All this is making me very excited about my 89 and 90 LB side by side on Sunday. This will test the theory on root days!
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Hum, Cos at £720/6 ($912). Seems rather ambitious when many of its back vintages are available cheaper and at or below their respective EPs, ie 2019 EP £584, now £580, 2018 EP £875, now £565, 2017 EP £636, now £445. (That’s a big drop on the 2018. I wonder if it’s worth getting some? The notes on Cellartracker concern me, however. Does anyone have recent experience of this wine?)
And Issan at £225/6 ($285) which is a reasonable 27% down on 2022 but not enough to persuade me to buy given cheaper and well-rated back vintages.
Well then, I shall add a salmanazar of de Fieuzal’s well-priced red to my cellar. Its EP price makes me happy.
(added:)…and as for EP prices declining, after Ducru-Beaucaillou’s punchy release yesterday at £744/6 ($942) I put some bids on back vintages at BBX - just received notification of bid accepted for 6 of the 2018 at £715 ($906) - below even the current market price (on Cellar-Watch) of £760 (it was £864 EP). The 23 is AG 95-97; LPB: 95-97+; JL: 97 and the 18 is AG: 95-98; LPB: 97-99; JL: 99. That makes me all the more cautious about 23EP going forward…
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I think most of the prices seem pretty reasonable, and the lack of excitement has resulted in this general 30-40% drop.
The comparison should not be with the absurdly priced 2022s, but as you have done, compared with what is now available in previous vintages. There seems to be a general correction to prices, which now seem tempting. I suspect prices to be stable at this level, and begin to increase when the stocks are sold.
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So, if 2024 ends up being another “vintage of the century”, you would not foresee a push on pricing? As an aside, Jancis scores showed up on Livex……do not seem as enthusiastic as the other reviewers, assuming my interpretation of the 20 point system is not too far off.
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Agree with others that prices are more reasonable this year but are not sufficiently low to generate excitement against the backdrop of a weak economy and depressed back vintage prices. One day they will learn
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Increased prices may not necessarily mean a buyer ‘lost out’, net of interest and storage costs (e.g., prices up 10% two years from now would be a wash with rates). I’m buying a little, but I don’t think it is the best financial move.
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I have had some stunning bottles of '90 Lynch Bages over the past 2 years. I prefer it to the '89. I typically give it 4-5 hours in a decanter and drink it out of a Glasvin Obsession.
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I almost pulled the trigger few times but I decided against it. I have way too many wines to be excited for more.
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I am with YLee… cutting off the temptation so far (except a few bottle of Lafite on a weak day). Take the cash, lock in 5% yield for 3 to 5 years and at that time can likely buy the wine at or below the appreciated cash amount or better yet will have thought the better of it given all the wine i already have. The collector bug is hard to fight off though
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I had Lafite in the cart and never processed the order. I’ll likely circle back to buy a few bottles if it’s still there but waiting on VCC, PLL, Montrose, Canon. The first growths will eventually sell through. Seems everyone is waiting for more releases or the market is just off.
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I got an email about Pontet Canet pulling out of EP effective Friday. Wonder if it’s a sales tactic or a sign their campaign hasn’t gone well at all.
I saw an email on Pontet Canet too. Not rushing me to buy at $90 by threatening “shortage”
How does that even work? If the negotiants/stores have already purchased stock, they can keep taking orders regardless
Can you share the text?
All chateau have a limited window for negociants to purchase their allocation. First Growths usually allow 24 hours, others allow 3 days, 1 week, or more. It varies from property to property,
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The Pontet Canet 2023 is getting great reviews to be fair. I pulled the trigger on some a few days ago. Mathieu Bessonnet, the winemaker at Pontet Canet is doing great things there I understand.
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ah, so theyre not giving out any more allocations
Sounds like they are trying to create a feeling of FOMO.
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Each negociant receives their allocation on the same day, at same time for the same price. All negociants are not equal. Some get more than others.
All negociants get the same amount of time before the offering is closed. During that period of time, the negociant decides if they want all, some, none, or more wine than they were allocated.
If you allow me Jeff, I would correct this sentance:
“During that period of time, the negociant decides if they want all, some, none, or if they want to ask for more wine than they were allocated.”
It is rare that a négociant receives an extra allocation