ST-EMILION: FINDING VALUE
Write a feature on finding value in St-Emilion, the editor said. It doesn’t exist was my instant reply. The name alone carries a premium, conjuring up everything from images of the heavily visited medieval town itself and the accolade of UNESCO World Heritage site, to legendary names like Châteaux Ausone and Cheval Blanc. Properties are small, 8ha the average size, and land prices rarely fall below €200,000 per hectare with some running to millions. Value: you must be joking.
But then I gave the subject some thought. Scratch below the surface and you do find growers and négociants that make an effort on quality at a certain price. Then you have châteaux that are part of a stable that includes star-studded names, which benefit from the top-down expertise. There are châteaux where a new generation or new investors are pushing harder but prices remain reasonable. And, of course, there are the second wines from some of the premiers grands crus classés – OK, they aren’t given away, but compared to the price of
