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CLOS FOURTET 2003 @ £770 PER 12 -
RPJ : 94 PTS (2006)
(PRICE EXCLUSIVE OF MANAGEMENT FEE)
Short Term Upside in 2013: 15-30%
Long Term Price Target: £1,300 - £1,500 per 12
Only 25 Cases Available
OVERVIEW:
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Wine due to be re-scored by Parker
in his 10 year retrospective at the
end of this year. |
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Expected to improve its current
score of 94 pts. |
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Clos Fourtet: Top Performing
Bordeaux wine in 2012 - Liv-ex Blog. |
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Part of Robert Parker's Magical 20. |
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Best Vintage of Clos Fourtet
currently in Drinking Window. |
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Inferior 1990 (90 pts) trading @
£1,110 (44% increase). |
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DUE TO BE RE-SCORED THIS YEAR:
Every 10 years Parker conducts a
retrospective and we believe that
ahead of the 2003 Bordeaux vintage
being revisited that Clos Fourtet is
in line to receive an improved
score.
Clos Fourtet 2003 was originally
given an in-barrel score of 94-96
pts. In this 2004 tasting note,
Parker made the comment that the
2003 was:
'Irrefutably the greatest wine I
have ever tasted from Clos Fourtet'
In 2005, upon a further in-barrel
tasting of the 2003 vintage RPJ
re-confirmed his belief that it:
'continues to be the most compelling
wine I have ever tasted from Clos
Fourtet'
Despite the initial en primeur score
of 94-96, Parker was more
conservative with his final
in-bottle score awarding the wine an
official score at the bottom of his
initial spread - 94 pts - despite
the US critic again confirming that:
'Sampled three times from bottle,
the 2003 Clos Fourtet is the finest
wine I have ever tasted from this
estate'
Interestingly in this 2006 tasting
note Parker indicated that the wine
still had some time to evolve and
improve, which may have been his
reasoning behind scoring it at the
bottom of his spread.
'It will benefit from 2-3 years of
bottle age, and drink well for two
decades or more.'
With these comments in mind by 2009
this wine should have improved and
with a further 4 more years in
bottle since then it is sitting
comfortably within its optimum
drinking window with another 15+
years to go. Therefore consumption
of this wine will have accelerated
in recent years, which would be
increasingly reducing the available
supply.
Despite never officially revisiting
the wine in 2008, when giving a
tasting note for the 2005 Clos
Fourtet which is scored 98 pts,
Parker said the following:
'Clos Fourtet is on a roll,
having produced a stunning wine in
2003, and an even more brilliant
effort in 2005.'
Therefore with Clos Fourtet
currently scored 94 pts, at the
bottom end of Parker's initial
barrel score, and with 7 years
further ageing we believe that the
2003 has significant potential to be
re-scored up. With a score further
towards 97 pts far more likely.
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VALUE:
Over and above the potential of
being re-scored, the
Vintage Comparison Chart below shows
that the 2003 is actually well
valued when compared against other
similar quality vintages of Clos
Fourtet. The current trading price
of the significantly inferior 1990
vintage at £1,110.00 is a clear
indication of the potential of the
2003 in future years:

The 2003 is unlikely to surpass the
score of 2010, 2009 or 2005, but it
is has every chance of increasing to
a score of 95-97 pts.
At £770 per 12, it sits comfortably
on the average price for Clos
Fourtet vintages despite it being
the best vintage that is currently
in its drinking window.
With the 2005, 2009 and 2010 still
requiring a few more years cellaring
we would expect that collectors will
focus on the 2003 over the next 5
years for optimum drinking from this
estate.
If it's re-scored over 95 pts in
Parker's 10 year retrospective later
this year, in the short term the
wine will appreciate in value.
We have a target price for this wine
of £1,200 per 12 over the next 3-5
years due to the above reasons and
with older vintages such as the 1990
(91 pts) trading at £1,100 per case
- we think this is a conservative
estimation of the 2003's potential.
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STRONG BRAND & MARKET SENTIMENT:
With both the 2009 and 2010 vintages
of Clos Fourtet receiving high
praise and scores from critics,
there has been a noticeable increase
of attention for this right bank
estate. Added to this, the strong
support the wine has been given by
Parker in recent years is sure to
have a positive effect. Having
included it as part of his Magical
20 tasting in Hong Kong in 2011,
there is certain to be uplift on
prices for back vintages of this
estate, especially those held in
such high esteem as the 2003.
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Liv-ex: 'surveying the
performance of the Bordeaux 500
since the beginning of 2012,
examining the percentage gains or
losses they had made over that time
period. Clos Fourtet was at the
pinnacle of the list' - July 2012 |
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Parker Tasting Note:
This estate has come back strongly
under new ownership, and the quality
of the wines now exhibits the
tremendous potential of this
extraordinary terroir on the
limestone plateau just outside the
walls of St.-Emilion. Sampled three
times from bottle, the 2003 Clos
Fourtet is the finest wine I have
ever tasted from this estate. Made
in a full-bodied, extravagantly rich
style, it is just beginning to close
down, but it is easy to see the
layers of concentrated black cherry,
plum, and licorice-infused fruit.
There is also a subtle hint of
charcoal as well as loads of
mineral, flower, blackberry, and
creme de cassis characteristics.
This full-flavored, opulent,
glycerin-filled 2003 offers
impressive richness, silky tannin,
and a long, 45+ second finish. It
will benefit from 2-3 years of
bottle age, and drink well for two
decades or more.
Wine Advocate #164 -
Apr 2006 - Robert Parker
94 pts |
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CONCLUSION:
At £770 per 12, the 2003 vintage
being the best available vintage of
Clos Fourtet in its drinking window,
represents significant value with
extremely minimal downside risk.
With all things being equal, as the
wine is consumed in greater
quantities and supply diminishes
over the next 5-10 years, there is
no reason why this won't surpass the
price of the 1990 @ £1,100 per 12 in
the next few years.
However, with the wine due to be
re-scored at the end of this year by
Parker, there is sufficient evidence
to suggest that this wine will
receive an improved tasting note.
This could have a substantial impact
on price in the short term, with
potential upside of 15-30% possible
by the end of this calendar year.
Upon receiving an improved score we
would set a realistic price target
of £1,300 - £1,500 per 12 over the
next 5 years, which would represent
a doubling of its current value.
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+44 (0)20 8332 9386 | [email protected]
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