A below the radar Cheval Blanc?

Is the 2006 Cheval Blanc a “dark horse” vintage for the Saint Emilion heavyweight?

Not long after pointing out that the 2010 Lafite has probably reached its lowest ebb in terms of pricing, Liv-ex has now singled out the Right Bank estate’s 2006 vintage as a potential wine to watch.

Robert Parker who scored it 95-points back in 2009 said it was “stunning” and perhaps even “better than the 2005” with “sweet, sexy tannins” and a perfume of “menthol, charcoal, boysenberries, blackcurrants, and hints of cocoa and caramel.”

The wine was released at £4,200 in 2007 and despite a brief peak when it nudged £5,500 in mid-2008, it generally struggled in the secondary market sinking to £2,700 in December 2009.

The Asian-driven bull run propelled it upwards and then downwards along with the rest of the fine wine market and it is currently trading for around £2,890, 23.2% down on its release price.

Its 2005 stable mate was recently upgraded by Parker from 96 to 100-points, one of the 12 “perfect” wines awarded top marks in the recent retrospective, and immediately saw the benefits trading at £4,950 its highest price since March 2012.

The 2006, with good points and awaiting its 10-year retrospective next year, is therefore two thirds of the price of its illustrious sibling.

The difference a few points can make in terms of price has been examined before and the difference in perceptions of a vintage can also make a big difference to a wine’s price.

As was seen in the examination of 2006 Burgundy as part of the “In focus” series, wines from overshadowed vintages can be substantially cheaper even if – as is the case with 2005/2006 – they have similar, the same scores or, occasionally, better scores and reviews.

The 2006 Cheval Blanc has seen some activity recently according to Liv-ex and a couple of trades have seen it go for £2,935 and then £2,972.

With lots of room to appreciate in terms of points and value, is it a horse worth backing?