Pondering The Record-Breaking Prices of 1869 Lafite Rothschild

Friday. 17 December. 2010. 9:41 am

Sotheby’s auction achieves new milestone for Lafite Rothschild.

“Crazy, insane, stratospheric, overpriced, ridiculous, shocking” were just some of the words used by merchants, collectors and other insiders in reaction to the record-breaking prices fetched by Lafite Rothschild bottles from the Sotheby auction held in late October 2010.
I personally won’t waste my time debating with them on whether or not there is a logic behind this phenomenon to fuel speculation around future prices of Lafite or any other of its closest peers like Latour, Mouton, Haut Brion or Margaux (most of them have already sent their best ambassadors for that purpose, like the young Thibault Pontallier for Margaux); however, I would simply draw a parallel between this event and what happened for this same Chateau back in 2006.
Around that time, nobody in Europe or the US understood why Lafite over a very short period of time (less than 3 months) commanded much higher prices than other First Growths or equivalent French wines. There were rumors that all this was dictated by some obscure forces from the East, centralized around Hong Kong, Singapore or possibly China. What the merchants, negociants and observers of Sotheby’s auctions thought was, “Great opportunity for us, let’s sell as much Lafite as possible to the Chinese! By the time they realize they’ve paid too high a price, we’ll have already unloaded such a quantity that we can decrease prices back down to lower/normal levels.” Well, they all lived to regret it since Lafite prices have never really retreated from that moment, not even with the mega-financial crisis that bankrupted Lehman Brothers, Bear Stearns and AIG. In fact, on the contrary, they kept going up and up to the disbelief of those in the industry.
I am no expert in behavioral trends in China but I would certainly not underestimate what happened in October by calling it an epiphenomenon triggered by some isolated case of some nouveau riche Chinese showing-off his wealth and getting caught up in auction fever. This is something that the East learned faster than the West with respect to traditions like wine – it has become a “must-have” beyond trophy, social success or wealth. By paying an apparent overprice, this Asian buyer has simply secured a cultural asset that could tomorrow disappear forever because, in Asia, wines – no matter how expensive – are bought to be drunk. This is also a lesson I have learned from advising our clients at Bacchus & Century. If you can demonstrate all of the unique qualities of a particular bottle, combined with the scarcity effect due to diverse reasons like specific vintage, micro-production and restricted cuvee, chances are high that the Asian client will front-run the Westerner who’s usually slower to react and appreciates its value.

Liquid gold just the goods in the east

Garry White

 

December 21, 2010

THE price of fine wines, like many commodities, is being determined by China - and demand from the country's new millionaires remains insatiable.
But it is not only rising wealth that has caused a rise in Asian wine sales. Two years ago Hong Kong scrapped all duty on wine and beer and became the centre of the world's fine-wine sales.
The figures speak for themselves. Data published yesterday shows that of Sotheby's total worldwide wine sales this year, 60 per cent occurred in Hong Kong. The auction house sold wine worth about $88 million this year, of which $53 million was in Hong Kong, $21 million in London and $14 million in New York.
In fact, the price of Lafite Rothschild 1982 has shot up by more than 60 per cent this year, according to the wine blog Liv-ex. That compares with a rise of just 25 per cent for gold. Over the past 10 years the price is up 1000 per cent.
By Liv-ex calculations this means Lafite Rothschild 1982 is now worth eight times its weight in silver and costs the equivalent of half a tonne of copper.
It says: ''Gold is still more expensive than Lafite by weight, with one bottle of the First Growth equivalent in value to four ounces (123 grams). Yet despite the rapid appreciation of gold prices in recent years, the same bottle would each have been worth just 1.5 ounces 10 years ago.''
There is a widespread misconception that the Chinese do not buy wines for investing but to drink. ''The Chinese certainly pull a lot of corks, but usually of the older vintages,'' says Serena Sutcliffe, head of worldwide wine at Sotheby's. ''The Chinese market is certainly having an impact at the top end.''
The question of future value of these wines will be determined by supply and demand.
''The problem with fine wines, unlike stocks and shares, is that once it leaves the chateaux and is sold, it is very difficult to track,'' says James Fletcher, of Albany Portfolio Management, which advises on investments in wine.
''A lot of this wine is drunk in China, but how much is actually drunk and how much is saved is still an unknown quantity.
''There are about 800,000 millionaires in China and about 100,000 cases of the good stuff is produced each year. The supply of Lafite cannot be increased because of 1855 appellation laws - and demand is increasing so fast it is obvious that prices will rise.''
David Elswood, Christie's international director of wine for Europe, also thinks that the Chinese are more interested in wine as an investment. ''The typical Chinese buyer is thought of as a drinker, but there are just as many speculators. There could be a bubble brewing in fine wines in China, but a lot of people are hoping that it will inflate further.''
Telegraph, London

葡萄酒進口值增64％

2010年12月15日

     財經事務及庫務局局長陳家強表示，隨着亞洲各地，尤其是內地，對葡萄酒需求日增，本年度首7個月，葡萄酒進口值較去年度同期增64％。

     陳家強今天（12月15日）書面回覆立法會議員劉慧卿的提問時表示，根據商務及經濟發展局本年年中完成的調查顯示，2008年和2009年業務與葡萄酒有關的香港公司，如葡萄酒貿易、分銷、零售、倉庫、餐廳、酒吧、酒店及物流公司，增加約850間，令整體有關公司數目增至3,550間。

     業界與葡萄酒有關總收入去年為55億元，較2007年的41億元增加超過30％，而在2008年和2009年，從事與葡萄酒相關工作的人數，增加超過5,000人，令在2009年年底的有關人數近40,000人，增加的職位相等於約1,000名全職人員。

December 15, 2010
      Financial Services and the Treasury KC Chan said that with Asia, particularly China, increasing demand for wine, the first 7 months this year, the value of wine imports increased 64% over the same period last year.



      KC Chan, today (December 15) in a written reply to the Legislative Councillor Emily Lau's question, said that under the Commerce and Economic Development Bureau to complete the survey in mid-2008 and 2009, the Hong Kong business and wine-related companies, such as the wine trade , Distribution, retail, warehouses, restaurants, bars, hotels and logistics companies, an increase of about 850, so that the overall number of the company increased to 3,550 rooms.



      Industry and wine-related revenue last year was 55 billion, representing 4.1 billion in 2007 increased by more than 30% in 2008 and 2009, in the number of wine-related work, increased by more than 5,000 people, so that the end of 2009 About the number of nearly 40,000, an increase of positions equivalent to approximately 1,000 full-time staff.

Lafite 2005 leads sale of Andrew Lloyd Webber's fine wines in Hong Kong

14 Dec 2010 Paul Fraser

It looks like the renowned Phantom of the Opera composer is a great collector of wine as well as art...

Regular readers will know that Andrew Lloyd Webber, the creator of Phantom of the Opera and Cats amongst other notable shows, has already had a major impact on collectibles in recent months: he sold an important Picasso in London early in the summer.
That Picasso, the Portrait of Angel de Fernándex de Soto, is better known as The Absinthe Drinker due to the large glass of the drink which sits in front of the lugubrious subject, and is a classic of the artist's Blue Period.
It headed a vast sale of Impressionist and Modern Art at Christie's that became the biggest ever held in Britain, achieving £152.6m ($241m) with the work itself achieving £34.8m ($51.6m) for the owner's charity.
Thankfully, it seems that whilst the work may indicate Lloyd Webber's tastes in art, it does not reflect his taste in beverages, as the composer owns an impressive wine cellar of which a large part is to go under the hammer in an upcoming sale of fine wines at Sotheby's early next year.
The auction is to be held in Hong Kong, as Lloyd Webber has been paying attention to the rapid increase in the collectibles market in general and wine in particular in the region. As we've mentioned, Acker, Merrall and Condit in particular have been in full flow.
Those wines going under the hammer include a stunning 21 cases of Château Mouton Rothschild 2005, 10 cases of Château Lafite 2005, and two magnums of Domaine de la Romanée Conti. In total there are 748 lots which are expected to fetch $2.8-4.1m.
The Lafite 2005 will be particularly interesting to watch given the recent performance of Lafite in Asia. 'Lafite' sounds like 'on the way up' in Chinese, which has boosted its popularity in the country. That's without the memorabilia factor of its having belonged to the world-famous composer. It should be a strong investment.
Serena Sutcliffe, Master of Wine, Sotheby's International Head of Wine, commented: "The Andrew Lloyd Webber wine collection has seen many enthusiasms and a plethora of vintages, but the discernment and selectivity have remained a constant.
"As with all collecting, the magpie instinct can get the upper hand and there comes a time when there is no more space on the walls nor in the cellar.
"So Sotheby's has been able to 'design' a sale of such splendour that wine lovers around the globe will be able to realise their own collecting ambitions. It is a marvel that wines of this quality and excitement can now come to the market, while the owner still retains glorious drinking for gatherings of family and friends."
Lloyd Webber is no stranger to wine auctions. In 1997 a section of his cellar was sold in London, again by Sotheby's, for £3.2m ($6.1m) which was a record-breaker at the time. The latest auction will take place on January 22.

普通读者都知道，安德鲁劳埃德韦伯，在猫的歌剧院和其他显着显示幻影之间的创造者，已经有一对收藏品在最近几个月有重大影响：他在伦敦出售毕加索早期的一个重要的夏天。
这毕加索，德天使费尔南德斯德索托的肖像，是更好地为苦艾酒饮者由于喝的悲惨在主体的前面坐在大玻璃闻名，是一个艺术家的蓝色时期的经典。
它为首的佳士得的印象派与现代艺术广阔的销售，成为有史以来在英国举行的规模最大，实现与工作实现英镑三十四点八米为业主的慈善机构（$51.6米）本身一百五十二点六米英镑（$二百四十一米）。
谢天谢地，看来，虽然这项工作可能表明在艺术劳埃德韦伯的口味，它并不反映他的饮料的味道，作为作曲家拥有令人印象深刻的酒窖其中很大一部分是去下锤罚款的即将发售葡萄酒在苏富比明年年初。
此次拍卖是要在香港举行，作为劳埃德韦伯一直注重在收藏品市场快速增长，特别是一般葡萄酒的地区。正如我们已经提到，阿克尔，Merrall和康迪特特别是已经在全流量。
那些酒下前往锤包括一个惊人的21例，2005年罗斯柴尔德木桐堡，10例拉菲酒庄2005年，两对德拉的Domaine Romanée孔蒂美酒。总共有748，预计取为280 - 410万手。
在拉菲2005年将是特别有意思的手表由于拉菲在亚洲近期表现。 '拉菲'听起来就一路上扬，在中国，它推动在该国的欢迎。这是没有其拥有属于世界著名作曲家的纪念品因素。这应该是一个强劲的投资
塞雷娜萨特克利夫，酒，苏富比国际葡萄酒大师负责人表示：“安德鲁劳埃德韦伯已经看到许多葡萄酒收藏热情和过多的年份，但鉴别力和选择性仍然是一个常数。
“如同所有的收集，喜鹊的本能都占上风，有来的时候，有没有在墙壁上，还是在地窖里更多的空间。
“所以，苏富比已经能够'设计'的这些辉煌出售世界各地的葡萄酒爱好者将能够实现自己收集的野心。这是一个奇迹，这个质量和兴奋的葡萄酒现在可以进入市场，而主人仍然保留对家庭和朋友聚会喝酒的光荣。“
劳埃德韦伯是没有葡萄酒拍卖并不陌生。在1997年被卖给他的地窖节在伦敦，再由苏富比的，320万英镑（$ 6.1米），它是一个记录当时的断路器。最新的拍卖将在1月22日举行。

How to succeed in China 如何在中国取得成功

The astounding, record setting Lafite auction that took place in Hong Kong around Halloween this year continues to reverberate around the world of fine wine. Many are wondering which Bordeaux Château will be the next to attract the attention of wealthy Chinese investors and collectors.
It is impossible to predict with certainty which vintage will become the new darling, but already the other First Growths – and their second wines – are increasing in price due to anticipation. Prices are up roughly 20% across the board over pre-auction prices. Although Château Beychevelle and Château Lynch Bages seem to have the inside track, it would be foolish to forget about Château Leoville Poyferre and Château Pontet Canet.

Labels are important in the Chinese markets as well, and Château Beychevelle may be the most likely to attract attention. The Beychevelle label is easy to remember because the boat that is depicted closely resembles Chinese dragon boats. Leoville Poyferre also has a dragon symbol on their label, and the dragon is very meaningful to Chinese investors. It was after their packaging changed in an effort to appeal to Chinese consumers that prices rose for Mouton 2008 and Lafite 2008.
On the other hand, Lynch Bages is also a strong contender, due to extensive efforts made by the Cazes family. They were among the very first Bordeaux owners to visit China in the early 1980s, and made a connection with consumers then that is still well appreciated.

Naturally the quality of the wine speaks volumes. Pontet Canet has gained ground due to the high quality of their selections. Chinese wine merchants have also been making frequent quotations on Cos d’Estournel, Palmer and Beychevelle – all being more affordable but still prestigious red Bordeaux.
It seems that to be successful in China one needs to have a memorable and meaningful label that speaks to Chinese mythology and symbolism, along with an exceptional product. In addition, the Château must put in the hard work of actually connecting with your consumers and spending the time to establish a rapport with investors.

在惊人的，创纪录的拉菲拍卖发生在台湾及香港万圣节在今年继续回荡各地的优质葡萄酒的世界。很多人都想知道这波尔多酒庄将成为下一个富裕的中国吸引了投资者和收藏者的关注。
这是无法预测的年份肯定将成为新的宠儿，但已经是其他第一酒庄葡萄酒和他们的第二酒 在价格，预期增加上涨了大约20％。虽然Lynch Bages和Beychevelle似乎上了轨道，忘记Leoville Poyferre和Château Pontet Canet 那将是愚蠢。
标签是重要的中国市场以及，和Château Beychevelle可能是最容易吸引注意力。该Beychevelle标签是很容易记住，因为这是描绘船非常类似于中国龙舟。 Leoville Poyferre也对他们的标签了龙的象征，龙是非常有意义的中国投资者。这是经过他们的包装，是为了呼吁，价格为木桐2008年和2008年拉菲，月季消费者改变。
另一方面，Lynch Bages也是一个有力的竞争者，因为受Cazes先生的家人广泛努力。他们之间的第一波尔多业主在80年代初访问中国，并与消费者连接，那么这仍然是十分赞赏。
自然是酒的质量意味深长。 Pontet Canet已占有一席之地，由于其选择的高品质。中国葡萄酒制造商也已在COS d'Estournel，Palmer和Beychevelle频繁报价 - 所有被更多的实惠，但仍负盛名的波尔多红酒。
看来，要在一个成功的中国需要有一个难忘而有意义的标签，说话的中国神话和象征，一个特殊的产品一起。此外，酒庄必须把实际连接您的消费者和消费的时间来建立与投资者关系的努力。

Reuters - Wine retains punch amid global turmoil

CHRIS VELLACOTT  16th Dec 2010

A fund investing in fine wines is outpacing other asset classes as Asian drinkers develop a taste for the finest vintages and compete for supplies with aficionados in Europe and the United States.
The Wine Investment Fund buys up fine wines from the Bordeaux region of France where there are only 35 producers of “investment grade” wine.
Such a narrow pool of eligible assets translates into a permanent supply constraint and keeps prices high, the managers said.
On the demand side, traditional connoisseurs in Europe and North America now have to compete for supplies with new drinkers as fine claret emerges as a status symbol among the nouveau riche of Asia, the fund’s director Andrew della Casa told Reuters.
“They do not even like the taste in a lot of cases. They just like to be seen to be buying the wine or drinking the wine ... Nevertheless, from our point of view as investors they are still taking stock out of circulation,” he said.
While true wine lovers might once have been dismayed at the finest tipples in the world being drunk by the uninitiated, the new consumers are learning to appreciate what they are drinking, Mr. della Casa said.
“In some cases, famously they will mix 7UP or Coca Cola with it. (But) that is changing. I have not seen that happen now for a few years,” he said.
Investors in the Wine Investment Fund, mainly rich individuals and families, as well as an increasing number of institutions, have enjoyed impressive returns since it launched in 2003.
According to a statement released on Monday, a five-year investment made in 2005 has yielded an average annual return of 17 per cent. In contrast, the blue-chip FTSE 100 British equity index averaged a 0.3-per-cent annual loss over the period, which was dominated by the credit crisis.
Wines held by the fund during the past five years, include a Lafite 1986, bought in October 2005 at £2,754 pounds ($4,371 U.S.) per case, and sold in September for £16,000.
Looking ahead, the fund has on its buy list the Latour 1996, which is “approaching a drinking window“, Mr. della Casa said.

Also appealing to the fund managers is the Haut Brion 1990, beginning to hit full maturity, and likely to see increasing demand against diminishing supply as more people drink their stocks.
Among wines on the sell list is the Lafite 2004, which has risen almost fourfold in the past two years to nearly 8,000 pounds per case, beyond the point at which demand is underpinned by European and U.S. drinkers.
The managers themselves keep cool heads when dealing with assets coveted by the world’s connoisseurs, viewing wine as any other commodity.
“We come from the finance world, not from the wine world. In a sense we do not care that it is wine,” Mr. della Casa said.

一个优质葡萄酒投资基金的其他资产类别已超过了亚洲饮酒者作为发展最好的年份，为品味和竞争与欧洲和美国爱好者用品。
投资基金购买的葡萄酒从法国波尔多地区的美酒那里只有35个“投资级”葡萄酒生产商。
这样一个符合条件的资产转换成一个永久的供给约束狭窄池，并保持价格高，管理人员说。
在需求方面，在欧洲和北美的传统鉴赏家现在必须为新的竞争，饮酒用品罚款红葡萄酒作为一种身份的象征出现在亚洲，暴发户基金的导演安德鲁德拉卡萨告诉路透社记者。
“他们做得一样，在很多情况下不是滋味。他们只是喜欢被认为是购买或饮用葡萄酒的酒...然而，从我们的角度来看，投资者仍然利用他们流通股，“他说。
而真正的葡萄酒爱好者可能曾经一直感到不安的世界上最优秀的醉酒在tipples的门外汉，新的消费者正在学习欣赏他们喝，德拉卡萨先生说。
“在某些情况下，他们将混合著名的可口可乐七喜或与它可口可乐。 （但）这种情况正在改变。我还没有看到这种情况发生了好几年了，“他说。
在葡萄酒投资基金的投资者，主要是富有的个人和家庭，以及越来越多的机构，有着可观的回报，因为它在2003年推出。
据周一公布的一份声明，五年投资在2005年取得了17取得了平均每年百分之回报。与此相反，蓝筹股英国金融时报100股票指数平均比时期，这是由信贷危机主导0.3每百分之年度亏损。
由基金持有的在过去五年的葡萄酒，包括拉菲1986年，2005年10月买了英镑二千七百五十四磅每箱（四三七一美元美国），9月为1.6万英镑售出。
展望未来，该基金在其买进名单的拉图尔1996年，是“接近饮用水窗口”已德拉卡萨先生说。
还呼吁基金经理是浩特布利昂1990年，开始打完全成熟，并有可能看到更多的对此消彼长的需求越来越多的人喝他们的股票。
在销售名单上的拉菲葡萄酒是2004年，已上升了近三倍，在过去两年几乎每件8000英镑的需求超出了在欧洲和美国是饮酒基础点。
保持自己的经理在处理与世界的鉴赏家梦寐以求的资产，将其视为任何其他商品葡萄酒冷静的头脑。
“我们来自金融世界，而不是从酒的世界。在某种意义上，我们并不关心它是酒，“德拉卡萨先生说。
路透社

中國購買者影響全球定價 頂級紅酒酒標迷上"中國造"

2010年12月14日 07:43   來源：法制晚報   王進雨 黎史翔

　　拉菲酒莊 (Chateau　Lafite-Rothschild)只是在葡萄酒標上給中國人寫了紅色的“八”字，消息一走，48小時內升值了17%。
　　而木桐酒莊(Chateau　Mou-ton　Rothschild)乾脆讓酒標出自中國藝術家之手。毫無意外，木桐酒莊葡萄酒身價隨即上漲15個百分點，飆高至8000元一瓶。
　　兩個世界頂級酒莊其實都屬於羅斯查爾德家族，這個歐洲望族的兄弟商戰，如今盯上了中國這塊富裕的版圖。
　　據美國《華爾街日報》報道，徐累是木桐酒莊聘用的第二位中國藝術家──木桐1996年年份酒酒標的設計者是以現代書法聞名的古幹。
　　這一次木桐酒莊選擇徐累的背景是，富有的中國葡萄酒買家群體迅速壯大，已經對全球葡萄酒市場造成了重大影響。
　　英國《每日電訊》則稱，中國藝術家被選中，毫無意外，中國購買者正在推高紅酒的價格。
　　從1945年起，木桐酒莊每年邀請一位著名藝術家創作新作，作為木桐酒莊的酒標，這些人選在藝術史上有著顯赫的地位，比如畢加索、米羅、安迪·沃霍爾等等，而這次被選中的是中國畫家、今日美術館藝術總監、《經典》雜誌主編徐累。
　　而藝術家們則一如既往，不收取費用，而是獲得10箱木桐葡萄酒作為回報。
　　記者連線
　　中國藝術家如何走進頂級葡萄酒莊的視野，而中國人如今又在葡萄酒中扮演怎樣的角色？
　　上午，本報記者對徐累以及世界高檔葡萄酒經銷商古董葡萄酒公司(The　Antique　Wine　Company)首席執行官Stephen　Williams進行了專訪。
　　西方對中國文化產生更高期待
　　法制晚報 (以下簡稱FW)：
　　木桐酒莊是如何找到你為他們創作酒標的？
　　徐累：木桐酒莊現在的主人菲力普·羅斯查爾德女男爵一直與藝術圈有很好的交往。一年前，她決定2008年的木桐酒標要交給中國藝術家。
　　2010年5月底，我接到消息，希望我能按我的風格畫些酒標草圖。接到邀請的還有其他中國藝術家，名單是保密的，不過據說有七八位。
　　FW：什麼時候最終確定讓你來設計的？
　　徐累：5月開始邀請各位藝術家提供草圖，9月就決定讓我來完成這個工作了。
　　FW：酒莊對你的設計有什麼特別的要求？
　　徐累：菲力普女男爵很欣賞我的藍色，還有一個希望就是在設計中畫上羊。因為Mouton在法語中的意思是“羊”。而羊對中國人來說也很吉祥。
　　FW：你這次設計的是2008年份的酒標，而8在中國是一個吉祥數字，具有市場吸引力。你認為設計這次酒標是不是更多地出於行銷的考慮？
　　徐累：據我的觀察，木桐酒莊很注重自身的品質和創造性。而文化因素也是愛酒之人很看重的。當然，如果在行銷上也很精明，它將受到更多中國人的追捧。
　　另外，木桐對每年世界上發生的大事件也是很敏感的。比如，2004年英法友好協約簽署100週年的時候，他們選用的是英國查爾斯王子的水彩畫。而2008年，對中國的意義“地球人都知道”。
　　況且，如今中國的發展令人刮目相看。西方人開始對我們的文化產生有了更高的期待。酒標是一個例子，它在全球有這麼大的影響，是因為它有文化和藝術的高度，商業倒在其次。
　　●酒標構思
　　空間的構成是屏風、葡萄、假山石和獨立的羊。最重要是中間的部分，既像開啟的中國園林的洞門，又像圓月。
　　在中國，月亮是個文化符號，與酒也有詩意的關聯。在一個小小畫面裏反映“天、地、人”的意境，能為木桐帶來不同以往的文化景觀。
　　推高酒價中國地位愈加重要
　　FW：如今，中國紅酒購買者在國際葡萄酒市場的地位如何？
　　StephenWiliams(以下簡稱SW)：近年來，中國葡萄酒購買者已成為國際葡萄酒市場的驅動力量，特別是去年。
　　中國購買者已是國際葡萄酒市場中非常關鍵的角色。現在，不少紅酒經銷商都在中國設立辦事處，就足以說明這一點。
　　FW：一些葡萄酒商在商標上用上中國元素或者選擇中國藝術家設計，對於中國市場，這是不是一個有效的手段？
　　SW：採用或者是專門設計一個酒標以適應一個目標市場，不是什麼新鮮事了。但這絕對印證了中國已在國際葡萄酒市場上的重要地位。這一舉措可以幫助國際葡萄酒商在短期內提高銷量以及價格。
　　FW：
　　中 國 人是 否 推高了國際葡萄酒價？未來，中國購買者扮演什麼樣的角色？
　　SW：中國人確實使某些葡萄酒的價格飛速上漲，比如拉菲酒莊和木桐酒莊的葡萄酒。我相信，在接下來幾年，中國的葡萄酒市場將更開闊，而“拉菲酒莊現象”也會繼續。
　　隨著葡萄酒在中國越來越走紅並逐漸成為主流，中國葡萄酒的消費也將增加。
　　此外，隨著葡萄酒商將他們的產品鎖定中國這個不斷增長的市場，也將繼續提高中國在全球紅酒市場的地位。

（責任編輯：王惠綿）

Lafite wine (Chateau Lafite-Rothschild) only in wine labeled with the red writing to the Chinese "eight" the word, the message went away within 48 hours appreciated by 17%.
The Chateau Mouton (Chateau Mou-ton Rothschild) simply let wine labels from the Chinese artists. Not surprisingly, Chateau Mouton wine worth then rose 15 percentage points, soar to 8,000 yuan a bottle.
In fact, two of the world's top wineries are all Rothschild family, the brother of the prominent family business war in Europe, is now eyeing the Chinese territory of this rich.
According to the U.S. "The Wall Street Journal" reported Chateau Mouton Xu Lei is the second Chinese artists employing ─ ─ Mouton subject of 1996 vintage wine, the designer is known for modern calligraphy of ancient dry.
This time, choose Xu Lei Chateau Mouton background is rich rapidly growing Chinese wine buyers groups have on the global wine market had a major impact.
British "Daily Telegraph" called the Chinese artists were selected, not surprisingly, the Chinese wine buyers are pushing up the price.
Since 1945, Chateau Mouton-known artists each year to invite a new work, as the wine of Chateau Mouton standard, these candidates in the history of art has a prominent position, such as Picasso, Miro, Andy Warhol Seoul, etc., and this is the selected artist, artistic director of the Today Art Museum, the "classic" magazine editor in chief Xu Lei.
The artists are, as always, do not charge fees, but get 10 cases of Mouton wine in return.
Press Connection
Chinese artists entered the top wineries in the field of vision, and the Chinese people now how to play again in the role of wine?
Morning, our reporter Xu Lei and the world of premium wine dealer Antique Wine Company (The Antique Wine Company) had an exclusive interview, CEO Stephen Williams.
Western higher expectations on Chinese culture
Legal Evening News (hereafter referred to as FW):
Chateau Mouton how to find your wine is the subject of their works?
Xu Lei: Now the owner of Chateau Mouton Rothschild Baroness Philippe has been good with the art world contacts. A year ago, she decided in 2008 to give wine label Mouton Chinese artists.
The end of May 2010, I received the news, as I hope I can draw some wine label style sketch. Been invited along with other Chinese artists, the list is confidential, but said seven or eight bits.
FW: When did you come to finalize the design?
Xu Lei: May began to invite all artists to sketch, in September decided to let me complete this work.
FW: winery on your design have any special requirements?
Xu Lei: Baroness Phillips appreciate my blue, there is a hope that the painting in the design of the sheep. Because Mouton in French means "sheep." Sheep on the Chinese people are very auspicious.
FW: You designed this year's wine label in 2008, and 8 is a lucky number in China, with market appeal. Do you think the design standards of this wine is not more out of marketing considerations?
Xu Lei: According to my observation, Chateau Mouton very concerned about their quality and creativity. And cultural factors also love wine people are valued. Of course, if the marketing is also very smart, it will be more sought after by the Chinese people.
In addition, the annual Mouton major events happening in the world is also very sensitive. For example, Anglo-French friendship treaty in 2004 the 100th anniversary of the signing, they use the British watercolor painting of Prince Charles. In 2008, meaning China, "Everyone knows that."
Moreover, China's development is now impressive. Westerners have started our culture have higher expectations. Wine label is an example of such a great global impact, because it is the height of culture and arts, business fell to the second.
● idea of wine labels
The composition is screen space, grapes, rockery stone and independent sheep. The most important part of the middle, both as the Portal opened Chinese garden, and like a full moon.
In China, the moon is a cultural symbol, and wine are also poetic association. To reflect a small screen in "Heaven, Earth and Man," the mood, can bring different Mouton past cultural landscape.
High prices have pushed more and more important position in China
FW: Today, the Chinese wine buyers in the international wine market position?
StephenWiliams (hereinafter referred to as SW): In recent years, China's wine buyers have become a driving force in the international wine market, especially last year.
Chinese buyers in the international wine market is a very key role. Now, many wine distributors have set up offices in China, is enough to illustrate this point.
FW: Some wine producers to spend on the trademark of Chinese artists in China or select the design elements, for the Chinese market, this is not an effective means?
SW: using either a wine label designed to meet a target market, not new. This is certainly confirmed in the international wine market in China's important status. The move could help the international wine business in the short term to increase sales and prices.
FW:
Chinese people are pushing the international wine prices? The future, what kind of Chinese buyers to play the role?
SW: Chinese do make some of the soaring price of wine, such as Chateau Lafite and Chateau Mouton Rothschild wine. I believe that in the next few years, China's wine market will be more open, and the "Chateau Lafite phenomenon" will continue.
With the growing popularity of wine in China, and gradually become mainstream, Chinese wine consumption will also increase.
In addition, as the wine merchant will lock their products in this growing market in China will also continue to improve China's position in the global wine market.

 

 

Billionaires Rival, Plot to Snare $5,000 Bottles of Haut-Brion

By A. Craig Copetas and Guy Collins - Dec 13, 2010 9:01 AM GMT+0800

A 2007 bottle of Chateau Haut-Brion Premier Grand Cru Classe. Source: Domaine Clarence Dillon via Bloomberg

The facade of Chateau Haut-Brion in France. The wine produced at Chateau Haut-Brion is one of the world's five rarest and most costly investment wines. Source: Domaine Clarence Dillon via Bloomberg

Fate bequeathed a delusional legacy to the small French suburb of Pessac.
As the 1st century A.D. birthplace of Bordeaux wine, Pessac’s Gunzian gravel soil over the millennia has attracted holy men, scoundrels and a crowd of billionaires on a quest to spend beyond $5,000 for a vintage bottle of Chateau Haut-Brion Cru Classe de Graves Premier Grand Cru Classe Appellation Pessac-Leognan Controlee Domaine de Clarence Dillon SA.
It’s an expensive mouthful.
“There’s not one explanation for how it happened,” says Jean-Philippe Delmas, the “regisseur” or estate manager of one of the world’s five rarest and most costly first-growth investment wines. “In the end, it’s all up to Him,” Delmas adds, pointing an index finger toward the heavens, as did his regisseur father and grandfather before him.
It all began more than 2,000 years ago, when a group of Bituriges Vivisci tribesmen scattered grape seeds a few miles west of the Gironde River. That gesture has burgeoned into a hyper-luxury, billion-dollar industry hinged on how the weather affects the 400,000 vines that annually turn out between 10,000 and 11,000 cases of Haut-Brion.
Strolling through snow flurries to inspect his 124 acres of spindled vines, Delmas, 41, considers the expense of maintaining one of Bordeaux’s signature estates. “There are no rules on the cost of making Haut-Brion,” he says.
Rare Whites
Still, the arithmetic remains precise: Each plant produces 50 centiliters or 1.05 pints of red. A further 6.5 acres annually squeezes out what Delmas says is an even rarer and can be more expensive 5,000 to 6,000 bottles of Haut-Brion white, which sells between 251 euros ($331) and 3,049 euros a bottle, depending on the vintage.
Delmas exclusively sells the wine that Thomas Jefferson in 1787 first imported to the U.S. to Bordeaux’s 70 registered wine merchants at a 5 percent to 10 percent markup. Though Haut-Brion prices trail first-growth investment rivals Lafite-Rothschild, Mouton-Rothschild, Latour and Margaux in classic years such as 1982 and 2000, the brand outshines its competition in the 1945, 1959 and 1989 vintages.
The 1989, for instance, fetches an average merchant price of $18,075 a case, according to the London-based wine exchange Liv-ex. That’s about 50 percent more than a 1989 Lafite and more than triple the prices asked for other first growths.
Hong Kong Sale
Off the investment floor, Christie’s International Plc in London last November sold a case of 1959 Haut-Brion for $20,900. A dozen of the chateau’s 1945 bottles in May pulled in $48,800 at an Acker Merrall & Condit sale in Hong Kong. The Liv-ex says says the average current European broker price for a single bottle of 1945 Haut-Brion is $5,027.
As for the street value, “billionaires don’t care about money,” Delmas reckons.
To be sure, Haut-Brion never has been a bottle for the bargain bin. Faded records in the Pessac City Hall indicate that Lady Johanna Faure on Sept. 6, 1426, was the first to register the cultivation of vines in Haut-Brion for the monks of Menuts to commemorate the death of nobleman Johan d’Artiguemale.
On April 23, 1525, criminal-court clerk Jean de Pontac was gifted the grape field as part of his dowry, more or less creating the Haut-Brion brand. Owners since have included former French Foreign Minister Charles-Maurice de Talleyrand, who sold the estate to a banker, who then sold it to a stockbroker, who sold it to another banker, who in 1935 sold it to New York financier Clarence Dillon.
Pricey Pitcher
No wonder a “flagon” of Haut-Brion for centuries has cost more than a milk cow. Indeed, the 17th-century English writer Jonathan Swift noted in his diaries that he paid 7 shillings, the price of a cow, for a pitcher of Haut-Brion. Philosopher John Locke in 1677 visited the chateau for a taste and pronounced the claret a rip-off.
“Thanks to the rich English, who sent orders that it was to be got for them at any price,” is how the father of liberalism described Haut-Brion’s market forces at work.
“I don’t know what to do about it,” Delmas rues. “We have more investors than drinkers as clients and I’m sad about that because we make our wine to be drunk. We have fewer and fewer clients, but all of them are billionaires.”
Growth Markets
Just who those billionaires are might be easy to discover if you can decipher the Chinese characters scribbled on page after page in the leather-bound Haut-Brion guest book. “China and Asia are the growth markets,” Delmas says. “That’s where the money is.”
Delmas says that Haut-Brion posted its first profit in the 1970s. “The Dillon family kept giving us operating capital,” he explains. “My grandfather fought to make as much wine as possible. I fight to reduce the volume and have no excuses for producing a bad vintage.”
Haut-Brion has had an undisputed place among the top 10 or 20 most expensive wines in the world for the past 350 years, yet it tends to sell for less than rival top reds from the Medoc, Saint-Emilion and Pomerol.
“Haut-Brion has definitely lagged behind vis-a-vis first growths,” says William Grey, manager at the London-based Wine Investment Fund, which has 42 million pounds ($66 million) under management. “It’s got a great track record. It would form part of most people’s portfolios because of the quality of the wine. It’s lagging at the moment, which could make it the best deal.”
Wall Street Link
Stephen Williams, founder of the Antique Wine Company who commutes between London, France and Hong Kong selling top claret to high-net-worth collectors, says Haut-Brion prices have been held back by its lack of a strong reputation in China, coupled with reduced demand in recent years from its traditional U.S. customer base, a clientele that reflected the Dillon ownership and Wall Street connection.
“The most sluggish wine market has been the U.S., so Haut- Brion is going to be the first of the first growths to suffer from that,” says Williams. “The wine has the quality, but the brand doesn’t have the presence in China.”
That may represent an opportunity for investors looking for alternatives to top-selling Bordeaux such as Chateau Lafite or Latour, or cult wines like Le Pin. “From a value perspective, Haut-Brion is definitely the wine to buy,” Williams says. “It’s the same quality as the other first growths and half the price.”
Private Stash
As for those billionaires, Delmas says they come from all over and have no scruples about scoring any of the approximately 2,000 bottles of red and 1,000 bottles of white annually kept in the estate stash. “I get calls every day,” says Delmas, who declines to disclose the details. “Let’s say that billionaires will do anything to try and acquire an extra case or bottle of Haut-Brion. I am firm.”
Back in the vineyard, Delmas shakes his head, exhales a plume of cold breath and smiles. “I’m also lucky,” he says. “I can drink Haut-Brion.” The chateau’s 75 employees also get to taste the good stuff. And to ensure the flow continues, workers each year replace some 4,000 vines, each one taking 10 years to become part of the grand cru bloodline.
Luc Nicholas calls the creation of Haut-Brion a wedding. He’s the 47-year-old cooper charged with the delicate ceremony of “bousinage,” the burning of the barrel. Nicholas constructs 640 Haut-Brion barrels a year, all fashioned from planks of French sessile oak cured for 3 years.
“The marriage of the wine and the oak is what makes Haut- Brion,” Nicholas says, fixing traditional chestnut rims on his barrels. “The inside of the cask must be burned to create the proper taste. Not too much, not too little.”

'Cronyist' CIVB to be sued by breakaway group

• Friday 10 December 2010

The CIVB is ineffectual and riven by cronyism, a breakaway group of producers said last night as it announced plans to sue.

 

CIVB headquarters, Bordeaux

During heated exchanges at a ‘call to arms’ press conference, the Comité d'Action des Vignerons de Bordeaux (CAVB), said it would sue the Bordeaux generic trade body for five years of subscription fees that they feel have been wasted.
The CAVB said it would challenge the legality of the membership fee (‘cotisations’) that all Bordeaux winemakers (and negociants) are required to pay each year to the CIVB, and that can amount to tens of thousands of euros.
A legal challenge is planned for January 2011.
The meeting became increasingly heated, with CAVB acting president Dominique Techer denying members of the CIVB present the right to answer.
‘The CIVB has all day to talk. They are rich on our money, and they have lines of communication that are not open to us. This is not a forum for them to speak.’
Techer, owner of Château Gombaude-Guillot and Clos Plince in Pomerol, told Decanter.com the decision to begin a legal challenge was taken only after all other avenues had been exhausted.
‘The CIVB can’t continue in the current format, it has had its day. We have repeatedly asked for clarity on how they spend our money, but we are denied access to detailed accounts.
‘The CIVB serves a small group of cronies. They won’t reform, and they don’t listen to the winemakers, even though our compulsory membership fees makes up 75% of their budget.’
Speaking at the press conference, lawyer Frederic Georges explained that CAVB would be using a 2004 European Union ruling that any non-voluntary payment should be subject to the same fiscal rules as a tax.
‘This is an imposed means of financing, and yet unlike taxes there is no transparency. The CIVB is supposed to work for the benefit of those who compulsorily support it financially. Yet an increasing number of its members feel it is not working in their interests. They are looking for a divorce, and where there is a divorce, there’s a lawyer’.
Sylvie Verdier of Chateau Bessan in the Premieres Cotes de Bordeaux explained that the intention was not to set up a rival group to the CIVB, but rather to get it to change the way it works.
‘Our president has a Pomerol wine estate, and yet he is in difficulty. This tells you just how widespread the malaise is throughout Bordeaux. The CIVB is the very heart of Bordeaux, and yet has failed in its two key missions: the regulation of the market, and the promotion of our wines.’
Georges Haushalter, wine merchant and president of the CIVB, defended the council's record, telling AFP agency that it had spent the past five years focusing the budget on supporting wines that sell for less than €15 a bottle and that ‘allow the sector to make a respectable living.’

30多年的葡萄酒還能喝麼？

2010年 12月 10日 09:50

 

幾個星期前﹐我有機會回答每位葡萄酒專家都被問煩了的一類問題：“我有一瓶什麼什麼酒在窖里藏了30年﹐不知道這酒到底怎麼樣？”

這種問題的答案幾乎總是“不怎麼樣”﹐這次也不例外。提問者名叫巴利(Barry)﹐一位從音樂界改行的教育工作者﹐他問的是一瓶1965年產的Pouilly Fuisse。我跟他說﹐不僅他在新澤西州住處某個地方藏的那瓶酒不怎麼樣﹐或許這酒一開始就不怎麼好。年份本非上佳﹐而世界上約97%的葡萄酒都是買來就喝的。還好巴利看上去並不怎麼意外甚至是難過﹐不過他也說﹐這瓶酒曾經歸屬於他的父親。

於是在前幾天晚上邀請巴利共進晚餐的時候﹐我決定打開我最老的一瓶Pouilly Fuisse﹐這是1996年產的Chateau Fuisse Pouilly Fuisse Vielles Vignes。恰好這是唯一可以儲藏的Pouilly Fuisse。作為一種葡萄樹年齡最高達80歲的Chardonnay﹐與其說它是一款Macconais﹐還不如說它是Burgundy白色陳釀。我希望它會有很好的表現﹐但也擔心14年的儲藏時間可能有些不利。而實際上﹐這瓶酒非常不錯﹐顏色橙黃可人﹐嘗起來有點像奶油蛋糕和杏仁﹐一點也沒有氧化或者過老。我很高興這瓶酒的表現。巴利似乎也很高興﹐不過可能不像我這樣深為讚嘆。他說﹐不錯﹐但我對葡萄酒不瞭解。

我說﹐那麼不管買什麼酒﹐只要保證一年左右以內喝掉就行了。

“Bordeaux 2010 probably even better than 2009”

Posted by: ABrandler on Dec 08, 2010

This is not some French sales tiger who's talking, nor a random wine journalist who is trying to attract attention. No, it is the highly respected Kees van Leeuwen, professor in Bordeaux at ENITA (Ecole Nationale des Ingénieurs de Travaux Agricoles) and ISVV (Institut des Sciences de la Vigne et du Vin). Also, Van Leeuwen is the technical director at Château Cheval Blanc. In an article on Bordeaux 2010 in the Dutch magazine Perswijn he states: "2010 is without doubt a grand vintage in Bordeaux, probably even better than 2009."

the Chinese number ten
The story behind the high quality reminds me of 2009. All levels are high again: anthocyanins, tannins and sugars are all at record levels, even surpassing 2009. Combined with a good acidity (and ripeness) we are again looking at a year which is displaying harmony on the highest level—it's like arm wrestling musclemen are keeping each other locked in strenuous balance.

Exciting of course... but what does that mean for the prices? (yes, there we go again) On Jancis Robinson’s website I read: "Christian Seely, in charge of AXA Millésimes [...] described the 2010 harvest [...] as 'embarrassingly good' but different from 2009. He admitted that in some ways it would have been a lot easier to have had a slightly lesser vintage, more like 2004, to give everyone time to breathe after the highly praised, not to say highly priced, 2009s."

Let's make a small trip into the future and look at three scenarios. Say next year there is general consensus that Bordeaux 2010 transcends 2009 and...

1. Bordeaux 2010 becomes more expensive than 2009. If there are again record-breaking prices it is hard to imagine that the vintage will sell well, also because people have just spent big money on Bordeaux 2009. Probably only the cheaper "great value" wines (up to say 40 euros) sell: their prices are relatively stable and these wines will offer good value for money, just as was the case for Bordeaux 2009 (wines like Gloria, Poujeaux, Du Tertre and Ormes de Pez). The expensive Super Seconds will be difficult to sell if their prices are maintained or increased. When 2010 gets more expensive there will be renewed interest in 2009 and 2008, but also in 2005 and 2006 (and 2007 when on sale). Except for 2007 all prices will be pushed up.

2. Bordeaux 2010 is sold at the same price as 2009. This is difficult. It also depends on expectations. If a rise is expected it might be a relief when prices remain the same. Plus: people tend to get used to prices, even crazy ones. By and large I think you get the same dynamics as with the first scenario, with the difference that there will be a bit more sales and no shift towards 2009. The 2008 vintage remains very interesting, but by mid-2011 the prices for 2008 will be higher than they are now.

3. Bordeaux 2010 is (a bit) cheaper than 2009. This will definitely spark sales, also in the higher echelon. The focus will now be fully on the new vintage as was the case with Bordeaux 2008 when just released.

If the consensus is that Bordeaux 2010 is 'just' another very good vintage, with its own distinctive characteristics, I think the prices should be friendly enough to attract buyers, and to see a lively campaign.

However, with the Chinese joining the game we should be prepared for everything. On 29 October the near 25 year old record for the most expensive bottle was broken threefold in a Hongkong auction: three bottles of Lafite-Rothschild 1869 were sold for £ 437,900, or almost £ 146,000 per bottle (it's the wine presented on the cover of the book of my former teacher Frank Jacobs, who also delivered these auction facts). In general, the whole China phenomenon is pretty weird, see also the recent Liv-ex blog posting on this subject matter.

Let's hope the Bordelais have the wisdom to find the right price; it's not easy. I can only hope for a lively campaign and yes, friendly prices. The 2006 vintage—undoubtedly inferior to 2010—shouldn't be an example. That campaign was plodding sadly in the bow wave of its grand predecessor.

We just prepared the Bordeaux 2010 site for the Dutch and Belgian market. I'm very curious what prices it will show as from April 2011. This will, of course, be continued.

Lafite！Cheers！

黃偉康 論盡股壇

是時候喝謝國忠的紅酒，他最新的建議是各位收藏上等葡萄酒的人士，應趕緊賣出你手上的Lafite，因為Lafite市場已出現泡沫，謝國忠的觀點是Lafite的價格已遠遠超過所有資產，甚至超過其他上等葡萄酒，因此很多人開始囤積Lafite，當中以尚未推出的2008年Lafite更成為追捧的目標，因為其全新的瓶身設計上有一個中國漢字「八」，所以價格在中國市場被進一步推高。

Lafite價現泡沫

可是謝國忠認為，由於Lafite的價值上升，所以亦令市場上出現不少冒牌Lafite，所以因此到底大家投資的Lafite是否真貨，亦可能成為疑問，而真貨Lafite的實際價值亦應該會被真偽問題所拖累而下跌。謝國忠同時認為，囤積Lafite是一種投機性行為，因為沒有人可以壟斷世界上所有被收藏的Lafite。

最後還有一個原因是謝國忠對Lafite現價感到擔憂的原因，就是他懷疑酒商、中國收藏者和葡萄酒愛好者會否是Lafite的主要買家，因為酒商和葡萄酒愛好者都不會囤積紅酒，可是他們現在亦開始忍受不住，進行囤積的活動，因為很多人開始抵受不住Lafite價格飛升的誘惑。

到底謝國忠的想法是否正確？《華爾街日報》認為不得而知，因為貝爾斯登(Bear Stearns)和雷曼兄弟(Lehman Brothers)要破產後，世界才明白銀行持有這些公司的資產是不良資產。

不過，一位我認為的朋友、英國最大酒商香港的主席卻認為，現時Lafite的價格是具有支持力，因為內地人的購買力，實在不能低估，由於我是紅酒的門外漢，所以我會認同他的想法，尤其是我在內地試過一晚與10位朋友喝下20瓶紅酒，更明白內地對紅酒的需求。

如果中國的經濟繼續繁榮下去，Lafite的價格亦會在內地人的支持下，繼續高企，不過是否健康？正如一晚10人喝20瓶紅酒一樣，我的胃不舒服了一整天，但為了生意沒有辦法。與此同時，中國的經濟並非一帆風順，所以Lafite的前景，的確存在隱憂。 (筆者為獨立經濟評論員 ，逢周一至周五見報，wong.waihong@yahoo.com) 

黃偉康