Source: 'cathdrwg' (via Flickr)

With centuries of tradition, you would be forgiven for thinking that the Bordeaux of today is a landscape (and industry) that has remained the same for centuries. Wine appreciation is, after all, all about the subtlest of differences between blends that change by the narrowest proportions year on year. It’s therefore surprising to find that Bordeaux wine has weathered major upheavals and has changed in some rather fundamental ways in the last two centuries.

The first growth wines are principally composed of Cabernet Sauvignon with varying amounts of three other red wine grapes in the blend: Merlot is often the secondary, with small amounts of Cabernet Franc and occasionally Petit Verdot. But there are six red grapes permitted for viticulture under the tightly controlled Bordeaux directives: Malbec and Carménère, noticeable by their absence. And with Malbec at least, this neglect has certainly not always been the case.

In the middle of the 19th Century, when the Bordeaux Classification was being drawn up and the growths decided, Chateaux throughout Bordeaux wineries were growing Malbec. In fact, as many as 60% of all vineyards had Malbec vines and even the first growths favoured the grape in their blends. This contrasts heavily with the modern picture. In all of France, only the Cahors appellation in the South West plants significant quantities of the grape, rendered necessary by AoC regulations requiring 70% Malbec in any blend. In Bordeaux, the variety is approached with caution by producers, even despite its growing significance (and market resonance) as the flagship red wine of Argentina.

This significant shift didn’t come about on a whim. Malbec growers were among the hardest hit when the entire French wine industry was very nearly destroyed. The Great French Wine Blight of the latter half of the 19th Century changed the very roots of French wine (literally). A North American Aphid, the Phylloxera, was brought to Europe and it quickly became apparent that European vines had no natural defence against them, their numbers unchecked by local predators. By the middle of the 1870s about 40% of France’s vineyards had been destroyed by the parasite and the disease they brought with them. Even in the relatively early days of wine investment, such a loss was a major financial disaster.

The eventual solution was drastic, but necessary. Many speculate that viticultural experimentation with American root-stock was the direct cause of Phylloxera’s migration; regardless, that same experimentation yielded the solution. Though resisted by an industry that to this day prides itself on the purity and tradition of its vineyards, the mass grafting of American vines to French followed successful experiments in the 1870s and 80s.

In the wake of this agricultural (but also financial) disaster, Bordeaux wine as an industry sought grape types that had proven their resilience through the years of the epidemic. Malbec had always been known as a liability. The grape itself is susceptible to rot, frost, downey mildew and coulure; Even high yields can mean a lack of consistent flavour. And by the time that France suffered the severe frosts of 1956 (that killed off 75% of the Malbec crop), the typical Bordeaux winery had simply had enough. Making the best of a bad situation, they replaced Malbec with Merlot and Cabernet Franc. Occasionally, lesser Chateau will attempt to distinguish themselves by reintroducing the grape, but most producers are less brave. And from the perspective of wine investment, that’s probably for the best.

Chateau Mouton-Rothschild

CHATEAU MOUTON-ROTHSCHILD

Area: 203 acres Region: Medoc (Paulliac)

COMPOSITION

Cabernet Sauvignon (75-90%) Merlot (10-15%) Cabernet Franc (0-5%) Petit Verdot (0-5%)

ADDITIONAL INFO

Aged for up to 22 months 25,000 cases produced per vintage

Based purely on the fine wine investment market of the time, the 1855 classification always should have classified the Château Mouton-Rothschild among the highest echelons of Bordeaux wine: it was selling consistently at prices equal to even the Lafite, which was top of the list. It seems likely that its exclusion (though it was a second growth) was purely political. The 1855 Classification was drawn up to showcase French power under the reign of Emperor Napoleon (the wines were exhibited at the Exposition Universelle, the second ever world exposition). With the Rothschilds acquiring the Mouton Château in 1853, an endorsement of British power at the height of the Industrial Revolution was obviously undesirable.

The fact that such an influential family were interested in investing in wine through the Mouton estate is a testament to its performance in the middle of the 19th Century. The British connection to Bordeaux wine clearly goes beyond the Rothschilds, and it is known that the estate was once a possession of the Duke of Gloucester during the One Hundred Year’s War. After the English withdrew from France, a succession of families owned the estate, including the Prince of Wines Nicolas-Alexandre, marquis de Ségur.

However, it wasn’t until after the Marquis’ ownership that the estate grew a substantial number of vines. The new owners, the de Brane family are credited with improving growing practices and refining the later processing of the wine, making it a competitor with top tier fine wines that it would have never have previously been considered alongside. Baron Nathaniel de Rothschild purchased the estate it wasn’t just competitive, it saw some spectacular Bordeaux vintages for decades following the 1855 classification.

Château Mouton-Rothschild was only declared a ‘First Growth’ in 1973 (and then only after the intense, decades-long lobbying of Baron Phillipe de Rothschild). The Baron was a hugely influential person in French life: a banker, screenwriter, playwright, producer poet and early Grand Prix driver. His status as an important French cultural figure certainly helped counteract the prejudices that had motivated the Mouton’s omission from its rightful place.

And for Trivia’s sake, it’s worth noting that future French President Jacques Chirac was agricultural minister and responsible for the elevation of the Chateau to First Growth status.

The First Growth Wines Series

Part One: Château Lafite-Rothschild
Part Two: Château Latour
Part Three: Château Margaux
Part Four: Château Haut-Brion
Part Five: Château Mouton-Rothschild

Chateau Haut-Brion

CHATEAU HAUT-BRION

Area: 126 acres Region: Graves (Pessac)

COMPOSITION

Cabernet Sauvignon (40-50%) Merlot (40-45%) Cabernet Franc (10-15%)

ADDITIONAL INFO

Aged for 18 to 22 months 10,000 to 12,000 cases produced per vintage

Of the five (once four) wines in the Bordeaux Classification, only Haut-Brion is produced outside of the Medoc region: specifically, in Graves, the south-westerly region on the west bank of the Garonne. Interestingly, though the famous Medoc château are exceptions, as the Medoc was largely marshland until drained in the 17th Century. Graves meanwhile has always been important among Bordeaux’s red wines, and the omission of many significant wines would eventually lead to the 1953 Graves Classification.

With viticulture taken as a matter of course in Graves back into antiquity and various successful vineyards on the site in the 14th and 15th Centuries, the Château Haut-Brion story truly began with the Pontacs. Jean de Pontac established the ancestor of the modern Vineyard and built the Haut-Brion château building, which stands to this day. The men who succeeded him through to the 17th Century cultivated the wine’s reputation. Haut-Brion was known to have found favour with English King Charles II, and was therefore one of the earliest Bordeaux wines to court consumers over the Channel.

As with Château Margaux, Haut-Brion was a hit with Thomas Jefferson and has the distinction of being the earliest recorded first growth wine imported to the United States of America (Jefferson had six cases of wine sent to his Virginian estate). In the 19th Century, Haut Brion’s position as a first growth wine was indisputable: it was consistently the most expensive of all.

But contemporary to the troubles with Margaux in the early 20th century, Haut-Brion saw a decline that it would ultimately need to rebound from. Château Haut-Brion’s neighbour, Château La Mission Haut-Brion was particularly successful at this time, furthering the sense that something had to be done about Bordeaux wine classification and eventually paving the way for the 1953 Graves Classification.

Unlike Margaux, Haut-Brion’s form returned sooner rather than later, when American Banker Clarence Dillon purchased the Château in 1935, and before any real damage could be done to its reputation. Innovation has kept the Château relevant: whilst still aged in new oak barrels for around 22 months, Haut-Brion is known for being initially fermented in stainless steel vats. This allows for greater consistency from year to year.

In the last decade or so, demand for Haut-Brion has been relatively subdued when compared to the other Bordeaux château. But whenever there is a lull in market interest, there’s the potential for massive gains and Château Haut-Brion remains a lucrative investment wine.

The First Growth Wines Series

Part One: Château Lafite-Rothschild
Part Two: Château Latour
Part Three: Château Margaux
Part Four: Château Haut-Brion
Part Five: Château Mouton-Rothschild

Chateau Margaux

CHATEAU LATOUR

Area: 214 acres Region: Medoc (Margaux)

COMPOSITION

Cabernet Sauvignon (85-90%) Merlot (10%) Cabernet Franc (0-5%) Petit Verdot (0-5%)

ADDITIONAL INFO

Aged for 18 to 24 months 12,500 cases produced per vintage

Margaux was once a prime example of the Bordeaux Classification’s inflexibility, arguably the Bordeaux wine that fell furthest and longest before it returned to its former glory. And Margaux was indeed a glorious wine, once associated with world leaders and worthy of a neo-classical château building that is exceptional even among the many château of the region.

In 1771, Christie’s sold a bottle of Margaux, making it a fine wine investment first: the first ever Bordeaux Red sold at such a prestigious auction house. The first Prime Minister of Great Britain, Sir Robert Walpole supposedly ordered four casks of Margaux for every season. Thomas Jefferson sang its praises and prophetically called it ‘one of the four vineyards of first quality’ in 1787.

Margaux is an estate that has existed for centuries, and evidence in dusty 15th Century records indicate that they’ve been producing wine there for some time. Once again, it took a foresighted noble – Pierre de Lestonnac – to see how important wine was to become for Bordeaux. In the 1570s, he converted much of his arable land to vineyard, and expanded the estate far beyond its original size. Later owners would continue his work, though few have built upon the 265 hectares the entire estate covered in the early 18th Century. With estate managers sensitive to terroir and good growing practice, the wine blossomed at this time into the silky, aromatic wine that we know today.

However, whilst the wine of today doesn’t show it, the early twentieth century was an extremely variable period. Having barely survived the Phylloxera episode that destroyed many vineyards in the late 19th Century, the Pillet-Will family that was then in charge neglected the estate. And despite the efforts of shareholders, Margaux’s reputation continued to dive until Andre Metzelopoulos purchased it in 1977, renovating the château, drainage and the vines themselves. Sadly, Metzelopoulos lived no longer than this, but he certainly set the château back on the path to greatness.

The First Growth Wines Series

Part One: Château Lafite-Rothschild
Part Two: Château Latour
Part Three: Château Margaux
Part Four: Château Haut-Brion
Part Five: Château Mouton-Rothschild

Chateau Latour

CHATEAU LATOUR

Area: 192 acres Region: Medoc (Paulliac)

COMPOSITION

Cabernet Sauvignon (75%) Merlot (20%) Cabernet Franc (4%) Petit Verdot (1%)

ADDITIONAL INFO

Aged for 18 months 18,000 cases produced per vintage

The early history of the site isn’t dissimilar to that of the Lafite estate, in that it wasn’t until around 1670 that extensive vineyards were established. The name ‘Latour’ transparently means ‘The Tower’, a fortification that stood on the estate for the use of the English during the one hundred years war (it was razed in the middle of the 15th Century).

Whereas the Lafite estate was lost to the Ségur family during the French Revolution, the earlier division of the Latour estate among the Marquis de Ségur’s daughters actually assisted in its eventual repurchase by the family in 1841. It remained in their possession until 1963, when the estate’s heirs sold three quarters of their shares to British interests. It was eventually purchased by French billionaire Francois Pinault in 1993. Though Pinault was rumoured to be selling the estate in 2008, the financial crisis swooped in and made many unsure about investing in wine. Thankfully, the mood of the time proved to be far too pessimistic and Latour (and the fine wine market generally) proved itself to be recession proof.

The First Growth Wines Series

Part One: Château Lafite-Rothschild
Part Two: Château Latour
Part Three: Château Margaux
Part Four: Château Haut-Brion
Part Five: Château Mouton-Rothschild

Chateau Lafite-Rothschild

CHATEAU LAFITE ROTHSCHILD

Area: 264 acres Region: Medoc (Paulliac)

COMPOSITION

Cabernet Sauvignon (80-95%) Merlot (5-20%) Cabernet Franc and Petit Verdot (0-5%)

ADDITIONAL INFO

Aged for 18 to 20 months 15,000 to 20,000 cases produced per vintage

The existence of wine plantations in the centuries leading up to the classification is a foregone conclusion. But though the Lafite estate (located in the Pauillac commune between the villages of Saint-Julien and Saint-Estephe) is now completely inseparable from its vineyards, it has actually existed as a more general agricultural holding since sometime in the 14^th Century. This humble beginning is perhaps best reflected in the unpretentiousness of its name, meaning ‘small hill’ (via Gascon ‘la hite’).

Vines were probably grown on the site for much of this history, but the estate as we know it today was largely the effort of the Ségur family who purchased it in the 17^th Century. Jacques de Ségur was responsible for planting most of the vineyard, around 1680. In the next century, Nicolas-Alexandre, marquis de Ségur refined wine production at the Lafite estate and introduced it to the court of Louis XV, earning him the nickname ‘Prince of Vines’.

The wine itself became known as the ‘king’s wine’, and by the time of the 1855 classification (after the upheaval of the revolution, and a stint of Dutch ownership), the Château Lafite was considered first among the first growth wines. The second great Lafite dynasty began with the 1868 purchase of the estate by Baron James Mayer Rothschild, and despite occupation (and looting) in the Second World War the estate has remained in the possession of the Rothschilds.

Today, Château Lafite’s prestige is untarnished. It arguably remains the most important Bordeaux winery with one particular bottle holding the accolade for being the most expensive ever sold at auction ($156,000).

The First Growth Wines Series

Part One: Château Lafite-Rothschild
Part Two: Château Latour
Part Three: Château Margaux
Part Four: Château Haut-Brion
Part Five: Château Mouton-Rothschild

The typical wine cellar is something that has passed into the collective conscience. A wine cellar should be dark, humid and typically cold. Exposure to light is commonly accepted to severely detrimental to the taste of a wine, so most wine cellars will be entirely windowless, and light fixtures will be low power, possibly with an automatic cut off to prevent lights being left on. Humidity meanwhile should be higher than 75% slowing evaporation and cork dry out. A complementary temperature is around 10 degrees Celsius (50 degrees Fahrenheit).

In order to store your wine properly, you’ll need to invest time, effort and money in creating these conditions and keeping them constant (which is also beneficial to the process) yourself.  You’ll need to create an insulated space with a vapour barrier and then run a conditioner. Remember that any machine running for an extended period can break, so have a backup plan. There are fine wine refrigerators out there that will be useful for smaller requirements, but you’ll still need to spend a fair bit to avoid a unit that causes vibrations (which also have a detrimental effect to your wine investment).

Unless you already have a well established wine cellar, Bordeaux UK uses and recommends the services of Cert Octavian plc with cellars deep inside a disused quarry in Wiltshire where absolute control over temperature and humidity produce the ideal conditions for your wine to mature perfectly.    That will obviate the need for the trouble and expense of starting a cellar from scratch and ensures the optimum conditions to preserve and enhance your wine in terms of the taste you experience and the monetary rewards you hope to achieve.    As an investment for profit, fine wines have something in common with antiques inasmuch as the more care that is taken over their handling, use and storage, the likelier it is they will retain their “mint” value.

This is especially true when we consider wine storage. It is as important to establish the provenance of vintage wines as it is to establish where paintings, sculptures and other antiques have been since their creation. It’s not just a matter of avoiding fraudulent wine labelling.  Poor treatment of a Bordeaux wine (or a lack of evidence either way) can depreciate its value dramatically, regardless of whether the wine is actually any different to the taste.

The rule had apparently been ignored for Château Mouton because the new owner, Nathaniel de Rothschild, was a British banker. The 1855 Bordeaux Classification’s prominence at the Exposition Universelle, France’s attempt to answer the British imperial showboating of the 1851 Great Exhibition, must surely have been a factor.

But by far the biggest problem with the classification are the fine wines it omits altogether. Other fine wine regions were negatively affected by the prominence of Bordeaux wines, but the classification never pretended to represent them. However, certain sub-regions within Bordeaux were poorly represented, with the Medoc (left bank of the Gironde River) host to all but one Bordeaux winery in the classification. In the 20th Century, Graves (on the left bank of the Garonne) and Saint Émilion (on the right bank of the Dordogne), took the unusual step of creating their own classification systems,

The classifications come with their own biases and are similarly outdated, but they do help to enhance our understanding of the Bordeaux fine wines. The 1959 Graves Classification suggests wines (largely from the Pessac-Léognan appellation) like the Château La Mission Haut-Brion and the Château Pape Clément as ‘Grand Cru’, and many have been known to see prices similar to Second and First Growths. The Classification of Saint-Émilion wine began about the same time, but is updated once a decade. The regions’ ‘Premier grand crus’ include the Château Ausone.

Neighbouring Saint-Émilion is Pomerol, a Bordeaux appellation that has resisted classification, yet is home to a duo of important Châteaux. Château Pétrus is probably the most famous of the Pomerol wines, and it can usually be on the annual list of the world’s most expensive bottles. Prices for Château Le Pin meanwhile are often high because of the scarcity of stock, with rarely more than 700 cases produced per year.

Even if it’s no longer considered the last word on investing in fine wine (in truth, it’s doubtful that it ever was), the genesis of the list still shocks with its simplicity. The classification was drawn up in just two weeks, after Emperor Napoleon III requested it for inclusion at the 1855 Exposition Universelle in Paris (essentially France’s answer to the British Great Exhibition). Reputation played a role in valuation, but the only real factor were fine wine prices in France at the time.

To a degree, cost does indicate quality (insofar as ‘quality’ is in some way measurable). But costs can also be driven higher by the relative differences in yield and mania for certain tastes that simply go in or out of fashion.

The First Growth Wines (Premier Cru) of the Bordeaux Classification are difficult to dispute, having rarely dipped in price since they were defined. But in retrospect, most will wonder if this sustained success wasn’t something of a self-fulfilling prophecy. Indeed, the further you descend the Growth classification, the less correlation with current fine wine market prices you will see. Sources such as the American Association of Wine Economists suggest that a few Second Growth vintage wines retain their prestige even if their financial performance has been somewhat dubious. Then there are some Fifth Growth wines that perform as well as Second Growths.

Considering that the gulf between the cost of First Growths and Second Growths is getting ever wider, the usefulness of the 1855 Bordeaux Classification to anyone but the upper tier of collectors is becoming increasingly minimal. And this is before we consider the issue of everything that is simply missing from the Classification (an issue for a second part if ever there was one).

So, after all that is the 1855 Classification still relevant? We would argue that the answer is a resounding yes, despite its failings. By definition, any investment opportunity in something as subjective and capricious as fine wines is going to have fluctuations and there will always be exceptions to any rules.  The 1855 Bordeaux Classification is a general guideline that is at least as useful for its inaccuracies as well as for its largely accurate upper tiers.

In our next post we’ll take a look beyond the 1855 Classification and its biggest drawback – the fact that it omits some very fine wines altogether…

Buying Bordeaux wine as an investment in excellence and taste is a practice dating back hundreds of years paying  homage to the fine tastes of yesterday. However, it (quite literally) also pays to stay up to the minute with fine wine investment trends and popular discussion points and the internet is easily the best way to facilitate this.

Whether you’re looking to buy en primeur or seeking out an established vintage, we want to help you buy fine wine online through us with a wealth of what we hope will be useful information at your disposal.

In the meantime, you can of course still count on us for bespoke personal advice that has characterised our early years. From everyone here at Bordeaux UK Limited, we wish you the best of luck in the fine wine market, and we hope you enjoy our upcoming features.