Bordeaux 2016: Cheval Blanc pumps up the volumes

Saint Emilion grand cru Cheval Blanc has flipped the now normal narrative of this campaign on its head by releasing with a small increase in price and a big increase in volume.

At €552 a bottle ex-négociant, the wine is just 2% more expensive than the 2015 was on release but the estate has reportedly increased the amount of stock released by a substantial 20% on last year – at a time when 20% cuts in volume are the average.

If it could be said that Mouton Rothschild’s release yesterday (1 June) wasn’t about gaming the system (one tranche, no cuts in volume), then Cheval Blanc certainly isn’t playing around.

How does the wine stack up though? Rated 97-99 by The Wine Advocate’s Neal Martin, the same as the 2015, it has been scored in the high 90s by most critics, who have variously called it “floral” (Jancis Robinson MW) and as having a “vivid personality” (Antonio Galloni).

At £6,400 a case it’s not cheap by any standard and is more expensive than the 2015 and the 100-point 2005, marginally cheaper than the 2009 and rather more comfortably cheaper than the 2010.

Off-vintages of Cheval Blanc can be a bit wobbly on the secondary market as their high releases prices don’t stack up against wines with similar critical scores. There are a number of back vintages which are substantially cheaper and the Liv-ex ‘fair value’ method suggests it’s above the value trend line.

That said, as long as buyers haven’t splurged entirely this week on the likes of Haut-Brion, La Mission, Mouton, Petit Mouton and yesterday’s rush of Canon, Rauzan-Ségla and Grand-Puy-Lacoste, those with itchy wallets who haven’t been able to get their fix of Montrose, Palmer, Calon Ségur, Pavie and Angélus might be jolly well tempted here. The other big Saint Emilion heavy, Ausone isn’t out yet either.

What’s more, if merchants find there’s demand they will at least have the stocks to make a go of it.

Cheval Blanc isn’t going it alone this morning though. Also out this morning was Margaux third growth Giscours.

Costing €44.4 ex-négoce, a 23% increase on the 2015, it is being offered by merchants for £540 a case.

Like Clerc Milon, Calon Ségur, Beychevelle and Grand-Puy-Lacoste, Giscours was listed by Liv-ex members as one of the wines they hoped would be ‘good value’ and under £500 a case – and hasn’t been.

Admittedly, at £540 a dozen Giscours is less off the mark than Beychevelle of Grand-Puy-Lacoste which were over £100 and £200 more per case than that magic £500 level.

That said, 2016 Giscours is the most expensive vintage of the last decade bar the 2005. The better-scored 2015 which Martin rated the “best since 1961” was warmly received last year and if buyers can get hold of it is available at an almost 15% discount to the new release.

It’s not the biggest asking price in the world and Wine Lister suggests could still be a good buy but Liv-ex wonders if it isn’t perhaps marching a little beyond the realm of “crowd pleasing”.

Also worth noting the releases of Pessac Léognan properties Domaine de Chevalier and Malartic-Lagravière and another St Emilion; Pavie Macquin.

Domaine de Chevalier – €52.8 p/b (+18.9% vs 2015)

Pavie Macquin – €58.8 p/b (+11.4% vs 2015)

The pace of releases has picked up hugely this week but whether it has injected energy or a sense of relentlessness is another question. There have been rumours that Lafite’s awaited second tranche was due this week though after Haut-Brion and Mouton’s emergence perhaps it will hold off a little longer. It won’t want to wait too long however, France is heading into another bank holiday so there’ll no doubt be another splurge come Tuesday.