average annual production: 840,000 bottles p/a
Colour: 90% red, 10% white

History

In the 17 years since its inception, Torbreck has become one of Australia’s most iconic premium wine producers – and a clear favourite of Robert Parker. The Barossa winery was founded by Adelaide-born David Powell, who named it after a forest in Scotland where he worked as a lumberjack for ten years. Powell gradually built up a supply of quality fruit by share-farming, restoring vineyards and purchasing parcels of old vines. After a promising start, however, disaster struck in 2003 when his marriage to Torbreck co-owner Christine Powell collapsed and the winery went into receivership. Powell convinced business tycoon Jack Cowell to purchase the company, though he retained a minority stake as well as his position as managing director. In 2008, he partnered with Pete Kight of California’s Dry Creek and bought back the business.

The winery currently produces 17 wines from classic Rhone varieties – including its most recent addition, “The Laird”.  Among its most famous exports is Run Rig Shiraz, which was one of six wines to be promoted to the top-tier “Exceptional” category in the 2010 release of Langton’s Classification of Australian Wine V. The wine was the listing's most ambitious climber, having moved up two tiers in a single sitting.

The 2007 vintage

2007 was a good but unprofound vintage for Torbreck. Les Amis was not released and both The Factor and Descendent received relatively weak scores in comparison with previous years. Nonetheless, the winery’s flagship Run Rig Shiraz failed to disappoint and achieved 98 points from Lisa Perrotti-Brown of the Wine Advocate – “rich, ripe but not over-ripe fruit with a taut structure of firm grainy tannins and crisp acid, finishing very long with a gamey / savory character”.

Market Trends

Though Torbreck’s exclusive The Laird 2005 is claimed to be Australia’s most expensive new release (£2,400 per six pack), the majority of the winery’s production offers relatively strong value for money. Even Run Rig seems strikingly cheap next to Penfolds Grange – another Exceptional Australian red.

If we compare the prices of the last five vintages of Grange with the corresponding vintages of Run Rig, the latter is an average of 37 per cent cheaper, despite an average score of 99 points from the Wine Advocate, as opposed to 97 for Grange. Those on the lookout for value may be interested in Run Rig 2005, which is available at £620 per 6x75cl case (WA 98+). The chart below tracks the current prices and WA scores of Penfolds Grange and Torbreck Run Rig for vintages 2001 to 2005.

 
 
Whilst £1,000 and more (per six pack) has become the benchmark price for recent vintages of Grange, many high-scoring Torbreck wines are trading at under £100 per bottle. A closer look at the wines reveals that The Factor and Descendent deliver the best value on a price-per-points basis. The 2005 vintage of The Factor and the 2004 vintage of Descendent can both be picked up for around £350 per 6x75cl case (each) and boast Wine Advocate scores of 97 and 98 points respectively. Trading members of Liv-ex can view live markets here.

Spotlight on... Krug

 
History

Krug is one of the world’s most iconic champagne houses. The house was founded in 1843 by German-born Johann Josef Krug - a former partner at Jacquesson who relinquished his position in order to settle in Reims and set up his own company. The generations of Krugs that followed saw the family name evolve into a prestigious global brand.

For more than 150 years the business was family owned (a detail that had become an integral part of its image and appeal). In 1999, however, it joined the portfolio of luxury goods conglomerate LVMH, though the family continues to run the house with a degree of autonomy.

Produced under the direction of Chef de Cave Eric Lebel, Krug’s wines include a (NV) Grand Cuvée, a (NV) rosé, a vintage and two single-vineyard cuvées - Clos du Mesnil and Clos d'Ambonnay. Unusually, the house terms its Grand Cuvée “multi vintage” rather than “non vintage”, as it is composed of a relatively high percentage of mature vintage wines. Whilst some are decidedly sceptical about the use of this term, the wine’s prices  - and scores  - often keep pace with those of prestige cuvées.

The 1998 vintage

Having retasted Krug 1998 in December last year, Antonio Galloni claims that the offering “isn’t the most complex Krug Vintage”, though it is a “gorgeous wine for near-term drinking”  - 94 points.  The same vintage of Clos du Mesnil, however, received rave reviews. Galloni judged the Krug a 96-pointer, calling it “a remarkably taut, focused bottle… with great energy and minerality”.  His sentiments echo those of Neal Martin, who awarded the wine 98 points in 2008.

Market trends

After experiencing rapid price growth between 2006 and 2008, the past two years have seen champagne prices rise at a more sedate pace. This is no doubt due in part to the Asian market’s current taste for top Bordeaux - and Chinese buyers’ conspicuous indifference to vintage champagne. As a result, the Liv-ex 25 Champagne Index has risen by just 7% over the past year, whilst top vintages of Krug are up around 5%.

 

Though the brand as a whole has made rather slow progress, older vintages of Krug have fared relatively well since December 09, with the 1989 and the 1988 rising in value by 23% and 17% respectively.

The table below shows the market prices of the last six vintages of Krug, alongside their scores from Antonio Galloni. The 1989 stands out as particularly good value for money at £2,300 per case, whilst those with a hankering for something special may want to consider the ‘95 (£1,250 p/b) and ’96 (£1,125 p/b) vintages of Krug’s Clos d'Ambonnay - both of which are currently available on the exchange.

 
*Burghound

Scores from erobertparker.com.

Spotlight on... Domaine de William Fevre

 

Owner: Henriot Champagne
Classification: Grand Cru, Premier Cru and generic Chablis
Vineyard area: 47 hectares
Colour: white
Standard blend: 100% Chardonnay

History

Though Chablis’ viticultural past is rooted in mediaeval times, the onset of phylloxera in 1887 devastated the region’s vineyards and stifled development for several decades. In the second half of the 20th century, however, William Fevre was among the many producers who set up new estates and restored the region’s winemaking prowess.

Fevre, the son of a vigneron, founded the Domaine de la Maladiere (later renamed William Fevre) and brought in his first harvest in 1959. As well as outspokenly opposing the extension of the appellation's boundaries, Fevre was well known locally for the part he played in the crusade to prevent the New World (and the US in particular) from using “Chablis” as a generic term for dry, white wines.

During his tenure, the domaine became the largest owner of Grand Cru vineyard sites and the wines sold well internationally. Still, the estate’s liberal use of oak did not find favour in all quarters. But with the founder’s departure from Burgundy in 1998 (in order to undertake a new venture in Chile), the domaine was sold to Henriot Champagne, the owner of Bouchard Pere et Fils, and subsequent vintages were produced in a more elegant style.

Under the new regime, no more than one percent of the wine may be put into new oak barrels. As a result, the top-tier wines have become increasingly popular amongst critics and enthusiasts, though, encouragingly, prices remain relatively affordable.

At present, Domaine de William Fevre extends across 47 hectares, encompassing 12 hectares of Premier Cru vineyards and 15 hectares of Grand Cru. Winemaking is directed by Didier Séguier and 17 “principle” Premier Crus are produced, along with eight Grand Crus (including the Clos des Bouguerots cuvee).

The 2009 vintage

In his August assessment of the 09 vintage, Stephen Tanzer of the International Wine Cellar wrote that a warm, dry growing season had produced rich, fruity wines “that will offer considerable early appeal.”

In total, 13 Fevre wines (both Premier Cru and Grand Cru) were awarded more than 90 points, led by Les Clos, which scored 92-95 points, and Bougros Cote Bouguerots – 92-94.

Tanzer describes Les Clos 09 as “Pure crushed rock and flinty minerality on the nose. As dry and youthful as this is, it still conveys the essentially gentle style of the vintage.”

Market trends

Since Henriot Champagne took over the running of the estate more than a decade ago, quality, and scores, have risen steadily. But despite the wines’ critical acclaim, many Fevres continue to represent exceptional value for money.

At present, the benchmark price for the Grand Crus is around £400 per 12x75cl case; however, numerous high-scoring vintages are trading below this level. Bougros Bouguerots 2006 (IWC 94), for example, is currently offered on the exchange at £330 per case, whilst Vaudesir 2004 is changing hands at just £365 per case, despite its 94-point score from Allen Meadows of the Burghound. Preuses 2007 boasts 94 points from Tanzer and 95 points from Meadows – “a wine of crystalline purity that is pure silk and class” and also seems a steal at just £310 per case. For those with less to spend, Vaillons (a Premier Cru) is available at £170 per 12x75cl case – the equivalent of £14 per bottle.

The table below shows a selection of well-priced Grand and Premier Crus. With many of the below representing excellent value and drinking beautifully now, they would appear good options for those on the lookout for wines for the Christmas table. The majority of the wines are currently offered on the exchange - trading members of Liv-ex can view the live markets here.  

  

All prices for 12x75cl cases stored in bond. Scores from wineaccess.com and Burghound.com.

Spotlight on... Ornellaia

Profile

Owner: Frescobaldi family
Classification: Bolgheri DOC Superiore
Vineyard area: 76 hectares
Average annual production: 140,000 bottles p/a
Colour: Red
Standard blend: 60% Cabernet Sauvignon, 25% Merlot, 12% Cabernet Franc and 3% Petit Verdot
Other wines: Masseto (35,000 bottles p/a)

History

Ornellaia is one of the greatest Super Tuscan wines and the the main wine of Tenuta dell’Ornellaia, a famed wine estate in Bolgheri, Tuscany. Super Tuscans as a group originated several decades ago when Italian wine producers in Chianti rebelled against official mandates restricting wine production to native grape varieties, such as Sangiovese. For decades the wayward blends were classified as “Vino da Tavola” (table wines), until their superior quality and prestige was officially recognised in 1994 and they were granted their own category – Bolgheri DOC.

Riding the tide of viticultural revolution, Ornellaia dates back to 1981, when the first of its vineyards was founded by Marquis Ludovico Antinori. Antinori sought to distinguish himself by producing a Bordeaux-style masterpiece, as also cultivated by some of his Italian contemporaries, including his cousin Nicolo Incisa – the owner of neighbouring Sassicaia. 

The earliest wines were reserved for family consumption and the first commercially released Ornellaia vintage was only produced in 1985. But after developing the estate for ten years and receiving various accolades for his efforts, Antinori sold minority ownership to Robert Mondavi Winery. By 2002, Antinori had left to pursue another project and Mondavi had full ownership of the estate. A 50-percent stake was then sold to the Frescobaldi family and in 2005 they became the estate’s sole proprietors.

Today Ornellaia is known as one of the world’s finest and most expensive Super Tuscans. It enjoys international demand and the top offerings fetch upwards of £1,000 per case. An even more exclusive (and expensive) Super Tuscan, Massetto, is also made at the estate.

Ornellaia 2007

Recent Ornellaia vintages have been awarded consistently high scores from the Wine Advocate, scoring an average of 94 points between 2000 and 2007. 

The most recent vintage, 2007, is composed of 55% Cabernet Sauvignon, 25% Merlot, 15% Cabernet Franc and 5% Petit Verdot. Its alcohol content is listed as 15%.
 
2007 received 92-95 points from Antonio Galloni, who describes the wine as “gorgeous” and “surprisingly approachable”. He continues: “A finessed, sumptuous wine, this explosive Ornellaia offers tons of perfumed, layered fruit in an irresistible, sexy style.”

The vintage falls short of the previous vintage’s “sheer profoundness”, but, according to Galloni, “looks to be a very promising vintage to drink while the 2006s age in the cellar”.

The Wine Spectator is also a fan of the estate, having awarded  five of the last ten vintages scores of 95 points or above. 

Market Trends: Ornellaia vs. Sassicaia

The market rivalry (and family history) between Ornellaia and its neighbour Sassicaia makes the pair an interesting comparison. Historically, Ornellaia and Sassicaia have been well matched in terms of quality and price, with the last ten vintages scoring an average of 94 and 93 points, respectively, from the Wine Spectator. 

Up until a year ago, Ornellaia, which is produced in slightly lower volumes (11,000 cases as opposed to 16,000), tended to be more expensive than its sibling. Interestingly, however, the last year has seen prices equalise (Sassiciaia has even edged ahead). Whilst Ornellaia has seen its price remain relatively flat over the last year, Sassicaia is up 21% on average. 

The baseline for both wines now appears to be about £1,000, with only a handful of vintages yet to break through.

Both Super Tuscans appear to be solid purchases in almost all recent vintages. They are both well managed, and loved by critics and collectors alike. If anything, Ornellaia is now the better buy - it consistently scores a point or two higher and looks ripe for a significant price uplift after a period of stagnation. Volumes on the market have also dropped, suggesting available stock continues to be snapped up. 

 
All prices are in GBP for 12x75cl cases stored in bond. Where only 6x75cl prices can be found, the prices are converted. All scored from www.winespectator.com.