Following the remarkable release of Potent Canet 2019, which with a discount of 30% to last year’s release and a score of 98-100 points ignited interest in the vintage, the colossus Chateau Palmer has followed suite. This further points to the possibility that this could be one of the most exciting En Primeur campaigns for investment and collecting for the last two decades, with the potential to offer returns akin to the 2014 campaign, when the market misjudged the vintage and people were still Bordeaux bashing. Though there seems to be no doubt that the 2019 vintage is one every bit as good as 2018, with shades of the 2016. Further to this, the economic conditions currently mean similarities must be drawn to the 2008 vintage when market conditions led producers to release with a large discount, only to see prices rise over 50% within two years for the leading Grand Crus.

Chateau Palmer have released this morning at £1,998 per case of 12, or £999 per case of six, a 30% discount to last year’s release price. Discounts to market above 5% on release from the top Bordeaux Chateaux are few and far between and when they do come around their rarity ensures they do not drag down the average market price for other vintages, but are swiftly dragged up to meet its peers at the equilibrium price. This short-term upside is seldom left on the table for early investors, so these releases are snapped up by those in the know.

Jane Anson has already awarded the wine 98 points bestowing it with ‘The Palmer signature of energy and precision is here in spades, and altogether the wine is both measured and elegant, with textbook floral Margaux character, while being extremely juicy, creamy and enjoyable, with a mouthwatering salinity on the finish – up there with the very best vintages of this estate.’ In our recent market report, we adopted a model based on the assumption that the 2019 vintage would score similarly to the 2018 vintage (although Pontet Canet bettered their 2018 counterpart, 98-100 and 97-99 respectively). This would suggest a score of 97-99 for the Palmer 2019, which would likely shift upward towards the median market price of similar scoring vintages. This can be seen in the table below:

PalmerWAJSReleasePricePOP
2019n/an/a£1,998£1,998n/a
201897-9994-95£2,892£2,892161
201797+98£2,350£2,350134
201698+98£2,840£2,650143
201598100£2,160£2,550142
20149495£1,500£1,880134
201387-8893£1,650£1,820243
20129697£1,725£1,850116
20119688£1,700£1,930121
201096+98£2,400£2,575156
20099898£2,395£2,510139
20089493£990£1,850132
200792n/a£1,100£1,900158
200694n/a£1,150£1,880134
20059794£1,370£2,525149

The average current market price from the table demonstrates the potential upside a discounted wine of 2018’s pedigree would possess, numerically a 19.42% average appreciation, or a 33.89% appreciation just between the projected release price and the current market price of the 2018. Those able to buy on release and hold for 20 months until physical will benefit most from this opportunity.

Of course despite its classification as a Third Growth, Palmer regularly surpasses the price and the Parker points of all Second Growths and is considered by critics to be amongst the best produced wines anywhere in Bordeaux, second only to Château Margaux itself in the village of Margaux. Palmer is renowned for its beauty, perfume and concentration, its relatively high proportion of Merlot grapes in the blend makes it Médoc’s most similar wine to those of Pomerol. The wine has a velvety smoothness with a high concentration of berry fruits and a floral nose of spring flowers. We can expect the Chateau to stay true to form and achieve a score akin to the other modern-day greats.