Read Online The Wine Savant: A Guide to the New Wine Culture by Michael Steinberger - Free Book Online
Authors: Michael Steinberger
Ads: Link
the spirit of wine. Robert Parker has said that he was repeatedly invited to appear on Louis Rukeyserâs Wall Street Week but declined every time because he knew that the host wanted to talk about wine as an investment opportunity and he found the idea anathema. Parker took an admirable stand, and the wine world owes him a debt of gratitude for his outspoken opposition to wine speculation.
But wine speculation may be a self-correcting problem at this point. Prices for the most sought-after Bordeaux, both older vintages and more recent ones, are now exorbitantâover $1,000 a bottle in good vintagesâand it is hard to see them going significantly higher anytime soon. Ditto the most acclaimed Burgundies. True, Burgundy prices more accurately reflect supply and demand than Bordeaux prices; Domaine de la Romanée-Conti makes just 6,000 bottles a year of its flagship wine, called Romanée-Conti, whereas Château Latour annually pumps out nearly 200,000 bottles of its grand vin . Still, with Romanée-Conti selling for $5,000 a bottle in top vintages these days, itâs hard to imagine that there is much additional upside for the wine. One can argue that the likes of Pétrus and Romanée-Conti are now fairly valued or overvalued; it is hard to argue that they are undervalued. And one thing that is sure to keep a lid on prices going forward is fear of fraud. The huge run-up in prices for top wines naturally created an incentive to create counterfeit bottles, and it appears that the rare-wine market has been flooded with fakes.
Although few bargains are to be found in Bordeaux and Burgundy, there is value elsewhereânot the kind of value that will yield big financial returns, but value that can deliver a lot of drinking pleasure at prices that are, relatively speaking, quite attractive. In particular, four categories of wines are arguably undervalued relative to the quality:
â¢Â Classic California Cabernets Wines such as Ridge Monte Bello, Montelena Estate, and Mayacamas have been among Californiaâs standard-bearers for decades now, and they remain at the top. Bottles from the 1970s, â80s, and â90s can still be picked up for attractive prices, and current releases are reasonably priced, too.
â¢Â Old Riojas Riojas from the 1940s, â50s, â60s, and â70s can be some of the earthiest, most complex and pleasurable wines around. Look for bottles from López de Heredia (still making great wines), La Rioja Alta, CVNE, Marqués de Riscal, and Marqués de Murrieta.
â¢Â Old Barolos and Barbarescos The Piedmont region of Italy is a red-wine Valhalla, and few pleasures are more sublime than drinking a great old Barolo or Barbaresco. Wines from producers such as Bruno Giacosa, Giuseppe Mascarello, Bartolo Mascarello, and Giacomo Conterno are not cheap, but they are, in my view, equal in quality to the finest Burgundies and Bordeaux and sell for a fraction of the price.
â¢Â Vintage Port Much of the world seems to have lost its taste for dessert wines, and vintage Port has been among the casualties. Sales are not bad, but they arenât particularly robust, and sensational vintage Ports from legendary houses like Taylor and Fonseca, both new releases and older vintages, can be had for very attractive prices these days. You can add Madeira and Sherry to this category.
All wines get old, but few wines actually improve with age. In fact, most wines are meant to be consumed on release or not long thereafter. However, a fairly sizable list of wines do reward cellaring; it includes Bordeaux, Burgundies, Rhônes, Napa Cabernets, German Rieslings, Barolos, Barbarescos, vintage Ports, and some Champagnes. By reward , I mean that the wines will take on greater aromatic complexity as they mature and will display a level of refinement beyond what they are capable of showing in their youth. Not every Bordeaux or Burgundy or Rhône gets better with age; in
But wine speculation may be a self-correcting problem at this point. Prices for the most sought-after Bordeaux, both older vintages and more recent ones, are now exorbitantâover $1,000 a bottle in good vintagesâand it is hard to see them going significantly higher anytime soon. Ditto the most acclaimed Burgundies. True, Burgundy prices more accurately reflect supply and demand than Bordeaux prices; Domaine de la Romanée-Conti makes just 6,000 bottles a year of its flagship wine, called Romanée-Conti, whereas Château Latour annually pumps out nearly 200,000 bottles of its grand vin . Still, with Romanée-Conti selling for $5,000 a bottle in top vintages these days, itâs hard to imagine that there is much additional upside for the wine. One can argue that the likes of Pétrus and Romanée-Conti are now fairly valued or overvalued; it is hard to argue that they are undervalued. And one thing that is sure to keep a lid on prices going forward is fear of fraud. The huge run-up in prices for top wines naturally created an incentive to create counterfeit bottles, and it appears that the rare-wine market has been flooded with fakes.
Although few bargains are to be found in Bordeaux and Burgundy, there is value elsewhereânot the kind of value that will yield big financial returns, but value that can deliver a lot of drinking pleasure at prices that are, relatively speaking, quite attractive. In particular, four categories of wines are arguably undervalued relative to the quality:
â¢Â Classic California Cabernets Wines such as Ridge Monte Bello, Montelena Estate, and Mayacamas have been among Californiaâs standard-bearers for decades now, and they remain at the top. Bottles from the 1970s, â80s, and â90s can still be picked up for attractive prices, and current releases are reasonably priced, too.
â¢Â Old Riojas Riojas from the 1940s, â50s, â60s, and â70s can be some of the earthiest, most complex and pleasurable wines around. Look for bottles from López de Heredia (still making great wines), La Rioja Alta, CVNE, Marqués de Riscal, and Marqués de Murrieta.
â¢Â Old Barolos and Barbarescos The Piedmont region of Italy is a red-wine Valhalla, and few pleasures are more sublime than drinking a great old Barolo or Barbaresco. Wines from producers such as Bruno Giacosa, Giuseppe Mascarello, Bartolo Mascarello, and Giacomo Conterno are not cheap, but they are, in my view, equal in quality to the finest Burgundies and Bordeaux and sell for a fraction of the price.
â¢Â Vintage Port Much of the world seems to have lost its taste for dessert wines, and vintage Port has been among the casualties. Sales are not bad, but they arenât particularly robust, and sensational vintage Ports from legendary houses like Taylor and Fonseca, both new releases and older vintages, can be had for very attractive prices these days. You can add Madeira and Sherry to this category.
All wines get old, but few wines actually improve with age. In fact, most wines are meant to be consumed on release or not long thereafter. However, a fairly sizable list of wines do reward cellaring; it includes Bordeaux, Burgundies, Rhônes, Napa Cabernets, German Rieslings, Barolos, Barbarescos, vintage Ports, and some Champagnes. By reward , I mean that the wines will take on greater aromatic complexity as they mature and will display a level of refinement beyond what they are capable of showing in their youth. Not every Bordeaux or Burgundy or Rhône gets better with age; in
Similar Books
