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by Manos Angelakis
On Dollar’s Weakness
Americans have been drinking more wine every year for the last 20 years and more expensive wines, compared to any other country in the world. That is why every winemaker, from every wine producing area, is trying to enter the US market; and why many foreign winemakers are purchasing acreage in California, Long Island and Washington State or starting joined ventures with local producers to create wines within the US.
However, with the current economic downturn, we are seeing consumers starting to downsize their wine/cost expectations, while the prices - because of the dollar’s weakness - are going up. That does not mean, of course, that we should be drinking poor quality wines. Anyone can buy a good $50 wine, the art and knowledge is in buying a good drinking bottle, for much less.
Producers and importers are looking at the economic tea-leaves and many, especially exporters from France, Italy and Spain, are trying to mitigate the fall of the dollar vs. the euro, by holding their US retail prices as steady as possible.
At a recent DuBœuf event, I was talking with Bill Deutsch, regarding the weakness of the dollar, and what it means in wine pricing, here in the US. He said that as far as his company and producers are concerned, they have in place a number of strategies regarding costs, and will try to absorb as much as possible the exchange generated increases. George DuBœuf, in his comments confirmed holding the current cost in the US for his wines. Now DuBœuf is a major négoçiant and exporter of Beaujolais wines, with an extensive line of very good, everyday wines, in the under $10 to under $19 suggested retail range. I like his “Flower Label” line, but I think that for the money, the Château or Domaine labels are a much better deal.
Palm Bay Imports will also try to keep the line on the wines they import through similar strategies, especially in the broad distribution wines, to quote “... we are doing everything we can to protect our price positioning. Realistically, some items may be affected by the current economic situation”.
From an e-mail from Winesellers Ltd., a major wine importer and distributor, “… the only exception is Argentina which has a fixed exchange rate with the dollar. However, the pressure here is mounting and if the dollar continues to fall, this will also prove unsustainable... and prices here will be forced up. (of the wines you asked) Dr. Pauly Noble House, is the only wine which has held it's price, solely because we bought such great stock of the '06 vintage before the dollar really tanked”.
Talking about Argentina... there is no euro there to content with, and the majority of the exported wines are quite inexpensive compared to the quality offered. Still, many South American producers are also trying to hold their prices in line. While I was in Brazil, we discussed the pricing situation and most producers talked about keeping current levels. As one winemaker expressed it, “It would be absurd to try to raise prices now, at the time when our market share is increasing considerably compared to other countries and especially Europe”. The same sentiment was expressed by Chilean winemakers. Actually, I consider many of the South American wines I have been drinking during the last years superior to similarly priced European imports.
Finally, there are the wines made in the US. I like Long Island wines but their prices – because of very high labor, higher financing costs, and exorbitant property taxes, are approximately more than double to an equivalent in quality South American bottle and about 30% higher than an equivalent French or Italian wine. California and Washington State are a bit less pricey, because of their access to less expensive land, cheaper labor, and lower property and business taxes.
As we start looking for less pricey but good quality wines, here is number of wineries that are coming to mind:
Artesa, a California winery owned by the Raventós family of Barcelona, with Dave Dobson as the chief winemaker; it is the conversion of the Cordoníu Napa winery from sparkling wine, to still wine production. The wines are handcrafted with support from modern technology. They produce two lines of wines: the Reserve Tier with Chardonnay, Pinot Noir, Cabernet Sauvignon, Tempranillo, Merlot, and Sauvignon Blanc, and the Classic Tier that offers entry level Chardonnay, Pinot Noir, Cabernet Sauvignon and Merlot, plus an exceptional blend, Elements. The monovarietals are all nice; the Reserve line is slightly more expensive than the Classic line.
Elements is composed of 34% cold-climate Cabernet Franc, 26% Syrah from the Carneros vineyard, 15% Tempranillo, 10% Cabernet Sauvignon, 9% Garnacha, and 6% Merlot. This is an exceptional wine made from the hand-harvested signature varietals of Bordeaux, Rhone, and Rioja. The wine is aged for 22 months in new and used French and American oak. Most lots are pressed directly to barrel where malolactic fermentation also takes place. Post-fermentation, selected barrels receive extended maceration for further phenolic development. The nose is redolent of black forest berries, raspberries, and plums with spicy hints of saddle leather, clove, mace, and vanilla. Good balance on the finish with slightly dry tannins. A bit astringent as tasted, it will require some cellar time to mellow. At a suggested retail price of $22, this wine is very cellar-worthy.
Cooperativa Vinicola Aurora. One of Brazil’s largest wineries located in Serra Gaúcha, it is a cooperative made of 1,100 families that produce over 58 million bottles of wine a year. Exceptional, for the low price, I found to be the Aurora Varietal Carmenère, a dark garnet, very dry, brooding wine, well structured with a long finish. Plums, black cherries, and a hint of blueberries and chocolate on the palate; cedar, nutmeg, clove, and smoke on the nose. Smooth but slightly pronounced tannins.
From the same winery, three very nice and inexpensive sparkling wines made in the Charmat method. I especially enjoyed the Conde de Foucauld Brut Rosé, a blend of Merlot, Pinotage, and Cabernet Franc. Salmon colored with a medium strawberry rim, very fresh and fruity, with a small bead. They also have the Conde de Foucauld Brut, a non-vintage blend of Riesling and Semillon. Very young and refreshing, as tasted. Pale gold color with slightly green highlights; citric fruit aromas with grapefruit jest dominating and a hint of bergamot. Perfect with fish and seafood. Finally, a much sweeter sparkler, Aurora Moscatel Sparkling Wine; a blend of Moscato Bianco and Moscato Giallo. Tropical fruits and honey on the palate, white flowers and honey on the nose. A very pale yellow/green color.
El Portillo, from the Uco Valley of Argentina’s Mendoza, is a very modern facility under the direction of winemaker Gustavo Bauzá. All the wines are under $11 SRP and I consider their monovarietal wines, Sauvignon Blanc, Malbec, and Pinot Noir to be excellent buys. The Chardonnay, Cabernet Sauvignon, and Merlot are quite good but not outstanding. Hand harvesting of the grapes at optimum ripeness, stainless steel fermentation and gravity racking to other stainless steel tanks for storage until bottling makes for fresh, well-balanced and highly aromatic and fruity wines.
Another excellent Argentinean producer is Familia Zuccardi also in Mendoza, the “Land of Sun and Good Wine”. Two particularly tasty wines, and favorites of mine for year round drinking, are Santa Julia Viognier and Santa Julia Torrontés. The 2006 vintage is still under $9 and both these dry aromatic wines, made from hand-harvested grapes, have luscious scents, of white peaches and aromatic herbs (Torrontés), tropical fruits, green apples, bananas and roses (Viognier) and are delightful when served chilled.
Colombelle, vin de Pays de Côtes de Gascogne. Nice wines that come both as red and white. The white wine is composed of 70% Colombard, a Gascogne varietal with intense citrus and tropical fruit on the nose, and 30% Ugni Blanc, a very floral component. This is what Armagnac or Cognac would smell and taste, if they were left as wine and not distilled. The grapes are harvested in early September; after de-stemming and a short maceration, the grapes are lightly pressed and fermented in stainless steel tanks before bottling. Light body but well balanced, with appropriate acidity, especially good with seafood and poultry dishes.
The red is a fruity blend of 60% Tannat, 20% Cabernet Sauvignon and 20% Merlot, very similar to some of the South American assemblages I like so much. This is a juicy wine with light acidity and non-pronounced tannins. Nose and palate of red and black fruit and berries. If D’Artagnan was not a fictional person but real, and if he lived in the 21st century instead of the 17th, he would be probably drinking Colombelle as he was courting the mysterious Milady de Winter while simultaneously having an affair with her maid! (See Alexander Dumas, père, The Three Musketeers).
These are just a few of the good but less expensive wines I have recently enjoyed.
To your health!
© May 2008 The Oenophile Blog. All rights reserved.
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