Bring on the Bubbly
The global economic, credit & property bubbles may have fizzed out this year but there are some bubbles that are still a cause for celebration, and with the season of Christmas and New Year fast approaching let’s sparkle with the most famous and most elegant bubbles of all – Champagne.
Champagne sales in Asia have risen dramatically in recent years, particularly with the emergence and continuation of the boom economies in India, China and even Vietnam. Sharp increases in investment, incomes and spending has led to a boom in luxury good sales – and where there is luxury there is always the grand dame of luxury beverages flowing close by.
Whilst champagne houses have increased allocations to Asia it is still disproportionate to the increase in demand and so existing markets such as Thailand will inevitably find that supply has been reduced as the total quota is shared around the region.
Because Champagne is a controlled appellation with closely enforced restrictions regarding its geographical boundaries, it is impossible for it to extend its boundaries and meet the soaring demand. To go some way to compensate for this it has relaxed its rules on the maximum allowable yield of grapes per hectare so in real terms it is actually producing more bottles per year than ever before, with the 2007 harvest reaping a bumper crop that even exceeded the dizzy heights of 2004.
But what does it all mean? Well, a quick look at the Asian and global market suggests demand will undoubtedly continue to increase. At the same time, due to the aforementioned reasons, we know production supply is physically restricted – although production has increased it cannot continue to do so indefinitely. In fact, one could reasonably argue that its recently legislated increases to maximum yield quantities would inevitably be to the detriment of quality. The result? Two likely outcomes, trends for which may already be visible:
Prestigious cuvées from the top houses’ best vintages will become highly sought after. Some unconfirmed figures mooted suggest up to a 25% increase in the value of top cuvées, both in the young and mature vintages. That’s an impressive return on a pretty safe investment.
More proven quality sparkling wine will become available and established in other areas – this is already proving to be true in the case of Prosecco which is extremely hot right now; but also look out for stuff exploding out of the US, New Zealand, Australia, and even Iberia.
In a nutshell, don’t be surprised if there is a shortage of supply of Champagne over the coming celebration period. The wise will stock up early. If you’re going to stock up considerable amounts to lay down for later, only do so if you have a temperature-controlled wine room. Champagne is the most delicate of wines and must be treated with the respect it so richly deserves. Like a refined lady, she does not like to be uncomfortable, or jolted or thrown around, and she does not appreciate great shifts in temperature.
Constant is the favoured norm. Prolonged periods in a domestic fridge, even a wine fridge, due to the constant vibration of the compressor, will rattle her and dull her sparkle. Likewise constant temperatures are good - once chilled on ice for serving then do the honourable thing and drink it. Don’t put it back for a later date, or else you might discover that she won’t be the same second time around. And we don’t want to take the sparkle out of any celebration but cared for and handled well, champagne as a superlative pleasure, or as an investment, is an elegant sought-after bubble that is never likely to burst.
