You want to own a Chateau Margaux or a Lafite Rothschild, but which vintage should you add to your portfolio?
Is there a difference between a 2018 Mouton Rothschild or a 2021? Yes of course. Every year in the vineyard and the cellar is different. The varying challenges posed by climate, events such as mildew, and decisions made by the winemaker all define a wine differently each year. The quality and value of a wine will change each vintage and will evolve over time.
A critical review of Bordeaux's past vintages over the last thirty years reveals a distinct ongoing increase in the quality of wines produced in Bordeaux. Advances in technology and viticultural techniques, especially those focused on biodynamic and organic wine production, have enabled vineyard teams to improve quality sustainably.
Rising quality of Bordeaux wines
| Decade | Average score |
|---|---|
| 1990 - 1999 | 89 |
| 2000 - 2009 | 92.6 |
| 2010 - 2019 | 94 |
A review of critics’ scores of 26 key Bordeaux wines over the last three decades shows a significant average increase from 89 points to 94 (Liv-ex.com February 2024).
The independent barometers of quality each year are the world’s top wine critics. You can see which critics are important for investors in our earlier blog.
Which are the highest-quality Bordeaux vintages?
The standout top-quality years since 2000 in calendar order are:
- 2005
- 2009
- 2010
- 2015
- 2016
- 2018
- 2019 (highest average score)
- 2020
These are all referred to as Prime vintages. Wines from a Prime vintage, with an average higher quality score across the region, can expect to enjoy more demand and achieve higher prices in the secondary market. In other words, a vintage can bestow a price premium for wines made in that year.
Diversifying a wine portfolio by vintage is a strategy for growth. Investors can buy keenly from Mid or Off vintages, as similarly highly scored wines may be available at lower prices than their Prime equivalent. Discover more about diversifying a wine portfolio by Prime, Mid and Off vintages here.
When are wines scored by the critics?
Investment wines are rated at en primeur, when bottled and then periodically as the wine matures.
Traditionally, Bordeaux wines are first scored by critics whilst the vintage, harvested the previous Autumn, is in barrel at the chateaux. These scores are normally published around the time of the annual en primeur trade tastings in April each year. For example, the 2023 vintage will be tasted and scored in Spring 2024.
The wines are then routinely tasted again once bottled. This helps guide the market on the evolution of the wine – is the wine staying true to the critics’ view whilst in barrel or has the quality prediction moved up or down? What implication does any movement have for a wine’s ageing potential?
The Bordeaux 2021 wines, tasted by critics over recent months, have had their in-bottle scores published. An extremely challenging year for winemakers with devastating frosts and mildew rife, the in-bottle scores for 2021 are not at the same level as the preceding great prime vintage trilogy of 2018 / 2019 / 2020.
Key Bordeaux critic, Neal Martin, recently published his in-bottle scores for 685 of the 2021 wines and rated just 7 above 95 points. Four of these were white wines.
Neal Martin’s top Bordeaux 2021 wines
| Wine | In-barrel score | In-bottle score |
|---|---|---|
| La Mission Haut Brion Blanc | 95 - 97 | 96+ |
| Vieux Chateau Certan | 95 - 97 | 96 |
| Lafleur | 95 - 97 | 96 |
| De Fargues | 95 - 97 | 95 - 97 |
| Margaux | 94 - 96 | 96 |
| D’Yquem | Not published | 96 |
| Haut Brion Blanc | 96 - 98 | 96 |
Source: Liv-ex.com, March 2024
Fellow Vinous.com critic, Antonio Galloni commented on the combined influence of a cooler climate, more in keeping with older weather patterns, combined with today’s technical knowledge in both the vineyard and the winery created a vintage where the aging process will be critical.
As a wine age in-bottle it continues to evolve and for those investment wines with the capacity to mature over decades, critical appraisal will also take place at their 10-year anniversary. The Bordeaux 2014 vintage was tasted by the top critics, including Neal Martin, Jancis Robinson, and Jane Anson at The Southwold Tasting in March 2024.
Martin points to the value of the ongoing appraisal of fine wine as it ages. At his last tasting of the 2014 vintage in 2018 he had observed that it was “more unpredictable than most vintages”.
His comments then on the faster evolution of the wines than expected ten years on hark back to this statement. Martin reiterates the need to be selective when acquiring 2014 for laying down. This should be borne in mind if considering investing in the vintage. His highlight wines that are standing the test of time are Mouton Rothschild 2014, Leoville Poyferré 2014 and Lafleur 2014.
Our view
The ongoing, independent critical appraisal of fine wine by a very select number of world-renowned experts is an extremely important constituent of the information available upon which to make a wine investment decision. The critics provide a valuable quality marker on an investment wine as it ages which also allows investors to monitor status against predicted drinking windows.
The critics scores are particularly important when investing in Bordeaux as the region’s wines are more price-sensitive to critical appraisal. Prices have even moved ahead of critics’ scores being published.
The world’s top wine critics will now be preparing to taste the Bordeaux 2023 En Primeurs with the trade tastings in the region on 22 to 25th April 2024. We will be there and will keep you informed on the scores and prices as they are released during this year’s campaign.
Contact us for more information on investing in Bordeaux wines and which fine wine critics to follow and see our latest Market Report for current trends.