The first of the 2017 Barbaresco’s released this week led by one of Piedmont’s finest, Gaja. After a difficult growing season, Gaja was able to produce a wine described by Antonio Galloni as “a gorgeous example of the year”. Italy trade (10.8%) was led by another Piedmont mainstay, Cappellano and their Barolo Pie Rupestris 2015 led the region in both value and volume. Three out of the top five wines traded by value in Italy were from the north this week.
Bordeaux (41.0%) trade share grew substantially from the previous week’s low while Burgundy (19.3%) drifted back towards its monthly average.
The Rhone (5.4%) and Others (7.5%) more than doubled their previous weeks share and the USA (9.9%) continued to trade above its June average.
Screaming Eagle Cabernet Sauvignon 2017 was the top traded wine by value this week. This is now the third week running Screaming Eagle has been in the top 5, with 2017 taking two weeks and 2016 the other. It was joined by another California wine, Hundred Acre, Cabernet Few and Far Between 2014. Antonio Galloni of Vinous awarded the wine 96 points, noting “the 2014 possesses tremendous aromatic intensity (a signature of 2014) to play off the dense fruit”.
The third wine of Chateau Latour, Le Pauillac de Chateau Latour 2015 rounded out the top 5. The wine was given 90 points from Neal Martin and is available at a 67% discount to the most recent release of Latour’s second wine, Forts Latour 2014 – scored 93 points from Neal Martin.
There was a 50% increase in USA buying activity this week as the USTR announced that sparkling wine would not be included in any new 25% tariffs – set be revisited again in January 2021. However, the industry is not out of the woods yet as tariffs remain on certain European wines under 14% with the situation set to be revisited in early August.
On Monday 13th July 2020, Liv-ex’s Managing Director and Chairman, James Miles, gave evidence at a government-led inquiry into the potential impact of rolling over current EU regulations on wine import documentation (known as the VI-1 form) once the Brexit transition period ends. Follow this link to read the evidence provided by James Miles.