Thanks for the great response to the inaugural Indianapolis CdB newsletter last month. Lots to cover as reports are still coming in about the previews – and pricing – of the new Bordeaux, as well as the current vintage. There are still reports coming in from Bordeaux regarding the 2022s. Hope these pointers can help you make sense of it all:
2022 Vintage: There are a few reports still trickling in from the En Premieur previews. This one from Panos Kakaviatos for Club Oenologique came in just after we sent the last newsletter. He has good notes on the heat of the 2022 vintage and also the pricing: “As happy as tasters were, readers should be prepared for price hikes from famous brands. An experienced broker who wished to remain anonymous told me that he was not concerned about the First Growths raising prices but seemed worried over strong second-tier brands ‘going too far’ and possibly ‘harming’ future campaigns. But many buyers see the vintage as so special that higher prices will be absorbed.”
Price Increases: More on the 2022 price increases from Chris Mercer at Decanter especial Cheval Blanc and Chateau Angelus.
For Pricing Fun: If you’re into watching prices, trends, and resale values, check out LivEx. (membership required.) They have detailed reports on the 2022 pricing as well as tracking for secondary market sales. Useful if you’re looking at how your cellar may be retaining value or if you’re looking at resale prices.
Current Vintage Releases: While futures buyers are interested in the 2022s, most consumers are looking to the 2020 current vintage release. The 2020 vintage was plentiful and by all accounts quite good. Wine Cellar Insider has a 2020 tasting report where they call it a blend of the 2018 and 2019 vintages, combing the best of both. I’ll be interested to try the 2020s later this year as they begin to arrive.
Hybrid Grapes in Bordeaux. Wine Searcher released a report last month on hybrid grapes in Bordeaux and the recent authorizations to harvest them adding disease resistant strains into the Bordeaux and Bordeaux Superieur mix. We know hybrid grapes here in the Midwest because they are more resistant to disease and extreme weather. It will be interesting to see if they get any traction in Bordeaux as they have in the Champagne region.
Tasting Notes: Wine Texture. A few years ago, I tasted with a wine maker who insisted on describing all of his wines in terms of texture. It was, at the time, a popular concept, but one that many wine lovers will have used to think of the mouthfeel of a wine. Rough, smooth, velvety, soft – all are terms we’ve used to describe a wine. I tend to use texture descriptors for red, so I found this article on textures in white wines fascinating.
Alphabet Soup: Do you get confused by all the certifications and diplomas somms add behind their names? Here’s an easy guide.
MW – Masters of Wine. This UK based program is considered the most difficult certification in the world. It requires years of dedication, but because of its rigor, those who have it are considered the top somms, educators, and writers of the wine world. There are approximately 415 in the world. Most MWs start with WSET diplomas.
MS or Master Sommelier. Master Somm is the top ranking of the US-based Court of Master Sommeliers. The CMS certification program consists of 4 levels. To pass the first level (or introductory level), somms must pass a theory test. In the second level (called Certified Sommelier), participants must pass theory, service, and blind tasting tests. The third level – Advanced Sommelier – is substantially more difficult requiring significantly more study and practice in all of the study areas. Once you pass the Advanced level, you must be invited to sit for the most prestigious level — Master Sommelier. Candidates are selected by the Court and there are currently only about 170 in the world.
WSET. The Wine and Spirits Educational Trust offers education for many wine professionals (and others) which is a bit more accessible than some of the other program. The WSET Diploma consists of theory exams at 4 levels which cover food and wine pairings, wine production, theory, tasting notes, and blind tastings. You can start at any level (up to level 3) and each program involves classroom sessions and academic work. You can take a more spirits specific approach, but the overall diploma covers beer, sake, and liquors. Passing Level 4 gives you “Diploma” which is sometimes listed as WSET(Dip) of DipWSET.
CSW/CWE. Sponsored by the Society of Wine Educators (SWE), the Certified Specialist of Wine (CSW) is the first of two levels. This program is popular with writers, retailers, and others who prefer an independent study certification (as well as a more affordable option). Once you pass the CSW, you can take the second level, called CWE – Certified Wine Educator. The CWE certification requires an exam, an essay, and blind tastings. SWE offers spirits certifications also.
Bordeaux Futures: If you’re interested in getting into Bordeaux futures, I strongly suggest you work with a professional. Fellow member Manbir can assist you as well as many others in and out of town. But for more understanding about how they work, here’s some information from The Chicago Wine Company with their take on the 2022 Futures market. While 2022 Bordeaux won’t arrive until Spring of 2025, buying in advance can make a huge difference in the price you actually pay versus the wine price on release.
| “The 2022 vintage contains what I often refer to as “snow-capped peaks.” If you want to get numerical, wines that may eventually merit perfect scores that I rarely give out. The crème de la crème is blessed with kaleidoscopic aromatics, intense fruit, finely-sculpted tannins, structure, elegance and length. Above all, contrary to what the growing season implied, they are suffused with freshness. They immediately tempt you back to the glass for another sip. The highest performers will dazzle. They will be extroverts, show-offs whose talent cannot be denied.” – Neal Martin, Vinous.com |
This month has seen the start of the highly anticipated Futures campaign for the 2022 vintage in Bordeaux, and based on some early big name releases, we expect there will be strong demand throughout the remainder of the campaign. Simply put, Bordeaux Futures gives you, the end consumer, an opportunity to buy wines at the opening prices in the market with the expectation that when they are delivered in 2025, prices will have risen enough to have warranted the early financial commitment. Since many chateaux only release a small portion of their production at this time, allocations for the top releases quickly sell out at their “opening” price before second and third tranches make their way into the market further down the line — very often at higher prices. This has already proven to be the case with releases from stalwart producers like Léoville Barton and Cheval Blanc which are already sold out, and those who acted quickly are likely to be rewarded for their foresight.
The early reports and tasting notes that have been published on the 2022s are extremely encouraging and give strong reason to believe this is a vintage worthy of serious consideration. Bordeaux experienced historically warm, dry conditions with numerous heatwaves in 2022, yet through it all (and thanks to the ability of the old, deep-rooted vines to endure these extremes), the earlier-than-normal harvest has produced some truly exceptional wines on both the Left Bank and Right Bank. The best reds are full of fruit and flavor, with firm tannins and fresh, balancing acidity, along with some outstanding dry whites and sweet whites that are some of the richest seen in years. Cabernet Sauvignon excelled across the Left Bank and the Merlot was outstanding in Saint-Emilion and Pomerol, although yields throughout Bordeaux were considerably lower than previous vintages. In short, 2022 is certainly a vintage that is worth buying and that has the potential, after the requisite number of years in bottle, to provide great drinking for decades to come.
As is often the case in Bordeaux, you can never go wrong investing in the classified growths who have generations of success to their name; however, recent years have proven that plenty of world class wines are available for prices comfortably south of $100 — to say nothing of the screaming values that can be found for under $50/bottle during the en primeur campaigns with some savvy shopping. Properties like Barde-Haut, and Bellefont-Belcier have all been riding a wave of momentum in recent years with wines that drink well beyond their modest prices, so those looking for outstanding wines under $50 would be wise to focus on this duo of overperformers.
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