Margaux 2015 nearly triples release price
When it was announced that Margaux 2015 would be released in a commemorative bottle, its bid price jumped from £6,600 per case of 12 to £7,500 in a matter of days – a considerable leap from its En Primeur price of £4,260. Today, it commands a market price of £12,000 – early buyers are no doubt delighted with these rapid returns.
The 98-100 point wine (Neal Martin) is in good company. The 1990, 1996 and 2005 vintages have also scored top marks, with the 2000 scoring 99, yet their prices remain comparatively low. As Liv-ex notes, the 1996, at £5,866, is available at a 51.1% discount to the 2015. How much of the 2015’s value, then, can be attributed to its unique bottle? And as Liv-ex questions, with the vintage becoming physical in the UK later this month and undoubtedly leading to increased trade, might some be tempted to switch vintages?
Since the 17th Century, the first wine of Château Margaux has been recognised as being one of the greatest wines in the entire world. It owes its unique qualities to the genius of its terroir as well as to the passionate work of a succession of generations. It’s a remarkable wine that comes from a combination of characteristics that are only rarely found: finesse, elegance, complexity, density, intensity, length and freshness. Although its tannic concentration may be exceptional, it’s rare to detect astringency.
The great vintages are distinguished by their formidable ability to move us. The lesser vintages give pleasure to wise enthusiasts. They offer the advantage of evolving very rapidly and, reveal, after a few years, instead of power, this subtlety that is the prerogative of great terroirs. Château Margaux has an extraordinary ability to evolve. Over the years, it has developed a finesse, an aromatic complexity and a remarkable presence on the palate.
Château Margaux has sought to achieve excellence in its wines for over 400 years now through painstaking and necessarily long studies of its terroir, through a constant desire to learn and innovate, by remaining sensitive to demanding markets, and above all through a passionate commitment that has been shared by the families that have succeeded each other at the estate. At the end of the 17th century, it became part of the nascent elite “First Growths” – long before being established officially by the Classification of 1855. Since then, Château Margaux has known fame and fortune, seeing by experience how ephemeral both are.
Excitement about the potential of the 2015 Bordeaux vintage – and wine made in several other parts of France last autumn – has been rising for months. In Bordeaux, but also in Burgundy, Champagne and the Rhône, conditions were close to ideal last summer.
Hours of sunshine and average temperatures were the highest since records began – even higher than in “mythical” wine-growing years such as 1921 and 1947. “We think we have something very special but we are holding our tongues until the tasting begins,” said a family member at one of the most sought-after châteaux in the Médoc growing region.
Denis Dubourdieu, professor of wine at the University of Bordeaux and one of the most successful Bordeaux winemakers, told The Independent: “I don’t think there can be any doubt. This will be an exceptional year, in line with memorable years like 2009 and 2005.
“Everything about the growing season last year was perfect. And from what I’ve seen at the wine-making stage and in the barrel later on, this is going to be a wonderful vintage.” Mr Dubourdieu says that producing wine is like a horse-race with five meteorological “fences”. In 2015, he says, Bordeaux jumped all the hurdles with ease.
The vines flowered early in warm sunshine; the tiny grapes appeared in perfect dry weather; they turned purple in ideal conditions of slight drought in mid-July; they expanded and ripened in a warm, dry August with just a little rain; and they were picked in a dry autumn with cool nights. This is like getting all the numbers right in the lottery.
There were excellent claret vintages in 2000, 2005, 2009 and 2010 and a reasonable year in 2012. In the past two years, to the annoyance of many people in the industry, Bordeaux has been criticised or faintly praised. There have also been complaints about the fact that the top châteaux kept their prices high, despite the apparent dip in quality.