My Article: The 100 Points Stigma

I was pretty amazed on October 26 to watch case after case of 2009 and 2010 Bordeaux go unwanted at an Acker Merrall & Condit wine auction in Hong Kong. The auctioneer couldn’t even get a bid at just below reserve price – in some cases 30% to 40% less than current retail prices in many stores.

“Isn’t anyone in the room interested in young red Bordeaux?” protested the auctioneer at the end of the sale to a room full of uninterested bidders.

What was most surprising was that either Robert Parker or myself gave a large number of the unsold bottles 100 points. They were perfect wines, and their points and tasting notes were clearly marked in the auction catalogue.

A 100-points 2009 Ducru-Beaucaillou, a 100-points 2010 Montrose and a 100-points 2009 Smith Haut Lafitte passed almost unnoticed. Instead, people scribbled reminders to themselves on the following lots – high, but not perfect-scoring aged Bordeaux, Burgundies and Italians from previous decades.

The 2009 Ducru, to take an example, was offered at about $200 a bottle, or about 40% less than the average retail price, yet there wasn’t one taker in the room or by phone.

I spoke to some friends in the Hong Kong wine trade after the sale, but it didn’t seem to surprise them at all. “Young Bordeaux with 100 point scores have a stigma now,” explained Simon Tam, head of wine sales for Christie’s in China. “Many customers here won’t touch a 100-point young wine any more because they expect it to be overpriced. People are after drinkable, high-scoring wines, but not ones that received 100 points.”

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4 thoughts on “My Article: The 100 Points Stigma

  1. I guess the question is, are the wines overpriced? 40% less than retail sounds like great value. But not if the retail price is too high, and no stock is moving. That might mean some heavy discounting at some point in future. I do find it strange, though. I am quite happy that I have at least two 100-point 2010 Bordeaux in my collection -- Haut Brion and Le Dome.
  2. James Suckling says:
    I have to agree that 40% less sounds like a deal. But it may not be the bottom yet. Stay tuned.
  3. milesdavis says:
    Isn't the basic point that young wine is too expensive but older wines that are drinking now are not?
  4. James Suckling says:
    Yes. This is the point. And the top Asia wine drinker is savvy to that.