Back in April, I enjoyed a very good tasting of Bordeaux 2009. Very good indeed in fact. So good I was worried about the prices. Well, here cometh the day and the prices and I’m still taking copious doses of oxygen. How can this be sustainable?
I’m reliably informed that we’re in the middle of a global economic meltdown. From my own experiences in the banking sector, things are pretty bad. And now Dave and Nick are taking the axe to the public sector too.
How therefore can Le Pin 2009 be selling for €1200 per bottle, ex Château? I didn’t try Le Pin 09 (fat chance…), but I did try Pontet Canet 09 c.£1000 per case, Figeac at c. £1700, Pichon Baron at c. £1000, Ducru Beaucaillou at nearly £2000, Plamer at £2500 and the first growths coming well north of £6 – £7K. No, no, no, no!
Yes the wines were good. As I’ve said very good, but these prices are just silly. Very silly.
Let’s look at an example. Take Château Figeac. Currently about £1700 a case for the 2009 (we’ll use IB prices for now), so that’s c. £142 per bottle. Let’s keep that for its for its minimum drinking window, 10 years say. At 2.5% interest rates on average over that period, our £142 would become about £182 in 10 years time if we put it into a bank. So, the value of the wine would be £182 at the point we can drink it.
Now, 2000 was a great vintage in Bordeaux and hailed as one of the greatest of all time. Just like 09. Château Figeac 2000, which is just entering its drinking window can be yours for… £70 per bottle! Saving you a cool £112 and you can drink it now. A good Bordeaux from a great vintage.
Granted, if you’re a wine collector or investor, your returns are likely to be much higher if you buy en-premieur.
If, like me, you’re simply a drinker, maybe take your money elsewhere and look especially at 1995, 1996, 2000 and even 2005 where prices have softened a bit recently.
When we look back in 2012, it may be the 2009s have done a 1997 and bombed or have increased considerably and made everyone a lot of money. Especially the Bordelaise.
I have no idea what will happen to 2009 prices. Which is probably why I’m poor.