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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.
The estate has 200 acres under vine. Each plot and each variety are treated differently from pruning throughout the growing season. Chateau Margaux’ goal is to nurture and maintain vines for as long as possible, as they believe vines need to reach 20 years of age to produce great wine. The estate is constantly trying to understand through experimentation how to improve soil health and fruit quality. Today, no insecticides are used, there is an important balance of healthy insects to counter pests, and any number of experiments with ploughing, organic farming, and biodynamic applications are ongoing. A final key point to note, Margaux has for the last 30+ years had among the lowest yields in the Medoc.
The wine was aged for 15 months, in 10% new oak and 90% second use barrels. Because of the particularities of the vintage, Cabernet Sauvignon made up an extremely high 88% of the blend, with Merlot only 12% of the blend. Importantly, the wine is held in bottle until ready to drink, which may not mean that vintages are released sequentially.
2015 was, literally, an historic year at Château Margaux. We celebrated the bicentenary of the Estate’s buildings dating from 1815, and the inauguration of the new facilities, designed or reorganised, by Norman Foster. It is easy to imagine how much we dreamed that 2015 would be a great vintage! Without doubt, some of the result is owed to decisions made at the time of blending; only 35% of the harvest went into the first wine, which was a record of severity for a vintage of this standard. As usual, it was the Cabernet Sauvignon in first place with 87% of the blend; in addition to its concentration and finesse, this year it has an unusual vigour and strength. The Merlot has nothing to be ashamed of, at least in the great plots; it makes up 8% of the first wine. Cabernet Franc (3%) and Petit Verdot (2%) also find their place in this elitist blend, which confirms that, enable all grape varieties to express their own propensity. How can we compare 2015 to its predecessors? It is a thankless task, and a little futile, particularly for the great vintages. There are, of course, similarities, affinities, and also some differences where we do not expect to find them… But we can evoke a combination of the strength of 2005, the flesh of 2009, the subtlety of 2010, and the inimitable charm of Château Margaux. (April 2016)
Winter, which was appreciably colder than those of the previous years, caused late, but perfectly regular blossoming. Dry and sunny weather in the spring made for optimal conditions, so flowering took place very quickly and homogenously. This hot, dry weather persisted throughout the months of June and July, to a point where we were afraid there could be water stress, at least in the most sensitive plots. Fortunately a little rain in August arrived just in time to ensure a quick and regular colour-change. The drought, which arrived again in September, together with very warm days and cool nights, enabled the grapes to balance their richness in sugar with good acidity, to render their tannins more silky and to make their aromatic potential more complex. The harvest of the reds took place from September 8th to October 6th. The small size of the grapes and their thicker skins indicated a very high concentration of tannins. The 2015 weather conditions are, in fact, the feature of very great vintages, like 2005, 2009 and 2010.
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.
Complete 2015 Bordeaux report by Andrew Caillard MW “Next in line of a great series of vintages; 2000, 2005, 2009, 2010 & 2015.”
2015 is a wonderful Bordeaux vintage without the hype or hysteria associated with 2009 and 2010. The wines are generally expressive and generous with marvellous concentration and structure. Give another year in barrel, the wines should gain more fruit complexity and volume. The Châteaux, across all sub-regions, are excited by the beautiful fragrance, clear fruit flavours and brisk energy of the wines, and believe the vintage to be the best since 2010. More than a few times the phrase “a vintage of the decade” has been mentioned. I have tasted through most of the top wines, some on more than a few occasions, and feel confident that this is a vintage worth supporting. It is a very successful vintage.
Weather conditions were generally ideal with perfect flowering and set during Spring. A hot dry and sunny spell during June and July kept the vines in balance; the near-drought conditions resulted in excellent cluster development. Veraison (in which the grape berries turn from green and hard to coloured and fleshy) began towards the end of July. Light rains refreshed the canopies and hydrated the clusters. Cooler weather arrived in August with above average rainfall. The northern Medoc was exposed to heavy rains, but no berry splitting or significant disease pressure was reported. The cooler conditions running up to harvest in September allowed the grapes to conserve their aromatic potential and ripen relatively evenly.
The red wines across the right bank and the left bank are generally impressive in concentration, vigour and freshness. While all the wines are tasted extremely young, it is easy to see the quality and dimension of the vintage. Merlot performed particularly well, with many Châteaux picking intermittently over a three-week window to achieve optimal freshness, fleshiness and ripeness. Cabernet Franc, its companion in many of the wines, gives an attractive “tannin seam” and structural vigour. Already observers are calling it a right bank (St Emilion & Pomerol) year. Ch Vieux Château Certan, described as “La Force Tranquille,”and Château Petrus were my top two right bank wines followed by Château Ausone. All have a buoyancy and precision that augers well for the future.
The southern left bank (Margaux and Pessac-Leognan) also stumped up some beautiful concentrated wines. The alcoholic strength and tannin ripeness seem to correlate with this impression. Cabernet Sauvignon, typically ”needing to takes its time”, brought wines of lovely aromaticity, concentration and vitality. The success of this variety has been dependent on the sophistication of harvesting and selection at blending. Château Margaux and Château Palmer are amazing wines. Château Haut Brion and Château La Mission Haut Brion made dense chocolaty styles. Château Haut Bailly is particularly refined and beautifully balanced.
At Château Batailley, the introduction of a second wine and closer attention to differentiation, led to one of the best vintages in its history. Many of the small refinements and decisions in the vineyard and winery allowed several top Châteaux in St Julien, Pauillac and St Estephe to make beautiful wines too. The hard selection process is particularly evident on the left bank. Château Margaux and Château Cos d’Estournel chose to rigorously defend their first wines by very detailed picking and selection. Only 35% and 39% (respectively) of the harvest went into their Grand Vin. St Emilion’s Ch Cheval Blanc on the other hand comprised 95.1% of the harvest, leaving no reason to make Petit Cheval in 2015.
Attention to detail in the vineyard, especially after the August rains, and huge investment in optical sorting machines (at a cost of around 200,000 Euros each) at harvest ensured the grapes were in good condition before vinification. It is quite incredible how the fruit arrives into the winery these days. Meticulous attention to detail has become the norm within the Grand Cru Classé community. The First Growth Estates with their huge financial investments in vineyard and cellar practices, all made impressive wines this year. Perhaps the most evocative of all is Château Margaux. The death of the estate’s longstanding winemaker Paul Pontallier, on Easter Sunday from cancer, rocked Bordeaux’s wine community. He was a man for all seasons. He brought the best out of his people and his wines, whatever the vintage offered. 2015 Château Margaux, in all likelihood, will be the greatest vintage of its modern history.
Despite the sombre mood at this year’s 2015 En Primeurs tastings, the energy of Spring brought a sense of renewal. Budburst in the vineyards, white and pink blossom in full bloom, the pure chirrup of fledglings and the vibrant new wines of the vintage promised the animation and maturation of life. The colours, densities, flavours and tannin quality of the young red wines all suggest a great vintage in the making. It is one of the wine trade’s most curious practices to make comment on unfinished wine, yet somehow the predictions become more or less right. Over the next year the wines will develop more fruit complexity, richness and volume in barrel. The tannins, oak and fruit will further integrate.
The sweet aperitif/ dessert wines of Sauternes and Barsac have also fared extremely well. The combination of even ripening and optimum outbreaks of botrytis cinerea has brought some magnificent wines. Some are calling it the best vintage since 2001, arguably the greatest vintage in recent memory. While Ch d’Yquem looked gorgeous, the elegantly styled Ch Climens, still in many parts, will be wonderful. Typically this wine is tasted out of several barrels, and my notes are a composite of eight different elements. The fragrance, vibrancy, freshness, and line are amazing. The dry whites, mainly Sauvignon Blanc or Gris dominant are refreshing styles with attractive freshness and drive. Ch Haut Brion Blanc is an amazing wine, but its release price will reflect its rarity.
The Châteaux will likely bring out the vintage in two tranches to capture the appetite of the world’s wine trade. The first offers will probably be a touch higher than last years opening prices. This will be against the advice of the negociants who have been running on very low margins for many years now. The weakening of the British Pound and the Australian Dollar against the euro may be a stumbling block for some buyers, but there will be value and opportunity in this forthcoming primeur campaign. For Australian buyers, this is absolutely the best way to buy Bordeaux. Provenance is guaranteed, allocations confirmed and the price will still be less than future imports, by virtue of the structure of the Place de Bordeaux.
Better market conditions in China and the US, together with a significant vintage in both quantity and quality, will see momentum return to Bordeaux after a four-year period of stagnation and uncertainty. The cat and mouse game between the Châteaux, the negociants and wine trade now begins. Regardless of the outcome, Bordeaux will continue to be the fine wine reference for many decades. There is something utterly unique, invigorating and evocative about mature Bordeaux wines. The best of the 2015 will be transformative and delicious to drink. All you need is patience, moderately deep pockets and the will to buy!
Margaux / Beautiful wines with gorgeous fruit density and fine sinuous tannins. Its is some years since Margaux shone so brightly. Ch Margaux, Ch Palmer, Ch Rauzan Segla, Ch Rauzan Gassies, Alter Ego de Cg Palmer. Ch Pavillon Rouge, Ch Malescot de St Exupery, Ch D’Angludet, Ch Kirwan, Ch Cantenac Brown and Ch Brand Cantenac are highlights.
St Julien / Fragrant and well concentrated with slinky textures and inky length. Ch Leoville Lascases, Ch Ducru Beaucaillou and Ch Leoville Barton were top performers. But I also liked Ch Beychevelle, Ch Branaire Ducru and Ch Lagrange, Croix de Beaucaillou and Ch Lalande Borie, both connected to Ch Ducru Beaucaillou, are beneficiaries of meticulous selection.
Pauillac / The very top estates made great wine. The First Growths all made very fine wines. There is a debate about which is best. I like Ch Mouton Rothschild the best and admired Ch Latour for its precision and potential for longevity. The latter won’t be released en-primeur so ist academic. Ch Lafite is excellent too. Ch Pontet Canet is outstanding, as you would expect from such an enlightened and eccentric estate. I was also immensely impressed with Ch Batailley and Ch Lynch Bages. Ch Clerc Milon, Ch Grand Puy Lacoste, Ch Pichon Longueville Comtesse de Lalande and its opposite neighbour Ch Pichon Longueville Baron.
St Estephe / Classic wines with aromatic complexity and muscular drive. A little more variable than other sub-regions, probably because of its exposure to heavy rains and Atlantic weather. Ch Montrose and Ch Cos’ d’Estournel made beautiful wines, by very careful selection of the crop. Their associate wines were very good too; La Dame de Montrose, Ch Tronquoy-Lalande and Pagodes de Cos.
Pessac Leognan & Graves / Powerful wines with density and strength. Both Ch La Mission Haut Brion and Ch Haut Brion are standouts with amazing concentration and vigour, accompanied by relatively high alcohols. The superb Ch Haut Bailly, Ch Smith Haut Lafitte, and Domaine de Chevalier are my personal favourites.
Pomerol / Wonderful fleshy wines with superb concentration and chocolaty textures. It is one of the most impressive Pomerol vintages of the last twenty years with "lots of shoulder and length." Vieux Chateau Certan and Ch Petrus were profound standouts. The list is long but Ch Latour-à-Pomerol, Ch La Fleur, Ch Lafleur Petrus, Ch Trontanoy, Ch Hosanna and Ch Bon Pasteur were also highlights.
St Emilion /A very strong year, many wines having superb fruit generosity, freshness and line. Ch Angelus, Ch Ausone, Ch Canon, Ch Cheval Blanc, Ch Figeac, Ch Trottevielle, and Ch Troplong Mondot are very top performers. Highlights also include Ch Beauséjour, Ch Canon La-Gaffelliere. Ch Gracia, Ch La Couspaude, Ch La Dominique, Ch Larmande, Ch Pavie Macquin, Quinault L'Enclos, Clos Fourtet, La Chapelle d’Ausone and Clos Cantenac. Ch Chantecaille Clauzel, lying like a shag on an encrusted diamond rock, is not particularly well known, but its story is remarkable and the wine worth buying for the conversation alone.
Sauternes Barsac /A very strong year. The wines possess beautiful fragrance, clarity, viscosity, richness and acid line. Ch Climens, Ch Coutet and Ch Guiraud are wonderful standouts. Ch de Rayne Vigneau, Ch Doisy Daene, Ch Doisy Vedrines. Clos Haut Peyraguey, Ch La Tour Blanche, Ch Rabaud Promis, Ch Rieussec and Suduiraut all produced fine examples too. The lesser known Ch Broustet, Ch Caillou, Ch de Myrat and Ch Suau were exemplary. Ch d’Yquem is of course impressive, but next door neighbour Ch Guiraud, offers a very similar quality and style.