- Standout Score: L'Eglise-Clinet 2012 is the only 100-point wine of the 2012 Bordeaux vintage (Wine Advocate), surpassing all First Growths and Pétrus and Le Pin.
- Getting Better in Bottle: L'Eglise-Clinet 2012 was recently upgraded to 100-points following a hugely strong showing in a tasting by William Kelley (WA).
- Wine of the Vintage? William Kelley calls it: “a wine that wins my nomination for the title of "wine of the vintage".
- Deeply Undervalued: Since 1947, only two vintages of L’Eglise-Clinet have attained a perfect 100-points (2012 & 2010) from Wine Advocate.
- Sleeping Market: The 2012 price has yet to reflect the recent upgrade, and the 2012 is currently trading at a 16% discount to the 2010 vintage.
- Minuscule Production: Unlike many châteaux in Bordeaux, L’Eglise-Clinet is a tiny Pomerol boutique producer, with only 3.5 hectares cultivated.
- Opportune Moment for Acquisition: Given the 100pt score, opening of the drinking window and the market yet to wake up, this is a prime time to add to a portfolio.
L'Eglise-Clinet 2012 – Best Value Vintage
The 2012 vintage from Pomerol’s L'Eglise-Clinet has a striking combination of high score and undervaluation. Priced at just £1,195 per (6x75cl), the 2012 leaps off the fair chart with its undervaluation versus the other L'Eglise-Clinets.
The implied fair value of a 100-point score is nearer to GBP 1,800 per (6x75cl), which is +51% higher than its current price.
Huge Undervaluation versus Comparable 2012s
L'Eglise-Clinet 2012 does not just compare well to other vintages from that estate, it punches well above its weight with its Bordeaux neighbours:
100-Point Bombshell has been Missed by the Market
William Kelley of Wine Advocate has been active recently in reappraising back vintages from Bordeaux. But his work on 2012 is unique, as other critics are yet to catch on to the clear pedigree of this vintage, especially in Pommerol. Further re-appraisals of 2012 by other critics could act as price catalysts for its top performers like L’Eglise-Clinet 2012.
Kelley’s 100-point bombshell upgrade was released just before Christmas, and so has been overlooked by much of the market, and the price has barely budged (yet!). The similarly scored L’Eglise-Clinet 2010 trades at a +19% premium to the 2012, so there is plenty of price upside.
Perfectly Positioned in its Lifetime
At 12 years old this year, L’Eglise-Clinet 2012 is in the ‘sweet spot’ of its lifetime. It came into its drinking window in 2022 (WA) but will continue to drink, according to William Kelley, until at least 2052. This gives it the best part of three more decades to improve in bottle, and ‘improve’ in price!
Scarcity Value
It Is worth noting that production volumes play a significant role in valuation. Le Pin for instance, typically produces between 600 and 700 cases a year. Pétrus on the other hand, produces somewhere in the region of 2,500 cases a year. You may be surprised to hear that L’Eglise-Clinet typically produces just 1,250 cases a year, right in between Le Pin and Pétrus.
With its standout scores and miniscule production quantities, you may be scratching your head as to why L’Eglise-Clinet is still offered at such a gigantic discount to some of its Pomerol neighbours:
Conclusion
The upgrade to 100-points from the world’s most influential critic has clearly been missed by the market. This presents a wonderful opportunity for collectors. This is a wine with ‘wine of the vintage’ status, which comes from a miniscule Pomerol estate, and which has just entered its drinking window but has decades of improvement ahead of it. For the lowly price it currently commands, this might just be one of the best bargains of 2024.
