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07 June 2021

Bordeaux EP Weekly Summary - 31st May - 4th June

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Tagged: Bordeaux en Primeur Weekly Wine News Roundup

Please see our EP Releases Table to track the prices and scores of all the new 2020 wines

Last week saw several new Bordeaux 2020 en primeur wines hit the market, many coming from our Quality Price Ratio (QPR) category. Although some prices looked stretched, leaving little upside, a handful of excellent wines emerged at prices that offer excellent growth potential.

 "Pricing has been inconsistent with some producers opting for more aggressive increases. This just adds to the importance of a selective approach, which has revealed a few exciting wines at good prices.” - Olivier Staub, Cult Wines’ Investment Director

Chateau d’Armailhac and Beychevelle formed two of the most compelling opportunities of the week. The classified 5th growth Chateau d’Armailhac’s 2020 wine (Wine Advocate: 90-92pts, Neal Martin: 92-94pts) appeared on Tuesday (01 June) with a RRP of £396 (12x75cl). This marked a moderate increase of 6.5% over this QPR category producer’s 2019 release last year but comes below many of the current market prices of d’Armailhac back vintages from 2015 and earlier. Chateau d’Armailhac’s investment appeal rests on a stable track record of appreciating with time. It benefits from the same owners and similar terroir to its iconic Pauillac neighbour Mouton Rothschild, which boosts interest from a global audience.

Chateau Beychevelle, another QPR producer, followed on Wednesday with an RRP of £691 (12x75cl). This price fell below where we see fair value for this fantastic St Julien 2020 wine (as shown in the chart below) based on the market prices of recent vintages and the impressive scores of the new wine. Both Lisa Perrotti-Brown (Wine Advocate) and Antonio Galloni (Vinous) scored it 94-96pts.

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Source: Pricing data from Liv-ex, analysis by Cult Wines Ltd.

The week ended with a flurry of releases on Friday, including Malartic Lagraviere. This Pessac Leognan wine has impressed a few critics this year with Lisa Perrotti-Brown handing it a 92-94-point score and Neal Martin 94-96 points, who added that it was ‘one of the best vintages” he’s encountered from the producer. The £347 (12x75cl) RRP is a moderate 5.5% increase on last year’s market release and bodes well for its onward potential. This release also highlights a relative value opportunity in Malartic’s 2019 wine that had similarly high scores (WA 93-95pts, Neal Martin 94-96pts).