Bordeaux 15: Palmer releases at 09/10 level

Château Palmer has offered its 2015 at almost the same opening price as its 2009 and 2010 wines.

As many predicted/feared following the relatively high release price of its second wine ‘Alter Ego’ last month, the Margaux estate has put a substantial increase on the price of its 2015 wine against the opening level of its 2014.

Up 31% to €210 per bottle ex-négociant (or £2,250 for a full dozen), the 2015 is only marginally cheaper than the 2009 and 2010 vintages were on release (both were priced at €215 p/b).

The third growth has certainly produced an excellent wine in 2015. Neal Martin rated it 95-97, James Suckling 99-100, it got an 18 from Jancis Robinson MW and Liv-ex’s members named it one of their ‘wines of the vintage’.

Its Alter Ego was described as “ravishing” and Martin said the grand vin had “superb delineation” and was a “classic” wine of “real class and sophistication”.

Be that as it may, the data from Liv-ex is clear. This is a wine that costs the same as the 2010, is more expensive than the (better scored) 2009 and 2005 vintages and is almost £1,000 more expensive than the (equally scored) 2011 and 2012 wines.

The quality of Palmer year in and year out is not in question but its insistence on releasing its wines at a grossly inflated level en primeur certainly is. Overall, according to Liv-ex Palmer buyers have enjoyed a 2% return over the last decade but this is largely thanks to the activity surrounding the 2005 and 2008 vintages which have appreciated by over 30%.

By contrast, the high priced 2009 and 2010 wines have either failed to hold their value (the 2009 has declined 17% since release) or have failed to appreciate (the 2010) in the secondary market and it is extremely difficult to suppose – in the short term at least – that the 2015 will fare much better.

The price is doubly misguided when buyers can pick up Rauzan-Ségla, a wine Martin rated slightly better (96-98) and that has almost identical scores from other critics, for €50 a bottle or £520 a case – a quarter of the price.

Palmer’s release will no doubt shield Haut-Bailly from much critical scrutiny. The Pessac-Léognan label emerged late yesterday afternoon at €66 p/b, ex-négoce, over 50% more expensive than its 2014.

Rated 95-97 by Martin who called it “vivid and powerful”, it nonetheless suffers from equally or cheaper priced vintages in the secondary market with the same score – the 2008 and 2012 being cases in point.