It has been an exceptional few weeks for FINE+RARE events. From Hong Kong to London, Milan to the Scottish Highlands, this run of extraordinary occasions – each distinct in character – has been united by the thread that runs through everything we do: bringing people closer to the world's most exceptional wines and spirits in settings that do them justice. Tiberio Dinner Table by Sandy Keung, Hong Kong — Wednesday 21 May The run began with one of the most eye-opening evenings of recent weeks, centred on the wines of Tiberio, the Abruzzo estate whose commitment to a no-oak philosophy — for both fermentation and ageing, with the sole exception of Archivio — continues to challenge assumptions about what Italian wine can achieve without the influence of wood. The evening opened with three vintages of Fonte Canale: 2016, 2018 and 2023. The 2023 drew immediate attention — many guests found it hard to believe that a wine of such depth and power had not seen any oak influence whatsoever. Vibrant acidity and a clear capacity for long-term ageing were immediately apparent. The 2016, with more time in bottle, had moved into more evolved territory, displaying nutty and dried fruit notes while retaining impressive freshness. The 2018 proved a wonderful companion to the mixed clam dish, its texture and salinity enhancing the natural sweetness of the seafood. Among the whites, the standout for many was the Quarmari 2023 — exceptionally aromatic, revealing layers of beeswax, jasmine, caramel, lemon cream, basil and sweet spice. It was universally appreciated around the table, with some guests going so far as to compare its quality and presence to Corton-Charlemagne. The reds were equally compelling. Four vintages of Colle Vota — 2014, 2018, 2019 and 2021 — demonstrated remarkable depth and character across the board. Full-bodied and structured, with pronounced notes of dark fruits, liquorice, cedar, cinnamon and spice, the 2018 and 2021 in particular showed great power and concentration, their style subtly reminiscent, for some guests, of Château de Tours from Rayas. Paired with the lamb neck course, these wines were in their element. What surprised many most was that, despite their weight and complexity, not one had been aged in oak — a testament to the intrinsic power and expression of old vines. The inaugural 2014 vintage of Colle Vota was a particularly memorable moment. Despite showing early tertiary notes, it retained excellent fruit, freshness and structure, offering a compelling demonstration of the outstanding ageing potential these old-vine wines possess. It was an evening that left a very strong impression on everyone present, and a powerful reminder that great winemaking is, above all, about the vine and the land. Update by Jonathan Leung, Sales Manager, Hong Kong Castello di Ama — Vigneto Bellavista Vertical Dinner The River Café, London — Thursday 18 June One of the most memorable evenings of the year so far took place at The River Café, where proprietor Lorenza Sebasti guided a remarkable retrospective of Castello di Ama's Bellavista — the estate's defining wine, drawn from one of the highest and most historic sites in Gaiole in Chianti. Presented across nine vintages spanning more than three decades, from 1990 through to the newly released 2022, the dinner offered a rare opportunity to explore both the evolution and the extraordinary consistency of one of Tuscany's great wines. The oldest vintages were deeply impressive. The 1990, 1995, 2004 and 2006 demonstrated that great Chianti Classico belongs among the world's most ageworthy wines, maintaining freshness, detail and vivacity decades after harvest. For many around the table, however, the greatest surprise came from the 2011 — universally praised and the favourite of numerous guests — which has now entered an ideal drinking window, combining maturity, complexity and harmony in a way that rewards the patience Bellavista has always asked of its admirers. Among the younger vintages, the 2018 impressed for its purity and transparency, while the 2021 and 2022 elevated the conversation further. Both displayed remarkable polish, power and refinement alongside the freshness that has become an increasingly important hallmark of the site. It was the 2022 Bellavista that generated the greatest excitement. Awarded a perfect 100-point score by Antonio Galloni, the wine was the subject of considerable discussion throughout the evening, though the consensus was clear: the score tells only a small part of the story. What made the 2022 so fascinating was what it represents — a convergence of decades of technical progress, viticultural understanding and winemaking refinement in a single wine. It possessed concentration and potency, but delivered these with remarkable elegance, precision and energy. More than any previous vintage tasted, it felt like a blueprint for the future of the estate. Throughout the evening, Lorenza and Arturo offered invaluable personal reflections on the evolution of Castello di Ama, transforming the dinner from a vertical tasting into a living history of one of Italy's great estates. The River Café, with its understated elegance and deep connection to Italian cuisine, proved the perfect setting. The main takeaway was a simple truth: Bellavista is one of Italy's great wines, and only growing in stature and completeness. Across more than thirty years, through changing vintages and shifting climates, it has maintained a consistency of purpose and identity that very few wines anywhere in the world can match. Update by Dara de Lacy, Senior Sales Manager, UK EAWCO Rarities Selection — Bowmore & Springbank Masterclass FINE+RARE HQ, London A masterclass that set the bar high from the very first pour. We were delighted to welcome Christian Leusder, founder and owner of East Asia Whisky Company, to FINE+RARE headquarters for an evening dedicated to some of the rarest independent bottlings in existence. East Asia Whisky Company has been a longstanding and deeply valued partner of FINE+RARE. An exclusive independent bottler built on principles of understatement, exclusivity and meticulous attention to detail, EAWCO's portfolio spans blue-chip distilleries including Macallan, Bowmore, Springbank, Chichibu and Caroni. They remain the only independent bottler to have released multiple successful Mizunara cask bottlings from these houses — releases that have, remarkably, achieved higher prices than the original distillery bottlings of the same vintages. Christian guided guests through the history of the company before leading a tutored exploration of five extraordinarily rare expressions from Bowmore and Springbank: Bowmore PX Mizunara, 31 Year Old Bowmore Japan Edition, 30 Year Old Springbank Lumen Refill Sherry, 30 Year Old Springbank Yokai Series Asanoha Dragon, 24 Year Old Springbank Yokai Series Yurei (Ghost) Cat, 25 Year Old With a few surprises woven in along the way, the evening was a genuine privilege — one of those rare tastings where every bottle opened carries real weight and significance. For those who were unable to attend, a small number of these bottlings remain available, though given how few exist, they are being offered very selectively. All come very highly recommended. Update by Morgan Richards, Senior Account Manager An Extraordinary Journey Through Bordeaux's Greatest Estates Trattoria de La Trebia, Milan — Tuesday 23 June In Milan, an evening of extraordinary ambition brought together a side-by-side exploration of the 2012 and 2014 vintages through Bordeaux's most celebrated First Growth estates and the legendary Petrus. Far more than a tasting, this was a rare opportunity for guests to compare the expression of each château across two very different vintages — discovering how terroir, philosophy and vintage character shape wines that stand among the finest ever produced. The lineup was nothing short of remarkable. Across both vintages, guests tasted Château Margaux, Château Cheval Blanc, Château Haut-Brion, Petrus, Château Lafite Rothschild, Château Mouton Rothschild and Château La Mission Haut-Brion — fourteen wines in all, representing the very pinnacle of Bordeaux winemaking. The tasting was complemented by an exclusive five-course menu designed by the culinary team at Trattoria de La Trebia, crafted to enhance and showcase each wine served throughout the evening. If one wine captured the room above all others, it was the Château Haut-Brion 2012. Explosive from the first moment, with blackcurrant, smoke and herbs, it simply grew in the glass — every passing minute revealing more power, richness and intensity. Full-bodied, multi-layered and framed by wonderfully chewy tannins, this is a wine of real charm: approachable now yet built to last another twenty years with ease. A blend of 65.5% Merlot, 32.5% Cabernet Sauvignon and 2% Cabernet Franc, it offers extraordinary quality for its level — the kind of Haut-Brion that gives joy from the very first sip. Not to be missed. The Château Margaux 2012 also showed beautifully, drawing considerable admiration from guests throughout the evening. Designed for collectors, enthusiasts and connoisseurs alike, the dinner brought together extraordinary wines, great conversation and a shared passion for excellence — everything a FINE+RARE evening in Italy should be. Update by Jonathan Bruni, Sales Director, Continental Europe Visit to Hazelwood House Speyside, Scotland — Thursday 25 to Friday 26 June The series closed with something truly special: a private, two-day visit to Hazelwood House, the Gordon family home in the Scottish Highlands and the inspiration behind the House of Hazelwood collection — one of the world's greatest inventories of aged and rare Scotch whisky. Over two days, a small group of guests were given rare access to a world that very few ever see: private tours of the Balvenie and Glenfiddich distilleries, a whisky tasting drawn from House of Hazelwood's private reserves, a Gordon family archive session led by archivist Andy Fairgrieve, and an evening of wine, whisky and storytelling over a four-course dinner at the house itself — each course paired with exceptional wines from FINE+RARE alongside whiskies of extraordinary age and provenance. It was the kind of experience that simply cannot be replicated — not just rare access, but a genuine connection to the family, the place and the history from which these remarkable whiskies come. These past few weeks have captured everything we love about what we do at FINE+RARE – connecting people with the world's most remarkable wines and spirits, in the most exceptional settings, surrounded by the stories and the people that bring them to life.  We look forward to sharing what lies ahead for the rest of the year. Interested in joining us at future events? We are pleased to announce that it is now possible to browse, book and purchase event tickets directly through our website, with all tickets viewable in your portfolio. Get in touch with your account manager or visit frw.co.uk/events to see what's coming up — we'd love to see you at the next one.

Tiberio in Hong Kong, Castello di Ama and rare whiskies in London, First Growth Bordeaux in Milan and a private Scottish estate — a glimpse of our events programme week to week. Plus, you can now purchase event tickets directly through our website.

From a Tiberio dinner in Hong Kong to rare whiskies in Scotland, a look back at recent FINE+RARE tastings, dinners and experiences.

Looking back at our recent events

Louis XIII has been adored by dignitaries, royalty and the glitterati throughout its near 150-year history. Everything about it, from the grapes to the glass, is of the highest quality. It has been present at some of the most momentous occasions in modern history – served at European royal courts, poured on the maiden voyage of the SS Normandie and Concorde, and quaffed by Agatha Christie on the Orient Express. It has been a favourite of Prime Ministers and dabbed on the wrists of fashion icon Coco Chanel. So what is it about this Cognac that has captured the hearts and minds of so many influential people throughout history? Working from the outside in, Louis XIII is housed in an instantly recognisable Baccarat crystal decanter. Each one is crafted by hand and no two are the same. It comes in a number of formats, from the miniature 5cl to the six-litre Mathusalem. Few bottles look as exquisite or capture the light like the spiked vessel that wouldn’t look out of place in a gallery. The decanter is fashioned after a carafe that was unearthed on a 16th century battleground. Rémy Martin founder Paul-Emile Rémy Martin decided to model his Cognac bottle on the one that was exhumed because he was so taken with the design. This was quite a radical move at the time as Cognac was historically sold by the barrel. The decision paid off as the decanter has since become an international standard for quality and many have attempted to mimic its design. There are numerous nods to history and Louis XIII’s royal namesake on the handblown decanter, including the 20-carat gold neck and handmade fleur-de-lis stopper. It takes a minimum two weeks’ craftmanship to produce a single decanter. This, however, is a mere fraction of the time it takes to produce the remarkable liquid within. Only the finest grapes from the Grande Champagne region are selected to one day become Louis XIII. Each decanter contains approximately 1,200 eaux de vie, distilled on lees, and aged for up to 100 years in traditional Limousin oak casks called tierçons that are over one century old. It’s no exaggeration to say Louis XIII is the work of a Cellar Master’s lifetime. Baptiste Loiseau became only the seventh person to hold the role – and the youngest in the Cognac house’s history – when he took up the mantle in 2014, at just 34 years of age. Despite all the advancements that have occurred throughout Rémy Martin’s history, it is no easier today than it was all those centuries ago for the Cellar Master to know if the decisions he or she makes will affect Louis XIII’s end taste profile. It is Loiseau’s role to ensure these aromas are the same in a century’s time – something that is becoming ever-more difficult in a changing climate with tools that are disappearing before his very eyes. The tierçons, named as such because Rémy Martin’s Cognac used to be transported in barrels of three on a horse-drawn carriage, are crucial to the history and taste profile of Louis XIII. There are tierçons in the depths of the Rémy Martin cellar that date back to 1744 – 20 years after Martin started producing Cognac under his own name. For a long time, the art of coopering these 550-litre tierçons was lost to the ages, as none was produced after 1917. This has become increasingly problematic over the past 20 years as the number of tierçons started to dwindle as one is sacrificed when another needs repairing. In 2012, then Cellar Master Pierrette Trichet made the bold decision to start this age-old tierçon coopering practice again, for fear there might not be any left for generations to come. This project to resurrect the art and safeguard the future of Louis XIII took years to master. The Rémy Martin team enlisted the help of various experts in their field to recreate a tierçon that was faithful to the ones produced in the 18th century. A tierçon must be made from a Limousin oak tree that is up to 180 years old. Once felled, the oak needs to be split and air-dried for a minimum of three years. The new tierçon is then filled with new eaux de vie to mature before it is ready to be filled with the eaux de vie that is one day destined to become Louis XIII. Even after creating countless prototypes, it’s impossible to know exactly how the resulting liquid will taste when it’s ready to bottle in almost a century’s time. From the grapes, to the maturation vessels, and decanter, everything about Louis XIII is rich in history and savoir faire. The world around might change, but there is some comfort in knowing that the "king of Cognacs" in your decanter – or better yet, rocks glass – is as fine as the liquid dabbed on the wrists of Coco Chanel and imbibed by the statesmen and dignitaries of their respective times. Browse all Cognac listings or read more Editorial 

Louis XIII is one of those spirits that almost transcends its own category – and rightly so. It has everything: the history, the provenance and exceptional quality. Holly Motion explores the fascinating history of the "king of Cognacs"

Learn the incredible story of Louis XIII, the king of Cognacs. A liquid of uncompromising quality, adored by dignitaries, royalty and the glitterati.

The history of Louis XIII, the king of Cognacs

Louis XIII: the making of an icon

In a move that underscores our commitment to global excellence, FINE+RARE has expanded its presence in Europe with the opening of a new entity spanning the German, Austrian, Swiss and Italian markets. Our renowned trading platform has long connected clients, reservists, producers and agents, a network united in its passion for fine wine, spirits and other luxury collectables. In an increasingly global ecosystem, the time is right to establish a dedicated entity to meet the needs of collectors across this important and intricately diverse region. The move means our clients and partners in these markets will receive a richer F+R experience. By reducing the distance between us and those we are proud to serve, we will better understand the distinct trends and demands unique to the geography. We will be able to offer better access to the most exciting releases, and bolster relationships with our community of world-renowned makers. Essentially it’s about making what F+R does best even better: connecting those with a shared love of flavour, provenance and collecting. Establishing FINE+RARE DACH+Italy also marks the first stage in a revolutionary transformation project for the team – and for our clients. In the coming months, we will unveil a refreshed global platform for sourcing, trading and celebrating fine wines and spirits. A multi-language site with local-currency transactions will set the path for a bespoke digital journeys – and continued global expansion. With improvements to the online trading platform and My F+R, our service will shift to a concierge experience. Our authentication and storage operations will see significant global expansion, too. “Since 1994, we have served our network of private clients, reservists, producers and agents with passion and expertise,” said FINE+RARE’s global CEO Patrick O’Connor. “The love of fine wine and spirits drives us as we connect those with shared interests around the world. I am thrilled that with this new geographic expansion we’ll be equipped to bring clients even better service through, in due course, local currency and language offerings. Our closer proximity also means we can give you greater access to the most prized releases through our in-market allocations.” Following the expansion into Milan, FINE+RARE offices are set to also open in Munich and Geneva over the coming weeks. The new locations join the increasingly global FINE+RARE network which spans London, Hong Kong and Singapore, supported by a digital excellence hub in Budapest. For further information, or to start your collecting journey with FINE+RARE across Germany, Austria, Switzerland or Italy, do not hesitate to contact us

Fine wine and spirits collectors across Germany, Austria Switzerland and Italy are set to benefit from a dedicated concierge-style service from a leadership team with decades of experience as we invest in the region

Fine wine and spirits collectors across Germany, Austria Switzerland and Italy are set to benefit from a dedicated concierge-style service office.

Introducing our new dedicated Europe office

Our new dedicated Europe office

In Bordeaux, you can’t buy wine directly from producers. Instead wines are sold via a complex three-tier system, as they have been since the 17th century. This distribution network – La Place de Bordeaux – is how the wines find their way into markets around the world. So, how does it work? Château X will sell its wine to a négociant (essentially a wholesaler) via a middleman or broker, known as a courtier – originally introduced to avoid the aristocratic owners of châteaux dealing directly with the merchant classes. The négociant will then sell Château X’s wine to merchants around the world – like FINE+RARE – who then sell the wine on to consumers. While, over time, the aristocratic owners of châteaux have in many cases been replaced by banks and insurance companies, the system remains in place. La Place de Bordeaux is seen by many as antiquated and cumbersome, bloated with middlemen taking their cut. However, it’s hard to ignore that more often than not the system works, providing an established and efficient route to the global market – meaning a château can sell its entire vintage in a matter of hours. Initially, the system was a way to reduce risk, and manage supply and demand as effectively as possible. The courtiers’ job is to understand the current market conditions, liaising with the 400 or so négociants to calculate demand and advise châteaux on appropriate pricing for their wine. While the courtiers don’t always get it right, this market insight and propensity to adapt pricing to wider circumstances provides a flexibility rarely seen elsewhere in the wine market. Take the 2019 en primeur releases, for example: many top châteaux reduced their prices by as much as 30% in response to global economic uncertainty, despite the exceptional quality of the vintage. The négociants take on the burden of distributing the wine – meaning châteaux don’t need their own network of salespeople around the world. This is particularly useful for wines where demand outweighs supply; the négociants are responsible for distributing the limited volumes as fairly and as globally as possible. In addition, the system helps with tracing provenance: having a set number of distributors means the wines can be more easily tracked – by both producers and consumers. These different elements make La Place a fast, low-cost and efficient way of distributing wines – and a reason that the system is no longer limited to Bordeaux’s top wines. While most (but not all) Bordeaux will be sold en primeur in the spring, September now sees a second flurry of activity on the Place – with new vintages of top wines from Napa, Chile, Argentina and Italy’s Super Tuscans. The first non-Bordeaux wines to make their way onto La Place were Almaviva and Opus One – Bordeaux-style blends made in partnership with First Growth Ch. Mouton Rothschild. Despite their prestigious pedigree, at first négociants struggled to sell the wines alongside the depth and breadth offered by Bordeaux alone. Today, however, it’s a different story: a shift toward more elegant wine styles in the New World, combined with critics’ praise, has created a global audience hungry for the latest releases from California, Chile and Argentina. While La Place might seem old-fashioned, this historic distribution system is remarkably efficient, giving fine wine producers access to millions of consumers around the world. Read more Editorial

Formed of layers of négociants, courtiers and châteaux, La Place de Bordeaux is not a place at all, but the complex distribution system for the region’s wines – and increasingly the top wines from around the world. Here’s everything you need to know about how it works.

This distribution network – La Place de Bordeaux – is how the wines find their way into markets around the world. So, how does it work?

La Place de Bordeaux explained

La Place de Bordeaux explained: what it is and how it works

Of all the misconceptions about rum – and there are many – the belief that there aren’t any rules is arguably the most rife. “There is not a lack of regulation in rum,” Mitch Wilson, Global Brand Ambassador for Black Tot, says. “Rum is an umbrella term for an entire category, it does not specify a particular locale like ‘Barbados Rum’, ‘Jamaican Rum', 'Guyanese Rum’ would. Just as there is no 'one rule' for all the different whiskies around the world, there is no one rule for all of the different rums either.” Industry legend Richard Seale picks up the point. “Rules do vary from country to country in rum but that is no different to any spirit. What is different about rum is that it is rarely protected in export markets with a generic rule applying to all origins. “For example, rhum Agricole is a protected term in the EU, but in the US, you can use the term agricole with impunity. Jamaica excise law has protected its rum from adulteration for as long as Scotch whisky [regulations have existed] but you can find Jamaican rum with added sugar for sale in the EU and there is nothing at the moment to stop it.” Herein lies one of rum’s greatest problems and a source of the most heated debates: abuse. “Many rum brands have got away with misleading age claims and egregiously adulterating their products,” Seale explains. “There is little impetus to regulate. I am quite sure if similar happened with whisky, the Scotch Whisky Association would be pressing authorities to act.” Instead, it’s been something of a people’s movement and Seale says consumers are demanding more transparency. “I think huge progress has been made at the level of enthusiasts and industry professionals,” he adds. “Of course, there are many duped consumers but they are typically at a level that they do not care, so we do not care. “We have a mantra: ‘drink what you like, know what you are drinking’. Simply put, make an informed choice.” Daniele Bondi, who works for Hampden Estate's global distributor La Maison & Velier, agrees and says it’s only fair that people are made aware of the content in their glass. He adds: “You can keep adding whatever you like but tell me please. If there is a lot of sugar in what you buy, you should at least know about it like other food categories.” There are countless examples of European entities buying rum in bulk and adding sugar before bottling. They are not lawfully required to declare this and can brandish the words “Jamaican rum” on the label. This, argues many, is deceitful and incredibly harmful. “It’s important to limit this sort of practice and preserve the rum style and not create confusion,” Bondi adds. The Export Director says people will taste a sweetened Jamaican rum and not realise the liquid isn’t true to Jamaican style or that it has been adulterated. The need to disclose these practices extends beyond the consumer’s welfare and is of vital importance to the preservation of rum heritage and production methods. While valiant efforts are being made, the vested interests of some, who wield great power, are thwarting progress. For this reason, the team at Foursquare has created #saveBarbadosRum and are working towards getting the EU to recognise a Geographical Indication (GI) for rum from Barbados and Jamaica. “This would protect our rums from the adulteration that currently happens,” Seale says. “While the US does not recognise GIs, we could communicate to consumers which are the certified rums.” Seale says this is not universally popular. “At the moment, a single foreign interest who bottles adulterated rums sourced from distilleries in which they have a financial interest is taking whatever action they can to effectively derail the process.” The campaign hopes to raise awareness of this and what he calls the “long-term threat to the integrity of our rums”. He continues: “The hubris of some European companies towards rum is astounding. They continue to have an extraordinary sense of entitlement notwithstanding Barbados and Jamaica are sovereign countries.” The ethos at Foursquare and many other distilleries, including Mount Gay in Barbados, is to produce unsweetened, unadulterated rum in the centuries old tradition. Beyond the skulduggery that occurs, rum has struggled with another image issue and this is largely due to classification. Wilson says an insistence on grouping all rums as the same thing, irrespective of who made them – and their local laws, know-how and traditions – perpetuates the myth and undoes a lot of hard work over the past five to 10 years. The only way for this to truly change is through better education. “Without a doubt rum’s greatest struggle is to catch up our education with that of the whisky category,” he says. “On one hand you have hundreds if not thousands of whisky aficionados able to rattle off dozens of distilleries and their corresponding nuances throughout each Scottish region and the rest of the whisky world, with well-established whisky shows and dozens and dozens of books on the subject. Meanwhile, most people still think of rum as ‘white, gold, dark, or spiced’ and have very little understanding of the various regions of rum, raw materials or the differences that lay within.” He says there are undoubtedly a brave few who bang the “rum drum”, but they are “vastly outnumbered”. Another key difference, he says, is the way the rum world is set up compared to the whisky world. There are considerably more whisky distilleries than rum producers, and the majority are owned by behemoths with deep pockets to fund whisky education on various styles and regions. By contrast, many rum distilleries are independent or government controlled. In the instances where big multinationals do own rum distilleries, Wilson says, they typically only own one or two and understandably finance education on their offerings rather than the wider rum world. For the most part, he says this different structure is a positive thing, resulting in a “fiercely independent style” from each region and act as a “great preventative against homogenisation in the industry”. But the cost is felt by others who have struggled to get their message to the masses. “It’s like wine,” Dictador Creative Director Ken Grier explains. “Pinot Noir from the New World tends to be lighter but with a higher abv. Those from Old World producers are often darker and lower strength. It’s the same in rum; you really need to look beyond the headlines on the label. We have to explain the differences between rums from different regions and the distinction between brands. “We need to educate about provenance (cultural influences, stories), production, maturation etc. They will all become key.” One way to educate consumers, in Wilson’s view, is through conversations about blends. “The very essence behind blending rum from different regions is because each distillery’s flavour profile can be so unique and so varied,” he says. “If we choose to tell the customer why we picked the rums we did, and why each region has its own unique flavour profile and is individually important, I think we can give people a great snapshot of the wider rum world, and at the very least give them a starting point as to where to look should they be interested in researching further.” During the pandemic, Black Tot has – via the medium of technology – hosted tastings to do just this. “Rather than just let them taste our finished blend, we also deconstruct the blend into its individual components, allowing people to try rum from Barbados, Guyana, Jamaica individually, and understand what each one brings flavour wise to our blend. I believe this is the future of blends, to not just look at the finished product, but to really celebrate the provenance of where the rum is coming from.” In a similar vein, Venezuela’s Diplomatico has championed alternative production methods with its Distillery Collection. “The concept behind the collection is to produce, in limited quantities, rums from a single distillation method that are subsequently aged for a certain number of years,” Maestro Ronero Nelson Hernandez says. “The objective is to offer the opportunity to connoisseurs and rum lovers to discover the very own character of each one of these rums, in a collection that reflects our distillery’s wealth.” It might sound simple but tasting the liquid and reading the label can be the difference between cutting this misconception off at source or continuing down the sticky road. Bondi says it is sometimes easier for him to speak with single malt drinkers rather than “rum drinkers” who are used to a lighter and sweeter liquid. He often gets them to try the Hampden 8 Year Old – the most approachable rum – and asks what they think, and if they thought rum could taste like this. The reaction is instantaneous and incredibly satisfying for the Export Director when he gets to explain that this style is rum, in the authentic sense. Historically, “global” rums have tended to be lighter and sweeter, and far removed from the authentic liquid that is recognisable to the rum purist. To satisfy the global market, sugar has been added to sweeten the taste and in many cases caramel to darken the colour. “The first conversation is always – no, this is rum and all the other sweeter stuff, what you think is rum, maybe is not. At least from a historical point of view,” Bondi adds. “If you speak with single malt experts, they are normally super happy because there is sort of a resistance among the single malt community because ‘rum is sweet’, so when you approach with something like this [Hampden] they say wow, this is something that I can easily recognise because it is dry, it’s full-bodied, it’s funky, it’s flavourful like all the single malts they like.” Bondi finds adopting his boss, Luca Gargano’s – the man responsible for the classification of the same name – production-driven terminology helpful when introducing people to real rum. In the same way whisky drinkers understand Scotch whisky has regional styles – Speyside, Highlands, Islay etc – rum can be communicated in the same way. “Like a different category within a category,” he adds. Hampden is famous for its funky, high ester style, that Bondi says appeals to the peated whisky fan. “It’s more for the adventurers”, he says. “They love this crazy taste of Lagavulin and Laphroaig and maybe they will love to try rum with a different, funky taste.” Undoubtedly, the conversations and appreciation for rum are maturing. The category is shedding its skin of these unhelpful labels that have besmirched its reputation and the right questions are now being asked. Thankfully, there’s a formidable cohort armed with the answers and willing to speak truth to power in order to protect something that is truly sacred. Explore rum or read more Editorial 

Rum isn’t regulated. It is either dark or white. It all comes from the Caribbean. It’s nowhere near as high quality as Scotch. These are just some of the misconceptions that hang around the category like a millstone. Holly Motion speaks to some of those fighting to be heard among all the mistruths

Exploring some of the greatest misconceptions that hang around rum like a millstone, including miscategorisation and questions concerning quality.

How sugarcane spirit mistruths are coming unstuck

Rum: the sticky issues

Burgundy expert Jasper Morris MW has had his finger on the region’s wine pulse for several decades. Especially for FONDATA, he profiles eight domaines to watch, producers that are bringing vital energy and fresh winemaking talent to the celebrated wine region 

Jasper Morris MW on eight of Burgundy’s most exciting domaines – including Eleni & Edouard Vocoret, Chantereves, Alvina Pernot and more 

The new Burgundians – Jasper Morris MW 

The new Burgundians

The spirits market is booming. In October 2019, a bottle of 1926 Macallan FINE+RARE 60-Year Old became the most expensive bottle (of either wine or spirits) ever sold at auction in the world, going for £1.5 million – £300,000 more than the same whisky had sold for a year before.  That record may not have been broken yet, but it’s likely only a matter of time. There was a 33.37% increase in the volume of single malt Scotch whisky sold at auction in 2019, with 143,895 bottles sold, worth close to £58 million – a 41.54% increase on 2018. Over the last 10 years, rare whisky has outperformed every other alternative luxury asset, with 353% growth to 2020 Q2. “The rare whisky market has performed phenomenally well over the last decade, outperforming many other categories. We’ve seen growing demand in premium whisky from clients globally,” says Craig Norton, our Managing Director for the UK and Ireland. In five years, we’ve seen the number of spirits buyers rise by 601%, with spirits sales in the same timeframe growing by 698%.  It’s an exciting time for whisky, with a growing international audience as Scotch whisky exports rise (105% in the last 10 years), especially in developing markets like China (up 323% in 10 years). There are also an increasing number of younger consumers diving into the category nose-first; Sotheby’s first online spirits auction last year saw 42% of buyers aged under 40.  The market has so far been dominated by a handful of the biggest names in single malt Scotch, with The Macallan representing an astonishing 40% of the market by value; however
Japanese whisky isn’t far behind. A bottle of 55-year-old Yamazaki sold for HK$6.2 million (US$795,000) in August last year, setting a new record for the category.  The now-closed Karuizawa has become a cult name among collectors, and had something of a halo effect, as our Head of Spirits David Walters said, “Japanese whisky is still going crazy. We sold the Karuizawa Pearl Geisha 37 Year Old (56.9%) pre-release for £12,500 in bond; just a year later it was going for £24,800. The most expensive single bottle of whisky we’ve sold was a Yamazaki 50-year-old (2011 release), for £170,000.” The last two to three years has, however, seen a shift, with a new focus and interest on not buying just bottles but whole barrels or casks. “The ability to personalise or customise single cask bottling has proven extremely appealing to clients,” Norton says, “However, it’s not simple. Barriers can be a lack of understanding of value, the process of maturation or
reselling, or gaining access to the market.”  “The challenge can be guaranteeing provenance,” explains Walters. “Our preference is always to work directly with the distillery.” The IWSR estimates the value of the Scotch whisky cask market at $40 million – and forecasts a trend for cask sales in other categories, such as Bourbon, rum and other US whiskey. While occasionally we see more mature casks (such as a mature Macallan Sherry butt we sold last year, for £600,000), it is more common to see casks as futures, much like en primeur.  Given the long-term timeframe for producing fine whisky, with the first product often not released for five or 10 years, cask sales have fast become a way for the rising number of new distilleries to build revenue in their early years. It is rare for casks to be sold after the first year of production, however, making them a once-in-a-lifetime opportunity to get in on a new distillery – one that may just be the next big thing. It’s this excitement, Walters says, that should attract buyers who are also in it for the journey. Naturally, “founders’ casks” – as they are known – are finite in supply, adding to their appeal for collectors. The spirits market remains dominated by single malt Scotch – with Brora, Karuizawa, Dalmore, Bowmore and Springbank amongst the most collected names – but consumers are branching out. “We’re beginning to see collectors diversify their portfolios,” says Walters, “discovering premium and collectable rums.” He highlights the popularity of Caroni – a Trinidad distillery, no longer in production, that has parallels with Karuizawa – and Hampden, in particular. Fortunately, Covid seems to be having little impact on sales. Even in the last year, the
market has seen 12% growth; as Knight Frank reports, “Anecdotally, drinkable investment classes have always down well in a downturn, perhaps as their owners have looked to drown their sorrows.” In fact, IWSR data shows that “between 2008 and 2012, global prestige-plus
spirits (generally $100+) grew 82% in volume, and almost 230% in value, [reinforcing]
the resilience of high-end spirits after economic challenges”. Nevertheless, our advice is always to buy only what you are prepared to drink – a worst-case scenario that few wine or spirits lovers find much of a burden. Browse all whiskies or read more Editorial

The spirits market has seen a decade of astounding performance – but what is happening, and what should you be looking to buy? 

The spirits market is booming. We take a closer look at the spirits market and explore what is happening, and what should you be looking to buy 

The spirits market overview 

In high spirits: market overview

L’en primeur è il sistema di acquisto di vino giovane e non finito, essenzialmente come “futures”. I vini vengono venduti mentre sono ancora in affinamento in botte e spediti, una volta imbottigliati, agli appassionati di tutto il mondo. Bordeaux ha pionierizzato il sistema, e rimane importante nella regione, sebbene l’en primeur si sia ormai diffuso e vini da Borgogna, Rodano, Italia, USA, Australia e oltre siano ora venduti in questo modo. Ma come è iniziato? Sebbene i consumatori acquistino il vino en primeur solo dagli anni ’80, il vino è stato venduto “non finito” ai mercanti per secoli. Tradizionalmente il vino non veniva imbottigliato o venduto dagli châteaux; una volta messo in botte, veniva trasferito ai négociants che lo avrebbero affinato nei loro magazzini nel quartiere dei Chartrons a Bordeaux, e sarebbero stati responsabili della sua vendita e distribuzione – un’attività poco decorosa che non si addiceva ai nobili proprietari dei castelli. Il vino veniva poi imbottigliato a Bordeaux oppure spedito in botte verso mercati come il Regno Unito, per essere lì imbottigliato e venduto ai consumatori. Sebbene oggi Bordeaux possa sembrare lucida e raffinata, con i suoi grandi château, i prati curatissimi e le cantine immacolate, l’industria vinicola della regione non è sempre stata così prospera. A metà Ottocento arrivò la peronospora che devastò gran parte dei vigneti europei, seguita dall’arrivo della fillossera, che uccise le viti e costrinse i produttori a reimpiantare. Quando i viticoltori si ripresero dagli attacchi di Madre Natura, sopraggiunsero la Prima e la Seconda guerra mondiale, portando ulteriori difficoltà economiche. I produttori avevano bisogno di modi per finanziare la loro attività, mentre i mercanti erano sempre alla ricerca di un modo per assicurarsi scorte e il miglior prezzo possibile. Mentre i produttori faticavano, ricorsero alla vendita dell’uva quando era ancora sulla pianta, “sur souche”, concordando un prezzo basato sulla vendemmia precedente e scommettendo sulla qualità finale del raccolto. Le vendite sur souche continuarono fino agli anni ’60 – per poi diminuire quando i produttori rimasero scottati dai 1961, a bassa resa, eccellenti e tristemente sottovalutati. Quando i tempi erano particolarmente duri, gli château – anche gli indirizzi più leggendari – si impegnavano a vendere il loro raccolto fino a 10 anni a un prezzo fisso a un mercante, legandosi a un “abonnement”, garantendosi un livello di reddito base, ma rinunciando a potenziali profitti se o quando i prezzi fossero saliti. Fino a questo punto, le vendite anticipate di vino (o uva) erano avvenute solo ai négociants di Bordeaux, ma la crisi petrolifera del 1973 provocò un cambiamento. Il crollo successivo lasciò produttori, négociants e ogni livello del commercio del vino in disperato bisogno di fondi. Avendo faticato a vendere l’annata 1972, gli château non avevano i soldi per investire nella produzione delle difficili annate ’73 e ’74. La stagione di crescita del 1975 arrivò con condizioni più favorevoli e i vini mostrarono potenziale; campioni furono spediti a Londra perché gli acquirenti potessero assaggiare e vendere. L’en primeur decollò davvero, però, con l’annata 1982 di Bordeaux. Robert Parker aveva iniziato a scrivere la sua newsletter nel 1978, introducendo al mondo il suo sistema di valutazione del vino in 100 punti. Si pronunciò presto con un deciso endorsement dei 1982 e incoraggiando i consumatori a comprarli; quando altri erano meno convinti. Molti, specialmente negli Stati Uniti, colsero l’occasione per acquistare i vini en primeur – e furono puntualmente ricompensati, con l’annata ora considerata leggendaria. La vendita anticipata dei vini alleviò i problemi di flusso di cassa per produttori e négociants, mentre mercanti e consumatori beneficiarono della possibilità di assicurarsi scorte di vini a un prezzo favorevole. Con la crescita delle vendite en primeur, le proprietà divennero aziende molto più redditizie, in grado di reinvestire nei loro vigneti e nelle cantine. Allo stesso tempo, la proprietà delle tenute stava cambiando. Nel 1981, le tasse di successione raddoppiarono, rendendo più difficile per le famiglie mantenere gli château e le aziende – dalle assicurazioni ai beni di lusso e tutto il resto iniziarono ad acquistare proprietà. Sebbene alcune corporation si concentrassero sulla quantità piuttosto che sulla qualità, molte arrivarono con le risorse finanziarie necessarie per spingere la qualità in avanti. Gli anni ’90 videro molte tenute introdurre i secondi vini, consentendo di elevare ulteriormente la qualità del loro Grand Vin, e l’influenza di Parker continuò a crescere. Tutti questi elementi si combinarono per vedere Bordeaux e i suoi vini evolversi rapidamente – dando ancora più motivo per assicurarsi subito una nuova annata. Per i consumatori, l’en primeur offriva un modo per assicurarsi i vini più ricercati ai prezzi migliori. Nelle annate di vertice, i vini offrivano anche ritorni significativi – e ne seguì la speculazione. Il mercato del vino si espanse, con nuovo interesse da parte di acquirenti giapponesi e cinesi. Il mercato esplose quando Hong Kong abolì la tassa sul vino nel 2008. La frenesia aumentò e i prezzi salirono – con le annate più quotate 2009 e 2010 che raggiunsero nuovi, gonfiati massimi. L’en primeur non offriva più il ritorno sicuro di un tempo. La bolla scoppiò. Château, mercanti e collezionisti rimasero tutti scottati, e ora c’è una maggiore consapevolezza della potenziale inflazione del mercato. Questa coscienza e comprensione ha stabilizzato il mercato e reso l’en primeur nuovamente rilevante, fortunatamente senza la speculazione delle annate precedenti. Nel 2012, Ch. Latour annunciò l’abbandono del sistema en primeur – decidendo invece di offrire i vini solo quando pronti da bere, con il 2011 come ultima annata offerta come futures. Fu un colpo significativo per l’en primeur vedere un Premier Cru abbandonare il sistema, ma sebbene si temesse che questo passo potesse aprire le chiuse, nessun altro ha ancora seguito il Premier Cru. Oggi, l’en primeur rimane significativo per Bordeaux. In aprile di ogni anno, il commercio mondiale del vino converge su Bordeaux per assaggiare l’ultima annata (vendemmiata l’anno precedente). Organizzata dall’Union des Grands Crus de Bordeaux, la settimana dei “Primeurs” è una macchina pubblicitaria impressionante, che concentra l’attenzione sulla regione – e mentre i riflettori potrebbero essere puntati sulle proprietà di vertice, c’è un chiaro effetto alone su tutta la regione. C’è stata una tendenza per le tenute a trattenere un po’ più di scorte, alcune delle quali possono essere offerte ex-château in un secondo momento, ma la maggior parte dei Cru Classés vende ancora tra il 70 e il 90% dell’intera produzione en primeur. I benefici per Bordeaux e i suoi château sono evidenti, ma cosa c’è per chi vuole comprare il vino? Molti dei motivi per acquistare en primeur sono immutati. Non ci sono garanzie che si realizzi un ritorno finanziario con l’en primeur, ma inevitabilmente i vini diventano più rari col passare del tempo; quando i vini entrano nella loro finestra di beva, diventano più desiderabili (e spesso aumentano di valore) e, con il tempo, diventano più scarsi, man mano che le bottiglie vengono stappate e l’offerta finita di una specifica annata si riduce. In tal senso, l’en primeur può offrire un modo utile per assicurarsi scorte di vini, in particolare quelli di piccole proprietà molto ricercate che possono essere quasi impossibili da ottenere dopo l’uscita. Acquistare en primeur offre anche una provenienza impeccabile. Il vino si muoverà dalla tenuta al luogo in cui conservate il vostro vino, e poi una sola volta quando verrà prelevato per il consumo, garantendo condizioni ottimali di maturazione e mantenendo il massimo valore qualora decideste di vendere piuttosto che bere. Un ulteriore lusso dell’acquisto en primeur è la possibilità di acquistare qualsiasi formato; non essendo ancora imbottigliato, potete acquistare mezze bottiglie, magnum, jeroboam, imperiali o qualsiasi altra dimensione desideriate con facilità. Anche se i punteggi dei critici influenzano certamente ancora la vendita dei vini, nessuna singola voce ha il potere che Robert Parker aveva ai suoi tempi d’oro. Oggi, ci sono più critici che mai – con singoli autori che si staccano da pubblicazioni più grandi come il Wine Advocate per creare la propria piattaforma, ciascuno con i propri gusti, offrendo prospettive diverse sull’annata – dando, si può dire, ai consumatori più informazioni che mai. Non sorprende che altre regioni abbiano adottato il sistema, con la Borgogna in particolare che ha abbracciato l’en primeur. Le opportunità indubbiamente restano – come dimostra un’annata come il 2019, venduta nel pieno del 2020 e della pandemia di Covid-19. Di fronte a un mercato incerto, i produttori abbassarono i prezzi e i consumatori si precipitarono ad acquistare i vini di Bordeaux. L’annata si rivelò spettacolare, con gli acquirenti giustamente ricompensati per aver investito nei vini. Quando un’annata è buona e il prezzo è giusto, non c’è davvero nulla come il palpabile fermento e l’eccitazione che la stagione dei Primeurs porta nel mondo del vino. Scoprite di più sull’en primeur, compreso come funziona, o sfogliate tutti i vini attualmente disponibili en primeur

Ogni anno, le principali regioni vinicole pregiate offrono i loro vini en primeur, o come "wine futures", ma non è sempre stato così. Sophie Thorpe approfondisce le origini e la storia del sistema, e il suo significato per gli amanti del vino di oggi.

En primeur is the system of buying wine futures: we delve into its origins, history and what it means today for chateaux, negociants merchants and wine-lovers

What is en primeur? Explaining wine futures

Cos'è l'en primeur: le origini dei futures sul vino

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Reperiremo questo articolo attraverso la nostra rete di fornitori e ne organizzeremo la spedizione a FINE+RARE.
 I tempi di consegna dipendono da molte variabili, ma una stima media è di 6-12 settimane.
 Una volta confermato lordine, ti terremo aggiornato sulla data di arrivo prevista.
 Ogni articolo viene controllato al momento della ricezione dal nostro team di esperti, con fotografie disponibili su richiesta (si prega di notare che potrebbero essere applicati dei costi).

Provenance Vineyards

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