Spotlight on… GISCOURS 2014

10-Apr-2017


Spotlight on… GISCOURS 2014

A reason why not to focus solely on the usual suspects…

THE APPELLATION AND CLASSIFICATION

Margaux, 3ème Grand Cru Classé A

THE COMPOSITION

Cabernet Sauvignon 70%, Merlot 20%, Petit Verdot 10%,

THE CRITICS’ VIEWS

92/100, Neal Martin, The Wine Advocate

95/100, James Suckling

16/20, Jancis Robinson

THE RELEASE PRICE

Château Giscours 2014 was released in May 2015 at €27.60 per bottle, with a UK price of £235 per dozen.

THE CURRENT MARKET PRICE

Giscours 2014 is currently valued at £365 per dozen, as of 7th March 2017. Recent improvement at the property and increased critic scores have help to drive demand for a somewhat under-the-radar Chateau. Those lucky enough to have this within their portfolios have seen to-date returns of +55.3%; including a number of CWI’s clients.

COMPARABLE VINTAGES & OUTLOOK

Given the quality improvements over recent vintages, it isn’t wholly accurate to compare Giscours’ 2014 to similar vintages on the market, such as the 2008 (90pts WA). We would normally stay clear of comparing very good vintages, such as 2014, to ‘vintage of the century’ vintages, such as 2005. However, given the Chateau’s advances over the past 8 years or so (well, actually, 20 or so years, but the Château has really hit its stride recently), this is perhaps more of an apt comparison. With a longer-term investment view, the 2005 vintage is similarly scored at 91 (WA) and 95 (JS). However, the value is +42% higher at £630 per dozen. We would probably be kidding ourselves if we expect the value to rise to be on par with the outstanding 2005 vintage – the great vintages simply garner greater attention. However, it would probably be fair to expect the value to rise to somewhere of a mid-point between current value and that of the 2005. £500 seems a realistic level, just shy of the current value for the excellent 2009 and 2010 vintages. Or, further returns of +36.9% as the wine nears maturity.

THE CHATEAU

Roll forward half a millennium and, in 1995, Château du Tertre’s Alexander de Beek arrived at Giscours – to later be promoted to the same role at Giscours itself. The property wasn’t in the greatest shape when he came on board. Substandard wines, recently embroiled in scandal…

De Beek over the years has slowly but surely increased the fortunes of Giscours, through increased Cabernet Sauvignon plantings, high density planting, modernised vinification, introducing manual harvesting and vastly improving vineyard management. In notable vintages, quality has risen steadily since the late 90’s. Even back in the 2000’s, good vintages received mixed reviews. However, the quality of the 2014 vintage is testament to the improvements with each passing vintage. We expect this to continue. The excellent 2015 and 2016 vintages certainly show early signs of promise.

The property has 93 hectares under vine; 53% Cabernet Sauvignon, 42% Merlot, plus Petit Verdot and Cabernet Franc.

THE VINTAGE

Initially underrated and undervalued. The finest since 2010.

Chateau Giscours 2014