Cos d’Estournel 2017 has been released at €108 per bottle ex-negociant, down 10% on 2016 (€120). It is being offered by the international trade at £1,308 per 12×75. This is 6.6% lower than the offer price of the 2016 (£1,400) in sterling terms.
On average, Liv-ex’s shrewd members estimated that today’s release price would be €109.83, a miss of just 1.7%.
Critical praise has been high for this year’s vintage. Neal Martin, who awarded a score of 94-96 points praised the wine as “very classy” and “typical of the more recent sophisticated style pursued by the property in recent years.” His former colleague, Lisa Perotti-Brown MW, was more effusive, calling Cos d’Estournel 2017 “truly profound” and marking it as a potentially perfect wine, with an in-barrel score of 97-100 points.
At this opening price, Cos d’Estournel is above the price implied by Liv-ex’s fair value methodology, although this is based on our hybrid of Robert Parker/Neal Martin scores. Followers of Perotti Brown may disagree and see the value in collecting a potentially 100-point wine.
Either way, as has been the case with many recent releases, the value offered by higher scoring 2014 vintage is obvious. The wine can be bought in the market today at a 25% discount to today’s offering.