Bordeaux 2014: Pontet-Canet price ‘ambitious’

Merchants have reacted with a distinct lack of enthusiasm to Pontet-Canet’s release and don’t have many warm words for Lafite’s first tranche policy either.

Pontet-Canet owner Alfred Tesseron with one of the estate’s horses

Flying Pauillac fifth growth Ponet-Canet released late yesterday afternoon and rose 10% to €66 a bottle ex-négociant, the same as its 2011 price and the same as Pichon Baron this campaign – and Pontet-Canet was also slightly more expensive per bottle in 2013 too.

At a little under £650 a case, the 2014 is more expensive than every vintage going back to 2004 with the exception of the mighty 2005, 2009 and 2010 vintages.

Although the estate has garnered praise for its increasing quality in recent years, the 2014 being no exception with a strong score from Neal Martin, its approach to price and releases en primeur is beginning to raise eyebrows.

This year there were even rumours, not denied by Alfred Tesseron, that the estate wouldn’t be releasing at all this en primeur though that was clearly a smoke screen.

Speaking to the drinks business Farr Vintners director Tom Hudson and Berry Bros & Rudd’s fine wine buying director Max Lalondrelle were less than enthused about the price with Hudson admitting, “we really don’t expect to sell much of it at all I’m afraid.”

As he continued, the current release is “more expensive than lots of physical vintages freely available.”

This was a view echoed by Lalondrelle who explained that although BBR has praised the winemaking at Ponet-Canet and the quality of the 2014 in its email to buyers, it has also pointed out the value in back vintages.

The message stated: “Ch. Pontet-Canet’s profile has never been higher, with the quality of wine being produced since 2005 consistently at Second Growth level and indeed progressing further year on year as well. They have received plaudits from critics, consumers and the wine trade alike, with their ground-breaking (for Bordeaux at least) bio-dynamic approach setting new standards in the vineyard and in the resulting wines.

“However, pricing in recent times has started to follow quality levels and in 2014 they have made a clear statement with their release price being in line with 2014 Ch. Pichon Baron, an official and high performing second growth.

“There are a number of vintages in the market that are cheaper than today’s release, so the decision will be a personal one as to whether you wish to follow them at this level, but if you do decide to buy we can confirm that the quality of juice in the bottle is exceptional.”

“We’ll let customers make their own decision,” explained Lalondrelle, “I think we’ll sell some but we won’t sell out.”

Lafite is under the spotlight too with its first release coming out at €288 a bottle, the same price as its 2013 price. At £3,000 a case only the 2013 is cheaper, although the 2013 was also one of last year’s most disappointing wines and has one of Lafite’s lowest-ever scores (88), while the 2014 has a more respectable 94-96 from Martin.

If this were any other wine then this might be one of the deals of the campaign and have merchants racing to their phones.

But it’s not.

The first tranche may have been released but it will not be until the second tranche is out 9next week perhaps) and the prices averaged that a truer picture of what 2014 Lafite will cost will emerge.

“The first tranche is a complete deception,” said Hudson, “most négociant won’t offer the wine until they know what the second tranche is going to cost.

“The Lafite thing is a gimmick so the châteaux can say publically they’ve only put the price up so much. We can’t offer the wine until we know the price of both tranches.”

Lalondrelle meanwhile expressed himself to be, “extremely disappointed with Lafite’s attitude to the rest of the market.”

Both merchants thought it “highly likely” that when both tranches were out, the ex-négoce price for the first growth would be closer to the 2012 price of €335 p/b.

Part of the problem, and here Lalondrelle expressed sympathy for the négoce, is how Lafite bundles up other properties such as Rieussec and Carmes de Rieussec up alongside Lafite and Carruades de Lafite.

As Lalondrelle said: “When you could sell Lafite for £10,000 a case you could factor in the cost of Rieussec. But at €300 a bottle you can’t so we don’t take Rieussec at all.” – leaving it, unloved, with the négoce who take a further loss on it.

Second wine Carruades de Lafite saw no change on its 2013 price, emerging at €90 p/b.

Also out today was Haut-Bailly, up 9% to €43.2 p/b and at £415 a case only the 2007 and 2013 are cheaper, although the 2014 has a roughly similar score from Martin as the 2013 got from Robert Parker (91-93).

Gloria was also out, up 6.1% to €21 p/b, the same as its 2012 price.