Implications of 2014 En Primeur Campaign
As the campaign unfolds, several (already rehearsed) bargains are appearing, but it is important to glean whatever implications there might also be for back vintages.
It is worth pointing out incidentally that an en primeur contract is only as viable as the buyer’s counterparty, and with several negociants going under in recent years it is possible that some investors may be left holding only a worthless piece of paper.
Our own en primeur purchases have been made exclusively through one of the region’s most established negociants to obviate this risk.
As can be clearly seen through the accompanying series of charts, in several cases the best buys are available in the 2008 vintage.
We often talk of off and on vintages, but occasionally a year unfolds which is neither obviously off, nor on. 2008 is one such. Excellent for white Burgundy, moderate for red. Poor in the Cote Rotie, but very good across in Bordeaux, on both sides of the river, and really quite excellent in Pomerol, whose vintage score for 2008 is a lofty 96.
We have highlighted elsewhere the bargains available in our “Pomerol Anomaly” range from 2008, and we are not about to stop beating that particular drum. Apart from 2009 when Pomerol’s vintage score was 98, you have to go back to 1990 to find another to compare with it, and in the iconic 1982 vintage which saw Robert Parker shoot to fame with his Le Pin recommendation, the vintage score was also a vibrant 96.
Investors should always be significantly exposed to Pomerols from 2008.
Two in particular shine out as a result of the current En Primeur campaign: L’Evangile, and L’Eglise Clinet.
As you can see, the scores are equivalent or similar, but the physical vintage comes in cheaper.
We tasted several Pomerols on our recent trip and would be surprised if the 2014 vintage merits a 96.
Over the road in St Emilion we can see the same pattern in Troplong Mondot:
Whilst on the left bank we have Pontet Canet:
Palmer:
Haut Brion:
And La Mission Haut Brion:
Graphs from Liv-Ex
In many cases the en primeur offer is attractive enough, given the quality of the vintage, which is likely to settle somewhere near 2008 in terms of general appreciation, we must not ignore the opportunity it highlights for the physically available 2008 in each and every case.