What are Wines Worth and Pointing Wines
Friday, 26th February, 2010
- David Farmer
The quality English wine merchants Farr Vintners recently sent me and email which included this offer:
Chateau Latour 2003 £7,500/cs
"There are only 10,800 cases (rather than the normal 15,000 - 20,000) of the 2003 Latour, a blend of 81% Cabernet Sauvignon, 18% Merlot, and 1% Petit Verdot (13.3% finished alcohol). A prodigious effort, it boasts a saturated purple color as well as a gorgeous perfume of smoke, cedar, crème de cassis, flowers, crushed rocks, and blackberries. Massive and multi-layered, with huge richness and low acidity, it is about as unctuous as a young Latour can be. It could be compared to the 1982, but it may be even more pure, at least at this early stage, than that monumental wine. The level of intensity builds prodigiously in the mouth, and the finish lasts nearly a minute. Disarmingly accessible (although analytically the tannin level is high), I suspect it will ultimately shut down, but it was performing impeccably when I tasted it. Anticipated maturity: 2010-2040+. 100 points, Robert Parker Wine Advocate #164"
Now £7,500 for a case of wine is serious money but I do not begrudge those who have a lot and wish to spend it on Latour. We all benefit as it stokes the belief that the best wines are aspirational.
Before you go ahead and buy though you should consider this. High prices are normally attached to items that have rarity. With 10,800 cases made this wine is not rare. Indeed the stock of very high quality Bordeaux made each year is in excess of 100,000 cases and depending on your quality cut-off point in a bountiful year would approach 200,000 cases.
Assuming that after 7 years, of a good vintage, each case is worth £4,000 we have a total of £400,000,000. Spread over many vintages and you have a very serious business in trading, storing, and commentary. Indeed this sustains a lot of people in the wine trade.
From this we know that these buyers are very scared, or more likely do not care, to look beyond the rarefied Bordeaux and the cache that goes with them; for we also know that there are many wines as good that sell for a fraction of these prices. So next time you hesitate about spending $50 or $100 on a bottle that you know to be brilliant perhaps you should stop and think how lucky you are. An estimate I made years ago, which is still roughly right, is that in a good vintage all of the best quality wine made in Australia would total less than 100,000 cases. If this sold on average for much more than $100 a bottle I would be surprised (I have adjusted for the Grange factor) giving us a value of $120,000,000.
From the Bibendum site I saw a price for Chateau Latour 2008 of £3,600 En Primeur. I am uncertain how much was made but if it was 20,000 cases we have a value of all the fine wine made in Australia. As an aside you can see the urgent task to show the world market that our best wines are worth a lot more. This is easy to say but very hard to do. For consumers though your time to drink the best is now.
If Latour justifies Parker scores, and he is good but cannot go above 100, you may like to reflect on the absurdity of our wine writers who give simple New Zealand sauvignons and heaven help us roses, 90 plus points.
|
2 0 1 4
2 0 1 3
2 0 1 2
2 0 1 1
2 0 1 0
2 0 0 9
2 0 0 8
2 0 0 7
2 0 0 6
2 0 0 5
2 0 0 4
|
The Story of Penfolds Wine Storage Cabinets and Old Fashioned DiscountingFriday, 5th September 2014
Coles Liquor Shows Signs of LifeFriday, 1st August, 2014
The Dog Days of Being an Independent RetailerMonday, 24th March, 2014
Crumbling Brand Access Fees for New Zealand Sauvignon BlancMonday, 17th March, 2014
Matua and Real New Zealand Being Made in AustraliaThursday, 27th February, 2014
The 2014 Release of the Penfolds BinsThursday, 20th February, 2014
Matua Marlborough and VintrepreneurFriday, 31st January, 2014
Service and Shopping Experience versus The DealThursday, 23rd May, 2013
Personal Experiences with Mataro in AustraliaFriday, 22nd March, 2013
It's Mataro - Not MourvèdreFriday, 15th March, 2013
New Moves Selling Wine OnlineFriday, 8th March, 2013
The U.S. Oil Industry, Bordeaux and Australian Fine WineMonday, 11th February, 2013
Wine and Innovation Fashions Fads and Targeting Consumers TypesTuesday, 11th December, 2012
The Liquor Wars - Matt Skinner AppearsMonday, 19th November, 2012
A Black Swan Event Hits the WestWednesday, 31st October, 2012
Queen Adelaide Becomes No Name GirlThursday, 28th June, 2012
The Seven Teachings of Harry Brown 1918-1999Friday, 15th June, 2012
When Does an Escort become a High Class EscortTuesday, 29th May, 2012
Multi-Nationals Looking for Desirable BrandsThursday, 3rd May, 2012
Extending the Sauvignon Blanc BrandSunday, 18th December, 2011
Coles Continues the War on Liquor Prices - Woolworths is BoredSunday, 20th November, 2011
Liquor Price War DeclaredSunday, 20th November, 2011
The Liquor Wars - Woolworths is Killing ColesTuesday, 8th November, 2011
The Brand Access Fee and Wines Labelled AC/DCTuesday, 16th August, 2011
The Good Taste of UK ConsumersTuesday, 16th August, 2011
Wolf Blass Eaglehawk at $4.99Tuesday, 12th July, 2011
The Battle for the Penfolds DollarMonday, 21st March, 2011
Woolworths and Coles Like the Taste of New Zealand SaveeMonday, 14th March, 2011
Putting the Bling Back in ChampagneMonday, 21st February, 2011
Real Wine Drinkers Discussing FavouritesMonday, 21st February, 2011
Keeping Up with the Big RetailersFriday, 11th June 2010
It's 2010 Not 2000Friday, 28th May, 2010
Grange Spin from Peter GagoFriday, 21st May, 2010
What are Wines Worth and Pointing WinesFriday, 26th February, 2010
Killing the Champagne BrandTuesday, 9th February, 2010
Champagnes - the New Leaders at HarrodsFriday, 5th February, 2010
Two Co-Branded Yalumba WinesWednesday, 27th January, 2010
Are High Priced Wines Worth the Money?Thursday, 8th October, 2009
The Strange Case of Wolf Blass VeraeThursday, 24th September, 2009
Is There A Connection Between Three Seemingly Different Trends?Thursday, 13th August, 2009
Tintara - An Exclusive Wine for Dan MurphySaturday, 1st August, 2009
The Fresh Food People Strike AgainSaturday, 11th July, 2009
We All Love a Wine BargainMonday, 6th April, 2008
The Strange World of Liquor Retailing in 2009Tuesday, 10th March, 2008
Awash In a Sea of SaveeMonday, 28th November, 2008
53 Million Cases to ManyWednesday, 19th November, 2008
More on Grays On-LineWednesday, 19th November, 2008
The Origin of the Fosters Multi Beverage StrategySunday, 9th November, 2008
Bargains or Not on Grays OnlineSunday, 19th October, 2008
Is It The End of Nine Glorious Years?Monday, 13th October, 2008
Will Virtual Wine Companies Work? Sunday, 31st August, 2008
A Story about Mixing Wine and BeerSunday, 17th August, 2008
The Changing Tastes of Wine DrinkersSunday, 17th August, 2008
The Really Bad News About Sliding ExportsWednesday, 13th August, 2008
Wine Facts, Trends, Fads and HopeTuesday, 20th May, 2008
The Steady Decline of Tier One Wine CompaniesFriday, 9th May, 2008
Is It All Too Hard at Fosters?Sunday, 24th February, 2008
Who Would Have Thought of This!Tuesday, 19th February, 2008
Thank Goodness for AldiMonday, 11th February, 2008
A Pleasant Day Online at Grays AuctionsFriday, 3rd August, 2007
Wine Prices, Point Scores and RetailingThursday, 2nd August, 2007
A Useful Marketing LessonThursday, 26th July, 2007
The Dan Murphy View of CleanskinsTuesday, 17th July, 2007
Wine Slabs for Queen AdelaideTuesday, 10th July, 2007
Cheers I Hope You Enjoy the Blue NunMonday, 14th May, 2007
Sauvignon Blanc Sweeps All Before ItSaturday, 12th May, 2007
They Do Things Differently in TasmaniaFriday, 11th May, 2007
New Zealand Grab the Number One SpotSunday, 6th May, 2007
Woolworths Keeps Hammering AwayTuesday, 24th April, 2007
The Liquor Retailer Who Forgot How to Retail - Coles LiquorlandSunday, 22nd April, 2007
Conversations with a Sydney Liquor MerchantThursday, 12th April, 2007
Woolworths Charges AheadSunday, 8th April, 2007
Do You Recall Recommended Retail Prices?Sunday, 8th April, 2007
Cleanskin Shopping at Dan MurphyFriday, 30th March, 2007
Fosters - the Incredible Shrinking Wine CompanyTuesday, 27th March, 2007
Please, Please We Need More CompetitionMonday, 19th March, 2007
The Slow Death of a Great Brand - PenfoldsThursday, 15th March, 2007
What Do Fosters and Coles Have in Common?Tuesday, 8th March, 2007
News on the 2007 VintageTuesday, 6th March, 2007
Dan Strikes AgainFriday, 23rd February, 2007
Liquorland - The Future of RetailingTuesday, 30th January, 2006
Australia's Top 100 WinesThursday, 7th December, 2006
The Return of the Price Fighting VortexSunday, 3rd December, 2006
Ah! To Make a Wine with Aspirational StatusTuesday, 28th November, 2006
The Unusual Marketing at Brown BrosTuesday, 7th November, 2006
English Speakers Embrace WineTuesday, 17th October, 2006
What Comes After Barossa Pearl and Ben Ean?Monday, 18th September, 2006
High Alcohols and Bad Press About Australian WineThursday, 14th September, 2006
Crown Lager Crashes the Wine WeekendTuesday, 29th August, 2006
Rosemount Slides AwayWednesday, 23rd August, 2006
Wiping Your Hands and Ducking for CoverTuesday, 15th August, 2006
Talking with English Wine Merchant, Noel YoungFriday, 11th August, 2006
The Sky Darkens for RoséphobesWednesday, 9th August, 2006
Doing Hand Stands at the DorchesterTuesday, 1st August, 2006
How Does $5000 a Bottle Sound for Ch. Petrus 2005Tuesday, 25th July, 2006
We Did It Because We CouldMonday, 24th July, 2006
Wine Prices and MillionairesThursday, 22nd June, 2006
Why Are Cleanskins So Popular?Friday, 26th May, 2006
Rosé Raises Its Ugly HeadWednesday, 24th May, 2006
The Release of the 2001 Grange and Old MemoriesThursday, 11th May, 2006
A Retailer With a Sense of HumourMonday, 17th April, 2006
What About the Steak Knives?Monday, 10th April, 2006
Little Penguin Joins Yellow Tail in Top TenFriday, 7th April, 2006
Grange Over Priced Says AuctioneerTuesday, 21st March, 2006
White Drinkers Move Up While Clean Skins Take Red Drinkers DownWednesday, 8th March, 2006
Woolies Keeps Growing While Coles Plays Catch UpWednesday, 8th March, 2006
Gobbledegook from ColesTuesday, 21st February, 2006
Great Vintages Growing on TreesTuesday, 31st January, 2006
An Insight Into Clean SkinsTuesday, 31st January, 2006
Retail Concentration ContinuesFriday, 16th December, 2005
Big Box Number SevenThursday, 15th December, 2005
Fine Wine Price Slump PredictedSunday, 9th December, 2005
BEATEN!Tuesday, 6th December, 2005
'Two for' and '20% Off for Six' - Retailers Follow the Changing LeaderWednesday, 30th November, 2005
Coles Performs Predictably PoorlyFriday, 11th November, 2005
The Chasm Between Woolworths Liquor and Coles Liquor Will Create ProblemsThursday, 3rd November, 2005
And the Strong Get StrongerThursday, 27th October, 2005
And No Wonder - The $2.99 Wine Bottle is BackThursday, 27th October, 2005
The Clean Skin Surge ContinuesThursday, 27th October, 2005
Could it be True - Rosé is Rising?Thursday, 13th October, 2005
Bargain Priced, Well Made French WinesMonday, 22nd August, 2005
A Taste of Cleanskins from Dan MurphyThursday, 18th August, 2005
Winestate Recomends Orlando Jacobs Creek Reserve ShirazWednesday, 17th August, 2005
The Price Vortex Gathers SpeedWednesday, 3rd August, 2005 [Sydney]
Woolworths Quietly Rebadge First Estate to BWSSaturday, 30th July, 2005
It’s All Happening at the Dee Why Hotel, the Northern Beaches, SydneySunday, 24th July, 2005
Some Thoughts for Ms. Lucas - Liquor Retailing in AustraliaSunday, 24th July, 2005
The Price Fighting Varietals and the Spiralling Price VortexSunday, 24th July, 2005
What Does the Tussle Between Woolworths and ColesMyer in Liquor Mean For Wine Consumers?Thursday, 16th June, 2005
Wynns Cabernet for $16.99 and Thoughts on Clean SkinsFriday, 13th May, 2005
High End Wines Catch a ColdSaturday, 16th April, 2005
The Release of the Penfolds 2002 Bin Reds plus a Great RieslingMonday, 28th February, 2005
A Good Cheap French ChampagneFriday, 28th January, 2005
One of the Best Buys in RedWednesday, 21st November, 2004
The Good Times Are With UsWednesday, 17th November, 2004
Glug visits the Adelaide Wine ShowFriday, 8th October, 2004
Shopping at LiquorlandFriday, 1 October, 2004
A Great Kiwi, A Great Italian And More 2002 RedsWednesday, 29th September, 2004
The Barossa Wine Show, September, 2004Monday, 25th September, 2004
A Quick Trip to Dan Murphy'sFriday, 24th September, 2004
|
|