SF Wine Auction

Tonight, the lovely young lady and I went to a wine auction sponsored by the Guardsmen of San Francisco. The night was a ton of fun (though I am suffering through it right now), and I wanted to point out three fantastic wineries. First, for some truly wonderful Pinot noir, check out Freeman Vinyard & Winery. Second, the Detert Carbnet Franc was the wine of the night. Truly exceptional. Finally, Cheval des Andes was a joint venture between Cheval Blanc and an Argentina producer -- making for a truly gifted and exquisite wine blended from Cabernet Franc and Cabernet Sauvignon,. In short, this was a great night (which, coincidently, celebrated a big day between the lovely young lady and I), and introduced me to some fantastic wines.

And no, I did not come home with any wine (though I did try to buy some wine from years during which the Germans were defeated in their 20th century attempts at Imperial conquest).

Looking forward to May.

Ok, May is going to be a really busy month -- but also very fun. On the wine note, if all goes well, I will have another tasting note up for a 92 Insignia (in addition to a restaurant review), a 95 Cheval Blanc, a 77 BV Reserve, and a 94 Vintage Port (a little young, but not from a great producer). May could not come sooner!

Alpha Omega Winery Chardonnay 2005

I love this wine -- and it still needs another year or two in the bottle. The lovely young lady and I enjoyed it tonight with two rather carb-heavy dishes, and the wine was a good match. Golden color, and a great "naked" Chardonnay. The nose had strong elements of apple and citrus (maybe even some kiwi, too). And, in the right glass, there was the touch of banana I mentioned last time. The apple continued on the palate, which was full bodied and coated the mouth. I love this wine! Four and a half out of five stars.

El Coto Crianza Rioja 2003

Much, much better than the last Rioja I tasted.

Beautiful, light red color with cherries and spices on the nose. The spices continued on the palate with a nice touch of acidity suggesting this wine would be a great companion to a meal. Two and a half stars out of five, and a great value at $14 a bottle.

Is the wine market due for a price correction?

A few months ago, I wrote about the potential, negative impact the state of the economy could have on the wine market here and here. Wine Spectator's James Laube recently posed this observation:

I expect that the wine market will be challenged in the coming year or two. The main reason, of course, is a slumping economy and most people will be holding on to, and playing more carefully with, their money.
...
Some producers, though, effectively shoot themselves in the foot by setting unrealistically high prices, and often raising them, even when the quality didn't justify the price to begin with. Day after day I come across new wines from new wineries with no track records, and they're asking $50 or more for a Pinot Noir, or $60 for a Chardonnay, or $75 to $175 for a Cabernet. Their justification? I guess the fact that they only made 100 or 300 cases, or that they have a rock-star winemaker, validates the high price in their minds.

But surely in these times, some of these high-priced wines will sell slowly, or maybe they won’t sell at all. Or they’ll sell once the market determines a fair price. And for some of these producers of overpriced wine, by the time the market determines a fair price, it will be too late.

Mr. Laube clearly focuses on new, unproven wineries seeking the premium label from the start. I think he, quite correctly, highlights how exposed these wineries are to an economic downturn. However, he ignores that even established wineries are very exposed.

Applying the theory of the hollow middle, "commodity" wines should not face a serious problem in this market. Cheap wines, after all, can still be bought and enjoyed. Thus, just as people still buy at Wall-Mart during a downturn, people will still buy the cheaper offerings from Robert Mondavi, BV, etc., etc. Similarly, any consumer who could afford Screaming Eagle, Chateau Petrus, Chateau Latour, Harlan, etc., etc., two years ago most likely can afford to buy those wins today (unless, for example, that consumer also happens to be a highly-paid trader at Bear Stearns).

So, who faces real exposure in a downturn?

"Premium" wines that often go from $50 to $300 a bottle, but lack the true investment potential of a collectible. While these may be top quality wines in similar numbers to top French chateaus, they do not have the same reputation that those chateaus have (a rough analogy would be Volvo to BMW).

So, what do I expect to happen during lean times to producers of these wines? If I had to guess, there will be either: (1) drift from these producers to "commodity" wines; or (2) a scale back in production of their top wines to a point where they become collectors items (and, hence, an increase in price due to a more limited supply). But can one expect a 9,000 case run of wines costing over $200 a bottle?

"Don’t get me started on the Gadsden Purchase"

Ok, this press release may not be wine related, but it's super funny.

Work harder!

I opened a bottle of wine this past Saturday that I had before and enjoyed. I was hoping to compare my observations from this past Saturday with the earlier tasting -- and could not find any notes from then on this blog. I really need to post more methodically.

Dominus Estate Napa Valley Napanook Vineyard 1996, pt. 2

About a year ago, I reviewed the Dominus 1996. I opened another bottle this past weekend (I bought this bottle from a different source), and I was struck by the differences between the two. The one I had last year was much more sensual. However, this bottle did not express the same currant notes as the one I opened last year -- but, this bottle still had a faint whiff of dark fruits on the nose. This bottle also had more pronounced herbal notes and a cigar box quality. The palate hinted at some acidity with very mild tannins. I'd give this bottle three stars out of five, and I may have to accelerate how often I attack the remaining bottles.

Stilton and Port?

Is there anything as tasty as some Stilton cheese with Port -- even if that Port is, to be polite, subpar (i.e., tastes like medicine and one would not wish it on one's worst enemeny)?

Yum.

Boekenhoutskloof "The Wolftrap" 2005

A South African wine made from Syrah, Cinsault, Mourvèdre, and Viognier. Unfortunately, the wine was very one dimensional, being almost exclusively fruit forward and left me drowning in notes of blueberry and dark fruits. There was no real nuance on the nose or the palate, and the wine did not make a good companion to a relatively basic meal. A "sipping" wine. Two stars out of five.