Some Market Speculators Awash in First Growths, But What Will the Rest of Us Drink Now?
By Christopher S. Miller
So you pulled the corks on a couple of 1982 Lafites because you thought the world was ending. But the next day you woke up, maybe with some great memories and a slight hangover, and the sun rose, albeit on a very different economy. Now what will you drink?
An awful lot of smart money people are searching for answers these last couple of weeks as to exactly what has happened on Wall Street and Main Street. This leaves me wondering how the collective markets' wine palate will react. Looking backwards is easy, and in some cases a bit scary. I'm not so sure anymore that remortgaging the house to invest in Bordeaux futures was a great idea, but it's too late for remorse. Let's look forward instead.
Some questions I am as clueless about as those discussing financial issues in DC and on Wall Street. Will the wine industry bubble pop? My guess is that Bordeaux's Chateau Petrus and Burgundy's Domaine de la Romanee Conti and their ilk will always have more demand than product, so they will continue to demand crazy high prices. Chateau Petrus is only 28.17 acres as compared to California's Stag's Leap Wine Cellars, which has a total of 229 acres under cultivation. La Romanee Conti vineyard is all of 4.47 acres and La Tache (another rarified Burgundian property) is 14.97 acres.
The logical conclusion is that a slowing economy will affect the demand of Stag's Leap wines more than those of Petrus or DRC. So for those of you whose "golden parachute" has some holes, you might want to cancel those Bordeaux and Burgundy orders and look for some alternative wines to consume till the recession (or whatever the pundits decide it is) subsides. If, however, your parachute is still in good order and has a promising future, stop reading this and give me a call. I may be willing to part with some wine from my cellar - to pay the mortgage, of course. (Visit Hamptonswineshoppe.com. You may e-mail Chris from the site.)
For the rest of you (i.e. most of us) here are some thoughts on how the current economic meltdown may affect wine consumers on normal budgets.
The recent, drastic increase in interest in wine generally has done both wonderful and bad things to the industry. I would put the increase in ego and arrogance on the negative side. By that I mean producers, importers, distributors, sommeliers and wine store owners who feel the customer is fair game for them to dupe into spending more and more money on pricey wines. It boggles my mind to ponder all the wines I've tasted for business purposes over the past five years about which I have thought, gee, that's a nice wine for 30 dollars only to find the actual price to be many times that because of some rating or prestigious vineyard site that doesn't really affect the actual wine.
On the plus side, a positive thing has happened to the wine industry as a result of this increased interest, and it is precisely what will help keep our wine habit afloat during an economic realignment. I refer to the great thirst that our wine geeks, sommeliers and other wine professionals have for discovering and exploring the next hot wine region, grape or wine style. This thirst has driven the quality up in regions such as Southern Italy, Austria, South Africa and Argentina, to name just a few.
The difference in the wines available in most wine stores and restaurants between 1987 or even 2001 (our last couple of serious economic adjustments) and today has vastly expanded. Today we have Gruner Veltliner from Austria, Negroamaro from Puglia, Lagrein from Alto-Adige, Malbec from Mendoza and plenty of others. In 1987 New Zealand Sauvignon Blanc was just starting to be planted in Marlborough. Today it is not only widely available but also highly popular with consumers.
In the wine world it has indeed been a very exciting 20 years since Black Friday. When we're flush with cash we don't need to be too imaginative. We can buy all the famous and expensive wines we can get our greedy little hands on, such as 1982 Chateau Petrus or 1995 Romanee-Conti. Anyone with a fat bank account can buy these showy stars. But lesser economic times demand creativity in wine purchasing. It is during these times that our knowledge and inquisitiveness about wine will serve us well.
A few weeks ago Eric Asimov, of The New York Times, wrote about the values that can be found in French wines. While I agree totally, France is not the only great wine country where values can be found. Unfortunately, I have been around wine for so long that when I taste a really fine wine that is a very good value today, I still remember when the same wine was 20, 30 or even 50 percent less expensive.
In this case I am thinking of a wine I had the other day, a Terre Negroamaro from the Puglia region in the heel of Italy. Negroamaro is a little indigenous grape that offers aromas of black raspberry, spices (pepper, etc.) and sometimes a floral or perfume note. I personally find well-made Negroamaros have flavors similar to wines from the Rhone Valley. If I could taste this lovely, spicy red wine without any reference I would be very happy paying the $10 or $11 that it costs in a store. But I have traveled to Puglia and know the wine industry there is not far from its historic roots as a bulk wine producing region where such wines were commonly sold for a few dollars a gallon. In this economy, I really need to forget the recent vinous history of Puglia and see what a great value it is in comparison to wines from the Rhone, Australia and California.
Some other Italian regions and grapes to look toward for value are Abruzzo for Montepulciano, Marche for Montepulciano blended with Sangiovese, Alto-Adige for Lagrein and Pinot Nero (Noir), Sicily for Nero d'Avola, and Basilicata, Campania and Puglia for Aglianico. There are others, but that should be a good start, especially considering how short this soft economy will be (we all hope).
Another vast area for wine values is South Africa. Here the wines have increased in quality faster than they have in price (I hope no South African producers are reading this).
While South Africa has several diverse regions, at this point in our economy the region is less important than the producers, importers and grapes. The varietals in South Africa that are most important right now are Shiraz, Sauvignon Blanc and Chenin Blanc. For Chenin Blanc, my favorite is from Bruwer Raats, who produces only Chenin Blanc and Cabernet Franc, two underdog grapes with roots in the Loire Valley of France. Both his Chenin Blancs are very good values at two separate price points. "The Original" is crisp and clean with bright citrus fruits and some red apple notes. It is un-oaked to highlight the fruit and costs about $12.
The other Chenin is produced in a richer style using grapes from older vines getting some gentle oak treatment and, though more expensive, still a very fine value at about $22. The Cabernet Franc is also excellent though not quite the value of the other two at about $28.
For Sauvignon Blanc there are many options, including Iona from the tiny region of Elgin overlooking the dangerous Cape of Good Hope currents. This area is well known for its cool climate, which suits Sauvignon Blanc just fine. I'd consider this to be a sleek version of a New Zealand Sauvignon Blanc with more elegance and finesse. It should be found for about $17. If you're looking for something a bit less expensive try Fairvalley Sauvignon Blanc, which can be found for less than $10 a bottle.
Ironically, good things often come about as the result of negative ones. The market downturn is causing stress for most Americans, for sure. But it is also providing us with an opportunity to be creative in our wine choices, and though we cannot all seem to agree on exactly what is happening in these difficult times, expanding our knowledge is always a very good thing. Maybe it's true after all that sometimes sour grapes can indeed make the sweetest wine.
Christopher Miller is the Senior Wine Writer for Dan's Papers "Wine Guides." Mr. Miller is a graduate of the Culinary Institute of America, an Advanced Sommelier with the Court of Master Sommeliers, a wine consultant for Sherry-Lehmann and wine educator. He is also the Education Director for Long Island's Sommelier Wine Academy, and has held the position of sommelier at Manhattan's '21' Club. He is teaching a Captain's Course at the Ruvo Restaurants this fall. Visit his website www.noblewines.com or email csm@noblewines.com.
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( 2.8 / 8 )After many months of ignoring this blog, it seems long passed time to start actually posting to it on a regular basis. The first way I plan on addressing my blogging weakness is to begin posting wine articles I have written and published in certain magazines. The two main publications I write for are Dan's Papers in the Hamptons and Long Island Pulse.
So keep an eye out for these...also as there have been many of these published they will be posted here at random, not is chronological order.
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( 1.3 / 3 )~$21 Retail
Sweet red currants, cigar box, oak spice. Big & Ripe. A good example of new world Bordeaux. The oak treatment on this wine is substancial, but surprisingly the fruit manages to stand up to it. Decant for an hour or two if you're drinking now. Would benefit from a couple years in the cellar.
Overall: Some may find the oak on this wine to be too much, but I dig it. Good value Bord-blend from an underappreciated region.
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( 2.9 / 197 )~$71 retail
Very smokey, cedary with mint and dark cherry, dried leaves, plum and some black currants. Palate is gentle and elegant with some oak and ripe notes in a fairly long finish.
Overall: Very fine Cabernet. Bit pricey, but holds its own against comperable Old School Napa Vineyards
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( 3 / 181 )~$35 retail
Very dark and ripe, oak and smoke along with very ripe fruits especially Merlot notes (plum, blueberry), blackberry, tar, licorice, old Napa Oak notes. Palate is ripe, full and lush, tannins are med + but a combo of grape and wood, softening due to age, med + alcohol, med acidity, quite long and nice balance for a forward styled Napa Cab. Bit of spice and alcohol builds in finish after time.
Overall: Well priced Napa Cab that is drinking well now.
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