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1、BURGUNDY EN PRIMEUR REPORT2019 VINTAGECult Wines|2 22019 EN PRIMEURINTRODUCTION 32019 VINTAGE REVIEW 3CULT WINES OPINION 5WORD ON THE STREET 7BURGUNDY INVESTMENT REVIEW PERFORMANCE SUMMARY 8CW BURGUNDY VS BURGUNDY 150 9CULT WINES EP PERFORMANCE 10CULT WINES BURGUNDY EP 2019 INVESTMENT OPPORTUNITY 11
2、CASE STUDY-DOMAINE DUROCHE 13TARGETED PRODUCERS BY CATEGORY 14CONTENTSCULT WINES|WINEINVESTMENT.COM3CULT WINES|WINEINVESTMENT.COM2019 EN PRIMEUR2019 BURGUNDY EN PRIMEURThe 2019 Burgundy en primeur campaign has arrived,meaning new opportunities for investors and wine lovers to access some of worlds b
3、est and most prestigious wines.Although the region has experienced mixed price performance over the past two years,Burgundy wines remained some of the most sought after in the world.Prices started to recover late last year,and we believe a strong 2019 vintage can generate further momentum.Reviews of
4、 the 2019 wines are promising.Signs also point to lower volumes than 2018,and we encourage clients to register their interest early to secure the best opportunities and their favourite wines.The mixed price performance over the past two years could mean that this is a very good time to enter the mar
5、ket and access a benchmark Burgundy vintage at relatively attractive prices.So,whether you are looking for long-term price appreciation or for delicious wines to add to your collection,we present you our complete report to help navigate the Burgundy 2019 en primeur campaign.2019 VINTAGE REVIEW2019 l
6、ooks to be a benchmark vintage for both red and whites with volumes lower than 2018 but quality high across the board.Many critics are comparing reds from some appellations to the 2009 and the legendary 2010 vintages.For the whites,the ripeness of fruit and acidity levels hark back to the wonderful
7、2017,2014 or 2012 wines.The positive reviews are generating excitement as well as some surprise.The Bourgogne Wine Board described the vintage as“without doubt a peculiar one”but also emphasized that the grape quality was“exceptional”and“worthy of a year with a nine.”The peculiarity is likely a refe
8、rence to the remarkable freshness of the wines despite the warmer and drier than average weather conditions.A hot,dry growing season in 2018 resulted in higher quantities but not necessarily the same quality of the mid-decade vintages.However,the grapes from the 2019 vintage are producing wines with
9、 freshness,high acidity,and impressive balance.Some believe that the vines are adapting to the warmer conditions after three consecutive years of temperatures above long-term averages.Producers are also employing a range of techniques including increased use of canopy shade in the vineyard and gentl
10、er extraction during winemaking.Some organic and biodynamic producers believe their vines cope better with dry conditions and retain acidity despite warm temperatures.In 2019,the higher temperatures appeared early with a very balmy February and March raising drought concerns.Rain in April provided a
11、 respite,but budburst still came early with chardonnay breaking through on the 2nd of April and pinot noir on the 11th.Early budburst increases the risk of crop loss due to frost,which appeared then on the 5th of April.Fortunately,Burgundy suffered only moderate losses of white grapes,largely in Sai
12、nt Aubin and Chassagne Montrachet,as growers reacted quickly to prevent more substantial losses.4CULT WINES|WINEINVESTMENT.COMOverall,2019 yields vary substantially.The summer months then saw a return of the high temperatures,resulting in water stress in many areas.A few scorching heat waves reduced
13、 yields as some grapes became shrivelled and sunburnt.Reductions for some Cote de Beaune are up to 50%,while many in the Cote de Nuits are reporting 20%-30%declines compared to 2018.Harvesting began in the Maconnais around 6th September and then the Cote de Beaune around 12th September.Most of the C
14、ote de Nuits followed later around the 23rd.The first half of September benefitted from warm days followed by cool nights,helping grapes retain their acidity.Picking time was absolutely critical to the ultimate quality of the wines.2019 EN PRIMEUR5CULT WINES|WINEINVESTMENT.COMLUKASZ KOLODZIEJCZYKCUL
15、T WINES HEAD OF FINE WINE“The most surprising fact about the 2019 vintage in Burgundy is how well balanced the wines are despite the hot and dry growing season,which was amplified further by the warm winter.Subsequently,yields were low,averaging 20 to 25 hectolitre per hectare,down from the usual 30
16、 to 35 hectolitres.Unlike the soft and plush 2018 wines,what we clearly see is a higher degree of harmony with a savoury,mineral core of freshness capable of conveying a sense of place.In comparison to 2018,reds from the 2019 vintage have lighter colours,suggesting lighter extraction as most growers
17、 stuck to pumping over which benefited the wine.Whites are concentrated,ripe,generous and layered with greater harmony and mineral freshness than 2018.For me they resemble the 2012 vintage.If I have to make a comparison to past a vintage for the reds,I think 2009 is closest but these 2019s possess g
18、reater acidity and a stronger mineral impression.”2019 EN PRIMEURCULT WINES OPINIONCult Wines head of fine wine,Lukasz Kolodziejczyk,managed to visit Burgundy and tasted some 2019s when travelling was allowed last year.Lukasz singled out Gevrey-Chambertin as a terroir that really shone in 2019 with
19、many standout wines.From the entire Burgundy region,Lukaszs favourite wines along with their scores from this years vintage are the following:DOMAINE TAWSE,MAZIS-CHAMBERTIN GRAND CRU 2019 97-98 PTSUsing a modest 20%whole bunches with 30%new oak,this wine brings a gorgeous perfume of Assam tea with m
20、orello cherries,raspberries confiture with a faint aroma of smoke and raw gravelly minerals.In the mouth,the wine has a fantastic flow and structure with great purity and layered millefeuille.The end is a blend of red berries,red pepper spice and crushed flowers.Stellar effort!OLIVIER BERNSTEIN,BONN
21、ES-MARES GRAND CRU 2019 95-96 PTS A blend of Terres Rouge and Terre Blanche terroir,this wine starts with blueberries and candied cherries followed by dark soil minerals and gravel with a hint of toasted oak and peppery spiciness.Fantastic,supple but firm palate has lots of spiced red berries with c
22、rushed flowers and savoury mineral spiciness.DOMAINE PERROT-MINOT NUITS-ST-GEORGES.LA RICHMONE 1ER CRU CUVEE ULTRA VIEILLES VIGNES 2019 96-97 PTS Expressive and exciting perfume,mixing spices with wildflowers,crushed rocks,and rhubarb.The palate is lifted,spicy and dense with a firm core of mineral
23、freshness delivering a long,yet weightless,finish.mineral spiciness.6CULT WINES|WINEINVESTMENT.COM2019 EN PRIMEURDOMAINE JEAN CHARTON,CHEVALIER-MONTRACHET CLOS DES CHEVALIERS GRAND CRU 2019 96-97 PTS The intensely mineral nose expresses crushed rocks,ripe orchard fruit,white flowers,grapefruit peel
24、and faint aroma of smoke.The dense,oily and rich palate is sweet and sour with a fantastic savoury finish.Wine of richness and harmony-great now although I feel to see it in full bloom,we will have to wait 10+years.DOMAINE FAIVELEY,CHAMBERTIN CLOS DE BEZE GRAND CRU 201996-97 PTS Perfumed and invitin
25、g nose featuring dark plum and spiced cherries,a mixed bouquet of fresh flowers,smoke,beetroot.The silky,plump and broad flavour is fine with spicy red currant and minerals giving a precise and lasting finish.JOSEPH DROUHIN,CHAMBOLLE-MUSIGNY 1ER CRU 2019 94-95 PTS Blend of five of the finest Chambol
26、le-Musigny 1er Cru vineyards such as Fues,Combottes,Les Hauts-Doix,Les Borniques,Aux Combottes.Floral,intense and pure,the wine brings a mineral intensity with sour cherry fruit,fresh flowers,spices and soil aromas.Singular,lean and savoury with red cherry fruit flavour and long silky ending.DOMAINE
27、 ALAIN HUDELOT NOELLAT,RICHEBOURG GRAND CRU 2019 98-100 PTS Unlike Romane-St-Vivant,Richebourg offers fantastic contrast with its blue and red berries,flowers,Asian spices and wet soil minerals and a hint of warm oaky spices.Denser,more structured than RSV with tactile,long palate beautifully refres
28、hed by mineral intensity.Great effort,I hope to taste it again in a couple of decades.JOSEPH DROUHIN,MARQUIS DE LAGUICHE MONTRACHET GRAND CRU 2019 97 PTSWine is matured in 50%lightly toasted new oak,which one cannot detect as the wine is extremely reserved and shy,showing a little aroma of citrus an
29、d orchard fruit complemented by minerals.In the mouth,the wine displays fireworks of flavours,mixing ripe apples and pears with nectarine,peach skin,cinnamon and toasty vanilla.It dances on your palate,delivering multi-dimensional depth and length,finishing in a long and savoury fashion.DOMAINE FRAN
30、OIS LAMARCHE,GRANDS-ECHEZEAUX,GRAND CRU 2019 96 PTS Iron,dark earth with pristine aromas of red plum,raspberries and fresh herbs,wildflowers and minerals.Layered,fine and lasting with mineral depth and a delicious,tender and spicy ending.DOMAINE TAWSE,SAVIGNY LS BEAUNE 1ER CRU LES LAVIRES 2019 95 PT
31、S From Tawse own 0.7 hectare vineyard with vines ranging in age from 30-80 years.The 2019 vintage is aged in 20%new oak and used 40%whole bunches.Flinty and spicy with an intense,raw iodine scent followed by red berries seasoned with red pepper with balsamic and earth hints.Dense,pure and precise wi
32、th great balancing freshness.Exciting and invigorating beverage,considering price and quality this could be the most exciting barrel sample of 2019 I tasted.7CULT WINES|WINEINVESTMENT.COMWORD ON THE STREET2019 EN PRIMEURNEIL MARTIN“The growing season was like an amplifier.As any audiophile will tell
33、 you,a quality amplifier maintains a clear and balanced sound even if,like Nigel Tufnel,you turn it up to 11.In 2019 Burgundy has an excellent amplifier.It amplified all facets of both white and red grapes instead of just the sugar and alcohol.Somehow,it concentrated acidity.Just check some of the p
34、H figures within the notes or producer profiles.”“The fact that quality is high and that the 2019 vintage will bestow so much drinking pleasure is testament to both vine and winemaker.It remains a magical wine region that casts a spell over anyone who visits,including myself.”JANCIS ROBINSON“If drou
35、ght was the principal problem in 2020,heat was the killer in 2019 and the absolute miracle was how many completely delicious 2019s have been made.If 2019 reds have a fault it may be that burgundy purists may find some of them just a bit too sweet and fruity without marked tannins,but they should not
36、 be disappointed by the whites.”WILLIAM KELLEY“At this early stage,2019 appears to number among the most compelling red Burgundy vintages of the millennium.”“The wines might be thought of as combining some of the depth and seriousness of the 2005 vintage with some of the generosity and charm of 2009
37、;but I think site differences are more clearly defined than in either of those years,and that the wines are livelier and better defined.”8CULT WINES|WINEINVESTMENT.COMBURGUNDY INVESTMENT REVIEWBURGUNDY INVESTMENT REVIEWPERFORMANCE SUMMARYThe bumper years for Burgundy wine price increases are now two
38、 years in the rear-view mirror.The Burgundy 150 indexs-1.6%return in 2020 means its cumulative two-year return sank to-10.2%.Following the towering gains in 2016-2018,Burgundy prices consolidated as buyers sought value in developing wine markets,such as Italy and emerging market regions.Following Bu
39、rgundys standout 2016 vintage,the higher volumes of the 2017 and 2018 vintages and their lower across-the-board quality put Burgundy prices on the backfoot.The coronavirus pandemic may have also hurt the high-priced Burgundy market more than other wine regions.At the peak of the pandemics market imp
40、act in the spring,Burgundys monthly trade share shrank to under 10%,compared to its recent annual figures in the mid to high teens.However,its trade share recovered quickly to an annual high of 23.3%in November,suggesting demand was returning following the period of price consolidation.The final qua
41、rter of 2020 saw Burgundys prices renew their upward trajectory.This shows that Burgundy has not fallen out of favour.Prices at the end of 2020 were still 81.9%higher than they were five years prior,easily the top performing sub-region of the Liv-ex 1000 over that period.BURGUNDYS UNRIVALLED LONG-TE
42、RM PERFORMANCELiv-ex 1000 and regional indices returns,030040050060070031-12-202031-12-201631-12-201231-12-200831-12-2004Liv-ex 1000Rest of the World 60Burgundy 150Bordeaux 500Champagne 50Italy 100California 50Rhone 100436.5%Source:Liv-ex.Data as of 31 Dec 20209CULT WINES|WINEINVESTME
43、NT.COMBURGUNDY INVESTMENT REVIEWWith a much wider spectrum of producers and wines,the Cult Wines Burgundy(CW Burgundy)index has outperformed the Burgundy 150 in recent years.While the backdrop was one of price softening and consolidation for the region,CW Burgundy delivered positive returns over the
44、 past two years but also maintained this edge stretching back to the bumper years.CHOPPY TRADE SHARE IN 2020Burgundys percentage of total monthly tradeSource:Liv-ex5%10%15%20%25%30%Dec-19Feb-20Apr-20Jun-20Aug-20Oct-20Dec-20Dec-19Jan-20Feb-20Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-2
45、0Burgundy20.9%19%20%12%9%9%21%22%17%17%20%23%18%CW BURGUNDY VS BURGUNDY 150 CWS STRONG RETURNS WITH A DIVERSE PORTFOLIOCW Burgundy index vs.Liv-ex Burgundy 150 indexIndex Total Returns%1yr2yr5yrProducersLiv-ex Burgundy 150-1.6%-10.2%81.9%10CW Burgundy index8.5%11.4%103.8%145Our strict selection of w
46、ines from the top producers and focus on finding interesting second tier wines and up-and-coming producers with high potential improved our returns during a more challenging period for the region.With these second tier market segments generally less expensive than the top names,the relative value ga
47、p allows for greater stability during soft markets and growth potential when conditions improve.Data as of 31-Dec-2020.Source:Liv-ex,Cult Wines Ltd.10CULT WINES|WINEINVESTMENT.COMBURGUNDY INVESTMENT REVIEWCULT WINES EP PERFORMANCECult Wines recommendations from 2015 had appreciated by 40.2%(as of 31
48、 December 2020),the strongest gains among recent Burgundy EP campaigns.Below is a snapshot of Cult Wines participation and performance in the past four Burgundy EPs.To measure the EP performance for each vintage,we only tracked the performance of wines we bought in the year of the respective EP seas
49、on.For example,wines bought from January through December 2017 are included in the performance calculations for the 2015 vintage.Wines bought out of this time range are not considered in the below calculations.EP 201540.2%Return34 Producers bought120 Unique wines Highlights:The 2015 vintage was note
50、d for high quality,especially among red wines.This contributed to ongoing price appreciation along with the increasing international demand for Burgundy winesPremier crus have since outperformed grand crus from this vintage,illustrating how well-re-viewed and,therefore,sought-after wines can offer c
51、ompelling relative value opportunities.Top performing producers include Duroche,Dujac,Comte Liger Belair and Prieure Roch.Do-maine du Comte Liger Belair(+173%)stood out as a noteworthy village-level wine.Strong brand recognition and favourable relative value vs top-level wines allowed for strong pri
52、ce apprecia-tion.Top performing wines:Domaine Duroche,Latricieres-Chambertin Grand Cru 202%Domaine Michel Lafarge,Volnay Premier Cru,Clos des Chenes 195%Domaine du Comte Liger Belair 173%Prieure Roch,Clos de Vougeot Grand Cru 168%EP 201617.2%Return35 Producers bought114 Unique wines Highlights:The 2
53、016 vintage delivered high quality wines but at low volumes due to significant crop loss-es as frost impacted the region in the spring.This quality/low volume dynamic,alongside the growing international demand,paved the way for a significant repricing of the Burgundy mar-ket as release prices rose.A
54、lain Hudelot-Noellat was among the top performing producers with its premier crus outper-forming grand crus.All of Domaine Coquard Loison Fleurot grand crus show positive prices changes since purchase,averaging returns of 100%since January 2018.Domaine Tortochot and Domaine Drouhin Laroze also found
55、 themselves among the top performing producers Top performing wines:Domaine Coquard Loison Fleurot,Charmes-Chambertin Grand Cru 2016+126%Domaine Drouhin Laroze,Chambertin-Clos de Beze Grand Cru 2016+114%Alain Hudelot-Noellat,Vosne-Romanee Premier Cru,Les Beaux Monts 2016+110%Domaine Coquard Loison F
56、leurot,Grands Echezeaux Grand Cru 2016+95%11CULT WINES|WINEINVESTMENT.COMBURGUNDY INVESTMENT REVIEWEP 2017-16.9%Return55 Producers bought213 Unique wines Highlights:2017 was a higher-volume vintage than 2016.Although some wines were of excellent quality,the vintage did not see the same across-the-bo
57、ard acclaim as 2016.It took longer for merchants to allocate the 2017 EP wines as a result.This led to a weaker return than the preceding EP campaigns.The growth of the Burgundy market allowed us to increase diversity of our purchases to include 55 producersTop performing wines:Benjamin Leroux,Chass
58、agne-Montrachet Premier Cru,Tete du Clos Blanc+134%Domaine Henri Gouges,Nuits-Saint-Georges Premier Cru,Aux Chaignots+58%EP 20186.5%Return44 Producers bought188 Unique wines Highlights:2018 featured a warm,dry growing season.Many wines were of good quality with higher vol-umes than mid-decade vintag
59、es.The EP campaign in 2019 came amid a softer backdrop for Burgundy price performance.How-ever,some strong returns came from up-and-coming producers including a village level wine-Domaine Fourrier,Gevrey-Chambertin,Vieille Vigne(+30%).Top performing wines:Domaine Faiveley,Batard-Montrachet Grand Cru
60、(White)+89%Domaine Duroche,Chambertin-Clos de Beze Grand Cru+57%Robert Groffier,Bonnes Mares Grand Cru+48%Robert Groffier,Chambolle-Musigny Premier Cru,Les Amoureuses+44%CULT WINES BURGUNDY EP 2019 INVESTMENT OPPORTUNITYWe believe Burgundy is a long-term investment driven by scarcity,collectable sta
61、tus with an ever-growing demand from both wine lovers in the“developed”world and fast-growing emerging economies.That said,it is not the one-size-fits-all opportunity it used to be.With rigorous selection,we think the latest release of Burgundy wines can deliver long-term price appreciation and reas
62、sert the region as a sound investment choice.Signs of high-quality wines from the 2019 vintage combined with expected lower volumes have the potential to create demand and lift prices across vintages.As we have done in previous years,we will seek relative value opportunities beyond the hype surround
63、ing the latest vintageAn improving macro backdrop would add further support.As one of the more expensive segments of fine wine,top tier Burgundy wines are often the first impacted by economic disruption.Therefore,once Covid-19 vaccines start to bring the pandemic under control,bids for Burgundy wine
64、s could increase.boost US demand.12CULT WINES|WINEINVESTMENT.COMEchezeaux(Grand Cru)Romanee Saint Vivant(Grand Cru)Richebourg(Grand Cru)Clos de Beze(Grand Cru)Clos Vougeot(Grand Cru)500.01,000.01,500.02,000.02,500.03,000.0Comte Liger Belair vs.Coquard-Loison-Fleurot(2015)Sylvain Cathiard vs.Arnoux L
65、achaux(2014)Meo Camuzet vs.Thibault Liger-Belair(2015)Rousseau vs.Domaine Drouhin-Laroze(2015)Mugneret Gibourg vs.Y Clerget(2016)Price per bottleProducer(Vintage)Iconic&Tier 1 Producers Jan.2021Tier 2&up-and-coming Producers Jan.2021BURGUNDY INVESTMENT REVIEWImproved US-EU trade relations under a Jo
66、e Biden administration in the US could also boost US demand.We are confident that by seeking out a diverse range of producers and specific wines,we can augment our return potential.Many up-and-coming producers are leading the charge when it comes to adapting to unusual weather patterns to produce fr
67、esh,exciting new wines.While we believe the top tier producers will continue to deliver high-quality investment-grade wines in most cases,second tier and up-and-coming producers often offer more attractive relative value opportunities,opening the door for notable returns over the long term.PRICE-TO-
68、QUALITY GAP BETWEEN PRODUCERS CREATES OPTION FOR ARBITRAGE Grand crus price comparison for selected producersVosne Romanee Les SuchotsVosne Romanee Les MalconsortsMeursault Perrieres Corton CharlemagneClos St JacquesGevrey Chambertin(village)(100.0)100.0300.0500.0700.0900.01,100.01,300.01,500.0Prieu
69、r roch vs.Bouchard Pere&Fils(2015)Sylvain Cathiard vs.de Montille(2015)Roulot vs.Vincent Dancer(2016)Pierre Yves Colin Morey vs.Vincent Girardin(2015)Rousseau vs.Bruno Clair(2015)Rousseau vs.Duroche(LesJeunes Rois)(2015)Price per bottleProducer(Vintage)Iconic&Tier 1 Producers Jan.2021Tier 2&up-and-c
70、oming Producers Jan.2021Premier crus price comparison for selected producers As mentioned above,we encourage clients to register their interest early to not miss out on their favourite wines and the performance opportunities we find in this latest release.13CULT WINES|WINEINVESTMENT.COM*Producer ind
71、ex reflects the total return of all the Domaine Duroche wines of a single vintage that we purchased during that vintages EP campaign.Source:Liv-ex,wine-,Cult Wines LtdSource:Liv-ex,wine-,Cult Wines LtdDOMAINE DUROCHE DELIVERS STRONG GAINSCult Wines Domaine Duroche index*EP return%CASE STUDY-DOMAINE
72、DUROCHECASE STUDY-DOMAINE DUROCHEThe fifth generation of the Duroche winemaking family,Pierre Duroche has made a name for himself with a wonderful range of wines that are noted for their pure expressions of the terroir.With 8.5 hectares of vines across the Bourgogne,Gevrey-Chambertin,Gevrey-Chambert
73、in premier cru and grands cru appellations,Duroche makes some of our favourite wines that typically deliver strong returns.The below charts illustrate how our focus on up-and-coming producers,such as Duroche,has boosted our performance over the years.(20.0%)(10.0%)10.0%20.0%30.0%40.0%50.0%Burgundy E
74、P 2015Burgundy EP 2016Burgundy EP 2017Burgundy EP 2018TOP PERFORMING DOUROCHE WINES IN CW INDEXWineVintageTotal ReturnDomaine Duroche,Chambertin-Clos de Beze Grand Cru2015314.0%Domaine Duroche,Latricieres-Chambertin Grand Cru2015226.4%Domaine Duroche,Chambertin-Clos de Beze Grand Cru201670.0%Domaine
75、 Duroche,Gevrey-Chambertin Premier Cru,Lavaut 201643.0%Domaine Duroche,Charmes-Chambertin Grand Cru201732.0%Domaine Duroche,Gevrey-Chambertin,Aux Etelois201764.0%Domaine Duroche,Chambertin-Clos de Beze Grand Cru201850.4%Domaine Duroche,Gevrey-Chambertin,Aux Etelois201869.0%14CULT WINES|WINEINVESTMEN
76、T.COMTARGETED PRODUCERS BY CATEGORYTARGETED PRODUCERS BY CATEGORY Armand Rousseau Auvenay Coche Dury Comte Liger Belair Domaine Leflaive DRCICONIC PRODUCERSRarity and unrivalled quality make these producers a priceless commodity.Truly timeless wines revered the world over,with matching scarcity,not
77、to be missed,if you are fortunate enough to get an allocation.Dujac Emmanuel Rouget George Roumier Jacques Frederic Mugnier Jayer Leroy Ponsot Prieure Roch Ramonet Sylvain Cathiard Alain Hudelot Noellat Anne Gros Bernard Dugat Py Bernstein Bizot Bonneau Martray Cecile Tremblay Claude Dugat Clos De T
78、art FourrierTIER 1 PRODUCERSUndisputable reputation falling just short of iconic status.Well established demand and liquidity underpinning long term performance.Roulot Denis Mortet Etienne Sauzet Eugenie Francois Lamarche Georges Mugneret Gibourg Ghislaine Barthod Groffier Hubert Lignier Domaine des
79、 Lambrays Jean Grivot Lucien Le Moine Marquis dAngerville Meo Camuzet Perrot Minot Pierre Yves Colin Morey Sylvie Esmonin Trapet(Louis)Domaine de La Vougeraie Arlaud Arlot Bouchard Pere et Fils Bruno Clair De Montille Drouhin Laroze Gros frere et Soeur Joseph Roty Michel Lafarge Mongeard Mugneret Pa
80、ul PernotTIER 2 PRODUCERSHigh quality producers offering attractive entry prices,which will benefit from the demand for the region.We anticipate a number of these producers to close the gap versus tier 1 and iconic categories.Philippe Colin Pierre Damoy Pousse dOr Rossignol Trapet Simon Bize Taupeno
81、t Merme Thibault Liger Belair Comte Armand Denis Bachelet Henri Gouges Jacques Prieur Vincent(PVG)Girardin Marc Soyard Ballot Millot Philippe Pacalet Louis Jadot Comtes Lafon Henri Gouges Jean Jacques Confuron Joseph Drouhin Joseph Faiveley15CULT WINES|WINEINVESTMENT.COMTARGETED PRODUCERS BY CATEGOR
82、Y Antoine Jobard Arnoux Lachaux Benjamin Leroux Charles Van Canneyt Coquart Loison Fleurot Berthaut-Gerbet Duroche Francois Bertheau Francois CarillonUP-AND-COMING PRODUCERSThe wine world notices talent quicky and the prices of new discoveries rise fast.Theres been much energy and change over the pa
83、st few years in Burgundy.Today,the next generation of Burgundian wine producers are shaping the regions future and making tomorrows nectar!Georges Noellat Heitz Lochardet Henri Boilliot Jean Marc Millot Jean Paul&Stephanie Magnien Jean Tardy Launay Horiot Marc Colin Mark Haisma Pierre Morey Tawse To
84、rtochot Vincent Dancer Hubert Lamy Yvon Clerget Confuron Contetidot Bernard Moreau Alain ChavyUK OFFICEThe Clockwork Building,45 Beavor Lane,London W6 9ART:+44(0)207 1000 950 E:SINGAPORE OFFICE9 Battery Road,#09-01 MYP Centre,Singapore 049910T:+65 6909 8170 E:HONG KONG OFFICE1001B 2,Kinwick Centre,3
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