Inspired Destinations: London

Our two-week summer adventure through Russia and Italy’s sublime Tuscany was a dining odyssey marked by several memorable menus and wine lists, some described in earlier Vintelligence posts. By the time it was over in mid-August, the beginning of the trip — a brief stay in London — was more or less overshadowed.

Unless you are a business traveler with a benevolent accounting department, London is not an obvious choice these days. It is easily one of the world’s most expensive cities, a reality only magnified for American visitors because the British pound-U.S. dollar exchange rate is about 2-to-1. But London is a great city (the Olympic Games host in 2012), nonetheless, and a perfect starting point on the way to the European continent and beyond.

A couple of highlights from the notebook:

- The Pelham Hotel on Cromwell Place in South Kensington, a prime location because of its close proximity to tourist attractions and chic, casual dining. This is a boutique property occupying several Victorian-style townhomes. It is low key, well appointed and staffed by professionals.  Ran into a very chatty woman, her college aged son and his girlfriend, all from the States, in the lounge (an open “honor” bar). A couple of young men from L.A. were staying at The Pelham, too. Movie special effects guys from Hollywood. One mentioned doing some work in the so-called thriller “Snakes on a Plane”. (If the airlines thought snakes would pay, I’m sure they’d gladly sell them overhead bin space).

- Tom Aikens, a frequently lauded upscale eatery not far from South Kensington on Elystan Street. We took our well behaved 10-year-old along and the chef graciously accommodated her by assembling a broccoli rissoto. The menu is a fixed price experience; one side is a soup-to-nuts marathon, while the other is a bit lighter. The lesser fixed price a la carte menu was about $135 per person. Remember, this is London.

The formal staff moved about the rather intimate room like the cast in a well choreographed stage show. A lot of flair. We began with three spoons, each containing a yummy concoction. One was a celeriac (turnip rooted celery) mousse with duck jelly. Another offered a taste of crab soup with a citrusy infusion (very good). The starter was delicate sea scallops with dollops of sinful cream. My entree was sensational — braised lamb medallions with flavorful sweetbreads strategically positioned on the plate.  I paired that with a half bottle of 2001 Chateau Vieux Sarpe St.-Emilion Bordeaux ($72). The two were a good match.

In under 48 hours, we managed to:
-Drop in on Trafalgar Square (just in time for a well attended Hare Krishna rally). They were literally drinking what appeared to be Kool-Aid. You can’t make this stuff up.

-Stroll through Hyde Park as locals in native attire were celebrating Iraq’s big soccer victory against Saudi Arabia in the Asia Cup.

-Have dinner at Kemp’s in the lower level of The Pelham. Casually elegant. Excellent pork chop.

-Tour the state rooms of Buckingham Palace (now partially open to the public).

-Do the photo ops in front of Big Ben (right) and Parliament.

-Shop Harrod’s and stop in the bustling food court to have a fabulous bowl of chicken soup at Harry Morgan’s.

-Hit Jermyn Street to see the menswear at Turnbull & Asser, and the like, before having tea at the renowned Fortnum and Mason.

A whirlwind, but well worth doing. (And the weather was, shockingly, sublime).

– Steve Woodward

Many Types of Wine are Solid Investments Despite Recent Decline of U.S. Dollar

As I write this, I’m seeing on CNBC that the U.S. dollar has reached a record low against the Euro. The wine trade is, of course, watching this development with angst, as it affects every part of our business.  Generally speaking, the net effect of our weak dollar is that wines from Europe are much more expensive for Americans to buy.  This should push more and more collectors purchasing fine wine to look at domestic wines and European choices from back vintages already stateside and purchased when the dollar was stronger.  As with all things economic, there is no simple answer, however, so even wines sold on our shores at auction are attracting increased interest from abroad. 

But fear not dear drinker, as so far this season the biggest price run ups have been with 1982 and 2000 Bordeaux. While there are few deals in these sectors, a flood of fantastic wine is available at auction currently.  Bordeaux had great luck with 1995 and 1996, and with their 10^th anniversary upon us, these types of wine are starting to show some real character.  Prices are moderate, even for the first growth, and represent an excellent opportunity currently. Many people who feel priced out of 2005 Burgundy are finding solace with 1990, 1993 and 1996 wines, or even the better wines from lesser vintages which are drinking well today, such as 1997.  Also, well aged California wines seem to have been flat and even the classics have been surpassed by more recent favorites such as Harlan Estate. Also, consider the Rhone and Piedmont, where a string of excellent vintages has left us with plenty of fantastic wines to choose from for cellaring or near-term drinking.

As you can see, every trend or price run up in one section of the wine market leaves opportunities in another.  For collectors with a broad array of interests, the market is not nearly as bleak as the currency numbers would suggest. I will also share a piece of advice passed on from a wise, older client.  He noted that the record prices for the best Bordeaux and Burgundy are being attributed to new European and Asian collectors, willing to pay anything to get the best wines.  While this is no doubt true, there are not an unlimited number of these collectors coming into the market.  As these very aggressive buyers buildup their holdings, they will slow down acquisitions.  My client notes that there has always been a new sector eager and willing to buy aggressively, but with time, prices moderate and the cycle begins anew.  As the wise oenophile Benjamin Franklin noted, “he that can have patience, can have what he will.”

– By Marc Lazar, Cellar Advisors 

Tasting 2004 Pedestal Merlot

With fall in the air in the Chicago area, we relaxed outdoors last night at the North Shore home of close friends. The gathering called for sensational wine. We opened the newly released 2004 Pedestal Merlot from Washington’s overachieving Columbia Valley. This is just the second vintage for Pedestal, one of the prestige labels under the Long Shadows winemaking project in Washington. (Long Shadows recently was named Winery of the Year by Food & Wine magazine). But Pedestal already has attracted an avid legion of fans who love its Bordeaux qualities.

Pomerol-based winemaker Michel Rolland (right) crafts Pedestal from Columbia Valley fruit. It took vineyards of extreme promise and, ultimately, quality to pull him away from his native France and numerous consulting duties. Rolland is the winemaking consultant as well to Staglin Family’s world-class wines produced in Napa Valley.

Knowing that the 2004 Pedestal is potentially 30 years from full maturity does not diminish the tasting experience. Not by a longshot.  We drank ours with marinated olives and a variety of cheeses including Manchego from Spain. Tasting this ‘04 Pedestal was long awaited. A nose of wonderfully ripe fruit is a hint of what’s to come. This an inky, full-bodied wine, 77% Merlot and 16% Cabernet Sauvignon (with trace percentages of Cabernet Franc and Petit Verdot). It is long on complexity. There is a lovely understated hint of chocolate and spice in every sip. Those who wait a few more years can expect to be rewarded with even greater intensity. Robert Parker Jr. forecasts this vintage will be going strong as far down the road as 2040.

« Previous Page — Next Page »