Pauillac Attack

Parker’s late verdict has boosted 2002 First Growth Bordeaux.  Pauillac, in particular, should profit from his points

SEPTEMBER proved to be a big month for the exchange.  Turnover was up 250% on last year.  Bordeaux dominated with 49% of trade through the exchange, but market share was far more evenly spread than in August.

Stock among the trade’s leading stockholders was reduced by 4% on the month. The table below shows the key movers in September.  Gains were evident in wines that have recently received positive reviews from the critics.

Once again, Robert Parker had the greatest impact, with First Growth Bordeaux 2002 appreciating on the rumour that the next publication of the Wine Advocate newsletter would be favourable towards the vintage, and wines from Pauillac in particular.

In many respects, however, Parker was only confirming the views of other well-respected critics, who had already given the 2002 First Growths a decent review.  What has made the 2002 First Growths truly interesting – particularly Latour, which has led the pack from the outset – was simple economics.

Weak global demand meant that the First Growths in 2002 were offered in London at the lowest levels since 1995.  Furthermore, a difficult growing season produced very low yields; production at Latour was significantly down on previous years.

With decent reviews, fair prices and reduced supply, it is not surprising that the wines have appreciated in price. 

By the time this piece goes to press, it is likely that Parker’s latest Wine Advocate publication will have been released, but it might be worth looking at some of the lesser wines, which can still be purchased at their original release prices.