TIME TO BUY?
2005 Musigny Grand Cru, Vieilles Vignes, de Vogué
Has what all truly great burgundies have which is that extra dimension of power without weight as this carries terrific punch and power yet delivers that explosiveness with impeccable class and grace.
Allen Meadows, burghound.com, 2019
2005 Musigny Grand Cru, Vieilles Vignes, de Vogué
£5,700 per 6-bottle case in bond
Why ‘Time to Buy?’?
Value, value everywhere…. but when will the market turn? This is the simplest summary of where the fine wine market is. There are numerous compelling offers on exceptional wines at prices of yesteryear, offers on wines whose reputation has only grown over the years, and wines where the volume accessible in the market has dwindled on account of consumption. Steadily clients have started picking off cases to add to their reserves, sometimes buying a specific wine they have never bought before, sometimes averaging down if they previously bought a case at a higher price, noting that the landscape has changed, but the rationale for purchasing that drew them to a specific wine several years back still runs true today. Some clients are understandably cautious, hanging back waiting to see the upward curve before venturing back in. And then there are the new entrants, who without any reserves, can take advantage of what is highly likely to be regarded as a great window of opportunity with the clarity that comes with hindsight.
The purpose of these ‘Time to buy?’ offers is just that, to ask the question, to provide you with the background, and to allow you to decide with the facts in front of you.
Today’s Offer
Today’s offer focuses on a great Grand Cru Burgundy from the much-lauded 2005 vintage.
The Liv-ex chart below plots the path of this great Burgundy from the 2005 vintage since its release. Over this timeline, a huge proportion of the stock will have been consumed, whether it was sufficiently mature or not, and with 20 years of maturity, its price should be increasing on account of rarity. Not so given the current market correction – this is highly unusual, as greatness, rarity and maturity are key drivers in price movements. Could this be something of which to take advantage? The data looks compelling.
This is a wine that a leading Burgundy critic suggests should drink from 2030. Production is normally around 1600 to 2500 cases of six bottles. The wine in question is 2005 Musigny Grand Cru, Vieilles Vignes from Comtes Georges de Vogué.
Please note the red dots on the graph signify trades between merchants on the Liv-ex exchange, to which commission, handling etc and a margin would be added to arrive at a selling price. Liv-ex currently value the 2005 at £5800 per 6 bottle case in bond, but stock is very low and therefore there are few price references to be found, particularly for sealed cases.
Another interesting point to make is that de Vogué’s Musigny has been a reliable performer…..it has accrued value steadily over its lifespan, whereas some Burgundy Grand Cru will have shot up dramatically and equally fallen more dramatically in tricky markets. The predictability of wines like this is a benefit.
In terms of quality, it is judged to be among the very best Burgundy produced. Here are few reviews….Allen Meadows of Burghound, perhaps one of the most experienced of all Burgundy critics has published notes on three separate occasions. I should add he isn’t prone to awarding lofty scores easily. Initially he tasted from barrel and scored it 96-99 points (in 2007), when bottled he scored it 99 points (in 2008) and he scored it 98 points more recently (in 2019). His most recent note is below. It isn’t unusual for scores to go up and down a point or two as assessing a wine is not an exact science, and wines show in different ways at different times. The words are often as important as the score.
2005 Musigny Grand Cru, Vieilles Vignes, Comte Georges de Vogué
£5,700 per 6 bottle case in bond
98 points, Allen Meadows, burghound.com (2019)
14 years of age seems to have had limited effect on this monument of a wine that remains robust, powerful, intense and clearly built to age for decades to come. Indeed so little has changed that I repeat my original note here: A positively brilliant nose of violet and rose petal shines against a background of intensely spiced extravagant red and black pinot fruit nuanced by hints of earth and stone and this minerality continues onto the surprisingly supple flavors that convey a remarkable sense of energy and power on the almost unbelievably intense, focused and structured finish that seems to go on and on without end. And the '05 VV has what all truly great burgundies have which is that extra dimension of power without weight as this carries terrific punch and power yet delivers that explosiveness with impeccable class and grace. Note that unlike the '05 Bonnes Mares (see herein) that is also very much a baby but could actually be enjoyed, there is zero point in opening a bottle of the '05 Musigny VV today as it remains quite closed. Tasted on several occasions recently and in short, this is super-promising but profoundly backward. Drink 2030+
And a couple of other notes to consider.
98+ points, Stephen Tanzer, vinous.com (2008 from bottle)
Bright, dark, saturated red-ruby. Pungent, noble aromas and flavors of raspberry, flowers, white pepper and powdered stone. Enters the palate with a wonderful lightness, then mounts impressively toward the back and saturates the entire mouth with fruits, spices, minerals and earth. As flamboyantly sweet as this wine is today, it's most remarkable for its power, definition, energy and cut. The tannins are still a bit youthfully spiky but this extremely backward wine finishes with superb thrust, grip and persistence. It's hard to imagine that this wine won't gain in texture and complexity over the next 20 to 30 years of aging in a cold cellar.
96-98 points, David Schildenknecht, robertparker.com (2007 – from barrel)
My notes on the 2005 Musigny Vieilles Vignes represent a composite impression from a selection of barrels. There can be little question that this deep, dark wine displays its class of origin, indeed a class of its own in this year’s collection. Fresh black raspberry, pomegranate, blackberry, and iris dominate the nose and stain the palate. A wealth of spice, mineral, chalky and bitter-sweet floral nuances persistently wreath the fruit at all stages. This shows lovely creaminess of texture in counterpoint to the persistent freshness of fruit. The intensely rich yet refreshing palate saturation and tenacious cling exhibited auger well for extended cellaring yet don’t detract from an impression of utmost elegance and refinement. The domaine will begin bottling the wines in spring and all will, as usual, receive “the minimum, gentlest possible” filtration.
And while it is an odd thing to say about a wine, I am offering at £5,700 per 6 bottle case in bond, it offers very strong value relative to Grand Cru Burgundy and relative to 2005s. This is best illustrated by comparing to 2005 La Tâche, Grand Cru from Domaine de la Romanée-Conti. It similarly scored to the de Vogué’s Musigny – in fact, Allen Meadows scored it 99 on three separate occasions. So, let’s assume they are both at largely the same quality level. The interesting point to consider is that a three-bottle case of La Tâche 2005 would be somewhere in the region of £16,000 to £18,000 per 3 bottle case in the current market. Noted, DRC has perhaps a more elevated profile, but there is little doubt that the two wines belong on the same step of the quality ladder.
So there you have it, 2005 Musigny Grand Cru, Viellles Vignes from Comtes Georges de Vogué to your reserve at £5,700 per 6 bottle case in bond. The Liv-ex chart shows that at its peak it was listed at £8,500 per 6 bottle case in bond, so it is about 32% off its peak listing,
Please let us know if you are interested, or reach out if you want to discuss the market in greater depth and the opportunities it presents with a member of our team.
Simon
simon.larkin@atlasfinewines.com