Château Margaux 2020 has been released En Primeur for £5,196 per case by the international trade. This is 3.4% less than the current Market Price of the 2019.

The new release looks good value among current physical vintages.

Critical Opinion

Margaux’s 2020 wine has been one of the most consistently rated wines of the vintage. It was the only First Growth where Neal Martin improved his 2019 score, to a 97-99 point bracket.

“This is a classically styled Château Margaux… Cerebral and sophisticated, and one of the wines of the Left Bank in 2020,” he said.

Jane Anson (Decanter) agreed, rating it 99-points and naming it her wine of the Left Bank as well. Antonio Galloni (also 97-99) commented: “Margaux is very clearly one of the wines of the vintage in 2020. It’s a tremendous effort from the team led by estate manager Philippe Bascaules.”

“Another great Margaux,” agreed James Suckling who awarded it 99-100 points.

Summary

This is deemed as one of the wines of the 2020 vintage – and so we have taken our full allocations here.

Margaux had a sizeable cushion when it came to price increases. Even with a 30% increase on the 2019 release price, the 2020 still comes away looking good value relative to its back vintages.

It is less expensive than the 98-point rated 2016 and 2005 vintages and also less expensive than the 2019, 2010 and 2009 which have scores of 97.

The 2020 Cos d’Estournel has been released for for £1,800 per 12×75, 31.6% more than the current Market Price of the 2019.

The 2020 will be bottled in a unique, black and gold engraved bottle to mark the 20^th anniversary of the Second Growth’s acquisition by Michel Reybier.

Volumes released are reportedly down 25% on last year.

Critical opinion

“This is a finely crafted, very succinct Cos d’Estournel that may well be hiding something up its sleeve for after bottling, and I suspect it will gain more spine during its barrel aging,” noted Neal Martin (Vinous) who scored it 95-97. He also complimented its “freshness” and “a sense of light”.

Antonio Galloni awarded 94-96 points, adding that “the 2020 is a gorgeous wine from a very unusual year”.

Jane Anson (Decanter) gave it 97-points, and said that its “sombre and serious right now, particularly for an estate that is known for its exuberance”.

Lisa Perrotti-Brown MW (The Wine Advocate) gave it 96-98 and James Suckling 97-98.

Jeb Dunnuck rated it 95-97+, noting that it is “is a brilliant example of the vintage”.

Summary

Prices for Cos d’Estournel show close correlation to Wine Advocate critic scores. With 31.6% increase on last year, the 2020 is positioned above the Fair Value line.

However, its commemorative bottling and reduced volumes might add to its allure. The performance of special bottles on the secondary market was discussed in detail here.

An extract from Liv-ex Market Insights –

Cos d’Estournel 2020 and limited edition bottle performances

A new milestone 

Last year was the 20th anniversary of the Second Growth’s acquisition by Michel Reybier.  

To mark the occasion, it has been revealed that the 2020 vintage from the estate will be bottled in a unique, black and gold engraved bottle featuring the property’s distinctive château and its pagodas. 

The wine has not yet been offered en primeur but there are some early scores and notes for the wine, including 18.5 James Lawther MW writing for JancisRobinson.com and a 97-98 from James Suckling. 

Growing trend

Marking important milestones with special bottles or unique labels has become an increasingly popular trend in Bordeaux in recent years. 

Mouton Rothschild might be said to have helped popularise this trend and its 2000 vintage, in the bottle engraved with the gold ‘Augsburg Ram’, is one of the most famous examples. 

Angélus and Pavie marked their elevation to Grand Cru Classé ‘A’ status with engraved bottles for their 2012 vintages. Margaux marked its 200th anniversary in 2015 with a special bottle and Lafite occasionally adds a small engraving to the front of the bottle in notable years – most recently for the 2018 vintage which marked the 150th year of ownership by the Rothschild family. 

But do these bottles out-perform in the market? Some do. Mouton’s 2000 vintage has risen over 1,000% in price since its En Primeur release, from £1,580 per dozen to £19,850 today – despite lacking a stellar score from Neal Martin, delivered in 2018.

Meanwhile, as examined in a recent article on the performance of the First Growths in ‘great’ vintages, Margaux’s 2015 is one of the best-performing First Growth wines, its price having risen 137% since release.

Lafite’s 2008 vintage, engraved with the Chinese for ‘eight’, is up 284% since release (although down from its 2010 peak of £14,000), while the estate’s 2018 has been one of the top-performing Bordeaux wines so far this year, its Market Price rising 5.5% in April alone.

Performance elsewhere can prove more varied. Angélus and Pavie’s 2012 wines for example have both risen post release, but while the former’s wine has enjoyed a 93% gain, Pavie’s is up by 26% at present.

Both Smith Haut-Lafitte and Talbot bottled their 2016 vintages in commemorative bottles but, for the moment, neither has seen a rise – so limited-edition designs are not a one-way bet.

Just the bottle?

The question around limited-edition bottles is to what extent the appeal of the bottle design itself plays into secondary market gains.

When looking at the performance of this group of wines, one picks up on a definite pattern of price jumps (some big, some small) in the aftermath of a special bottle or label design announcement.

Both Margaux’s 2015 and Lafite’s 2018 wines saw their fortunes in the secondary market turn decisively in November 2017 (see chart above) and October 2020 respectively, when news of their proposed packaging broke.

Pavie 2012 saw a leap of 16% in the immediate aftermath of its spring 2015 silver label announcement. Angélus 2012 leapt a staggering 80% in the six months following the announcement of its commemorative label. Lafite 2008 wine went from trading at £8,500 per dozen on Tuesday 26^th October 2010 to £10,500 at midday on Wednesday 27^th, a rise of 20%, after the bottle engraving was unveiled. A month later it was trading at £13,500.

Commanding a premium

What clouds the issue with these announcements is that they often coincide with the moment these wines become physical and leading critics begin issuing in-bottle scores – often a time for increased activity for highly-regarded estates.

Nonetheless, limited edition designs clearly influence buying decisions, which would explain the premium many of these wines command against their peers.

Long term appeal

But what of the staying power of these wines? The 2008 Lafite, benefitted from its nod to the thriving China market in 2010 and had the benefit of being offered at a substantial discount to the 2007 at a time when Lafite was the leading label in fine wine.

That said, it went from being a top-performer to one of the worst when the market turned in 2011, and its current Market Price is around half what it was at its peak. Margaux’s 2015 has also seen its price soften since highs of nearly £13,000 a dozen in 2018.

Volatility is to be expected to an extent but it can be even greater for wines placed in the spotlight through a commemorative bottle. Although these wines can rocket upwards very quickly, is the initial buzz generated by the news enough to sustain the level it might reach?

For example, does it seem likely that the 2008 Lafite is going to double in price again, based on the strength of its one, small engraving?

That said, if a wine with a striking bottle really captures the market’s imagination there’s not much that can slow it down.

Mouton’s 2000 vintage is a case in point. Global downturns and market upheavals have been mere speedbumps to its progress over the last two decades. Even when Neal Martin rated it 89 in 2018 its price continued to rise.

It is clear that commemorative bottles do help influence the secondary market – but only to a point.

The allure of a collectible bottle can add to the mythos of a great vintage from a great estate. It is now a question of time to see which, if any, wine can replicate the performance of Mouton’s Augsburg Ram.

The 2020 Château Canon has been released today for £1,152 per 12×75, 29.4% more than the current Market Price of the 2019.

Volumes are reportedly down 15% on last year on a wine that is being banded around as one of the wines of the vintage.

For what does look fairly steamy on the release price, it is a chateau on the rise that has a cult following. As you will see from the chart below, the new release also offers better value for money than the 2015 vintage, which carries the same score of 97-points from Neal Martin.

Critical Opinion

The 2020 Canon received 96-98 points from Neal Martin (Vinous), who said the château, “nailed it this year”. Martin explained that the wine had “one of those bouquets that stops the clock thanks to its breath-taking delineation and focus”, while “the palate possesses exquisite definition”.

Antonio Galloni awarded 95-97 points and described it as “an especially airy, understated Canon”.

James Suckling gave it 97-99 points and asked if this “exceptional” Canon might be the, “best of the trilogy?”.

Both Lisa Perrotti-Brown MW (The Wine Advocate) and Jeff Leve (The Wine Cellar Insider) found potential for perfection in the 2020 Canon, rating it 98-100 points.

Perrotti-Brown called it “an exhilarating triumph!”

Summary

We have taken our full allocations here of this very highly regarded estate that is very much on the up!

The 2020 Troplong Mondot has been released for £864 per 12×75, 18.2% more than the current Market Price of the 2019.

One of the most exciting properties in Bordeaux today, Troplong Mondot in Saint Emilion has undergone an extensive transformation in recent times. When the estate was bought in 2017, Aymeric de Gironde (formerly of Pichon Baron and Cos d’Estournel) has been employed as Estate Director and Thomas Duclos brought in as consultant, and the style at Troplong has completely changed. By picking earlier and favouring lighter extractions, working the wine less and letting the terroir speak for itself, Troplong Mondot has become more interesting and a serious player once more.

Critical Opinion

Neal Martin awarded the wine 94-96 points. He said, “This is a delicious and characterful Saint-Emilion, fresh and vibrant, that will fill out and gain depth during its barrel maturation.”

Jeb Dunnuck said, “Hats off to the team at Troplong Mondot”, and awarded 96-98 points.

Lisa Perrotti-Brown MW gave 95-97+ points and noted an ABV of 14.5%.

Summary

This is a wine that we believe should feature in each of our portfolios – so we have taken good allocations here.

The 2020 Château Calon-Ségur has been released by the international trade for £938 per 12×75, 11.7% more than the current Market Price of the 2019.

This is the first vintage by Director Vincent Millet since the departure of Laurent Dufau in 2020.

Critical Acclaim

Neal Martin (Vinous) awarded today’s release a range of 92-94 points. He said he appreciated “the way in which the DNA of this estate comes through”.

Jane Anson (Decanter) gave one of the highest scores for the 2020 Calon-Ségur – 98-points. For her, it “equals the great, classically balanced vintages of Calon like 2016”.

James Suckling rated it 95-96 and described it as “quite muscular”.

Jeb Dunnuck scored it 95-97, calling it “brilliant” and complimenting its “incredible purity of fruit”.

Summary

This is a wine that is famously hard to get your hands on – so we have taken our allocations here.

The 2020 Pontet-Canet has been released for £890 per 12×75, 1.1% more than the current Market Price of the 2019 (£880).

Critical Acclaim

Antonio Galloni awarded the wine 95-97 points. He said, “the 2020 Pontet-Canet is a captivating effort from the Tesseron family.”

Lisa Perrotti-Brown MW said the wine is a “fascinating expression of the vintage and highly recommended!” Perrotti-Brown awarded the wine 96-98+.

James Suckling awarded 98-99 points and Jane Anson gave a 97.

Summary

Prices for Pontet-Canet correlate best with Wine Advocate scores, as seen in the chart below.

The outlier however, is 2019 which falls well below the fair value line having been scored 99-points and released at a large discount last year. The wine has since risen 20.2% in price from release but still looks good value.

Today’s release has been priced fairly when using Wine Advocate scores.

It looks like volumes are also down this year – so we have taken our allocation here.

Château Lynch-Bages 2020 has been released En Primeur for £1,040 per case by the international trade. This is an increase of 15.5% on the current Market Price of the 2019.

The new release looks fully priced but has one of the better Benchmark Critic scores of recent vintages.

Critical Acclaim

Benchmark Critic Neal Martin (Vinous) scored the wine 94-96, noting its higher-than-usual Merlot component (31%). It was a wine with “impressive weight,” he said. “But everything remains balanced thanks to the fine acidic thread, and it begins to firm up, becoming quite structured and, dare I say, reminiscent of Latour toward the finish.”

This is a vintage that will deserve some long-term ageing, he added, as it has “real substance”. He concluded: “This is a great Lynch-Bages. The Cazes family should build a new winery to celebrate.”

“This is easily one of the best Pauillacs that I have tasted in the vintage, totally gorgeous,” said Jane Anson, awarding it 96-points.

Lisa Perrotti-Brown MW scored it 94-96 and Antonio Galloni 93-95.

Summary

A great wine – and we have taken full allocations here.

The 2020 Pichon Longueville Comtesse de Lalande has been released by the international trade for £1614 per 12×75, 7.6% more than the current Market Price of the 2019.

Critical Acclaim

Neal Martin awarded the wine 96-98 points. He said, “this is a magnificent, cerebral Pichon-Lalande that will deserve serious aging.”

Antonio Galloni said, “the 2020 is going to need at least a few years to come out of its shell” and awarded the wine 95-97 points.

Jeb Dunnuck was highest in praise. He awarded the wine 98-100 points. He remarked, “it’s an incredible wine that’s going to flirt with perfection and is unquestionably one of the finest, if not the finest, Left Bank in the vintage.”

Summary

There is very little of this wine available on the market – so we have taken a very small allocation here.

The 2020 Château Brane-Cantenac has been released for the international trade at £600 per 12×75, 20.5% more than the current Market Price of the 2019. Volumes are reportedly down 50% – that make this an incredibly attractive proposition.

Critical Acclaim

The 2020 also boasts a higher score from Neal Martin, who deemed it “superior” to the previous two vintages. Only the 2020 and the 2016 received 96 points from the critic and are available at a similar price level.

Neal Martin (Vinous) gave the 2020 Brane-Cantenac a barrel range of 95-97 points. He called it “harmonious and poised”; “an absolutely fantastic Brane-Cantenac” and “a must-buy”.

Antonio Galloni awarded a range of 94-96, saying that he “especially admired the sense of classicism and energy here”. “A superb showing from Brane-Cantenac and the team led by Henri Lurton,” he added.

Jane Anson (Decanter) revealed it was “a low-yield wine that has kept an impressively fresh core” and gave it 94 points.

The wine also received 96-97 points from James Suckling and 94-96 from Jeb Dunnuck. Lisa Perrotti-Brown MW (The Wine Advocate) gave it 91-93.

Summary

This is wine we have decided to take our full allocations and more on.