Spotlight on... Clos des Papes

Owner: Paul-Vincent Avril
Vineyard area: 32 hectares
Average annual production: 96,000 bottles p/a
Colour: Red
Standard blend: 60% Grenache, 20% Mourvedre, 10% Syrah and >10% Vaccarese, Counoise and Muscardin
Other wines: Clos des Papes Blanc

History

Chateauneuf du Pape (CNDP) is the Southern Rhone’s most heralded appellation and is named after the town’s 14th century papal palace (once a summer retreat for the Avignon popes). The Clos Des Papes estate, not far from the palace ruins, produces one of the appellation’s most revered reds and is indisputably the benchmark wine for CNDP quality. The domaine, which originally formed part of the papal vineyards, first started bottling its wine as Clos des Papes in 1896 under the auspices of Paul Avril, whose family had been producing wine in the region since the 17th century. Paul was succeeded by his son Regis Avril and his grandson Paul Avril, who ran the winery from 1963 to 1987 and played an integral role in the formation of the Chateauneuf du Pape appellation. Having contributed greatly to the reputation and success of Rhone wines, Paul Avril passed away in 2009 at the age of 72, leaving his son Paul-Vincent to carry on the Clos des Papes legacy.

The estate encompasses 24 parcels of land which are used to produce one red and one white vintage cuvee (Clos des Papes does not produce a super cuvee). After declining popularity in the1980s, the wines have risen to new qualitative heights in recent years and have expanded their following to include many of the world’s major critics.

The 2008 vintage

The 2005 and 2007 vintages of Clos des Papes are almost universally agreed to be two of the best wines that the estate has ever produced. Quality was not quite as high in 2008, however, owing to rainy weather and difficult growing conditions. Nonetheless, the vintage received a not-to-be-shrugged at 95 points from James Molesworth of the Wine Spectator, who describes it as “Dark, inviting and very alluring, with captivating black tea, charred mesquite and kirsch aromas and flavors allied to a remarkably silky mouthfeel.”

Though Jancis Robinson is also a fan, having awarded the vintage 18.5 points out of 20, Robert Parker claims that the wine lacks the intensity of the exceptional 2007 (99+). He assigned the vintage 89-92 points – “a much less powerful wine than the 2007… the 2008 should turn out to be a very good, elegant effort vaguely reminiscent of their 1999.”

Market trends

Since 1998, nine of the ten most recent Clos des Papes vintages have scored ninety points (or potential points) and above from Robert Parker – compared to just four in the previous decade. As a result of improved quality and scores, prices for some of the top vintages have soared in recent years, particularly those of the 2005 and 2007.

After the Wine Spectator proclaimed the 2005 vintage (WS 98) Wine of the Year in 2007, prices skyrocketed from £350 in October of that year to £900 the following year. And though prices descended slightly in 2009, demand for the powerhouse wine, as well as increasing scarcity, appear to be boosting prices once more. Over the past year, the vintage has risen in value by 19% (well ahead of the average year-on-year rise of 8%) and is currently available at £850 (RP 95).

The 2007, which Parker calls “unquestionably one of the great Chateauneufs of my lifetime” has also seen strong year-on-year price movement. At 99+ points, the wine appears to be flirting with perfection – “I suspect it will merit a three digit score after another 3-4 years of cellaring” - though this is certainly reflected in its price, a hefty £1,050. The vintage is more than double the price of the 94-point 1999 (£420; JR 18.5) and is £450 more expensive than the 98-point 2006, both of which seem inordinately cheap in comparison. The 2004, which scores 95 points from Parker and 96 points from the Wine Spectator, also looks appealing at £400. According to Parker, the vintage comes “a few tenths of a degree within the 2003 and 2005 in terms of power… and is certainly one of the vintage’s superstars.”

The chart below tracks the relationship between the current prices of Clos des Papes vintages and their respective Parker scores. For the 2008 we have taken the middle of the barrel-score spread.

As well as getting the thumbs up from Robert Parker, Clos des Pape's refusal to produce a super-cuvee has probably contributed to its success - when you buy Clos Papes CNDP, you are getting the grand vin. Relatively sizeable annual production levels (around 8,000 cases) also create an active market, allowing efficient price discovery.

As you can see from the chart below, which tracks the price movement of vintages that score 95 Parker points and above (2000, 2001, 2003, 2004, 2005 and 2007) using merchant list prices, the most highly regarded Clos des Papes vintages have seen a strong push upwards since 2007, though prices have remained relatively constant since 2008. The index is up 14% year-on-year (having recovered from a dip in 2009) and has risen by 102% over the past five years. With the prices of its Bordeaux peers having seen strong upward pressure in recent months, many Clos des Papes vintages seem to offer extremely good value for money.