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2005 Bordeaux: Hong Kong Drives Prices and an Unlikely Prince

Wine experts unanimously agree that 2005 is one of the greatest ever Bordeaux vintages. A buzz of excitement swarmed about their en primeur release, the market snapped them up with salivating greed and prices broke all records.

Two events have resulted in further significant price increases for First Growth 2005 Bordeaux. And one very recent tasting has changed the fortunes of the Juglas family, the owners of Chateaux Pedesclaux, a previously unknown fifth growth.

Reassessment of the 2005s and abolishing Hong Kong duty

In March 2007, the 2005 Bordeaux vintage was reassessed by a few critics, the predicted quality was confirmed and scores for many of the best wines were upgraded. Between March 2007 and May 2007 prices for First Growths increased. Lafite jumped from £3,800-£5,000, Haut Brion from 3,750-£5,000 and Latour from 5,350-6,500. In October 2007, Lafite was selling for £6,400. By the end of December 2007 the asking price for Lafite was £7,500.

Roll forward to 27 February 2008, the day that the Hong Kong government abolished its 40% add valorem duty on wine. Very recently the duty was a huge 80%. There is quite a bit of money kicking about in Hong Kong and a real taste for claret among the elite, particularly for Lafite. Merchants' phones started ringing immediately and prices for First Growth 2005 Bordeaux soared. On the morning of 27 February 2008, 2005 Lafite was selling for £8,200 and £8,500 by the end of that day. Yesterday Lafite was selling for £9,000.

Robert Parker, the planet's most influential wine critic, is planning to retaste 2005 Bordeaux in April 2008. Based on the success of the recent Decanter tasting (see below) it's difficult to see Parker not lavishing further praise on the vintage and prices not heading further north.

An unlikely prince: 2005 Chateaux Pedesclaux

Last Friday, Decanter held a comprehensive 2005 Bordeaux Classed Growth blind tasting. All the major Chateaux were included in the tasting with samples purchased on the market of those wines whose owners did not wish to participate. The tasting panel was comprised of Steven Spurrier, Sebastian Payne MW, Richard Bampfield MW, Hugo Rose MW and Stephen Browett of Farr Vintners.

The judges were impressed with the vintage. So impressed that 25 wines will be given a coveted "Decanter Award". Decanter's previous record for any of their blind tastings is 13 awards.

Yesterday Farr Vintners revealed that only three wines scored 18/20 or more from all 5 Decanter judges. These wines were all from Pauillac - Mouton Rothschild, Pichon Baron and Pedesclaux. Oui, oui, Pedesclaux, you and the shocked Bordeaux establishment gasp.

In 2003, Robert Parker's view of this humble Chateau less than glowing. "In short, life is too short to drink Pedesclaux", he bellowed.

Stephen Brook is far more complimentary in the Complete Bordeaux, published in 2007, noting: "Denis Jugla is still bedevilled by the wine's dreary reputation. It has improved beyond recognition, but it is difficult for him to obtain the higher prices he needs to justify and recoup the investments he has been making. The Bordeaux crisis could not have come at a worse time for Jugla, and many others like him, who have revolutionised their wines".

At 3.00pm yesterday Farr offered Pedesclaux to its customers at £180 a case or £170 for more than one case, proclaiming it the bargain of the century. By 6.00pm yesterday Farr had sold out of Pedesclaux - all 400 cases. I couldn't resist snaffling a few bottles for the cellar.

It looks like the Jugla's investments have finally paid off. No doubt Denis Jugla will be wiggling his hips and mouthing the lyrics of Tina Turner's Simply the Best next time he drives past his neighbours at Lafite and Latour. Unless Baroness Philippine de Rothschild is one of the lucky Farr Vintners' customers, perhaps Denis will be invited to share a bottle or two of Pedesclaux with the Baroness up the road at Mouton. It will be very interesting to see what Parker thinks of this wine come April.

October 1986: Mouton Rothschild, Margaux and Bon Jovi

In September 1986, I turned 14 and the Communards' Don't Leave Me This Way was top of the UK singles charts, knocking off August's number one, Chris de Burgh's Lady in Red.  This was good news for an Australian teenager struggling with de Burgh's strange pronunciation of "dance" and "romance". 

Times were less jolly in south west France.  There angry gods rained fire and brimstone on the city of Bordeaux, causing havoc in the vineyards of Graves, Pomerol and St Emilion.  Pauillac and Margaux were spared.   

Towards the middle of the October 1986, Bon Jovi released Livin' On A Prayer.  The world knocked back a swift pint, raised its hands in the air and joined JBJ in song, voicing the tragic optimism of Tommy (used to work on the docks, down on his luck) and Gina (works the diner all day, working for her man she brings home the pay) who had each other and that's a lot... for love....  Meanwhile, Chateau Mouton Rothschild and Chateau Margaux started picking their Cabernet grapes and commenced production of Bordeaux's best two wines of the vintage and possibly two of Bordeaux's best ever wines.

Fast forward about 22 years.  If, against all odds, Bon Jovi's idealistic lovers have wine habits and are still holding hands, they'd need to be livin' on much more than a prayer to buy bottles of 86 Mouton and 86 Margaux.  At the Sampler in Islington, one of the few wine shops in London where it's possible to buy old vintages of Bordeaux, one bottle of 86 Mouton will set Tommy back £580.  One bottle of the more elegant 86 Margaux will set Gina back £470.  If things are still a bit tight, Tommy and Gina could head to the Sampler and sample 25ml of the 86 Mouton for £25 and 25ml of the 86 Margaux for £20.

The 86 Mouton soars from the glass.  It looks, smells and tastes like a young wine and is only just ready to drink.  Exquisite liquid minerals, toast and smoke overlay extraordinarily pure cassis.  The finish goes on and on and you're left nosing an empty glass in blissful disbelief.  Being Americans, Tommy and Gina might be interested in knowing Parker awarded this wine 100 points and thinks it has the potential to last for 100 years.  I don't disagree.

The 86 Margaux is more subtle and less obvious than the Mouton but completely extraordinary in its own way.  Perfectly balanced violets, cassis and minerals wash about the palate and linger for an eternity.  98 Parker points for this beauty, which in his words, "should prove nearly immortal in terms of its aging potential".   

Sure, £45 is an awful lot to spend on two sips of wine.  But these are very special wines.  Wines of uncommon richness and power.  Wines that Tommy, Gina and every wine-lover should try at least once.

2007 Decanter Fine Wine Encounter

On Saturday and Sunday Marylebone's Landmark Hotel hosted the 2007 Decanter Fine Wine Encounter.  About 100 producers from France, Italy, Spain, Argentina, Chile, South Africa, the USA, Australia (only one) and New Zealand presented a few of their wines to the paying London public.  Those willing to part with 60 odd quid a pop and fortunate to book early enough also enjoyed masterclasses with the likes of Mission Haut Brion, Sassicaia, Giscours and others.

Unable to attend (or afford) any of the master-classes and feeling a little tender from a drink or two the night before, I spent a sweaty hour or so tasting mostly the Bordeaux selection.  So the few comments that follow are accordingly restricted to that neck of the woods.

First of all, boo and hiss.  None of the big boys were there.  No first growths.  Of the seconds, only Brane Cantenac, which I've never loved, turned up.  Pavie was the biggest name from the Right Bank.  Pomerol was gloriously under-represented.    

Many producers presented their 2003s and 2004s. 

Fair enough, most 2003s are nearly ready to drink, but these wines are all over the shop owing to the effect of the extreme heat in 2003.  The 2003 Brane Cantenac tasted hot, spicey and Rhoney - blind I would have been dizzy and confused.

The underrated and affordable 2004s are certainly more classic than the 2003s.  For that reason they provided a good counter-point to the 2003s, however, the 2004s are still quite a way off showing anywhere near their best.

D'Issan, one of my favoured Margaux chateau, swung out on a limb and presented its underrated 1996.  I suspect D'Issan didn't sell much of the 96 owing to its sub-90 Parker score.  I've recently enjoyed this wine twice (the Sampler in Islington sell it at a goodish price) and it was one of the few ready to drink Bordeaux wines at the Landmark.

Soutard, which holds a special place in my heart following a chance memorable encounter with Francois Des Ligneris in 2006 presented its 2000.  This was surprisingly forward, open and plummy, giving much more pleasure than Parker's derisory 87 points.  I suspect it will improve for the next 20 or so years if my Dad's case of 1989 is any indication of longevity.  Soutard also presented its 2002, a strange choice given it's remarkably green and hard to like.   

The highlight of my brief afternoon was the chance to taste two 1999 Sauternes and one 1998: 99 Coutet, 99 Suidiraut and 98 La Tour Blanche. 99 was a so-so vintage in Sauternes/Barsac, following the much more highly rated 97 and 98 vintages.

Next to the Coutet and the Suidiraut, the La Tour Blanche tasted less concentrated and much less sweet - a bit weak and watery.  The Suidiraut was much richer and much more unctuous than the Coutet; the Coutet more refined, more elegant and more to my taste.  With 99 Coutet and Suidiraut retailing at about 15/20 quid a half bottle, these wines represent some of the finest value in Bordeaux and demand to be drunk with a Sunday night dvd. 

1996 Cos and 1995 Montrose

In late September 2007 I attended a casual dinner in London where I had the good fortune to try two of the leading wines from St Estephe.  Both were consumed with slow cooked lamb shanks on a bed of rich - egg yolk infused - potato mash.  Thoughts on the wines:

1995 Montrose, St Estephe.  13.5/20.  Hugely disappointing for the second time in less than six months.  Muted nose, flabby and lethargic.  Does not look like this wine will emerge from a longish surly patch.  Not a wine for special occasions and never looking forward to this wine again. 

1996 Cos D'Estournel, St Estephe.  17/20.  Huge nose of sweet cassis, spice and new oak.  Pure, complex and massively endowed.  Made me feel embarassed to have brought the 95 Montrose.  Now to 2037.