Wine

Item Description

One 750 ml bottle of 1996 Chateau Lafite Rothschild.

The legendary Lafite estate in Pauillac, a village in the Médoc region of north-west Bordeaux, continues to define the pinnacle of excellence in the global wine world. Lafite wines have long been prized by the upper echelons of European society, ultimately becoming widely known as the “King’s Wine” (i.e. the House of Bourbon fellows) early in the 18^th century.

In 1985 Christopher Forbes, Vice Chairman of Forbes Publishing Company, purchased a single bottle of 1787 Lafite at auction at the amazing price of $156,000. This sum is equivalent to a jaw dropping $351,000 in 2016 purchasing power. The item at auction today is a vastly superior wine in the prime of its life, in impeccable condition, having impeccable provenance and having a story every bit as powerful as the “billionaire’s vinegar”.

Robert Parker has rated 3 only vintages of Lafite at 100 points - 1986, 1996 and 2003. Based on several barrel tastings at the chateau Parker described the 1996 vintage as massive, the biggest, largest-scaled Lafite he had ever tasted and unquestionably the renowned estate's greatest wine – ever! As well as being better than anything the Sun King drank at Versailles, the 1996 vintage wine may well be the last of its breed. Modern Bordeaux blends, including Lafite, tend to be softer and sweeter than the classic herbaceous flavor profile that propelled the wine’s unparalleled distinction over many centuries.

Pricing of Lafite in recent years has been dramatically impacted by Asian markets which now top the list of worldwide markets in which investment grade wine is purchased. As an example, the 2008 vintage increased more than 125% in less than 6 months following its release.   After-market pricing of 1996 Lafite peaked on October 29, 2010 in a Sotheby’s auction in Asia at $49,949 for a 12 bottle lot ($4,162.42 per bottle). Asian exuberance has trended down since. On November 11, 2013 a six bottle lot sold at a Christie’s auction in Asia at $15,803 ($2,633 per bottle).

FYI, La Cave Warehouse of Dallas, Texas is believed to be a reliable retail reseller of fine wine, properly storing its fine wines. It currently sells the 1996 Lafite at $1,895 plus tax and insured shipping, roughly $2150 all in. Provenance and condition of wine in La Cave’s inventory are unknown, but with certainty cannot possibly exceed that applicable in this auction.      

The provenance and condition of wine sold at auction is difficult, if not impossible, to ascertain. However both are knowns with the item now at Chaine auction.   Garry Fehrman, Bailli - Amelia Island, is the original purchaser of the wine and has cellared the wine since purchase at 56 degrees.  The wine bottle, its cork, cork seal and label are all in pristine condition.  The original bottle fill remains at 3/8” above the base of the neck and 1/8” below the cork seal.  Note that fill level at the top of the shoulder is widely accepted as satisfactory in fine wine auctions.  The fill level in the wine at Chaine auction is ¾” above this guideline.

Since 1996 all bottles of Lafite, including the wine at issue in this auction, bear a distinctive engraving to thwart counterfeiting which had become a major problem for wines as desirous as Lafite.

Garry reports that the wine drinks beautifully with its nuance continuing to evolve exactly as Parker predicted will occur for another 30 years. He suggests that a successful bidder not rush into consumption or resale. The wine will hold up if not improve for another 30 years. Older Lafites, especially blockbusters like the 1996, will continue to appreciate in value in perpetuity. The Asian induced pricing spike and its abatement after 2010 are Chinese demand driven aberrations which commonly occur with supply scarcities then settle down when the Chinese nouveau riche recognize that they have overpaid. Garry has a good stash of the wine and no interest in selling any of it. He intends to drink a few bottles per year as long as he lives. That said, he suggests that his wine’s provenance and condition justify a valuation in excess of the La Cave reference above.