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Cult Wines - Solutions For Fine Wine

Calon Segur 2003 (94 pts)
£650.00 per 12 bottles

'The sleeper of the vintage'

Key Points
In line to be rescored in March 2014 edition of The Wine Advocate.

Compared by Parker to 1982 which trades at upwards of £2500.

Reduction in supply as wine has reached drinking window.

If rescored up, will become best scoring Calon Segur since 1953.

St. Estephe region produced high quality wines in 2003 (Montrose 97+ pts & Cos d'Estournel 98 pts).

Chinese demand increasing for wines around £40-£80 per bottle (CIVB Report).

Estate just been included in Tim Atkin's top 10 underrated wines.
Parker Tasting Notes
"Bottled in July, 2005, the saturated ruby/purple-colored 2003 exhibits a tightly-knit, but promising nose of mulberries, blackberries, cherries, and hints of new oak and truffles.

This 60% Cabernet Sauvignon / 40% Merlot blend possesses a gorgeous texture as well as an expansive, exotic softness, and 13% alcohol (according to the proprietor, Madame Denise Gasqueton).

Generous and rich, this high class, full-bodied wine will undoubtedly be more approachable than its closest spiritual sibling, the 1982. Anticipated maturity: 2009-2030."

Score: 94
Robert Parker, Wine Advocate (164)
April 2006
Previous Scores / Notes

Parker initially scored the wine 95-97 points in barrel, stating it was a 'compelling effort from Madame Denise Gasqueton, the 2003 Calon-Segur displays a stunning similarity to the 1982' but noting it would close down in the coming years, which it did do, falling in score from 95-97 to 94-96, then finally to 94.

However, given the note above, we feel this wine is well on its evolutionary course and three years into its optimum drinking window (2009-2030) the wine will have reached its full potential which leads us to believe that this wine could get re-scored positively by Parker perhaps nearer to his original assessment.
Calon Segur 2003

As the graph above outlines, growth for the 2003 has been strong and without the rescore would represent good value and growth potential. Factoring in the upside potential of a positive rescore, the 2003 will move closer in trading price to the 1982 across the short to medium term. Within this we would forecast 30-40% returns within the next 2 years.

Calon Segur 1982

Furthermore, there is extremely limited availability of the 1982 and 1988 listed on Liv-ex (5 -1982 and 2 -1988 respectively.) This trend appears to continue through to the 2003 and 2009, where there are 48 listed of the 2003, and 106 listed of the 2009.

With the impending rescore, and the fact the 2003 has entered its drinking window the supply and availability of the 2003 is likely to decrease heavily across the next 2-3 years. This will have a significant impact on the price going forward.

Calon Segur as a Brand

The French insurer, Suravenir Assurances, finalised their purchase of Calon-Ségur in July 2012, with JP Moueix (owners of Petrus) taking a minority stake. The sale broke all previous records for Bordeaux with the transaction equivalent to around €2 million per hectare. This is likely to drive the brand development and international awareness of the Chateau - which will have a positive impact on back vintages, especially those that represent the pinnacle of this estate's winemaking such as the 2003.

The impact of increased brand awareness and a strong market sentiment for an estate has been evidenced by Chateau Pavie. The estate was reclassified to Premier Grand Cru Classé A last year, and in turn strong back-vintages have been in high demand. This has had an extremely positive effect on pricing with the 2000 increasing by over 30% in value in a single year.

The 2000 is the best Pavie ever produced and if the Calon Segur 2003 is rescored up, it will own that title from its estate, putting the spotlight on both the wine and its brand. Which as we have outlined is growing and improving all the time, due to strong ownership and direction from one of the world's leading businesses.


Given the analysis outlined above, we feel the 2003 is extremely undervalued and given the upside potential of the rescore in February next year, represents a great buying opportunity to both new and existing clients.

Reg. Company No: 06350591 | VAT No. GB 129 9514 84 | St Andrews House, Upper Ham Road, Richmond TW10 5LA.

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