Bordeaux 2016: Very fine margins indeed

There has been a splurge of big name releases this morning as the en primeur campaign enters its final stages and despite the hefty price increases some might just prove workable, others may not.

Clos Fourtet, Lascombes and Canon La Gaffelière were among the releases yesterday morning that generally failed to set the campaign ablaze, offering high prices for wines that, in terms of scores, appeared to be little better than their 2015 efforts. What was the point?

This morning has seen the emergence of Léoville Poyferré, Ducru Beaucaillou, Pichon Baron and Clinet among others and despite offering respective rises of 19.5%, 16%, 18.7% and 20% – there might be a couple that actually work.

Perhaps the two strongest candidates are Léoville Poyferré and Clinet. The Saint Julien label was released at €66 a bottle ex-négociant making it a good £780 a case.

It’s a punchy price and just sneaks into what Liv-ex would term ‘fair value’ using its methodology. Saint Julien was a particular sweet spot in 2016 and the wine has been given high praise by numerous critics such as Jancis Robinson MW (18) and 95-97 from Neal Martin, who called it “superb”.

It’s the best Wine Advocate score for the estate since 2010 and even at over £700 a case is cheaper than that vintage and the 2009.

As ever there may be value in back vintages but buyers in that price bracket confident of its quality may jump in.

“Winning?” asked Livex, just maybe.

The Pomerol-based Clinet meanwhile has a similar story to its Left Bank rival. Out at €72 a bottle, so £864 a dozen from a UK merchant, it is still in fair value territory according to Liv-ex considering its generally positive scores.

Robinson was less enthusiastic admittedly, saying it had an “awkward, stodgy finish.” So just a 16 from the eminent wine maven and Rebecca Gibb MW was also less than thrilled with an 88.

Elsewhere, however, it was a different story, especially from Martin who called it “magnificent” and awarded it 96-98 points.

Price-wise it is a smidgen cheaper than the 2015 but has a better score – which is the best score since 2009 – a vintage to which it sits at a significant discount.

Fans at least might take note. Stocks of both wines however, appear to be very limited.

Ducru-Beaucaillou is one of the slightly less compelling releases of the day. There’s no doubting its quality, high scores a cross the board – 96-98 from Martin, a 17 from Robinson, 97-98 from James Suckling, 94-97 from Antonio Galloni.

Its WA score is the best since 2010, comfortably above the 2015 and most other back vintages of the past decade.

At £1,704 a case however, it’s hard to get very excited about it. Looking at Martin’s although Ducru’s are better than Léoville Poyferré’s the difference is so marginal as to be non-existent. Why buy Ducru when you could buy another Saint Julien with a similar score and save yourself a grand?

Probably a bit over ambitious.

Which leads neatly on to the release from Pichon Baron. Again the price is punchy, €114 ex-négoce so £1,350 a case.

Qualitatively the wine has been critically praised, Suckling called it a “remake of the legendary 1990”, it got 18.5 from Robinson, Martin said it was, “unapologetically Classic”, “majestic” and “may surpass” the 2009 and 2010.

That it may but with a 96-98 point spread from Martin Liv-ex has it on the wrong side of the fair value line. If it were 100-points said Liv-ex co-director James Miles (a score the estate has never received from TWA) it would work.

It’s the same price as the 2009 and slightly more than the 2010. If those wines are hard to find on the secondary market though buyers sniffing around may home in on the 2015 which has the same score, is “the most sensual Pichon Baron I have ever tasted,” according to Martin and is 25% cheaper.

Hmmm.

Then again, as many a merchant will tell you, what works and what doesn’t in an en primeur campaign isn’t always down to price. “When it comes to the two Pichon’s rivalry Baron was our favourite this year,” said Corney & Barrow in its offer. If a merchant gets behind it, who’s to say it won’t go? We shall see.