California Dreaming?
Upcoming
Tasting of California 2000 Futures
© Michael Vaughan 2002
National Post
Weekly Wine & Spirits Columnist
National Post • Saturday, May 25, 2002
(full
unedited version)
I
am sitting here examing the upcoming Vintages
California 2000 Wine “Pre-Arrival” tasting scheduled for June 11th.
There are 80 selections from 30 wineries. To see the list click here Some
59 wines will be tasted for $66. The only 750 ml bottles being withheld are
three different Diamond Creek selections. Why? Because only 18 to 24 bottles of
each on offer and, oh yes, they come with a $318 price tag.
Naturally
I am pleased that fellow wine lovers will have an opportunity to pre-taste these
wines. This is something that Vintages should have been done years ago!
Secondly, I hope that LCBO sales expectations are not squashed by what I have to
say, but at these prices, something has to said.
When
it comes to the cost of wine, there are a couple of angles. The first is that
beauty is in the eye of the beholder - if one likes what one sees then by all
means go for it. Having said that, it seems that some current California wine
prices are out of sight. Buying some of these wines at these prices today is
like playing pin ball on a machine that sceams “tilt.” The fact that one can
get some pretty damn good meals for two at the price that one of these bottles
retails doesn’t seem to rattle the speculators. They are hell bent on snaging
trophies.
And
trophies there are. Look at the oversize bottles - 18 choices are available.
A single bottle of the largest – a 6000 ml (an 8 bottle Methuselah) Chateau
Montelena Estate Cabernet Sauvignon is
up for grabs at $1,100 (that’s $137.50 vs $99 for the regular 750 ml size).
 Bargain
hunters should think twice about jumping on the least expensive offering - 3000
ml (a 4 bottle double magnum) of RH
Phillips Toasted Head Meritage or Merlot
at $228 apiece (25 of each are available), which is equivalent to $57 per 750
ml. What I find suprising is that the small bottles of
Meritage go for $40 ($160 equivalent), while the Merlot is priced at only
$29 per 750 ml ($116 equivalent). That’s a huge premium for the larger bottle.
Perhaps
the time has comer for someone to say enough is enough! The question is: have
wine icon prices become over inflated? Is what is in the glass intrinsically
worth the money being charged?
Reviewers,
in general, tend to be a somewhat timid group – few are willing to go record
that the cost of seeing a play or the price of a bottle of wine is excessive.
How many are brave enough to declare that a wine which has been dumped on by the
Wine Spectator is delicious, or vice versa?
I
love California wines. In fact, it was 29 years ago that I wrote a Financial
Post feature entitled “California Here We Come” complete with a photo of
Ridge Vineyards winemaker Paul Draper. In those days, Ridge wines retailed for
under $5 a bottle! Today you will have to fork out $208 for a bottle of Ridge Vineyards 2000 Monte Bello!
I
know you are thinking, ‘that was a long time ago.’ And, of course, as a
Ph.D. economist I would be foolish to ignore demand and supply. If fans wish to
pay these prices, who am I to say that they are too high? Except that it seems
that wine has simply become just another medium for speculators, meaning that as
long as there are new faces and fresh money to feed the frenzy, prices will
rise.
Of
course, experience suggests that what constantly goes up must ultimately come
down. This is especially true of wine. After all, it is nothing more than a
beverage made to be drunk. And despite demand and supply, surely there has to be
a correlation between what is in the bottle and the selling price. The bubble
will break when buyers discover that acquiring expensive labels doesn’t always
equate with taste sensation – eventually supply will outstrip demand.
In
my opinion, now is not the time to buy. Why? Because prices seem to be at their
peak and the Canadian dollar is at an all-time historical low. Who cares if
these wines are cheaper than what is being charged in the US? The reality is
that sales for these high priced icons are already staring to slip. Why else
would they suddenly show up en masse for sale at Vintages?
There
will always will be decent wine buys around. So I ask myself, why does anyone
feel that they have to commit to buying these wines for delivery in the Fall of
2003? Perhaps they know something I don’t. But if they feel that prices are
bound to rise forever, they should pause and take a Nortel moment to reconsider
their strategy. Unless they are convinced that’s what is in the glass is truly
worth the money, a touch of restraint seems to be in order!
 I
am not saying that all selections are drastically overpriced. Eleven reds (14%
of the selections) under $50. Moreover, slecetions like Robert
Mondavi 2000 Carneros Pinot Noir, which is reliably tasty, may well
be worth the $55, especially compared to some of the prices being charged in
Burgundy.
Another
problem is that I am not overly keen on barrel sample assessments . The reason
is because the final finished blend may be different than what is being
presented. Worse yet, some of the
samples will have been recently bottled adversely affecting how they show.
Unfortunately, there is no way of knowing what we are tasting - barrel vs
finished bottle and bottling date. Moreover, while 2000 is a good vintage, it is
definitely not the best on record. To see details click
here
 The
bottom line is that at these prices why take the risk when bargains such as Cain Five 1997 (the best red of the Vintages
April 6th release) pops up at only $99.95? It is not only absolutely
delicious, but also ready to enjoy. And amazingly enough, as of this week, some
cases were still lingering around the LCBO!
Only
400 spaces are available at $66. If nothing else, fans should jump at this
opportunity to taste wines they may well never buy. The Vintages afternoon trade-only invitational tasting takes
place from 2 to 4 pm, while the consumer tasting takes place from 5 to 7:30 pm
at the Arcadian Court, 401 Bay Street, Simpson Tower (8th floor). The full list
of wines being presented is on my web site. Call 1-800-266-4764 to reserve.
Coming Up
 Today
from noon - 5 pm is the 3rd
Fruit Wine & Food Festival at Archibald Orchards and Estate Winery in Bowmanville (about 45
minutes from Toronto). Ten fruit wineries will match their wines with the
culinary efforts of 8 local caterers. The cost is only $8 at the door with the
proceeds going to the Big Brothers & Sisters of Clarington. For info call
905-263-2396. To get map click
here
Also
this weekend and closer to home is Southbrook’s
Tenth Anniversary celebrations taking place today and tomorrow from
1:30 to 5 pm. Many events from barrel samplings, blending seminars and vertical
Chardonnay tastings to the launch of their
first sparkler are planned. Call 905-832-2548 for details. To get details click here
 Don’t
forget he 2002
New Zealand Wine Fair on Monday, May 27 and Tuesday, April 28 from
7:00 - 9:30 pm at Alice Fazooli’s
(294 Adelaide Street West). The cost (which includes food) is $50 wine club
members / $55 others. To get details click
here or email nzwine@ketchin.com
Finally
don’t miss out: Click
here to make sure you get the inside scoop all the details on the 155 items appearing in the June 2002 Vintages Release
- subscribe to Vintage Assessments today.
|
