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Tag Archives: wine prices

Expensive wine 76: Chateau Pontet-Canet 2003

winereview

Chateau Pontet-CanetHow silly are Bordeaux wine prices? The Big Guy, who bought the Chateau Pontet-Canet 2003 (13%) almost 10 years ago, should have kept it in case he needed to top up his grandchildren’s college fund. The wine has doubled in value since he paid $60 for it at a Dallas wine shop.

Wine as investment is an alien concept to the Big Guy and I. We buy wine to drink, which is why any review of the Chateau Pontet-Canet has to take into account its ridiculous run-up in price. What’s the point of a $120 wine, even from a producer as reputable as Pontet-Canet — a fifth-growth estate in the 1855 Bordeaux classification that’s often compared to second growths — that doesn’t make you shiver? Because, as well made as it was, and as well as it has aged, and as much as we enjoyed it, it was worth $120 only if the person buying it wanted to flip it like a piece of real estate.

Which you can’t tell from its scores — proving, sadly, that the idea of the Emperor’s New Clothes is never far from wine and that scores can be as corrupt as a Third World dictator. That’s because the only way to keep the market going is to keep throwing lots of points at the wine, which seems to have happened here. I found lots of mid-90s, with nary a discouraging word.

If you get a chance to try it, the Chateau Pontet-Canet has more fruit in the front (blackberry and raspberry) than you’d expect, and which explains Robert Parker’s fondness for it. The tannins were very soft, and the acidity was muted, almost an afterthought. If you sniff really hard, you can smell graphite, which makes the pointmeisters go crazy. The finish is long, but not extraordinarily so, and the impression is of a quality wine that would be a steal at $40 or $50. But memorable, as one reviewer described? Hardly, unless you’re marveling at the demand for a $120 wine that was made 12 years ago.

Again, this is not to criticize its quality, but to note how little the Bordeaux market has to do with reality. You could buy four terrific bottles of Chablis for the same price; three bottles of a Ridge zinfandel, maybe the best value in the U.S.; or two bottles of Pio Cesare Barbaresco, one of the best wines I’ve ever tasted.

If and when the French understand this, they’ll understand why 90 percent of the world is priced out of Bordeaux. Until then, I’ll somehow live without it.

Winebits 393: Meiomi sale, wine retailers, restaurant wine

winenews

Meiomi saleWinery consolidation continues: The wine cyber-ether was full of pontificating and prognosticating last week after Constellation Brands, third on the U.S. Big Wine list, bought pinot noir maker Meiomi Wines for $351 million. Most of the commentators were baffled by the sale price, which seemed like a lot of money for the winery, especially since it didn’t include any vineyard land. Still, it wasn’t that surprising, given that Constellation paid $160 million for Mark West, the $10 pinot noir, in 2012, in a deal that also didn’t include vineyards. Meiomi is on track to sell three-quarters of a million cases in 2015, making it the $20 version of Mark West (marked down to $17.99), and as such seems like a perfect fit for the strategy that most Big Wine companies are following. They’ll sell you an entry level product, and then they’ll sell you the next wine when you trade up, and they’ll make sure you will be able to buy both wines in a grocery store. In this, it’s no different than E&J Gallo buying J and The Wine Group buying Benziger — business as usual for Big Wine in the 21st century.

Retailers and grocers: This otherwise run-of-the-mill post about a Florida liquor chain adding a couple of stores explained the expansion thusly: “[I]n a bid to keep the ever-expanding grocery store channel at bay.” Which means the owners behind Florida’s ABC Fine Wine & Spirits understand what’s going on, even if most wine writers don’t. Interestingly the chain is up to 140 stores, which is still 60 less than it had 15 years ago, and speaks to the power supermarkets have today in selling wine. One national wine retailer told me that grocers thrive on competition, which explains much of their success, and aren’t scared of it the way so many regional and local liquor chains are.

Restaurant price gouging: One would not expect the New York Post, home to the legendary Page Six gossip extravaganza and headlines like “Four sex scandals rock one hanky-panky high school” to commiserate with anyone who buys restaurant wine. But reviewer Steve Cuozzo, in a story headlined “Restaurants overprice wine because they know you have no idea the pain” spared no punches. Restaurant prices “… can drive you to drink — anything but wine, that is.” He does an excellent job of explaining the contradictions and discrepancies in restaurant prices, and you can almost hear a bit of sympathy. Almost, of course, because the piece ends with a restaurant charging $100 for a very ordinary $25 retail Bordeaux.

Restaurant wine prices in Europe

rests

restaurant wine prices in EuropeThe email from my friend visiting Spain not only waxed poetic about the wine, but about the prices: “Talk about cheap wine. Beautiful wine for €12, and the most expensive bottle was €24.” In other words, restaurant wine prices in Europe were U.S. retail prices — which is unheard of in the States.

This is not unusual. When my brother was in Sicily, he marveled at both the quality and the prices in restaurants, drinking Cusumano for more or less what I pay for it at a Dallas liquor store. I’ve seen the same thing when I’ve traveled to Europe; as one sommelier at a very high-end restaurant owned by a famous Spanish chef told me: “Why would we want to charge as much as you do in the States? Then people won’t order as much wine.”

How is this possible? After all, talk to most restaurateurs in the U.S., and they make it sound as if they’ll go out of business if they don’t charge $30 for a wine that cost them $8:

• Europe’s on-gong recession, and especially in southern Europe. If there is 25 percent unemployment, it doesn’t make much economic sense to overcharge for wine.

• The idea that wine is part of dinner, which is the way Europeans have always seen wine, and not something in addition to dinner, the way Americans — and especially American restaurateurs — have always seen wine.

• Better wine list sensibilities, where the restaurant sells wine to drink and not to impress high-dollar patrons or wine snobs. Or, as Jacques Pepin told me, why would anyone want to pay for Bordeaux when you can drink the local wine, usually of high quality, and spend less money?

• No three-tier system, which may be the most important reason. In Europe, there isn’t a distributor getting its cut, which can add as much as 20 percent to the cost of wine. The restaurant can order directly from the producer, who is often local, and enjoys supply chain efficiencies that we can only dream about here.

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