Bordeaux 2009: The Vintage of the Century Revisited

“The 2009s are unquestionably the greatest vintage of Bordeaux ever tasted”

Robert Parker Jr

19 wines awarded 100 points by Parker upon release in 2010. Widely considered as the greatest ever Bordeaux vintage – no vintage has been rated higher across the key appellations.

Following Parker’s retirement there are now a number of critics that are worth referencing – Neal Martin, Antonio Galloni and Lisa Perotti-Brown. Now 10 years in bottle, the 2009 vintage will be re tasted and rescored at the beginning of 2019.

The upgrading of a wine’s rating has traditionally resulted in significant short term price appreciation. These events are therefore key market events from an investment perspective.

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Case Studies

Full analysis on each in the report

  1. Beausjour Duffau Lagarosee grew 89.9% in 7 months after it was upgraded from 89 + (RP) to 95pts by Neal Martin.
  2. Grand Puy Lacoste declined by 9.2% following RP’s downgrading of the wine from 95 to 92 pts in June 2015.
  3. Cheval Blanc 2005 gained 24.3% in value over night after RP upgraded the wine from 96 to 100 pts.

 

Relative Value of the 2009 Vintage

  • In comparison to other prime vintages such as 2005, 2000 and 1982, the wines from 2009 often represent the highest quality from the respective estates as well as the best value.
  • 2009 prices on average declined the second most from the market peak (28.5%) and have also recovered the least (46.3%) representing strong value in comparison to other vintages.
  • The number of cases listed on the market for the 2009 vintage is very similar to that of the 2005 vintage even in light of the fact that the latter is 4 years older. 2009 is characterised by a vintage that has been far more drinkable in its youth resulting in a reduced supply..

 

Approach to Stock Selection

A careful and considered approach is key. We will consider the following criteria when making selections;

  1. Relative value of 2009 wines vs similarly quality vintages.
  2. Increase or discount from release, previous market peak and rate of recovery.
  3. Number of cases available globally.
  4. Retrospective review of previous re-scores and the positive/negative impact on values.
  5. Comparing tasting notes of our team vs leading critics form barrel, bottle scores and any subsequent tastings.
  6. An intimate understanding of the style of this vintage and the obscurities by each appellation.
  7. Identifying value within each of the key peer-groups.

The prime selections from this strategy are already in low supply and it is therefore imperative that clients indicate their interest early in order to access the leading recommendations at highly incentivised entry prices.

We will aim to confirm selections for clients as soon as they have committed to an investment amount. We regret that, if there will not be sufficient levels of stock to satisfy all clients, your portfolio manager will be in touch shortly to discuss your requirements.

Bordeaux 2009 Revisited pages