Pichon Baron: ‘a classic EP conundrum’

Château Pichon Baron led the sally forth of en primeur releases yesterday morning but with a price that will likely give buyers pause for thought.

Château Pichon Baron

The Pauillac estate hiked its price to €96 a bottle ex-négociant, a 45.5% increase on the release price of the 2014 (€66). With a London price of around £995 a case, it is 55.5% more expensive than the going rate of the 2014 at present.

It is easily one of the more expensive Pichon Baron wines of the last decade, it is even more expensive than its 2005 for example. On the other hand, with 96-98 points from Neal Martin, it has a score that is equal to its 2010, just below its 2009 and better than all the rest from 2005 onwards. Martin noted it was “possibly the most sensual Pichon Baron” he had ever tasted en primeur and said it was “unquestionably” on a par with the ‘09 and ’10.

Nonetheless, with the other wines of the decade all holding 90-points or above from Robert Parker and costing less, will buyers be more tempted to shop around in back vintages instead?

BI’s Giles Cooper told the drinks business the release was a “classic en primeur conundrum”.

He explained: “We loved the wine – really loved it – so while the heart says ‘buy’, the head looks at the price of the 2005, which is only a shade more expensive than the 2015 on our LiveTrade screen, and this gives real pause for thought.

“If you already have the 2005, and the 2009 and 2010, then this is well worth a place in the cellar. The big question is whether you have to buy it now… perhaps with their dramatically reduced volumes of Grand Vin it will be harder to find in five years time than current back vintages?

“As a result it’s moving but not with anything like the intensity or excitement of some of last week’s releases such as Léoville Poyferré or Domaine de Chevalier.”

Likewise, Corney & Barrow in its offer to customers noted the price was “rather less compelling” than other releases but added: “If you have a vertical collection of the Pichon Baron then you will not want to miss the 2015 as a wine, however, the benefit of buying now is debatable.”

Also out today (so far) were Clos Fourtet (up 32.7% to €67 p/b) and Pavie Macquin (up 29.4% to €52.8 p/b).

The pace of the campaign has certainly picked up but it is now two months since the en primeur tastings and pacing feels irregular while price increases are getting bigger and bigger (the average is now 25% above 2014 release prices according to Bloomberg).

Wines are selling but enthusiasm feels somewhat muted all round?