This morning Cheval Blanc surprised the market with the first major en primeur release of the 2020 campaign. We spent the last few weeks tasting the vintage and throughout our video calls the Bordelais announced it as a triumph, laying the claim that it completes a rare trilogy of three successive vintages, 2018, 2019 and 2020, which can be considered great successes, with 1988, 1989 and 1990 being the only other that comes to mind. As with the 2018 and 2019 vintages, those estates with the best terroir, well-positioned vineyards and adequate vine age have made a truly ‘great red wine’. Moreover, the 2020 “is a Right bank vintage’, the standout estates transcending the overall success of their respective appellations. Merlot is simply magical in 2020, surpassing all others; enter Cheval Blanc, a jewel in the crown of the Right Bank.
 
The quality, especially among Merlot dominant wines is exceptional, so the big question is price, with the 2019 campaign one of the most successful ever due to brilliant pricing. Today Cheval Blanc have led the new campaign with a superb release price £2,328 per case of six, a 29% discount to the 2018 release price and a 31% discount to the trading price of other great vintages. As can be seen by the table below, the 2020 vintage, at this price, offers a brilliant buying opportunity for collectors and investors. The 2020 has released only 3% above the 2019, which sold out in a day and then traded up 14% immediately on the secondary market, priced today at £2,600. Cheval Blanc 2020 is yet unscored by the major Anglo-Critics, but Jean-Marc Quarin, the leading French light has awarded it 99 points.  This is telling as he awarded the 2019 98 points. We can therefore expect other critic’s scores to match his acclaim. As such the the 2020 will likely trade up 12% on the secondary market in the short term, falling in line at least with the 2019. This is a brilliant buying opportunity.
 

Cheval BlancWAJSReleasePrice per 6
2020n/an/a£2,328£2,328
2019n/an/a£2,250£2,600
201898+99£3,294£3,000
201796+97£2,510£1,950
201610099£3,200£3,000
201510099£2,600£2,900
20149596£1,700£1,900
20139294£1,625£1,730
201293+94£1,863£1,800
20119494£2,225£2,000
2010100100£4,900£4,150
200910099£3,875£3,750
20089395£1,725£1,850
200792n/a£1,800£1,855
200697n/a£2,100£2,250
200510098£2,150£3,675

  
Cheval Blanc 2020 is a dense aristocratic wine, with sublime structure and exemplary tannins. All the top right bank estates (such as Lafleur and Petrus) have increased the percentage of Merlot in 2020 with Cheval Blanc increasing to around 50% to 65%. The future of Merlot in Bordeaux relies upon clay and limestone soils where it can still grow wonderfully. Cheval Blanc 2020 is a blend of 65% Merlot, 30% Cabernet Franc and 5% Cabernet Sauvignon, a wine of incredible complexity, density and balance.

Cheval Blanc is one of the two original Grands Crus Classes A of St. Emilion and one of the greatest wines of the Right Bank. In 1998 it was purchased by the Chairman of Louis Vuitton Moët Hennessy and owner of Chateau d’Yquem, Bernard Arnault and a Belgian businessman, Albert Frère. Pierre Lurton was appointed as Estate Manager and under his considerable talent the property has continued to flourish.