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Sunday 26 October 2014

Market jumps on Montrose 2010

2nd September, 2014 by Rupert Millar

The fine wine market jumped on Montrose 2010 at the end of last week when Robert Parker elevated from 99 to 100-points – don’t expect the same for the 2013s.

Montrose barrelsBoth the 2009 and 2010 have been seeing increased trade in recent years, rising, falling and rising again on the stormy and unpredictable sea that the Bordeaux market has been in recent months.

The 2009 was awarded 100-points by Parker while the 2010 received just 99 and traded for a substantial £895 less a case – a discount of 38%.

Liv-ex noted that this seemed excessive for a single point although the gap had narrowed to 30% last week, thanks largely to the on-going decline in the price of the 2009.

Then on Friday 29 August, Parker tasted a vertical of Montrose and elevated the 2010 to a full 100 points and proclaimed it one of the “greatest” wines produced by the estate and worthy to sit alongside the 1929, 1945, 1947, 1959, 1961, 1989, 1990 and 2009.

The reaction from the market was apparently “immediate” said Liv-ex, a statement backed up by Adam Bilbey at Berry Bros & Rudd Hong Kong who told the drinks business it was “flying” at 45 cases sold in 45 minutes, while Ross, Eva, head of Asia Pacific for Fine & Rare, said: “We sold around 50 cases, and still have open orders for more. The 100-point score has definitely made this eye catching but what has really resonated with customers is that the wine offers sharp value against the 1990 (£4916 per 12) and 2009 (£1945 per 12).

With the wine going from £1,380 to £1,650 in a matter of hours, the price disparity of a year ago has effectively been halved.

With the 2009 declining and the 2010 now on the rise however, Liv-ex asked: “What price parity?”

On the other hand, such frenzied activity is not expected to grip the 2013s following their Parker scores released on the same day.

Merchants across the board were unsurprised by the results and even less confident of any wines being picked up in Asia where the en primeur market is so minimal as to be non-existent.

Simon Staples, sales director Asia for BBR, told db that while he broadly agreed with Parker’s analysis he had “no idea why St Emilion was so high” and that the scores were possibly too high.

He said: “These scores are what a great year should be and these 2013s should be from 50 to 75. When wines are scored from 88 to 100 it really leaves no wiggle room or real quality scope.”

Parker’s assessment was full of praise for the white wines in the vintage (he said the Yquem may very well be one of the best ever) and Staples said he hoped that they may get some attention but didn’t seem overly confident of this happening.

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