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

En primeur is taken for granted in the modern fine wine market, and it would almost seem safe to assume that, with the classification as rigid as it is, that the practice would have been in effect since the very beginning of wine appreciation. However, it’s only as recently as the 1970s that wine merchants have actively begun the marketing and sale of a vintage before it is ready. Prior to this time, merchants would obviously put faith in certain first growth wines and negotiate supply contracts for the coming year. Unlike today, the wine would never be tasted before being sold.

Even with tasting six to eight months into fermentation as standard, en primeur purchasing is still purely speculative. By definition, there is risk involved and prices can go down as well as up. In typical negative scenario, great vintage wines can be heralded by the taster and the entire stock purchased by eager investors who are then left with wine that plummets in price when post release, the wine is poorly received. In a worst case scenario, worldwide recession can suddenly bankrupt merchants and even chateaux, leaving investors with nothing for their money (thankfully such occurrences are rare, the last major instance being in the wake of the 70s Oil Crisis).

Then there are those people who trade in making promises about fine wine purchases that they cannot keep: it’s easy to see that con-men are going to be attracted to an industry built around paying large sums of money for a product that doesn’t have to be delivered for 12 to 18 months. More than enough time and money to disappear into the ether.

Is there a trick to buying Bordeaux en primeur? It comes down to going with a trustworthy wine merchant who knows the market, can secure the wine you need and can arrange its relocation to a bonded warehouse to protect your investment. When the truly brilliant vintage years come along, you’ll be thankful for the system: the en primeur allocation will be exhausted quickly and you’d have to pay considerably more once the wine is released by the Chateaux. Just be aware that as with any aspect wine buying, no one can guarantee you that you’ll be sitting on a fortune.

Bordeaux UK Limited recommend that first time investors purchase bottled stock rather than tangling with the en primeur system. We also recommend that they purchase via a bonded account in their own name (bonded accounts will insure you against loss). You should only ever buy en primeur from a reputable company that you have a history of trading with.