Bordeaux 2005 - A Compelling Vintage
Of all the wines of the world, Bordeaux has for two centuries or more enjoyed a reputation as the source of wines of class, depth and aging potential which, when mature, can magically complement and enhance a fine meal. The experience of a great Bordeaux in its prime is truly memorable and is the greatest reward available to someone who makes wise purchases of young wines, and has the patience and cellar to allow them to develop to their full potential.
When we tasted the extraordinary 2005 barrel samples in April ’06, our first thought was only of the experience that awaits those who cellar these wines until they reach their peak! It is difficult not to be wildly enthusiastic about this vintage, which amazes and seduces with its power and opulence. Yet it is not simply the sheer density of the wines that is impressive, as it was with the 2003’s. What sets 2005 apart is that phenomenal richness is balanced by uncharacteristic acidity (for a very ripe year) together with elevated tannins. Indeed, it is how perfectly the equilibrium of fruit, alcohol and structure is calibrated that determines the quality hierarchy in 2005.
While the First Growths may be beyond the reach of many buyers, Claret lovers should not despair as there are many affordable chateaux which have made outstanding wines (if not their best in memory). Based on our own tastings – from barrel and again now, from bottle – we believe the quality of the 2005 vintage extends from the top to the bottom, and there are very impressive wines among the crus bourgeois and the lower ranks of the classified growths.
How will 2005 perform in terms of return on investment? Despite dizzying opening prices, première tranche buyers have already realized significant gains on glamour properties. Looking ahead, consider that the quantity of top Bordeaux is finite while worldwide demand will undoubtedly grow as new moneyed classes (in Brazil, China or India) seek out the status of Bordeaux; and, further, that the quality of 2005 is not merely exceptional but, very possibly, one of a kind. We would be inclined to believe that all the elements are present to assure long term appreciation. We might add that 2005 may join the elite company of 1961 and 1982, two vintages which have produced among the best returns for collectors who purchased these vintages when they were young. From experience, vintage reputation almost always drives demand, and 2005 has all the makings of a legendary year. With the worldwide economic downturn well underway as we enter 2009, luxury wine prices have softened as one would expect, yet this will not, in our opinion, diminish long-term prospects for the 2005’s.
While 2005 prices are indeed high for many classified châteaux, there are nonetheless many others which appear less expensive than the quality of the 2005 vintage and the wines themselves would warrant. Buyers should take a close look at châteaux which have been rated very highly by critics but do not have the price tag to match. To mention only a few: Poujeaux (Moulis); Phélan Segur (St. Estephe); La Lagune (Haut Medoc); Beychevelle, Lagrange and Talbot (St. Julien); d’Armailhac, Clerc Milon and Pontet Canet (Pauillac); d’Issan, Giscours and Prieuré-Lichine (Margaux); and Clos René (Pomerol). It is misleading, however, to put forward such a short list of best buys, as there are wonderful 2005’s at all levels for collectors and bargain hunters alike!
Roger C. Bohmrich, MW
Managing Partner, Millesima USA
