2003 Bordeaux Revisited

Have you ever wished you could go back in time and buy first growth Bordeaux at the release price? You may just get your wish with the 2003 Haut Brion.

At auction, the 2003 Haut Brion will cost you around $280/bottle including buyer's premium. Of course, at any given auction, prices may be higher. Patience may be required to buy at the average price, especially if you are buying a lot of 12 in an original wooden case. Retail prices can be highly variable, but a wine-searcher check shows three California retail sources with prices at $280 or under.

The fall 2006 release price for the 2003 Haut Brion (not the summer 2004 futures price) was around $325/bottle, according to both eRobertParker.com and Vinfolio's WinePrices.com. While the 2003 Mouton and 2003 Margaux are also showing price weakness, only the Haut Brion is actually trading below its release price.

Release and current prices of all 2003 first growth Bordeaux follow:

Wine..........Release/Current

Lafite.........$400/ $1100
Mouton.... $275/$312
Margaux... $375/$538
Latour.......$400/$766

Haut Brion $325/$280

While all investment grade wines may in the middle of a price correction, the 2003 Haut Brion may already be near its bottom.

Next of Kyn - a Wine for Collectors, not Speculators

The newest cult offering from Manfred Kankl, NEXT of KYN, was recently offered at $1100 for 3 bottles plus a magnum. The debut vintage was reviewed at 94-96 by Robert Parker, while the wine was still in the barrel. Here’s why I passed.

The cost is $220/bottle and $440/magnum before tax, shipping, and the inevitable auction house fees when you re-sell. Tax varies by state, but I’ll guess 7%, or $77 for our purposes. Shipping to your house and then to the auction house will cost $30, if you wait until it is cool enough for ground transportation to be safe. So the cost to get the wine to the auction house for sale is $241. Auction house fees run 12% to 21%, plus 1% insurance. So, the minimum reasonable break-even price for flipping NEXT of KYN is 13% higher than $241, or $272/bottle.

Now let’s look at the competition:

2006 Sine Qua Non Raven Series Syrah (RP 96) retails for $200
2007 Sine Qua Non Labels Syrah (RP 95-98) retails for $225
(prices on wine-searcher as of August 4, 2010)

The same winemaker has higher scoring wines for much cheaper. If you really want NEXT of KYN, just wait a year and buy it at retail. At least you won’t get stuck with the magnum.