Whilst Bordeaux has attracted considerable attention with skyrocketing prices of late, the questions begging to be answered are, is all the hype justified? Are prices of £1,000 a bottle possibly sustainable in this currently depressed Global economy? I think not!
Looking at past vintages with uplift in wine values, it is because of the great years we have massive uplifts and of course huge profits from only the best wine and vintages, 1928, 1929, 1934, 1945, 1949, 1953, 1955, 1959, 1961, 1966, 1970, 1978, 1982, 1990, 1996; fifteen great vintages over a period of eight decades, now since the millennium we have 2000, 2003, 2005, 2009, 2010! With prices for the unfinished 2010s higher than 2005 and 2000 already long in bottle and maturing nicely, 1990 in comparison is amazing value! This to me is totally ludicrous. It is nothing more than pure greed on behalf of the Bordelaise Producers.
Understanding of the vine and winemaking is rapidly improving, Bordeaux does still just about lead the field in terms of being ahead of the quality curve, but still, with great vintages becoming the norm, prices may have become unsustainable. I visited Bordeaux four times in 2010, and in late August, driving around the vineyards the foliage was a kaleidoscope of yellows, a certain sign of hydric stress and photosynthetic blockage, yet even by Christmas the producers were declaring this another vintage of the Century.... the fifth so far.... but they have a vested interest, don’t they.... too much for me, I cannot see these “little farms” like Chateau Lafite taking £250,000,000.00 for the crop as it did in 2010 becoming commonplace, for a couple of years, yes, maybe for sure with so many inexperienced buyers thinking they cannot lose, then we will have masses of astronomically priced wine which nobody will want to buy; and why would they? Think about this, a case of 2010 Chateau Lafite which only your grandchildren can drink or a new car? I was not overly impressed by the 2010s finding many with harsh tannic structures, many angular wines similar to the 75s. Given that many of my clients look to me for guidance, I chose not to buy any 2010 Bordeaux wine, a hard decision which has impacted on our cash flow, but one which I hope will hold us in good stead in the years to come. For my mind, Italy and some producers in Spain are offering phenomenal wines for the money which can only go up in price.