“Grundeken” was an article published c. mid-2004 called "Reclassifying Bordeaux Using Wine Advocate Ratings. The article covered 1982-2003 (excl. 4 poor years) and all ratings were by Robert Parker. 2002 and 2003 ratings were apparently from barrel rather than from bottle. The minima for descending growth ranges were 92.5, 90.0, 88.0 ,
86.5 and 85.0 . Later I did a study of many left bank red Bordeaux chateau ratings average fro 2002 to 2014 (excl. 2013), all ratings being from bottle and by Robert Parker except 2014 by Neil Martin. The average Wine Advocate Vintage Rating (W.A.V.R.) for Grundeken was a rounded 90, while for the study period it was a rounded 92. The minima for the average for descending growth categories are 92.5, 90.0, 88.0, 86.5 and 85.0 . Because the study period W.A.V.R. was a rounded 92.0, the minima are increased by 1 point (explanation elsewhere. To give more weight to recent results the results fro Grundeken and the study period are combined at equal weights. The resulting average W.A.V.R. is 1 point higher than Grundeken, so the average minima are higher by 0.5.
The next posts on the subject by me will contain the results for descending orders of growths. RTPL
I haven t had Barton or Poyferre in many many moons.Have they improved that much??
I always thought Grand Puy Lacoste was a bargain but maybe not so much any more.
Here’s another, more recent view (I think I’ve posted it before). Average scores for the most important Chateauxs for the 2015 to 2019 vintages. The scores come from 14 critics I track.
The list is sorted by highest average score over the period (I included a column with the average 2015-2018 which would change the ranking slightly but not much as in 2019 not all wines have been scored by all critics due to the pandemic).
It beautifully showcases, that Lafleur rocks, Margaux is on a winning streak on the left bank and Mouton upped its game (being the weakest first growth for decades). In addition, it shows the rise of VCC, LLC, Figeac or even “smaller” names such as Canon or Carmes HB.
Herewith is the combined list of “third growths” (minimum score 88.5)in descending order: Saint Pierre 90.35,DuhartMilon 90.25,Sociando Mallet 90.15,Les Forts de Latour and Rauzan-Segla 90.1, Calon Segur 90.05 , Branaire Ducru 89.85, Clerc Milon 89.8, Malescot-Saint-Exupery 89.65, Gruaud Larose 89.5 [the only major point of disagreement I have with Parker/Martin: I would say 90.5 “second growth”, as I would score the study period for this wine at 91.3 rather than 89.3], Clos du Marquis 89.25, Les Carmes Haut Brion 89.2, La Lagune 89.0, Domaine de Chevalier and Bahans/Clarence de Haut Brion 88.95, Lagrange 88.9, D’Armailhac 88.8, Talbot 88.65, La Louviere 88.55, Kirwan 88.53, Beychevelle 88.5 . RTPL
Just out of interest can you produce your source(s) for the 2019 Le Pin? I’ve been trying to find scores for it but really struggled beyond, I think, one?
(I thought I had posted this: ? 2 messages at once?
Herewith is the combined list of fourth growths (minimum score 87.0) in descending order: D’Issan 88.45, Brane Cantenac 88.4, De Fieuzal and Langoa Barton 88.35, Du Tertre and Gloria 88.25, Lafon Rochet 88.2, Haut-Bages-Liberal 88.15, Giscours 88.05, Grand-Puy-Ducasse and Prieure Lichine 87.95, Du Tertre 87.9, Haut-Batailley and Haut-Marbuzet 87.7, Cantemerle and Carbonnieux 87.55, Potensac 87.15 , Phelan Segur 87.1, and Hortevie 87.0 .
Herewith is the combined list of “fifth growths” (minimum score 85.5) in descending order: D’Angludet 86.9, Siran 86.4, Meyney 86.3, Batailley and Les Ormes de Pez
86.25 . . (Marquis de Terme at 85.45 just misses.) RTPL
(That’s why I included a 15-18 average too, not many scores on some wines in 2019… Latour, Ausone, Lafleur, Montrose, Palmer, Carmes don’t have many ratings on the 2019 yet)
I know Parker was controversial but he was vey influential. I sometimes disagreed with him (especially about Gruaud Larose) but the average scores for wines we both tasted (a tiny fraction of those he tasted ) were remarkably close. I feel fortunate in liking several different styles of left bank red Bordeaux, as apparently did RP. We both gave scores of 94.5 t0 the 2010 Cantemerle and the 2012 Rauzan Segla, Recently I go mainly by the scores of Neil Martin and particularly Antonio Galloni. RTPL
Thank you. I took 6 bottles of Le Pin blind, so keen to get some idea if I did well or not! Secondary market has moved a bit since my original purchase which makes it okay, I suppose.
Good for you! Seems to be a great pick as of those who had it, it was in the top group. I’ve tried two vintages (09/10) before but never purchased any (and never saw an offer for any). What is the Primeur price for Le Pin? My guess has always been that in good vintages it must be around 2750 USD and in 2019 hence probably a bit lower.
ex-London the last couple of vintages have been about £22,000/12. I paid an average of about £6175 for 3 2019, £6750 for 3 2018. The lowest release I’ve ever seen on Le Pin was £24,000/12 in 19, and that was a one off price. I’m not sure if that’s just secondary pricing from my merchant, or if they’re just booking profit on the ex-London price. Both trade respectively around £7250-8000 now, but Le Pin isnt really a short term play anymore. 2015/2016 were better vintages for 50-150% appreciation on day of purchase (like you can get with Lafleur). That would make the 19 at about £28,000/12, which to be completely honest, feels comparatively cheap to me considering. I know 9/10 were great great vintages, but on 6 and 5 notes on CT respectively, they’re 96.2/97 points; 17 (my first Le Pin purchase; overpriced and now at a loss) is 96.3 points, 18 is 99.3 and 19 will probably come out to the 98-99ish level I suspect. Of course, early wines where only 1 or 2 people taste them and score them are prone to being overscored, a 99 point wine on CT with larger samples it will definitely not be, even 89 Petrus is only 97.6
2019 looked like an extremely strong Pomerol year looking at the scores being released, I cant really afford things like VCC and would loved to have been able to afford L’Eglise [by afford, I mean, without budgeting and prior expectation of buying some] but even down at the level of things like Clinet, they scored highly and appreciated post-EP.
Thanks for the infromation. The price seems where I expected it. How do you flip the wines? Direct to consumer? I just bought once a wine with the intention to flip it (a few large formats of Lafite 2018, special label gamble) but that intended flip didn’t really work: The price appreciated nicely but as retailers want to get their margins, I lose most of the upside (and swore to myself to never do that again as I don’t really have space to store a 6L and a few double mags).
Lafleur definitely still has a 100%+ upside on the day of the En Primeur purchase (but I get allocated just a few bottles and not enough that I wouldn’t wanna sell them anyway).
To date I’ve not (tried to, or actually) sold a single bottle of Le Pin yet. I was planning to sit on them until they’re in their prime. Appreciate that’s a 10-15 year horizon from where we are now, but fortunately storage costs me £1/bottle/year so low AMC is fine! If you’re buying wine to flip, I’d consider UK merchants - in bond storage (very cost effective), no capital gains tax on the wine - and you’re accessing the London wine market. Selling wine via these merchants is fairly easy, they take a 10% cut on the market price. With Le Pin allocations at primary pricing, you’re in profit by the time it stabilises on the secondary market anyway. Whether you’d readily find buyers, I suppose, is a different question.
I’ve bought a few wines for arbitrage flipping in recent history. Not particularly pursued it, but I’ve made probably ~£500-700 in the last 6 months on that passively. Could have made 3-5x more if I’d been more aggressive about it.
Yep, I got my first ever Lafleur allocation last year - 1 mag 1 bottle at the first tranche pricing. Gonna try to up that to 3 magnums this year.
