Bordeaux 2016: Cheval Blanc, Haut Brion and Cos d’Estournel

  • Anthony Maxwell, Liv-ex Director

  • 13 Dec 2018 | News & Views

Two weeks ago, The Wine Advocate published its Bordeaux 2016 in-bottle report by Lisa Perotti-Brown MW. (Find Liv-ex's summary of the report, which includes the price performance of the top-scoring wines, here.)

Today’s post takes a look at three of Perrotti-Brown’s 100-point wines: Cheval Blanc, Haut Brion and Cos d’Estournel. Using our ‘fair value’ methodology, we consider what her scores mean for each wine.

Cheval Blanc

Back in April 2017, when writing for The Wine Advocate, Neal Martin awarded the 2016 a barrel range of 97-99 points. When using Martin’s score in our fair value model, the wine would sit just above the trend line, indicating that it was trading at a premium to its ‘fair value.’

However, following Perrotti-Brown’s upgrade, the wine now falls below the line, as the chart below shows. It may, therefore, represent an exciting opportunity for followers of the critic. The equally-scored 2015 also looks attractive.

In her tasting note, Perrotti-Brown described the 2016 as being “very different” from the 2015, but “equally extraordinary.”

Haut Brion

Like Cheval Blanc, the Haut Brion 2016 also received a score upgrade. It was previously awarded a barrel range of 97-99 by Martin but received a perfect 100 points from Perrotti-Brown.

As a result of the upgrade, Haut Brion 2016 has also moved below the line implied by our fair value methodology, making it appear an attractive option for buyers. At £4,640 ($5,810) per 12×75, it is available at a discount to the equally-scored 2015, 2010, 2009 and 2005 vintages.

Cos d’Estournel

The scores in the chart below are all from Perrotti-Brown, whose vertical report on Cos d’Estournel was also published last month. (Previous charts have displayed scores from a mix of current and previous WA reviewers.)

It reveals the 2016 as the most ‘undervalued’ at around 22% below the price implied by our ‘fair value’ methodology, and 27% below the price of the 2009.

Readers should take note that the views of this author represent those of a company with an interest in the wine trade. Liv-ex operates the global marketplace for fine wine. It offers trading, data and settlement services to professional buyers and sellers of fine wine. Private collectors can view Liv-ex prices and value their portfolios using Cellar Watch and find regular market analysis on the blog. The opinions of Liv-ex are their own and do not represent those of Robert Parker Wine Advocate or Wine Journal. Liv-ex contributes articles to Wine Journal that we feel are of market relevance to readers, but we do not specifically endorse this company.

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