La Place releases: Château Palmer 2011 “N10”

Château Palmer has released its final stocks of 2011 wine as part of its “N10” ex-cellar programme. Which of the Margaux property’s vintages look good value at present? 

  • Château Palmer has re-released its 2011 vintage for £2,736 (12×75) 
  • The release is part of its “N10” ex-cellar programme. 
  • Palmer’s back vintages all look extremely well priced at present. 

Margaux third growth Château Palmer has re-released its 2011 vintage for €228 per bottle ex-négociant. 

It is being offered internationally for £2,736 per case (12×75). This is 32% more expensive than the current Market Price of already released stocks of the 2011 (£2,060). 

Critical opinion

Neal Martin originally gave the 2011 a bracket of 91-93 and has not revisited the wine since, leaving it in a semi-limbo. 

He is due to publish his 10-years on review of the 2011s for Vinous later this year, however. Might the 2011 have evolved enough to gain a punchier score? 

Jane Anson has tasted the wine in-bottle more recently. She thought it “needs another two or three years in bottle to really open up” but the one she tried was “absolutely singing”. 

She also commented on the blend which is rare at Palmer for having no Petit Verdot and Merlot being dominant. She rated it 94-points 

Back in 2014, Robert Parker rated the 2011 96-points, saying it was the “wine of the vintage in Margaux” and “a tour de force in winemaking, the Palmer team merits accolades for achieving this level of quality in a more challenging vintage than either 2009 or 2010”. 

Fair value

Palmer shows a 78% correlation with Neal Martin’s scores when it comes to Fair Value. The majority of the estate’s vintages of the last decade look very well positioned at present. 

Current stocks of the 2011 are right on the limit of Fair Value at £2,060 per dozen. Should Martin up his score to 94 or 95 in his review next month then it will look more compelling. 

The price of the re-release looks rather high by comparison. The 2011 was definitely an “off” vintage in Bordeaux and the sub-£2,000 2012 and 2014 with their scores of 93 and 94 look good value by comparison. 

Likewise, for almost the same price as the new 2011, buyers could pick up the 2020 or 2015, rated 97-points, or indeed the 2016 which has a market Price only £30 more expensive and a score of 98-points.