Collector's Guide: White Burgundy

Fantastic Chardonnay can be found worldwide, but Burgundy remains the benchmark and a must-have for any serious white wine collector. Some of the world’s greatest white wines are forged in the Côte d’Or, while the splendour of Chablis and rise of the Mâconnais attest to Burgundy’s rich variety of terroir-driven producers. As with red Burgundy, a global clamour for small quantities of wines from the best vineyards and producers often translates to tight allocations. Prices on the secondary market remain at historically high levels, although a recent fine-wine market downturn may present collectors with opportunities. This guide focuses mainly on the white wines of the Côte d’Or, drawing on new expert commentary and exclusive reporting for Decanter Premium subscribers to highlight recent developments, ways to approach the region and its momentum on the fine wine market. [subscriber-content] A downloadable PDF version of the White Burgundy Collector's Guide is available here

White Burgundy in the Côte d’Or landscape Burgundy’s patchwork quilt of vineyard ‘climats’ is a treasure trove for collectors, reflecting geological diversity and centuries of viticultural refinement. Many prized white wines are made in the Côte de Beaune, the southern half of the famous Côte d’Or, around the villages (communes) of Meursault, Puligny-Montrachet and Chassagne-Montrachet. Others hail from the Corton hill, just north of Beaune itself, while some white wines are also produced in the Côte de Nuits, such as Domaine Comte George de Vogüé’s Musigny Blanc. Producers typically make a variety of wines in a vineyard-based classification system led by grand cru sites, followed by a premier cru tier, village-denominated bottlings and regional ‘Bourgogne’ wines. A Bourgogne Côte d’Or category was created in 2017, sitting above the general regional Bourgogne level. Montrachet and family Montrachet is a hallowed site for white wine, once tended by Cistercian monks and today spanning eight hectares shared between Puligny and Chassagne (where it’s known as ‘Le Montrachet’). Prices can range from several hundred to several thousand per bottle – of any currency of your choice. The neighbouring grands crus using the Montrachet name are also highly regarded. Charles Curtis MW, Decanter ’s Burgundy correspondent, said of Domaine Leflaive’s Bâtard-Montrachet 2019: ‘Balance is always the hallmark of the Bâtard from Leflaive as the fresh minerality of the Puligny side plays against the luxurious ripe, almost tropical notes of the south-facing Chassagne side of the vineyard.’ [caption id="attachment_543416" align="alignnone" width="300"] Vineyards around Puligny-Montrachet.[/caption] Meursault magic Meursault has no grand cru, but its premier cru Perrières is often considered at this level. Curtis recently tasted Domaine Roulot’s 2022-vintage Perrières (96 points) for Decanter Premium: ‘This is a breathtaking, complex wine, showing notes of lime peel to coconut water, passionfruit and mint, with a savoury, almost gamey undercurrent and a pronounced saline minerality,’ he said, adding that savvy collectors will wait at least a decade to uncork it. Prominent white Burgundy producers Domaine Coche-Dury is a leading name, and its village-level Meursault was the most searched-for white Burgundy on Wine-Searcher.com in September 2024. Domaine Leflaive has five spots in the top 10. It is a revered name and pioneer of biodynamic farming – spearheaded by the late Anne-Claude Leflaive. Her nephew, Brice de la Morandière, has continued her legacy. Such lists can only ever scratch the surface of what Burgundy offers, but other key producers not highlighted in the ranking above include: Domaine d’Auvenay – part of the Leroy stable Domaine des Comtes Lafon Ramonet Roulot Pierre-Yves Colin-Morey Henri Boillot William Fèvre (now in the DBR Lafite portfolio) Billaud-Simon More names to know Curtis highlighted several more producers for collectors to consider, in addition to the well-known names cited above. ‘I think all [these producers] can be trusted throughout their range, if the exalted realms of grand cru and Meursault Perrières are out of reach.’ The ranges of négociant-producer houses are also worth exploring, such as Puligny-based Olivier Leflaive, plus also Louis Latour, Louis Jadot, Joseph Drouhin, Bouchard Père & Fils and Faiveley. Three developments to watch Bouchard Père & Fils: New owner Artémis Domaines, the fine-wine group controlled by French billionaire François Pinault, plans to put more focus on prestigious wines, Artémis’ MD recently told La Revue du Vin de France. Domaine de la Romanée-Conti (DRC) in Corton-Charlemagne: This vaunted producer released its third vintage (2021) of Corton-Charlemagne grand cru earlier in 2024, having leased 2.9ha from Bonneau du Martray – split between the En Charlemagne and Le Charlemagne climats. Domaine Pierre Vincent: Domaine Leflaive general manager Pierre Vincent is to leave at the end of 2024 to focus on his namesake winery, after acquiring Domaine des Terres de Velle with two friends. ‘A recent tasting of the inaugural vintages raised hopes of an exciting new domaine to follow,’ Curtis wrote for Decanter . [breakout] DRC Montrachet Grand Cru production A snapshot of yields in the three most recently released vintages of DRC, Montrachet, sourced from the offer brochures of Corney & Barrow, exclusive UK agent for DRC.

2021 (released in 2024): 13.5 hectolitres per hectare (hl/ha) | 102 cases (12x75cl) 2020: 40.8hl/ha | 295 cases 2019: 24hl/ha | 184 cases

Further back, severe frost in 2016 led to seven producers, including Leflaive and DRC, pooling grapes to make two barrels of Montrachet grand cru, named L’Exceptionnelle Vendanges des Sept Domaines.

[/breakout] Top white Burgundy vintages Great winemakers can deliver sumptuous wines irrespective of vintage conditions, and Burgundy’s sheer size further impedes generalisation. ‘In Chablis, you’re closer to Troyes in Champagne than you are to Dijon, let alone Beaune, Chalon or Mâcon,’ wrote Decanter contributing editor Andrew Jefford in 2018. Caveats aside, recent vintages represent a good run of form for quality. Decanter ratings show four stars (out of five) for white Burgundy in 2022, 2021, 2019 and 2018, rising to 4.5 stars in 2020. Vineyard positioning can aid winemaking skill. In praising Bruno Colin’s Chassagne-Montrachet, 1er Cru Chaumées 2020 (93pts), Curtis noted the site’s east-facing aspect at the top of the slope, with thin, stony soils over limestone. ‘This is a great terroir for a hot year such as 2020,’ he wrote. [breakout] Five Decanter five-star vintages: 2014 , 2002 , 1995 , 1989 and 1969 . [/breakout]

Rollercoaster yields Yields can vary significantly between vintages in Burgundy. ‘These sudden variations seem to have become more pronounced in recent years,’ said the Bourgogne Wine Board (BIVB) earlier in 2024. Hail, frost and mildew pose particular hazards. Climate change research has found extreme weather is becoming more common globally, while a France-based study suggested warmer winters can mean earlier growing seasons – potentially leaving more vine buds exposed to spring frost. Buying the wines Larger crops may improve collectors’ chances of securing certain wines, yet the most sought-after bottlings are often tightly allocated. ‘Sourcing top white Burgundy can be a challenge due to the quantities produced,’ said Curtis. ‘If you see something attractive, it’s important to jump in and commit.’ Will Hargrove, head of fine wine at UK merchant Corney & Barrow, the UK agent for Domaine Leflaive and DRC, said the merchant tries to walk a fine line: ‘It’s this age-old balance between supporting people who have supported us, and also embracing new customers. ‘We do tend to try and use the bigger vintages to welcome new people in. That’s something we want to do.’ He said Corney & Barrow planned to offer Domaine Leflaive 2023 wines en primeur from early December 2024. [breakout] Key dates [caption id="attachment_543417" align="aligncenter" width="300"] The 163rd Hospices de Beaune Wine Auction in November 2023.[/caption] November: The annual Hospices de Beaune auction is a major event in the calendar.

January: The traditional en primeur (futures) release period for many Burgundy wines. The relatively large 2023 vintage is next up. Timings vary, though, and some wines are released later.

Decanter ’s Chablis 2023 Report: Published in December 2024 Decanter ’s Burgundy 2023 Report: Published in January 2025

[/breakout] Debate over release prices Rising release prices in recent years partly reflect higher costs for wineries, but have also caused debate, as noted by Liv-ex, a global marketplace for the trade, in its Burgundy 2022 en primeur report earlier in 2024. It said consumers still pounced on the highly regarded 2022-vintage wines, and most producers kept price rises to a minimum, but it also warned that challenging market conditions mean ‘the gap is widening between [producers’] release prices and what buyers are willing to pay’. Hunting for value Value is relative, of course. Liv-ex’s Burgundy 2022 report said Chablis has the lowest average prices in the grand cru tier. More generally, strategies range from shopping further down a well-regarded producer’s range, looking to less- prominent areas – where some top producers also operate – and unearthing under-the-radar winemaking talent. Mercurey in the Côte Chalonnaise or the Hautes-Côtes de Beaune / Nuits are geographic areas to consider. Corney & Barrow’s Hargrove cited single-vineyard wines from the Mâconnais to the south. ‘Those are certainly things I would push people towards,’ he advised. In 2020, 22 ‘climats’ in the Mâconnais’ appellation of Pouilly-Fuissé gained premier cru status. Buying wines on the secondary market Good purchasing methods include merchants’ broking services, as well as digital trading platforms, such as Bordeaux Index’s LiveTrade or Berry Bros & Rudd BBC, and major auction houses, including Sotheby’s, Christie’s, Bonhams, Zachys or iDealwine. ‘When buying wine on the secondary market, it is best to ask for photographs to check the colour (which should be commensurate with age),’ said Curtis, who is also founder of consultancy group WineAlpha and former head of wine for Christie’s in the Americas and Asia. ‘I avoid anything with signs of seepage, and whenever possible I purchase full cases in their original packaging (carton or wooden case).’ It’s important to check a wine’s ownership history, provenance and condition as much as possible before purchase. This can affect a wine’s cellaring potential or future value. Reputable merchants and auction houses authenticate wines, but collectors should also be watchful for counterfeits. If the price looks too good to be true, then it probably is. [breakout] The premox issue White Burgundy wines have had widely publicised challenges with premature oxidation (premox). This appeared particularly prevalent between 1995 and 2005, as Curtis wrote in Decanter magazine’s October 2024 issue.

‘Whites from Burgundy darkened and traded their fruit for caramel aromas far too early,’ he wrote. ‘From the mid-1990s, the scourge was frequent, if sporadic.’

The extent and causes of the issue have been much debated, but incidences of premox have since been greatly reduced, according to Curtis and several merchants.

‘Most of the top estates and the conscientious producers have reduced or eliminated this issue through a variety of methods, and in general I am much more sanguine about this now than I was 10 or even five years ago,’ Curtis said via email.

Still, it is something for collectors to be aware of, especially if looking to buy wines from those affected older vintages.

[/breakout] Trading focused on blue-chip producers Expanding global demand for finite supplies of top Burgundy wines has been a key fine wine market narrative in the early 21st century. Opinions differ on the size of the secondary market. Matthew O’Connell, CEO of the LiveTrade online trading platform at international merchant Bordeaux Index said a relatively small group of blue-chip Burgundy producers have a global following, but that liquidity falls away below this level. He said there were some 10 white Burgundy producers in this top-tier category, compared to about 20 for red Burgundy. White Burgundy's secondary market performance Several data sources suggest prices on some of the most prominent white Burgundy wines are significantly higher than five years ago. The table below shows examples based on Wine-Searcher worldwide average retail prices, ex-tax. Fine wine market hits choppy waters Despite a wider rising trend, the average prices of Coche-Dury, DRC and Raveneau have dipped on Wine- Searcher versus October 2022. There have been reports of subdued fine wine trading in general, with buyers appearing more cautious in a climate of higher interest rates and challenging macroeconomic conditions. While the secondary market has a track record of long-term growth, prices have recently fallen back following a period of strong gains on some wines – especially on blue-chip Burgundy and Champagne. Liv-ex’s Burgundy 150 index fell more steeply than its parent index, the Liv-ex 1000, over the two years to 30 September. It has still risen further on a five-year basis, though. White Burgundy outperforming red White wines in the Burgundy 150 index have outperformed reds since the start of 2022, according to Liv-ex. After gains for both, from October 2022 to 31 August 2024, the Burgundy 150’s white index dropped around 13%, while reds dropped nearly 30%. Online auction house iDealwine remarked on a similar trend. It said: ‘For over a decade now, scarcity and strong demand has protected fine Burgundy from market fluctuations. ‘In the post-Covid price softening that we have witnessed at auction, we can see that this time, white Burgundy has been largely immune where red has not (prices fell 35% last year for red, 15% for white).’ O’Connell added: ‘When the Burgundy market went up in 2018 and 2019, white Burgundy didn’t follow so much. ‘In the 2021 and 2022 market increase, some white Burgundy names massively outperformed everything.’ Auction demand for white Burgundy Charles Antin, global head of wine auctions at Zachys, said there is strong buyer demand for older vintages in the right circumstances. ‘I think while people shy away from some vintages of white Burgundy due to the infamous premox, these are still considered the greatest white wines in the world and, if there is confidence from the buying base about the condition of what is in the bottle, the bidding will be aggressive.’ Domaine d'Auvernay leads the way ‘[Domaine] d’Auvenay is still far and away the most expensive white Burgundy we sell,’ said Antin. ‘Of the top 10 white Burgundy lots sold in 2024 [so far], eight are d’Auvenay.’ iDealwine said d’Auvenay constituted its top three white Burgundy lots of 2024 so far, based on hammer selling price: • Criots-Bâtard-Montrachet Grand Cru 2005 (1x75cl) | €16,902 • Chevalier-Montrachet Grand Cru 1999 (1x75cl) | €10,266 • Chevalier-Montrachet Grand Cru 1999 (1x75cl) | €10,141 It was a similar story at Sotheby’s’ ‘Live in the Vines’ auction in Beaune in July 2024, featuring wines from collector Pierre Chen. Highlights included: • Six bottles of d’Auvenay, Chevalier- Montrachet Grand Cru 2009 | sold for €106,250, including buyer’s premium | (estimate: €85,000 – €130,000) • Three bottles of d’Auvenay, Bâtard- Montrachet Grand Cru 2014 | sold for €50,000 (e: €40,000 – €60,000) • Three bottles of DRC, Montrachet Grand Cru 2007 | sold for €47,500 (e: €19,000 – €24,000) George Lacey, head of wine for Sotheby’s Asia, told Decanter shortly after the sale: ‘When you offer older vintages, in good condition, with exceptional provenance which are rare and not so frequently seen in the market, there’s clearly still great demand. That was really encouraging for us to see.’ Investment: Weigh up the costs Professional storage with temperature and humidity control can affect a wine’s future value or cellaring potential. There may also be fees associated with selling wines. Check up-to-date prices, provenance and condition carefully and, if you’re interested in the investment side, seek professional advice. Ups and downs Changes to Liv-ex Market Price on white wines in the Burgundy 150 index. Two-year data is updated weekly and runs to 04/10/2024, but five-year data is updated monthly and runs to 30/09/24. [breakout] Wine investment: Six things to consider 1. Some of the most prominent fine wines on the secondary market have a track record of increasing in value over time, particularly as available supplies diminish, but nothing is guaranteed. The pool of investment-grade wines is also relatively small.

2. Professional storage in bond is considered important. A wine’s condition and provenance can affect value.

3. Wine investment is unregulated. Only buy wine from reputable sources, and check provenance and condition as carefully as possible before buying.

4. Factor in costs, such as for storage, and possible selling fees. Storage is often charged at a fixed annual rate.

5. Some auction houses have previously told Decanter that full cases tend to be more in-demand, although limited-production wines may be released or allocated in smaller quantities – such as three-bottle cases.

6. If unsure, always seek professional advice.

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Report by Chris Mercer for Decanter Premium. A freelance journalist and former editor of Decanter.com, Chris has written about the global fine wine market for more than a decade Click here to join Decanter Premium now and enjoy instant access to the latest Bordeaux 2020 En Primeur Collector's guide, as well as past Collector’s Guide’s including, Left Bank Bordeaux, Napa and Piedmont and Rhône. Disclaimer Please note that this report has been published purely for informational purposes and does not constitute financial or investment advice. The report includes Wine-Searcher monthly global average retail prices in US$ to provide a consistent point of comparison, as well as data and opinion from other trade sources. All of this information is subject to change, and the prices and availability of wines cited will vary between countries, currencies and retailers. Decanter and the editorial team behind this report do not accept liability for the ongoing accuracy of its contents. Seek independent and professional advice where necessary and be aware that wine investment is unregulated in several markets. Please be aware that prices can go down as well as up. A downloadable PDF version of the White Burgundy Collector's Guide is available here

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