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The Burgundy Briefing
news, views and tastings Sarah Marsh MW
Issue 5, May/June 2006
Market report
a. Production and export of the 2004 vintage
b. Current market in the UK: sales in 2005 (2003s) and the en
primeur market for 2004
c. Review of wines sold auction in the UK and States in 2005
Credits: All production and export figures in this document have been sourced directly from the
BIVB. Matthew Martin Bird has contributed to this market report.
a. Production and export of the 2004 vintage
The recent production of Burgundy is plotted over the past 21 years in the following graph.
(figures are found in the table below). In the mid 1980s the volume of red wine produced was
not significantly more than white. However since 1984 (with the exception of 1986), the volume
of white wine has steadily increased and now far outstrips the production of red. Although the
quantity of red wine produced has increased from 427,079 hectolitres in 1984, to 507,509
hectolitres in 2005, an increase of approximately 20%, this is small in comparison with the 140%
increase in white wine (417,217 hectares in 1984 to 1,007,283 in 2005). The graph highlights the
much reduced crop of 2003 as a sharp drop, immediately followed by the substantial 2004
harvest. The 2005 vintage is smaller than 2004, showing a decrease of 2% in red production. In
the last 20 years only 2003, 1997 and 1991 had smaller red vintages. However the picture is
quite different for white. The decrease in the production of white wine is 4%, but this represents
the largest vintage, after 2004, of the past 20 years.
Volume
(Hl)
4,000,000
3,000,000
2,000,000
1,000,000
0
Volume of Burgundy Harvest 1984-2005
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Year
Total
Whites
Reds

-3%
1,514,792
-4%
1,007,283
-2%
507,509
2005
43%
1,568,974
44%
1,052,955
41%
516,019
2004
-28%
1,098,027
-24%
733,291
-35%
364,736
2003
3%
1,530,439
6%
970,968
-2%
559,471
2002
-4%
1,487,784
-3%
915,866
-6%
571,918
2001
-4%
1,550,706
-1%
943,180
-8%
607,526
2000
14%
1,608,190
9%
950,598
23%
657,592
1999
3%
1,404,868
0%
869,477
8%
535,391
1998
-7%
1,366,193
2%
870,752
-20%
495,441
1997
10%
1,473,630
9%
855,649
11%
617,981
1996
1%
1,336,597
5%
782,144
-4%
554,453
1995
3%
1,321,747
2%
744,089
4%
577,658
1994
-1%
1,287,135
-1%
731,639
-1%
555,496
1993
21%
1,302,797
26%
739,489
16%
563,308
1992
-12%
1,076,339
-8%
589,071
-16%
487,268
1991
8%
1,219,621
11%
639,076
4%
580,545
1990
2%
1,130,193
2%
573,915
2%
556,278
1989
5%
1,110,293
9%
563,514
2%
546,779
1988
-9%
1,052,519
1%
519,019
-16%
533,500
1987
23%
1,151,318
9%
514,685
37%
636,633
1986
11%
936,640
13%
472,836
9%
463,804
1985
N/A
844,296
N/A
417,217
N/A
427,079
1984
% Change
Total
% Change
Whites
% Change
Reds
Year
The Evolution of the Burgundy Harvest 1984 -2005

However at the top end of the market, from village to grand cru on the Côte d’Or, markedly more
red wine is produced than white, as can be seen in the graph and table which follow. About three
and a half (3.57) times as much red wine has been made from grand cru sites as white – and
2.98 times more at village and premier cru level. However over the last six years, there has been
a slight downward trend in the volume produced of red village and premier cru wines (although
1999 does represent a peak in production).
Volume (in hectolitres) at Various Quality Levels of the Cote d’Or 1999 -2005
Village and 1er Cru Blancs
Village and 1er Cru Reds
Grand Cru Whites
Grand Cru Reds
Volume (hl)
1999
68,188
229,612
4,447
15,330
2000
65,242
196,527
4,191
14,148
2001
62,432
188,586
4,016
14,274
2002
65,371
187,913
4,012
13,561
2003
43,142
125,186
2,884
9,434
Production at Various Quality Levels of the Cote d'Or
250,000
200,000
150,000
100,000
50,000
0
1999 2000 2001 2002 2003 2004 2005
Year
2004
69,365
172,855
4,012
12,571
Village and 1er Cru
Reds
Village and 1er Cru
Blancs
Grand Cru Reds
Grand Cru W hites
2005
58,817
175,674
3,692
13,214
More detailed figures on the production of red and white in specific villages on the cotes may be
found in tables at the end of this document.
The following tables and pie charts have been sourced (as seen) from the BIVB.

Export figures for Wines from Burgundy 2004-05 (BIVB)

. Current market: UK sales in 2005 (2003s) and the en-primeur market for 2004
This section takes a look at the UK market over the past year. The following merchants were
consulted: Domaine Direct (Hilary Gibbs); Hayes, Hanson and Clarke (Jim Eustace); Lay and
Wheeler (Amanda Skinner); O.W. Loeb (Jason Hayes). The general mood of the market is
considered, together with emerging trends in buying habits; sales in 2005/6 and the impact of
price and vintage on them.
The merchants were then asked to select domaines which offered decent prices in 2004 and
choose growers who have increased prices very reasonably over the past decade.
Just to round up, the merchants were asked to consider en primeur prices in relation to quality
over the past ten years.
This exercise draws on a tiny sample of UK merchants who have shared their thoughts and
observations. It is only an impression of the market and does not pretend to be a comprehensive
reflection.
Mood:
Amanda Skinner CEO of Lay and Wheeler sets the scene with a positive feeling about Burgundy
from both consumer and trade customers. “The client perception is definitely that Burgundy
offers better value; that the pricing is more “correct” i.e. better price:quality ratio. There is
definitely a recognition of the great strides in quality that have been made in the region in the
past twenty years and I think that the wine merchants have made more effort to clarify the
Burgundy “story” and introduce the growers through literature and tastings/dinners. It has to be
said that this has not totally been done for the love of our friends on the Côtes – the margins
that the merchants can achieve on Bordeaux sales are falling all the time – high(er) pricing at the
outset, cellaring and financing costs waiting for maturity, lack of demand and “out of vogue” and
thus it makes commercial sense to focus more strongly on Burgundy where the pricing at the
outset may be more realistic, the cellaring and financing costs do not have to be bourne for such
a long period, the wines are more approachable for amateur tasting and assessment, the
quantities are smaller and thus the consumer is encouraged to buy at an earlier stage etc. and all
this contributes to a better margin.”
Jason Hayes also attributes the high level of interest in Burgundy to the increased commentary
and information available, pointing out that buying Bordeaux used to be a much simpler task
than buying Burgundy, which was little more complicated than “having to choose between buying
Latour or Lafite. Whereas choosing between half a dozen different appellations from two different
growers (even if they are based in the same village) demands careful consideration and no little
knowledge.”
Hayes is also optimistic. “Overall the general mood for Burgundy is positive. It is still very much
an evolving market. As recently as ten years ago many of today's household names had no UK
importer.” He, like Amanda Skinner, links this with quality being higher and more consistent than
it has ever been, “the greater technology (and know how) available to growers allows them to
take risks safe in the knowledge that they can get themselves out of jail if the need arises. The
minimum quality level among the top growers appears to be much higher than previously and
disaster vintages (touch wood) seem a thing of the past.”

At Domaine Direct Hilary Gibbs, who is among the most experienced people in the UK market for
Burgundy, finds the recent market mood quite buoyant, “partly because 2003 was quite small, as
well as atypical, so the 2004s for general and everyday consumption and selling have been
welcomed.”
Jim Eustace a director of Hayes, Hanson and Clarke sounds a note of caution. He has noticed
that the bottom end of the market the mood is a bit gloomy. “The prices are low and there is a
lot of wine in the cellars. It’s a bit worrying. However for the vineyards in good sites and for the
well-known growers the mood is very buoyant. There is a good market for Burgundy with the
exception of the people who have continually increased prices. These wines are sticking in the
2004 vintage however trendy they are.”
Style and colour
Sales trends:
Hayes Hanson and Clarke report that fewer customers are “prepared to shell out for high prices
often linked with bigger showier style, “ says Eustace. “Certain high profile domaines have made
a reputation for a style based upon full maturity, concentration and richness.” Whereas style and
name will probably buffer high prices in the States, in the UK it is not surprising to find
merchants and consumers with reservations.” The wines maybe very attractive in youth, but the
worry is over how they will age. These wines are based on tiny yields, for example 25 hl/ha for
village wines,” says Eustace. When yields are this low, he rightly draws attention to the problem
of alcohol, “This may not be apparent at first often, but comes though later as harshness on the
finish.” Hayes, Hanson and Clarke are sufficiently concerned that more reserved elegant style
might be overlooked for showier wine, to wait until September to hold tasting for their
consumers. “We look for finesse and like domaines such as Chandon de Briailles, who use no
new oak. While we want to offer a range of style, we lean to lighter styles. Why pay £500 IB for
a case of village wine that could easily be made somewhere else.”
In the UK the film Sideways had no effect on the sales of red Burgundy. At Lay and Wheeler red
Burgundy sales are increasing faster than white, but Amanda skinner attributes this is a bias in
their portfolio, the ABC effect and health factors.
Skinner also considers that the effects of better education is resulting in “consumers definitely
know what they like more and more, and village styles are becoming more common parlance –
there is a discernable trend now amongst consumers of the “I know that I love Volnay, what can
you recommend” type of enquiry.”
Quality level
In terms of growth trends in a specific quality level from generic wines to grand cru, this is very
vintage dependent. At Loeb, Hayes comments, “In a great vintage like 2002 one could buy
confidently across the board and village wines offered terrific value. In 2001 the best vineyards
really showed why they are classified so and it was a vintage to concentrate one's purchases on
the top sites.” However at Lay and Wheeler, sales of entry level wine (Olivier Leflaive’s Côte
Chalonnais and Nicolas Potel’s reds from the Hautes Côtes and Nuits St George Vieilles Vignes)
reveal little movement. The growth is coming from 1er Cru and Grand Cru level wines from the
Côtes de Beaune and Côtes de Nuits.

A worrying trend towards investment and cherry picking:
Jason Hayes observes a worrying trend in buying habits. “Those who can afford the top vintages
(in Bordeaux) now tend to buy only the top vintages and this trend appears to be creeping in to
the Burgundy market as customers overbuy in the best vintages and under buy in those just
below the top level. For example many of the top red wines in 2001 were on a par or just a
fraction below their 2002 equivalent but sales in 2002 of those wines was between five and
tenfold those of 2001. It seems that demand for 2005 may well outstrip the two other recent top
red Burgundy vintages of 2002 and 1999 as this trend gathers pace.”
“Clearly increased information makes it is easier for investors to consider Burgundy in place of
Bordeaux, although limited quantities make significant purchases difficult. But these new 'cherry
pickers' are still able to have an impact on the market for the top wines, which are in ever more
demand, although again this tends to be only in the very best vintages. Investors lack the loyalty
and the intellectual interest to buy other vintages.” Hayes worried that “we will see a more roller
coaster range of prices over the next ten years, but hopefully not to the extent of Bordeaux.”
It seems that SIPPS had no effect on sales of Burgundy. Cautious merchants who waited to see
how they would work before doing anything about it took the right approach. Some merchant
consider that SIPPS would certainly have had an effect on the secondary market for Burgundy,
but all agree that any impact on the en primeur market would have been minimal given the
insufficient volume of wine.
A move from Bordeaux I favour of Burgundy?
At Lay and Wheeler Burgundy sales are increasing as a percentage of total sales and specifically
against Bordeaux sales outside the en primeur cycle. Although Amanda Skinner comments that
they are unlikely to be able to source enough wine to contribute more than 10% of total sales,
she anticipates selling at least twice as much Burgundy as Bordeaux in general sales. At the entry
level Skinner comments that people are more inclined to open a bottle of Hautes Cotes de Nuits
2001, from Nicolas Potel than a 2001 Medoc. “You are likely to get much more satisfaction from a
bottle of negociant level Red Burgundy than from a Bordeaux Superieur.”
Prices and Vintage style and their effect on sales in 2005:
Hayes sums up the market: “There is rarely a big hike from one year to the next (unlike in
Bordeaux), although some 2003s were increased too much for the market to withstand. Having
said that it was a very, very small vintage. Almost all growers who increased their prices in 2003
brought them back to the level of 2002 for 2004s and some to just below. Certainly price
increases for some of the 2003s, although logical in terms of achieving an aggregate income,
were hard to justify to collectors who has bought heavily in 2002 and felt no great need to buy
wines that overall were less good and in terms of the whites had very limited ageing potential.
Despite lowering our margins significantly sales of 2003 white Burgundy en primeur were
negligible.”
Some producers who increased their prices dramatically in 2003 found their agents decided to
‘pass.’ The 2003 vintage was so small hardly mattered, but in 2004, even with decreased prices,
some producers may have found their agents less interested in taking wine than before. When
the momentum of sales vintage on vintage has been interrupted and the relationship between
producer-merchant-customer broken, it can take a while to mend.

In 2003 the tiny volumes opened up opportunities for growers beyond the Côte d’Or to make an
impression on the overseas markets. At Lay and Wheeler they turned to the Maçonnais as a
source of entry level chardonnay. (For more on good quality and reasonable priced wines from
the Maçonnais, see Tasting 3 in this issue).
2003 Reds: “2003 reds were not easy to sell either because of the price,” comments Eustace
and HH&C chose not to buy from some domaines whose prices were “definitely too high. It was
damaging when domaines increased 25%, as customers were not interested in buying.” Eustace
considers that it has to be viewed as a vintage where one was not going to make money and
comments that it was a mistake for growers to set their prices to compensate for low yields.
Those who “took a hit” and priced sensibly included Christophe Roumier and Blain-Gagnard.
Sales of white in 2005:
2003 white: Eustace also reports sales of white Burgundy were down in the 2003 vintage.
“People had it in their heads that 2003 whites were not very good, but this is a shame since the
2003 whites are delicious. These are not wines for keeping, but for drinking and enjoying when
young. This is a vintage where the grapes were fully ripe, no rot, absolutely lovely, yet people
are turning their backs on it. Ridiculous!” It seems that wines sold well enough at the bottom to
middle level, but at the top end, sales were sluggish as people, understandably, are not keen to
spend £50 on a wine they cannot keep.
Chablis: Chablis was perhaps less affected. Eustace found sales as normal with the 2003 vintage
(Domaines Raveneau, Christian Moreau and Daniel Dampt). Hayes concurs, remarking that
restaurant sales are very consistent for Chablis across the various levels, but finds collectors tend
to stick to the top vintages. Amanda Skinner confirms this “2003 was undoubtedly a hard sell to
the purists but being quite showy and for earlier drinking, sales were definitely made up amongst
the hotel and restaurant and corporate clientele.”
At Loeb, Hayes comments that Chablis “is often viewed as an alternative to white Burgundy when
considering what to pluck from the cellar and therefore tends to have a limited role. Also, its
ageing ability is often overlooked.” This is a pity and I agree wholeheartedly with Amanda
Skinner, who comments “I think that the 2004 Chablis were outstanding personally and but I
suspect that with all the hype over 2005, 2004 will be one of those vintages which is not
recognised for what it offers and is rather overlooked. Happy the people who have bought these
wines – they are getting exceptional value for money and have a great deal of pleasure to look
forward to.” It is not surprising that Hilary Gibbs has discerned some excitement in Domaine
Direct customers (hard core Burgundy lovers) with the return in the 2004s of more classical
structured wine.
2004s: This was a vintage that suffered from a bad press early on, particularly reds, which was
a pity as there is plenty of good wine in 2004. However Loeb report that customers who tasted
the wines at their London tasting in January actually bought more reds. The merchants felt
growers’ prices were a little too high for the 2004 vintage and would have liked to them come
down more than they did post the 2003 vintage. However most merchants lowered their margins
in 2004 to encourage sales. There was a general feeling that customers didn’t need to buy – a
combination of good recent vintages in several regions and the 2005 on the horizon. 2004 was
always going to be difficult as people are waiting for 2005, although Hilary Gibbs considers the
effect was mainly for reds for cellaring (Domaine Direct chose not to do an offer for 2004). There
are some good buys to be had in 2004 and in the future it may well be considered an under
estimated vintage. (I made a selection of best buys in issue 4 and the merchants give their tips
below). Also it offers the opportunity for new customers to get on the allocation ladder by buying
some 2004, putting them in a preferential position to get hold of 2005.

£$£$£$£$£$£$
Price:
The merchants select domaines which have decreased their prices sensibly in 2004
and represent good value.
Eustace selects Blain-Gagnard and Franck Grux’s domaine wine. (He has a point - compare Grux’s
prices versus domain Guy Roulot the domaine where he used to be winemaker. The latter has
wonderful, but much more expensive wines.) Domaine Etienne Sauzet offers particularly good
value for a big name in 2004. Blain-Gagnard and Mugneret-Gibourg were also well priced. Hilary
Gibbs cites Lafon’s Héritiers du Comte Lafon as an example of a wine where the grower sensibly
decreased his price in 2004.
Growers who have increased their prices steadily in recent years to show a
reasonable increase over the past 10 years
Domaines Mugneret-Gibourg and Chandon de Briailies “Corton, Le Clos du Roi is an affordable
wines to buy and keep for ten years.” I like Jim Eustace’s comment “both domaines are run by
women with their heads screwed on. Both lovely wines not extracted or over oaked.” Jason
Hayes comments, “Top world renowned domaines such as Ramonet, Niellon, Marquis d'Angerville
and Henri Gouges (amongst others) have all demonstrated an admiral attitude towards pricing
that the top properties in Bordeaux would do well to mimic.” Hilary Gibbs selects Roumier and
Dauvissat (but excludes the 2003 for both).
2005 Price indication
Olivier Leflaive trades very early, which is unusual for Burgundy, where it is normal for the trade
to buy in the autumn following the vintage. However prices have already been released at Olivier
Leflaive. At the entry to mid-level they have not increased that much, but with the top vineyards
prices have increased much more dramatically. Note that prices increases will probably be
accentuated by the decreased yields in 2005.
The merchants were asked to comment upon and grade en primeur prices in relation
to quality over the past year on a scale of 1=poor to 5 =good price/quality. (stars in
bold)
En primeur release prices have been very fair overall over the past ten years.
Vintage Score Comment
1995 ***** Fair to good
1996 ***** Fair (perhaps a touch high for the reds?)
1997 ***** ’97 saw a general price decrease so the price; quality was about right
1998 ***** The general consensus was very fair although Amanda Skinner considers
they could have been less expensive “I think that these wines should
have been priced lower, especially as the 1999s looked so promising.
One of the benefits that the Burgundians have over the Bordelais in
terms of their en primeur is their release dates but one which they could

work a little harder on, for the consumer’s benefit!”
1999 ***** Higher prices, but higher quality. Some dissention here. Some thought
prices were little bit expensive, but Eustace says, “A fabulous vintage
with a big crop and not overpriced.”
2000 ***** Maybe the price was a bit high given the millennium factor
2001 ***** Jim Eustace “Not so expensive, but it needed to be good value and it
wasn’t. The thing about en primeur is it has to be good value to
persuade people to buy early. It was a difficult vintage to sell. The
producers did not want to bring prices down, arguing that it was a good
vintage. The problem was that customers already had plenty of the good
1999 vintage in their cellars. In 2000 the market had also been good. It
was so delicious and customers bought it to drink while waiting for the
1999, so 2001 suffered – it was not cheap and not forward – a firm
vintage. It was a bit like 1991, people just did not want to buy it. Yet
now 2001 village wine from Côte de Nuits is coming round and is
delicious.”
2002 *****
2003 *****
Everyone agrees that now it is an underestimated vintage for the Côte
de Nuits and for this area it represents good value
Fair value given the quality. Prices were up, but most thought they were
justified.
Is it overpriced for the quality? “Yes,” says Eustace “for top end white
Burgundy. As for the reds it is difficult to say as they might turn out to
be the best bottles ever made. They could be very good value, but we
don’t know how they will evolve.”
2004 ***** A little high. Skinner voices the general opinion, “I think that the
decreases should have been greater, especially given the quality of the
up-coming vintage.”

c. Review of wines sold auction and traded
Soethby’s and Christies commented on the auction market in the United States and the UK in
2005, and Berry Brothers & Rudd’s broking department on the trade in the UK.
The auction market for fine Burgundy is, of course, small in comparison with Bordeaux. “There is
not enough Burgundy to satisfy the demands of a blue chip market,” says Damien Tillson of
Soethby’s, London. Small, but not insignificant according to David Elswood, International head of
Christie’s wine department, who remarks that the demand for fine Burgundy is “particularly
strong in the US, as the real rarity of the top wines is becoming apparent.”
Over 2005 the UK and US economies have shown varying levels of growth and consumer
confidence. The UK continues its above average growth in Europe, while in the US the widening
trade gap is causing concern. However the auction market in the US seems mostly unaffected by
the wider economic picture with many wines being sold above estimate, sometimes dramatically
exceeding their target price. Total sales in Sotheby’s New York Burgundy and Rhône sale in
December 2005 reached $4,677,146, the fourth highest total for this auction house. The pre-sale
estimate for the wines was $3.2 million and over fifty records were established, emphasising the
level of interest for fine Burgundy at auction and in particularly in Domaine de la Romanée-Conti.
It was billed as the most important collection of DRC wines seen at auction, spanning over three
decades including wine from all seven of their grand cru vineyards. All of the 1,771 bottles of
DRC were sold.
Considering the five-year auction performance of three grand cru from Domaine de la Romanée-
Conti (tables given below), it is evident that prices in the US market fluctuate considerably more
than in the UK. Damian Tillson, of Sotheby’s Wine Department comments. “The UK market
consists of a higher percentage of trade both buying and selling at auction. With our auctions
being held on a monthly basis the prices tend to fluctuate less. US auctions are less regular and a
far higher percentage of the buyers and sellers are private (the majority in fact).”
Rarity
The combination of fewer auctions and private buyers can lead to unexpectedly high prices for
wines in limited supply, as is the case for fine Burgundy. At Sotheby’s New York on 1 st December
2001, seven bottles of Montrachet 1978 from DRC estimated at between $7,000 and $10,000
fetched a spectacular $167,500. Although this was an exceptional result, it illustrates the
possibilities for prices far exceeding estimates. Tillson comments, “1978 DRC does well because
you only see it at auction, but even a poor vintage like 1974, which is unlikely to have matured
well, may do surprisingly well, because of its rarity value.” Large formats are particularly in
demand.
The high profile of the Sotheby’s auction in December 2005 (only The Millennium Wine Cellar and
the Andrew Lloyd Webber Collection can be compared), fuelled exceptional interest, bidders and
prices. However Robert Sleigh at Sotheby’s, New York, reports that prices have remained at
around that level.
On the trading front Berry Brothers and Rudd use the example of La Tâche to show the strength
of the demand for key wines. 1999 La Tâche was released for £225 per bottle. Its value was
£410 in June 2005 and is currently £600 plus.

Domaines most often traded or auctioned in 2005:
David Elswood, observes that “the major auction activity is limited to the very best wines from
top domains with heavy emphasis on the best vintages,” He identifies the most important
Domaines at auction as Jayer, Meo-Camuzet, Faiveley, Coche-Dury, Dugat-Py, Leroy, Rousseau,
Leflaive, de Vogue, Ramonet and Sauzet (in no particular order) and the top three domaines as
DRC, Coche-Dury and Jayer.
It pays to focus domaines with a track record. Tillson remarks that the auction market for
Burgundy, outside the few key domaines, can be fickle. Dominique Laurent wines fetched
surprisingly high prices at Sotheby’s in April 2004. “It seems this was a flash in the pan,” says
Tillson. “The have subsequently decreased to half the price.”
The list of the most tradable twenty domaines brokered by Berry Brothers and Rudd are DRC,
Vogue, Roumier, Mugnier, Cathiard, Engel, Dujac, Rouget, H. Jayer, Bachelet, Serafin, Rousseau,
Lafarge, Lafon, Coche-Dury, Leflaive, A. Ente, Bonneau du Martray, Niellon and Ramonet with
DRC, de Vogue and Leflaive being the strongest performers. BB&R have seen a move towards
purer and more fruit driven styles and demand for wine from the Côte de Nuit above Côte de
Beaune.
As this piece is mentioning specific domaines, it is worth noting that the Burgundians are very
different to the Bordelais. They do not like to see their wine being auctioned or brokered. Quite
rightly they like to see it going to cellars, like yours and mine, where it will be matured to be
drunk and enjoyed, and not to be used as an investment. DRC and Coche are particularly
unhappy to see their wine at auction.
Best performing vintages:
At auction: Elswood reports the older vintages of 1962, 1969, 1971, 1978 and 1985 are showing
the most growth in value, as well as the more recent vintages of 1990, 1999 and 2002.
Berry Bros identify 1985, 1990, 1999 and 2002 as the vintages in most demand. Recent vintages
showing the most growth are 1990 and 1999 and older vintages (pre 1990) are 1978 and 1985.
Good buys:
Vintages in little demand which are undervalued and represent a decent buy to add to your cellar
for more immediate drinking.
Auction: Elswood recommends 1988, 1993, 1995 or the 2001.
Broking: Berry Brothers suggests 2000 and 2001
Looking forward
David Elswood comments, “Rarest Burgundy from top domaines and vintages with (most
important) traceable provenance will continue to increase in price in the foreseeable future.” This
has already been illustrated at Christie’s New York (Finest and Rarest March 2,2006) where the
top lot of the sale was a six-magnum case of 1985 Romanée-Conti. This set a new world record

for a case of wine at auction fetching $170,375, the equivalent of over $14,200 a bottle
confirming Elswood’s observation that “rare wines with provenance have almost no top limit for
determined buyers.”
La Tâche , Domaine Romanée-Conti
Vintage
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
Format
Normal
Normal
Normal
Normal
Normal
Normal
Normal
Methuselah
Normal
Normal
Normal
Normal
Magnums
Methuselah
Quantity
Romanée St Vivant, Domaine Romanée-Conti
Vintage
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
1996
Format
Normal
Normal
Normal
Normal
Normal
Normal
Normal
Normal
Normal
Magnums
Methuselah
Normal
Normal
6
6
3
12
6
3
6
1
6
1
12
6
6
1
Quantity
6
12
12
6
6
6
6
3
12
6
1
12
12
Date Sold
Jun-00
Nov -00
Jan-01
Mar-01
Jul -01
Oct-01
Feb-02
Nov -02
Jun-03
Sep -03
Sep -03
May -04
Nov -05
Nov -05
Date Sold
Jun -00
Nov -00
Nov -00
May -01
Jul -01
Nov -01
Jun -03
Jun -05
Nov -05
Nov -05
Nov -05
Nov -05
Nov -05
Price
£1,430
$3,680
$1,725
$5,175
£1,595
$1,840
$3,738
$5,875
£1,955
$499
$6,169
£2,760
$21,150
$27,025
Price
£770
$2,875
$2,415
$2,185
£825
$1,380
£1,150
£575
$5,288
$11,750
$15,275
£2,530
£2,300
Price per 75cl
£238
$307
$575
$431
£266
$613
$623
$734
£326
$499
$514
£460
$1,763
$3,378
Price per 75cl
£128
$240
$201
$364
£138
$230
£192
£192
$441
$979
$1909
£211
£192

Romanée-Conti, Domaine Romanée-Conti
Vintage
1996
1996
1996
1996
1996
1996
1996
1996
1996
Format
Normal
Normal
Normal
Normal
Normal
Normal
Normal
Normal
Jeroboam
Quantity
3
4
2
3
6
1
1
6
1
Date Sold
Nov -00
Mar-01
May -02
Sep-02
Jun -03
Dec-03
May -04
Nov -04
Nov -05
Price
$4,888
$6,038
$4,112
$7,344
£8,625
£1,380
£1840
$15,275
$24,675
Price per 75cl
$1629
$1,510
$2,056
$2,448
£1,438
£1,380
£1,840
$2,546
$6,169

More detailed figures on the production of red and white wine in specific villages on
the Côtes de Nuits and Beaune
Cote de Nuits Production of Red Wine 2004 -05
Chambolle Musigny
Chambolle Musigny 1er cru
Cote de Nuits Villages
Fixin
Fixin 1er cru
Gevrey Chambertin
Gevrey Chambertin 1er cru
Marsannay
Morey Saint Denis
Morey Saint Denis 1er cru
Nuits Saint Georges
Nuits Saint Georges 1er cru
Vosne Romanee
Vosne Romanee 1er cru
Vougeot
Vougeot 1er cru
Volume
(hectolitres)
Appellations 2004 2005 % Change
4,276
2,348
6,754
3,175
708
14,101
3,434
7,870
2,181
1,611
7,202
5,671
4,309
2,380
74
366
3,841
2,087
6,512
3,104
789
15,252
3,575
7,298
2,113
1,793
7,482
5,691
3,791
2,154
95
338
Cote de Nuits Production of White Wine 2004 -05
Cote de Nuits Villages
Fixin
Fixin 1er cru
Marsannay
Morey Saint Denis
Morey Saint Denis 1er cru
Nuits Saint Georges
Nuits Saint Georges 1er cru
Vougeot
Vougeot 1er cru
334
0
0
1,464
161
74
90
522
25
156
Volume
(hectolitres)
18
1,390
119
50
136
185
27
110
-10%
-11%
-4%
-2%
11%
8%
4%
-7%
-3%
11%
4%
0%
-12%
-9%
28%
-8%
Appellation 2004 2005 % Change
282
125
-16%
N/A
N/A
-5%
-26%
-32%
51%
-65%
8%
-29%

Cote de Beaune Production of Red Wine 2004 -05
Aloxe Corton
Aloxe Corton 1er cru
Auxey Duresses
Auxey Duresses 1er cru
Beaune
Beaune 1er cru
Blagny
Blagny 1er cru
Chassagne Montrachet
Chassagne Montrachet 1er cru
Chorey Les Beaune
Cote de Beaune
Cote de Beaune Villages
Ladoix Serrigny
Ladoix Serrigny 1er cru
Maranges
Maranges 1er cru
Meursault
Meursault 1er cru
Monthelie
Monthelie 1er cru
Pernand Vergelesses
Pernand Vergelesses 1er cru
Pommard
Pommard 1er cru
Puligny Montrachet
Puligny Montrachet 1er cru
Saint Aubin
Saint Aubin 1er cru
Saint Romain
Santenay
Santenay 1er cru
Savigny Les Beaune
Savigny Les Beaune 1er cru
Volnay
Volnay 1er cru
Volume (hectolitres)
Appellations 2004
2005 % Change
3650
1504
3105
1205
3066
9116
29
167
4660
1661
5825
872
22
2875
794
3343
3670
499
27
4069
1241
1752
1712
8060
4110
45
25
797
1634
1684
8178
4845
8131
5393
4027
4602
3842
1537
2845
1181
3496
12285
32
172
3669
1571
6266
950
240
2966
713
3114
3469
513
122
3771
1158
1835
1889
9019
5037
49
24
753
1557
1869
6151
3626
8186
6091
4178
5583
5%
2%
-8%
-2%
14%
35%
10%
3%
-21%
-5%
8%
9%
991%
3%
-10%
-7%
-5%
3%
352%
-7%
-7%
5%
10%
12%
23%
9%
-4%
-6%
-5%
11%
-25%
-25%
1%
13%
4%
21%

Cote de Beaune Production of White Wine 2004 -05
Aloxe Corton
Aloxe Corton 1er cru
Auxey Duresses
Auxey Duresses 1er cru
Beaune
Beaune 1er cru
Chassagne Montrachet
Chassagne Montrachet 1er cru
Chorey Les Beaune
Cote de Beaune
Ladoix Serrigny
Ladoix Serrigny 1er cru
Maranges
Maranges 1er cru
Meursault
Meursault 1er cru
Monthelie
Monthelie 1er cru
Pernand Vergelesses
Pernand Vergelesses 1er cru
Puligny Montrachet
Puligny Montrachet 1er cru
Saint Aubin
Saint Aubin 1er cru
Santenay
Santenay 1er cru
Savigny Les Beaune
Savigny Les Beaune 1er cru
St Romain
Volume (hectolitres)
Appellations 2004
2005 % Change
26
0
1798
106
612
1753
4077
6401
290
51p8
438
473
261
50
16212
5309
582
92
1607
738
6492
5377
1435
4702
1845
912
1415
457
2561
65
0
1648
66
660
1643
3447
4696
288
346
433
479
200
54
13831
4805
509
90
1569
724
5685
4528
1242
4204
310
293
1468
450
2642
150%
0%
-8%
-38%
8%
-6%
-15%
-27%
-1%
-33%
-1%
1%
-23%
8%
-15%
-9%
-13%
-2%
-2%
-2%
-12%
-16%
-13%
-11%
-83%
-68%
4%
-2%
3%