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For centuries, Bordeaux has
commanded an almost mythical status
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in the world of wine...
beguiling kings,
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emperors and dictators alike.
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While its survival is dependent
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on the capricious
nature of weather,
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its prosperity has always been tied
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to the shifting fortunes
of global economies.
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As powerful nations rise and fall,
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so does the fate of this place.
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♪ I put a spell on you
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♪ Because you're mine
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♪ You'd better stop
the things you do
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♪ I said,
"Watch out! I ain't lying"
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♪ I can't stand it
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♪ 'Cause you're runnin' around
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♪ I can't stand it
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♪ 'Cause you're puttin' me down
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♪ So I...
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♪ I put a spell on you
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♪ Whoa!
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♪ Because you're mine, you're mine
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♪ So I
So I-I-I put a spell on you
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♪ Because you're mine
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♪ Hey, yeah
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♪ You're mine, yeah
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♪ Because you're mine.
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I love the history of this place.
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I love the fact that it's been here
for hundreds and hundreds of years
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and it's endlessly changed
with the buffeting of history
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and the buffeting of politics
and the buffetings of taste.
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There's a wonderful story, too,
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about Samuel Pepys drinking
Haut-Brion in London in a tavern.
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That's 350 years ago he
drank that, and he said,
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"It's a wine of a most particular
taste," he said, "of which I know not."
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What exactly makes it so magical
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is obviously very difficult to
explain, just because... it's magical.
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The first vines were planted here
by the Romans over 2,000 years ago.
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The generations who have
worked this land since
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are the custodians of a
reputation built over centuries.
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Great wines... ha!... they are
as rare as great paintings
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or as great pieces of music.
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To make a great wine,
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it's not only a great terroir, a
great château, it's a great vintage.
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But then it's the human
factor, you know.
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You need love.
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You need to bring so much love
to your vines, to your vineyard.
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When I see on a cluster
of 200 or 300 berries,
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one which is slightly green,
I take it like that, you know.
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And I know it's not significant,
apparently,
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because one berry out
of 250 is nothing,
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especially when you think of
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those thousand... millions
of berries in the vineyard.
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But it's the love you bring
through that gesture, you see?
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That's very important.
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I enjoy the wine so much.
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I'm a drinker first,
more than a taster.
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I drink so much,
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that for me it's really
the pleasure of drinking.
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I'm not a great taster,
I'm a great drinker.
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I could qualify for that, I think.
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Maybe you see, because
we are after lunch,
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and it's true that I drunk more
than a bottle for lunch myself.
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You know, I had guests and
we were seven people.
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We had three magnums, so that's OK.
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When you taste the fruit,
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especially from a
block that you know,
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you ask it, "I know
you, little vineyard.
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"I know what is your soul.
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"I know who are you as a character.
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"But what do you have
to tell me this year?"
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We've been producing
wine here for 400 years,
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so it's very important
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to understand the history
of such a place,
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to understand the identity.
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So many people ran the
property before me
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that you really feel it every day.
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It's not just a question of
'terroir', as we say in French,
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it's a question of...
a piece of history,
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a soul, a style, a DNA.
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Protected from severe
Atlantic winds
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and warmed by the effects
of the Gironde estuary,
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these great estates are endowed
by nature with characteristics
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that cannot be found
anywhere else in the world.
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When I came here and they told me
these are the best pieces of land,
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I thought, "Sure."
You know, I mean, "Pebbles."
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But it's true... it's perfection.
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Thanks to the former generations,
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they have actually managed
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to pick the best plots
of land in the world...
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those little plots where the
drainage is done naturally,
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where nothing grows but the vines
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with the big pebbles to
keep the heat at night
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and to reflect the
sun in the daytime.
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It's a combination but
it took them centuries
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and we are just following
in their steps.
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When you live in a space like this,
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the space takes energy out of you.
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There's a link that is being built.
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Some of my friends say, "You've
been here for 17, 18 years.
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"Are you still amazed when
you arrive in this place?
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"Are you still enchanted?"
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And I say yes, because, actually,
I'm getting more and more,
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because I understand how
special this piece of land is.
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There's a vibration.
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There's a real vibration here.
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In 1855,
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Napoleon III ordered that the
finest wines of Bordeaux
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should be classified and
ranked in order of excellence.
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Of the thousands of châteaux,
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only a handful were rewarded
with 'Grand Cru' status.
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While some may argue that
the 1855 classification
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has become outdated,
these same châteaux
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remain the jewels in
the crown of Bordeaux.
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For many, these wines are
considered works of art,
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but, unlike a painting,
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wine only exists for that
brief instant in time
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after the cork gets pulled.
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It's a transient moment,
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but it can leave an
indelible impression.
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I had the privilege of having
a glass of Château Margaux
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which was made and bottled
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four years after the
French Revolution.
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Maybe Lafayette
himself had tried it.
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Maybe Jefferson had tried it.
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So you're one with them
in a very intimate way.
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When you start thinking about that,
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you realize that wine
really told a story.
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In the same moment of this
pleasure, this gratification,
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there was also a tale told
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about the history when
that wine was made...
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what was going on in the world
when that wine was made
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and, in particular,
a story about the place
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and the land and the weather.
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It's more than a manufactured
or agricultural product,
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it's something closer to a miracle.
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A miraculous wine
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is only achieved when
temperature, rain,
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sun and wind are delivered
in exact proportions.
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In 100 years,
you might get five or six
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legendary type of vintages.
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So just in recent memory,
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1961 was an absolutely brilliant
vintage for Bordeaux.
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The next after that, possibly...
well, in fact, is 1982.
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And after that, 2009.
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But this year may rewrite
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the Bordeaux history books.
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Producers and critics alike
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are predicting that the 2010
will be another perfect vintage.
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After the harvest of
2010, we realized that,
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yes, 2010 should be
such an extraordinary...
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not just great... but such an
extraordinary vintage as '09.
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And I just told myself,
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"But how will we be able
to tell that to people?"
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Because last year
I had personally told
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that I would probably
not see that again
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in my professional life.
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This is an extraordinary
coincidence
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of perfect climatic conditions.
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Each year in early spring,
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the Bordeaux wine producers
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host an event called 'En Primeur'.
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Here, like the catwalk at Milan,
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the new season's wines
are paraded before
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the most powerful and influential
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journalists and critics
in the wine world.
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A great wine just drills down
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into your psyche and your
perceptions and strikes a chord,
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and... you know, it's like
some brass instrument,
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it just goes "Ding, ding,
ding, ding, ding,"
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and then... bingo, it's great!
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And you respond in a
very sensual way.
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As soon as you have to use words
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to describe your sensation,
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you use words in a
part of your brain
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which is linked to your memory,
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to your history, to your taste,
to your education.
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In my brain, because it's
my background, it's music.
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This is like a voice, a wine.
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It's like an instrument with
what we call a 'timbre',
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which is different...
A Steinway has not the same...
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That's the difference between
a Lafite and a Latour,
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between a Guarnerius
and a Stradivarius.
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My perception is like that.
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I hear the wine, I don't smell.
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I can tell you about
my first ever Bordeaux
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and I'm still getting
memory from it now.
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It was when I was a student,
all those years ago.
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I'm still getting the pleasure
from that bottle of wine.
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It was as though you'd got
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a distillation of
something in this glass
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which we know came from fruit, but
all the fruit had long since gone.
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You were just left with this
ethereal, dreamy experience...
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and it was a revelation!
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Offering a wine En Primeur, which
basically means you are offering a wine
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which is not yet
bottled, not yet ready,
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means you are selling a
piece of excitement,
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of anticipation, of magic,
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and there must be some
hype and hope around this.
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So, clearly, it's part of the deal
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and that's why Bordeaux is
so famous around the world
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because Bordeaux is very good
at creating that excitement.
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With the 2009 vintage,
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the hype matched the
quality of the wines.
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This time around, we've
got an awful lot of hype.
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I wonder whether their wines
will actually deliver,
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and the proof, of course,
will be in the pudding.
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But behind all the excitement
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about whether the 2010
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will be another 'vintage of the
century' is the commercial reality
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that En Primeur is all about...
business.
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In the past 10 years,
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prices of the top Bordeaux wines
have risen by more than 1,000%.
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As the price of these wines
continues to escalate,
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the inevitable has happened...
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they've become too
valuable to drink.
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15 years ago, when I
started the company,
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I said that at some point in
the future, within 25 years,
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half of all the top wines bought
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will be bought for investment,
and people laughed at me.
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Now, you go and look at all the
traditional kind of wine companies
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and they've all got
investment teams.
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What are you paying on those?
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Close to four grand.
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Close to four grand?
Are you having a laugh?
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En Primeur is a
calculated investment.
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You're buying,
essentially, the wine
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because you think you're
getting it cheaper now
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and you're taking a credit risk
and a price risk on the future
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but, essentially, an En Primeur
purchase is an investment purchase,
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and once you understand that then you
start treating it slightly differently.
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Didn't he say he's got a few million
he's gotta sell today or tomorrow?
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He's got a couple million.
It's coming on to the market.
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Because those guys have
got a deadline on that stuff,
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00:16:49,549 --> 00:16:52,416
so he's got 3 million to 5
million, he's got to sell it.
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00:16:52,418 --> 00:16:55,920
Wine has outperformed the stock
markets, all the major markets...
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the Dow Jones, the FTSE, gold...
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00:16:59,525 --> 00:17:02,026
all these markets, since 1982.
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We were looking for some
Margaux, vintages from the '90s,
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those sort of lesser vintages,
as the market might call them.
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You want nine and a half?
That's interesting, OK.
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That gives me £100 profit
for my sale price.
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I mean, what do I need...?
Yeah, exactly...
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People will buy, and they'll spend
half a million or a million pounds,
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and buy, you know,
25 cases of Lafite
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00:17:27,186 --> 00:17:30,387
and 25 cases of Latour, and four
or five years time, they sell it.
246
00:17:30,389 --> 00:17:32,723
They've never seen the wine.
247
00:17:32,725 --> 00:17:35,192
They don't even know what
the bottle looks like.
248
00:17:37,095 --> 00:17:40,131
Here we've got X number
of thousand cases.
249
00:17:40,133 --> 00:17:42,233
Average value of each bottle
250
00:17:42,235 --> 00:17:45,069
would be approximately
400 or 500 euros a bottle,
251
00:17:45,071 --> 00:17:48,739
times by lot of number
of cases, times by 12.
252
00:17:49,908 --> 00:17:51,275
Work it out yourself.
253
00:17:54,379 --> 00:17:58,149
Well, the 2009 prices
hit an all-time high,
254
00:17:58,151 --> 00:18:02,920
absolutely astronomical prices,
and totally unexpected too.
255
00:18:02,922 --> 00:18:06,557
And now, with all the hype
that's been leading into
256
00:18:06,559 --> 00:18:09,560
this Primeur campaign
for the 2010 vintage...
257
00:18:10,729 --> 00:18:13,297
..there is this real
worry that the Bordelais
258
00:18:13,299 --> 00:18:17,034
are going to take it to
another unprecedented level.
259
00:18:21,706 --> 00:18:23,574
These extraordinary rises
260
00:18:23,576 --> 00:18:26,544
have put significant pressure
on traditional markets.
261
00:18:29,147 --> 00:18:33,184
Bordeaux's most important
customer of the last 30 years,
262
00:18:33,186 --> 00:18:35,853
already battered by the
global financial crisis,
263
00:18:38,223 --> 00:18:41,559
The Americans are not going to
be buying anything from 2010.
264
00:18:42,627 --> 00:18:45,162
They didn't buy anything in '09.
265
00:18:45,164 --> 00:18:48,566
A few people will buy,
but America used to be
266
00:18:48,568 --> 00:18:50,434
the biggest market in the
world for these wines
267
00:18:50,436 --> 00:18:52,837
and it's not anymore,
the prices are just too high.
268
00:18:52,839 --> 00:18:54,705
They've priced themselves
out of the market.
269
00:18:54,707 --> 00:18:57,775
There's nothing, you know,
left to say about that.
270
00:19:02,047 --> 00:19:03,814
But prices for the new wines
271
00:19:03,816 --> 00:19:07,251
are not fixed until the
critics reveal their scores.
272
00:19:08,420 --> 00:19:10,187
The higher the scores,
273
00:19:10,189 --> 00:19:12,890
the higher the prices
set by the châteaux...
274
00:19:12,892 --> 00:19:15,860
a situation not all
critics are happy about.
275
00:19:17,829 --> 00:19:21,365
This time of year, when I'm
looking at the young wines
276
00:19:21,367 --> 00:19:24,034
and I'm trying to work out
277
00:19:24,036 --> 00:19:26,837
what they will be in 20 years time,
278
00:19:26,839 --> 00:19:29,607
but a lot of the overlay
of my perception is...
279
00:19:31,176 --> 00:19:34,545
.."How much money are they
trying to squeeze out of us?"
280
00:19:36,481 --> 00:19:39,950
We are all pawns,
we are all part of
281
00:19:39,952 --> 00:19:43,487
helping the Bordeaux château owners
get as much money as possible.
282
00:19:48,493 --> 00:19:50,527
Ah, yes, of course, money!
283
00:19:50,529 --> 00:19:53,364
Money conducts the world,
you know.
284
00:19:57,736 --> 00:20:02,706
Bordeaux is all about trade, it's all
about politics, it's all about history.
285
00:20:02,708 --> 00:20:05,142
What makes its heart beat
286
00:20:05,144 --> 00:20:07,978
is not, "Gosh, I've just made a
beautiful cabernet sauvignon.
287
00:20:07,980 --> 00:20:09,880
"Ooh, do come along
and taste it with me,"
288
00:20:09,882 --> 00:20:13,083
but, "I'm powerful and I want
to be richer than I am,
289
00:20:13,085 --> 00:20:15,819
"I want to be more powerful than
I am... and I know how to do it!"
290
00:20:19,491 --> 00:20:23,761
The critics reveal their
scores and confirm the hype.
291
00:20:23,763 --> 00:20:27,965
The 2010 is another
miracle vintage.
292
00:20:31,169 --> 00:20:34,705
Internationally renowned
critic Robert Parker
293
00:20:34,707 --> 00:20:39,677
scores perfect 100s for the top
wines, but warns the châteaux
294
00:20:39,679 --> 00:20:42,746
that they should drop
their prices this year,
295
00:20:42,748 --> 00:20:46,016
or suffer the consequences
of an overheated market.
296
00:20:47,619 --> 00:20:49,286
If you're pushing your prices up
297
00:20:49,288 --> 00:20:52,756
and you're pushing your clients
to pay more for the wines
298
00:20:52,758 --> 00:20:55,626
that they've been buying for
years and years and years,
299
00:20:55,628 --> 00:20:58,929
you really run the risk
of completely and utterly
300
00:20:58,931 --> 00:21:00,851
divorcing your traditional markets.
301
00:21:03,001 --> 00:21:06,503
Ignoring Parker's warning,
the major châteaux
302
00:21:06,505 --> 00:21:10,341
immediately raise the
prices of the 2010 vintage
303
00:21:10,343 --> 00:21:12,009
to an all-time high,
304
00:21:12,011 --> 00:21:16,880
as much as 40% up on the
record 2009 vintage.
305
00:21:23,688 --> 00:21:27,124
But the risk they are
taking is a calculated one.
306
00:21:28,226 --> 00:21:30,828
Bordeaux's fate has
always been tied
307
00:21:30,830 --> 00:21:33,130
to the fluctuations
of global markets.
308
00:21:34,566 --> 00:21:37,568
With one superpower
having fallen away,
309
00:21:37,570 --> 00:21:40,504
they're now turning their
attention to another.
310
00:22:28,353 --> 00:22:33,190
Well, as of today, we've got 271
known US-dollar billionaires.
311
00:22:33,192 --> 00:22:36,727
And that compares with,
say, 10 years ago, of 1.
312
00:22:36,729 --> 00:22:40,364
So we've gone from 1 to
271 known billionaires,
313
00:22:40,366 --> 00:22:43,534
but you have to take into account
that the wealth in China
314
00:22:43,536 --> 00:22:45,069
is a little bit like an iceberg.
315
00:22:45,071 --> 00:22:48,672
So what you can see on the top
is only a small proportion
316
00:22:48,674 --> 00:22:51,241
of what the total wealth
picture would actually be.
317
00:22:51,243 --> 00:22:53,243
So, if you were polite,
318
00:22:53,245 --> 00:22:55,412
and you say that for every
one person that we've found,
319
00:22:55,414 --> 00:22:58,515
we've missed at least
one, that means, today,
320
00:22:58,517 --> 00:23:01,051
China's probably got around
600 US-dollar billionaires.
321
00:23:01,053 --> 00:23:02,553
That's more than the US.
322
00:23:04,923 --> 00:23:06,557
It's going to be a great tasting.
323
00:23:06,559 --> 00:23:08,759
I hope you get a chance to
taste these wonderful wines.
324
00:23:08,761 --> 00:23:10,260
So, thank you very much.
325
00:23:10,262 --> 00:23:11,862
Hey, everybody, come here.
326
00:23:11,864 --> 00:23:13,363
Put your hands together.
Come on.
327
00:23:13,365 --> 00:23:14,998
Let's do it. Yeah?
328
00:23:15,000 --> 00:23:17,401
Yeah!
329
00:23:17,403 --> 00:23:21,672
Right now, I think everyone
has the wine fever.
330
00:23:24,909 --> 00:23:28,712
How extreme that is
depends on their time
331
00:23:28,714 --> 00:23:30,380
and disposable income.
332
00:23:30,382 --> 00:23:33,650
It's a real honor and a pleasure
333
00:23:33,652 --> 00:23:36,286
to have Robert Parker in Hong Kong.
334
00:23:41,559 --> 00:23:45,429
The economic growth rate of
China over the past 10 years
335
00:23:45,431 --> 00:23:48,665
has been the fastest
in human history.
336
00:23:48,667 --> 00:23:51,735
China, including Hong Kong,
337
00:23:51,737 --> 00:23:55,939
has now become the largest importer
of Bordeaux wines in the world.
338
00:23:55,941 --> 00:23:58,609
They just erupted,
339
00:23:58,611 --> 00:24:01,078
and we were afraid
340
00:24:01,080 --> 00:24:06,550
of not being able to cope
with such a fast change
341
00:24:06,552 --> 00:24:09,853
when we didn't know the country
342
00:24:09,855 --> 00:24:13,757
and we didn't know the
people, the culture.
343
00:24:13,759 --> 00:24:17,094
So we thought that it
was very necessary
344
00:24:17,096 --> 00:24:18,829
to have somebody based there.
345
00:24:18,831 --> 00:24:21,765
Welcome to Beijing!
346
00:24:24,035 --> 00:24:25,702
We're very happy to sponsor
347
00:24:25,704 --> 00:24:27,371
one of the best events
in China this year.
348
00:24:27,373 --> 00:24:31,074
And we are very, very happy to be
here with so many beautiful girls.
349
00:24:31,076 --> 00:24:34,611
The idea was to promote the
beauty of women in China,
350
00:24:34,613 --> 00:24:36,647
and to promote the beauty
of wine from France.
351
00:24:36,649 --> 00:24:38,448
So we did a kind of combination
352
00:24:38,450 --> 00:24:42,619
for the election last year of Miss
China Universe in a very special party
353
00:24:42,621 --> 00:24:44,788
where the goal was to
teach how to drink wine
354
00:24:44,790 --> 00:24:47,391
to 32 of the most
beautiful women in China.
355
00:24:47,393 --> 00:24:51,461
Compared to France, where my generation
is less excited by wine than before,
356
00:24:51,463 --> 00:24:53,730
because we've had wine
for hundreds of years...
357
00:24:53,732 --> 00:24:55,599
in China, it's very new.
358
00:24:57,202 --> 00:25:00,904
In some small cities in China, you
arrive, there's a big red carpet,
359
00:25:00,906 --> 00:25:03,640
they bring two Rolls-Royce
to take care of you,
360
00:25:03,642 --> 00:25:06,376
with hundreds of people on
the side of the carpet.
361
00:25:06,378 --> 00:25:10,881
And you feel, "Am I at the
Cannes Film Festival, or what?"
362
00:25:10,883 --> 00:25:13,250
But this is China getting
excited by wine,
363
00:25:13,252 --> 00:25:15,185
getting obsessed,
in a way, by wine,
364
00:25:15,187 --> 00:25:17,621
because it's new,
it's fun, it's French,
365
00:25:17,623 --> 00:25:20,357
and we have so much
potential in this market.
366
00:25:44,048 --> 00:25:46,917
The Chinese market has
been so enthusiastic
367
00:25:46,919 --> 00:25:51,221
that they have driven prices
up to unprecedented levels
368
00:25:51,223 --> 00:25:55,993
where a lot of traditional customers
can't or don't want to follow.
369
00:26:00,131 --> 00:26:04,067
It would be terrible for us to
lose our traditional markets,
370
00:26:04,069 --> 00:26:06,703
because still the
traditional customers
371
00:26:06,705 --> 00:26:09,439
share our taste and culture.
372
00:26:11,576 --> 00:26:16,446
It would be a big loss, and we
are slightly worried, true.
373
00:26:16,448 --> 00:26:21,084
The problem is that we don't see
what we can do to change that.
374
00:26:23,388 --> 00:26:25,489
I think the Bordelais run the risk
375
00:26:25,491 --> 00:26:28,025
of relying on the China
market too much.
376
00:26:28,027 --> 00:26:31,928
I think that China has got a way to
go in terms of the overall market.
377
00:26:31,930 --> 00:26:34,398
And there's no track record
378
00:26:34,400 --> 00:26:38,101
or any long-term relationships
or anything like that.
379
00:26:38,103 --> 00:26:39,970
I mean, that market can disappear
380
00:26:39,972 --> 00:26:43,240
as quickly as it appeared.
381
00:26:45,777 --> 00:26:49,579
The voracious nature of
Bordeaux's newest customer
382
00:26:49,581 --> 00:26:53,417
can partly be explained by
events in its recent past.
383
00:26:57,155 --> 00:26:59,856
Mao Zedong's Cultural Revolution
384
00:26:59,858 --> 00:27:02,926
saw nationwide repression
and persecution
385
00:27:02,928 --> 00:27:04,428
in the name of change.
386
00:27:08,666 --> 00:27:11,001
I worked with many people
387
00:27:11,003 --> 00:27:14,738
who had suffered in
different degrees
388
00:27:14,740 --> 00:27:16,239
in the Cultural Revolution.
389
00:27:16,241 --> 00:27:18,575
All of them had one
thing in common...
390
00:27:18,577 --> 00:27:21,578
that they never wanted to
look back to that period.
391
00:27:24,082 --> 00:27:28,185
In the late '70s, China's leadership
began lifting the sanctions
392
00:27:28,187 --> 00:27:31,621
on private ownership
and personal wealth.
393
00:27:31,623 --> 00:27:36,193
The transition to a market
economy was meant to be gradual.
394
00:27:36,195 --> 00:27:41,431
But after 30 years of isolation, the
Chinese people had other ideas.
395
00:27:45,370 --> 00:27:50,173
There was a huge pent-up
energy that you could sense,
396
00:27:50,175 --> 00:27:53,910
particularly amongst what
many people would call
397
00:27:53,912 --> 00:27:56,480
a 'lost generation'.
398
00:27:56,482 --> 00:27:59,216
By that time the lid was off
399
00:27:59,218 --> 00:28:03,954
and the people were looking
to regain, if you like,
400
00:28:03,956 --> 00:28:08,658
the entrepreneurial space that
had always existed in China,
401
00:28:08,660 --> 00:28:10,327
but had been contained for so long.
402
00:28:10,329 --> 00:28:13,797
There was a lot of catch-up to do
403
00:28:13,799 --> 00:28:16,933
and I think one of the
most astonishing things
404
00:28:16,935 --> 00:28:19,503
over the last 30
years, that I've seen,
405
00:28:19,505 --> 00:28:21,772
is the speed of that catch-up.
406
00:28:34,520 --> 00:28:38,221
When I first came to China
to do the television shows,
407
00:28:38,223 --> 00:28:41,491
there was no middle class,
there was only one class.
408
00:28:41,493 --> 00:28:43,894
So it was a very interesting time.
409
00:28:43,896 --> 00:28:47,330
And to see it grow,
like in the last 25 years,
410
00:28:47,332 --> 00:28:51,067
to this type of a
degree, is amazing.
411
00:28:55,072 --> 00:28:57,407
The Chinese have always been taught
412
00:28:57,409 --> 00:29:01,178
that a nail that sticks out
has to be pounded down.
413
00:29:01,180 --> 00:29:02,879
So that has been the culture.
414
00:29:02,881 --> 00:29:06,883
You always want to
hide in the masses.
415
00:29:06,885 --> 00:29:10,187
So they used to wear the
same kind of hairstyle,
416
00:29:10,189 --> 00:29:14,991
the same kind of clothes, the
same color of clothes even.
417
00:29:14,993 --> 00:29:20,096
But it is in the last 20 years that
the opening has done to the Chinese,
418
00:29:20,098 --> 00:29:24,468
that they are beginning
to have an individuality.
419
00:29:48,192 --> 00:29:49,960
20 or 30 years ago,
420
00:29:49,962 --> 00:29:53,597
when China opened up for the
first time, nobody had any cash.
421
00:29:53,599 --> 00:29:57,467
So all the money has been made,
really, over the last 30 years.
422
00:29:57,469 --> 00:30:01,638
It's been the largest privatization
in the world, pretty much, ever.
423
00:30:01,640 --> 00:30:03,540
I'm looking forward to
our skiing holiday.
424
00:30:03,542 --> 00:30:05,542
Yes.
425
00:30:12,183 --> 00:30:16,186
If they've lived through
the Cultural Revolution,
426
00:30:16,188 --> 00:30:19,189
this means they've gone
to hell and come back.
427
00:30:19,191 --> 00:30:22,559
So, when the Chinese do things,
428
00:30:22,561 --> 00:30:25,262
as is so obvious now
to the modern world,
429
00:30:25,264 --> 00:30:30,066
in a business venture, or any
venture, for that matter,
430
00:30:30,068 --> 00:30:31,868
the Chinese have no fear.
431
00:30:31,870 --> 00:30:37,641
Because they say,
"Well, how worse off can we be?
432
00:30:37,643 --> 00:30:40,076
"We can just start
from zero again."
433
00:30:40,078 --> 00:30:41,545
It wouldn't bother them at all.
434
00:30:42,747 --> 00:30:45,515
This is why China is so dynamic.
435
00:30:45,517 --> 00:30:47,951
People shoot for the stars.
436
00:31:06,604 --> 00:31:10,106
As China began opening up,
it looked to the West
437
00:31:10,108 --> 00:31:14,878
for ways of expressing its
wealth, power and modernity.
438
00:31:14,880 --> 00:31:17,047
Now, China's newly affluent
439
00:31:17,049 --> 00:31:20,183
are a magnet for the most
luxurious brands in the world.
440
00:31:21,819 --> 00:31:23,720
The Chinese luxury
consumer today...
441
00:31:23,722 --> 00:31:25,255
you could say he's on steroids.
442
00:31:25,257 --> 00:31:29,125
He's had every single luxury
brand pumped into his system,
443
00:31:29,127 --> 00:31:31,795
and it's really been happening
over the last 10 years.
444
00:31:33,564 --> 00:31:36,900
And competing in this
aggressive luxury market
445
00:31:36,902 --> 00:31:38,602
are the fine wines of Bordeaux.
446
00:31:40,671 --> 00:31:43,740
Margaux is always compared
like a luxury brand.
447
00:31:43,742 --> 00:31:46,076
But, for me, we are very...
a bit frustrated,
448
00:31:46,078 --> 00:31:47,577
because Margaux can't do
449
00:31:47,579 --> 00:31:49,713
what Hermès or Louis
Vuitton is doing.
450
00:31:49,715 --> 00:31:51,414
Because if they train
a few more people,
451
00:31:51,416 --> 00:31:54,050
if they buy the right raw
material, the right leather,
452
00:31:54,052 --> 00:31:56,252
they can always produce
a few more bags.
453
00:31:56,254 --> 00:31:58,722
We are limited by nature,
by climate,
454
00:31:58,724 --> 00:32:01,358
so we can't make one
more bottle of wine.
455
00:32:01,360 --> 00:32:03,093
I mean, how many companies
456
00:32:03,095 --> 00:32:05,729
didn't see their potential
production change for 400 years?
457
00:32:05,731 --> 00:32:07,263
It even went down,
458
00:32:07,265 --> 00:32:09,625
because we had to be more
selective to make more quality.
459
00:32:12,570 --> 00:32:16,006
Wine now is the new Silk Road.
460
00:32:16,008 --> 00:32:18,608
It is one of the intermediaries
461
00:32:18,610 --> 00:32:22,812
to connect China to the
rest of the world.
462
00:32:25,516 --> 00:32:27,183
I mean, you look at China now,
463
00:32:27,185 --> 00:32:29,085
they're all dressed in a
shirt and tie, like me.
464
00:32:29,087 --> 00:32:30,687
It's part of the Westernization...
465
00:32:30,689 --> 00:32:33,056
they wear it on the
top of their skin.
466
00:32:33,058 --> 00:32:36,126
Now you're talking about wine,
that they swallow it...
467
00:32:37,094 --> 00:32:39,062
..inside their body.
468
00:32:39,064 --> 00:32:43,033
I mean, now they swallow
the Western civilization
469
00:32:43,035 --> 00:32:45,402
inside their body,
in their bloodstream.
470
00:32:49,840 --> 00:32:54,511
I think there's always been an
interest in wine made from grapes
471
00:32:54,513 --> 00:32:57,814
as an element of exoticism.
472
00:32:57,816 --> 00:33:01,384
Now, normally, in the West, we view
exoticism as coming from the East...
473
00:33:01,386 --> 00:33:03,153
Orientalism, if you were...
474
00:33:03,155 --> 00:33:08,158
but here there is a type of
exoticism coming from the West.
475
00:33:08,160 --> 00:33:10,393
They've made a lot of money.
476
00:33:10,395 --> 00:33:13,329
I've dealt with people
who have done things
477
00:33:13,331 --> 00:33:16,299
like blown $42 million on
building a private wine club.
478
00:33:16,301 --> 00:33:18,802
It's because it's viewed
as being civilized,
479
00:33:18,804 --> 00:33:24,307
as understanding Western culture and as
bringing it together with Chinese ideas.
480
00:33:24,309 --> 00:33:29,345
When they buy the wine, they buy the
wine as a symbol of their status,
481
00:33:29,347 --> 00:33:32,982
as a symbol of what they
have achieved in China.
482
00:33:32,984 --> 00:33:36,986
There's different ways of marking
ourselves out from the rest of the herd
483
00:33:36,988 --> 00:33:39,823
and one of these is a
bottle of Lafite, you know.
484
00:33:39,825 --> 00:33:41,558
And it really sets their stage.
485
00:33:41,560 --> 00:33:44,594
It gives them position,
it gives them face,
486
00:33:44,596 --> 00:33:47,163
it gives them a way of
presenting themselves
487
00:33:47,165 --> 00:33:51,668
as being knowledgeable
about Western wine culture
488
00:33:51,670 --> 00:33:54,838
in a very safe and comfortable way.
489
00:33:59,110 --> 00:34:01,911
Peter Tseng is a
wealthy industrialist
490
00:34:01,913 --> 00:34:04,848
from Shenzhen in South China.
491
00:34:04,850 --> 00:34:06,883
He is recognized internationally
492
00:34:06,885 --> 00:34:09,986
as the most successful
entrepreneur in his field.
493
00:34:13,190 --> 00:34:15,859
His vast wine collection
is acknowledged
494
00:34:15,861 --> 00:34:18,027
as one of the finest in the world,
495
00:34:18,029 --> 00:34:21,831
and is valued at upwards
of US$60 million.
496
00:34:54,265 --> 00:34:59,269
Peter made his fortune as a
manufacturer in the pleasure industry.
497
00:35:48,953 --> 00:35:52,188
George Tong is listed
as one of the power elite
498
00:35:52,190 --> 00:35:54,691
by 'Hong Kong Tatler' magazine.
499
00:35:55,993 --> 00:36:01,531
He is vice-president and executive
director of Wong Hau Plastic Works,
500
00:36:01,533 --> 00:36:05,668
one of the largest doll manufacturing
companies in the world.
501
00:36:05,670 --> 00:36:07,503
Will you play with us?
502
00:36:07,505 --> 00:36:11,007
Well, I started collecting
wine around 2003,
503
00:36:11,009 --> 00:36:13,209
so it's about eight years already.
504
00:36:13,211 --> 00:36:17,146
It seems like a long time,
but actually it's very young
505
00:36:17,148 --> 00:36:19,315
if you look at a
collector's point of view.
506
00:36:23,821 --> 00:36:27,290
When I first visited Bordeaux,
I was like a little child...
507
00:36:27,292 --> 00:36:30,927
I'd known Mickey Mouse a long
time, for a few years already,
508
00:36:30,929 --> 00:36:34,350
I'd known Donald Duck, but I'd
never been to Disneyland.
509
00:36:39,937 --> 00:36:42,405
And they have so many
different areas...
510
00:36:42,407 --> 00:36:47,510
there's the Adventureland,
there's the Tomorrowland,
511
00:36:47,512 --> 00:36:49,879
there's the Frontierland,
512
00:36:49,881 --> 00:36:52,315
so there are different
areas that I can explore,
513
00:36:52,317 --> 00:36:55,952
and every area there's
so many attractions.
514
00:36:58,722 --> 00:37:01,157
Cheese!
515
00:37:01,159 --> 00:37:05,528
The number of Chinese people who were down
there tasting the wines was extraordinary.
516
00:37:05,530 --> 00:37:07,030
One château I went to
517
00:37:07,032 --> 00:37:10,433
said that 400 Chinese
visitors came in September.
518
00:37:10,435 --> 00:37:14,370
I mean, this is extraordinary...
no château gets that in any month.
519
00:37:16,173 --> 00:37:19,042
We were very lucky to be the
only château in Bordeaux
520
00:37:19,044 --> 00:37:21,911
visited by President
Hu Jintao, in 2001.
521
00:37:21,913 --> 00:37:23,479
I remember, I was 15.
522
00:37:23,481 --> 00:37:26,516
I saw him from far away,
surrounded by many bodyguards.
523
00:37:26,518 --> 00:37:28,084
But I tell people
when I do dinners,
524
00:37:28,086 --> 00:37:31,888
"You know, President Hu Jintao
visited Château Margaux in 2001
525
00:37:31,890 --> 00:37:34,190
"but, at that time, he was
only the vice-president.
526
00:37:34,192 --> 00:37:36,092
"And then he drank some Margaux '82
527
00:37:36,094 --> 00:37:38,528
"and he became the
President of China!"
528
00:37:49,974 --> 00:37:51,641
A lot of Chinese, actually.
529
00:37:51,643 --> 00:37:53,176
For now three years in Bordeaux,
530
00:37:53,178 --> 00:37:55,278
we have a lot of Chinese people
very interested in wine.
531
00:37:55,280 --> 00:37:58,581
But not exactly in wine...
just in two labels,
532
00:37:58,583 --> 00:38:01,017
two or three different
labels and just it.
533
00:38:01,019 --> 00:38:04,520
They just look for this wine...
Lafite and Latour.
534
00:38:05,756 --> 00:38:09,993
In the Chinese market
today, quality is important
535
00:38:09,995 --> 00:38:13,129
but brand name recognition
is everything.
536
00:38:14,365 --> 00:38:18,801
An element I found difficult
to deal with in China
537
00:38:18,803 --> 00:38:21,571
is this branding aspect.
538
00:38:21,573 --> 00:38:27,143
As a French person and as
a younger wine amateur
539
00:38:27,145 --> 00:38:32,582
we've always treated the wines
from where they come from.
540
00:38:32,584 --> 00:38:37,286
Before the brands,
these wines are pieces of land
541
00:38:37,288 --> 00:38:40,223
and have been pieces of land
where wine has been produced
542
00:38:40,225 --> 00:38:42,725
for the last 600, 700 years,
543
00:38:42,727 --> 00:38:45,495
as long as we can
go back in history.
544
00:38:45,497 --> 00:38:49,499
Probably in China more than
in any other countries,
545
00:38:49,501 --> 00:38:53,669
I try to take the wine
amateur the other way,
546
00:38:53,671 --> 00:38:56,272
to bring them from
the brand they knew
547
00:38:56,274 --> 00:38:59,842
to the land that
started everything.
548
00:38:59,844 --> 00:39:04,347
And this journey is
very important for us.
549
00:39:10,487 --> 00:39:12,789
When foreigners come to China,
550
00:39:12,791 --> 00:39:15,925
they go into a Chinese
restaurant, you open the menu.
551
00:39:15,927 --> 00:39:18,761
Oh, my God, there's,
like, a hundred things on it,
552
00:39:18,763 --> 00:39:20,797
they're written in squiggly writing
553
00:39:20,799 --> 00:39:22,799
and you're not quite
sure what it means.
554
00:39:22,801 --> 00:39:26,202
So, as a consequence, most people
dealing with that situation
555
00:39:26,204 --> 00:39:28,371
order the same dishes over again...
556
00:39:28,373 --> 00:39:32,008
the sweet-and-sour pork, the
fried rice, the fried noodles.
557
00:39:32,010 --> 00:39:36,279
It's easy, it's what's famous,
it's what they understand.
558
00:39:36,281 --> 00:39:39,916
And, for a Chinese person coming
to wine, it's the same thing.
559
00:39:39,918 --> 00:39:45,354
Funny labels, funny names...
how do you understand this?
560
00:39:45,356 --> 00:39:47,356
Wine has this incredible problem...
561
00:39:47,358 --> 00:39:51,127
it's very difficult to
enter into by externals.
562
00:39:51,129 --> 00:39:54,864
So what do you do when a
subject's difficult like that?
563
00:39:54,866 --> 00:39:57,667
You have to go by famous brands.
564
00:39:57,669 --> 00:40:01,637
And the Bordelais have
done an awfully good job
565
00:40:01,639 --> 00:40:04,207
of marketing and
promoting themselves
566
00:40:04,209 --> 00:40:07,176
as the premier wine
brand in the world.
567
00:40:08,712 --> 00:40:11,481
All five of the
first-growth châteaux
568
00:40:11,483 --> 00:40:15,017
have achieved spectacular
brand recognition in China.
569
00:40:15,019 --> 00:40:18,988
But there is one that stands head
and shoulders above the rest.
570
00:40:45,782 --> 00:40:48,284
Theories abound as to
why Château Lafite
571
00:40:48,286 --> 00:40:53,122
has been able to penetrate the
Chinese market so successfully.
572
00:40:53,124 --> 00:40:59,128
I think the secret of Lafite
is in the soil by itself.
573
00:41:00,297 --> 00:41:01,964
There is a style,
574
00:41:01,966 --> 00:41:06,068
there is something coming,
vintage by vintage,
575
00:41:06,070 --> 00:41:10,673
and when we have the possibility to
taste some old vintages of Lafite,
576
00:41:10,675 --> 00:41:14,210
all the time there is
something by the nose
577
00:41:14,212 --> 00:41:17,280
which is Lafite style.
578
00:41:17,282 --> 00:41:20,082
Yesterday a customer of mine
told me, because I asked him...
579
00:41:20,084 --> 00:41:22,818
every time I ask,
"Why especially Lafite?"...
580
00:41:22,820 --> 00:41:26,055
and they say, "Because in China
we think that Lafite
581
00:41:26,057 --> 00:41:28,824
"is very good for the health
of ladies, for the skin.
582
00:41:28,826 --> 00:41:31,661
"If you drink Lafite,
you have beautiful skin."
583
00:41:31,663 --> 00:41:35,831
Anyone who remembers Hong Kong
gangster movies of the '90s...
584
00:41:35,833 --> 00:41:38,501
what did the big guys call for?
585
00:41:54,952 --> 00:41:57,887
In China, as well
as in most of Asia,
586
00:41:57,889 --> 00:42:00,356
it's still a very
hierarchical society,
587
00:42:00,358 --> 00:42:03,125
which means that the
opinion leaders,
588
00:42:03,127 --> 00:42:06,295
their opinions matter a lot.
589
00:42:06,297 --> 00:42:12,702
Whatever purchases they make
or whatever brands they favor,
590
00:42:12,704 --> 00:42:18,007
it trickles down to the rest of
the society almost effortlessly,
591
00:42:18,009 --> 00:42:20,343
and without a huge
marketing effort.
592
00:42:20,345 --> 00:42:23,279
So, did Lafite make a huge
marketing effort in China?
593
00:42:23,281 --> 00:42:24,780
No, not in the beginning.
594
00:42:27,651 --> 00:42:32,455
Numerology plays a significant role
in the day-to-day life in China.
595
00:42:32,457 --> 00:42:35,324
Luck and prosperity
are believed to flow
596
00:42:35,326 --> 00:42:38,094
from the right
combination of numbers.
597
00:42:40,764 --> 00:42:44,600
And the number 8 is the
most auspicious of all.
598
00:42:48,038 --> 00:42:51,340
In 2008, Lafite made a small
change to their bottle...
599
00:42:52,843 --> 00:42:56,912
placing the Chinese number
8 just above the label.
600
00:42:56,914 --> 00:42:59,415
Was it purely marketing?
Perhaps.
601
00:42:59,417 --> 00:43:02,151
Was it a longer-term
strategy to say,
602
00:43:02,153 --> 00:43:06,289
"We are being more sensitive
to the Chinese culture
603
00:43:06,291 --> 00:43:08,624
and trying to
understand the market"?
604
00:43:08,626 --> 00:43:11,093
That could be, you know,
a deeper message.
605
00:43:12,562 --> 00:43:16,098
The day that came out and it had
the number 8 on top of the bottle,
606
00:43:16,100 --> 00:43:17,867
we were with a Chinese
customer for lunch,
607
00:43:17,869 --> 00:43:20,870
and we passed him the news
article and I said, you know,
608
00:43:20,872 --> 00:43:25,675
"What do you think? Is this just rampant
commercialism, "or is this significant?"
609
00:43:25,677 --> 00:43:28,010
And he read the whole
article very studiously,
610
00:43:28,012 --> 00:43:29,679
pushed it across the
table, and said,
611
00:43:29,681 --> 00:43:32,782
"This is now the most valuable
bottle of Lafite you can buy.
612
00:43:32,784 --> 00:43:35,651
"Because what you're doing
is giving luck, fortune...
613
00:43:35,653 --> 00:43:38,387
"..you're giving the lucky
number 8 to someone to say,
614
00:43:38,389 --> 00:43:40,456
"you know, 'This is how
much I respect you.'."
615
00:43:40,458 --> 00:43:44,360
So, even though Lafite '82
is £60,000 a case,
616
00:43:44,362 --> 00:43:48,030
this is actually significantly
more of a gift.
617
00:43:49,266 --> 00:43:54,236
Sales of Lafite 2008
soared overnight.
618
00:43:55,772 --> 00:44:00,576
There was one point when a
customer from Macau called us up
619
00:44:00,578 --> 00:44:06,148
and bought well over 80 cases
of Lafite 2008 in one go.
620
00:44:06,150 --> 00:44:08,551
And he paid with cash.
621
00:44:08,553 --> 00:44:13,289
That was the... that was a very
interesting transaction for us.
622
00:44:13,291 --> 00:44:19,061
Lafite alone last year, we sold
£27 million worth of Lafite.
623
00:44:19,063 --> 00:44:21,697
On its own. One brand.
624
00:44:23,400 --> 00:44:27,203
And that is out of £130 million,
£140 million worth of sales.
625
00:44:27,205 --> 00:44:29,572
So, that's how big that brand is.
626
00:44:29,574 --> 00:44:31,640
Just the one. One brand.
627
00:44:49,426 --> 00:44:52,395
Is China just another market?
628
00:44:52,397 --> 00:44:57,233
Clearly no, because the
potential in volume
629
00:44:57,235 --> 00:45:01,537
of this market creates a
real pressure on demand.
630
00:45:02,639 --> 00:45:04,707
Probably at the scale
631
00:45:04,709 --> 00:45:09,578
that the United States was
in the beginning of the '50s
632
00:45:09,580 --> 00:45:12,982
and then on to the
'80s and early '90s.
633
00:45:12,984 --> 00:45:16,085
That's clearly the same...
the same scale.
634
00:45:16,087 --> 00:45:20,423
And it's probably going faster...
even faster than the US.
635
00:45:25,562 --> 00:45:29,432
Pressure from Chinese
consumers is now so great
636
00:45:29,434 --> 00:45:31,667
that it's beginning
to impact heavily
637
00:45:31,669 --> 00:45:35,938
on the cellar stocks of the great
châteaux... stocks that include
638
00:45:35,940 --> 00:45:39,909
old and rare vintages dating
back hundreds of years.
639
00:45:39,911 --> 00:45:43,479
The Chinese are big
customers of ours,
640
00:45:43,481 --> 00:45:47,917
and we don't always let them
have what they want.
641
00:45:47,919 --> 00:45:51,754
If you were to accept every
single customer's requests
642
00:45:51,756 --> 00:45:54,824
on old vintages,
this place would be empty.
643
00:45:54,826 --> 00:45:59,328
A customer from Asia has
contacted me recently...
644
00:45:59,330 --> 00:46:02,198
emailed me every single
day for the last week
645
00:46:02,200 --> 00:46:05,100
to sell him a case of
Mouton Rothschild '45...
646
00:46:05,102 --> 00:46:08,637
which we sell at
18,000 euros a bottle.
647
00:46:09,706 --> 00:46:13,676
So, he'd have bought at 23,000,
24,000 euros, including VAT.
648
00:46:13,678 --> 00:46:16,445
Times by 12.
649
00:46:16,447 --> 00:46:19,215
And he's basically insisting
on me selling him a case.
650
00:46:19,217 --> 00:46:20,783
But, unfortunately, we can't,
651
00:46:20,785 --> 00:46:24,286
so I've offered a bottle
and he's not wildly happy.
652
00:46:39,736 --> 00:46:43,305
With demand massively
exceeding supply,
653
00:46:43,307 --> 00:46:46,709
wine fever is fueling
fierce competition
654
00:46:46,711 --> 00:46:49,111
in the auction rooms of Hong Kong.
655
00:47:09,566 --> 00:47:14,003
For many, it is becoming
a kind of an obsession.
656
00:47:15,939 --> 00:47:18,541
I like to attend the auctions.
657
00:47:18,543 --> 00:47:22,211
I like the bidding.
I like the excitement.
658
00:47:23,246 --> 00:47:26,248
I just want to own it.
659
00:47:26,250 --> 00:47:28,851
Whether I would drink it
or not, I don't know.
660
00:47:28,853 --> 00:47:32,788
But there... it's something that I
really want, and I have to get it.
661
00:47:32,790 --> 00:47:37,927
When I'm bidding so aggressively,
I don't see anybody around me...
662
00:47:37,929 --> 00:47:40,996
all I know is the
auctioneer and myself.
663
00:47:40,998 --> 00:47:44,366
No matter what, this is what I
want... I want to bring it home.
664
00:47:44,368 --> 00:47:48,103
When I attended the
ex-Château Lafite auction,
665
00:47:48,105 --> 00:47:52,374
it was a very rare vintage and I
think they only have one bottle.
666
00:47:52,376 --> 00:47:54,910
And the auctioneer was going, like,
667
00:47:54,912 --> 00:47:58,147
"300,000, 500,000, 700,000."
668
00:47:58,149 --> 00:48:00,449
Then suddenly,
I just raised my paddle.
669
00:48:00,451 --> 00:48:02,418
I said, "1.5 million."
670
00:48:02,420 --> 00:48:04,186
Sold.
671
00:48:08,625 --> 00:48:12,828
What we have now, what we're seeing
now, is a generation of new consumers
672
00:48:12,830 --> 00:48:16,398
that actually realizes that
wine is very underpriced,
673
00:48:16,400 --> 00:48:20,836
and are paying the comparable prices
they would... say, for example...
674
00:48:20,838 --> 00:48:24,273
with a great Old Dynasty vase
or limited-edition painting.
675
00:48:25,575 --> 00:48:28,644
And I think this actually
absolutely highlights
676
00:48:28,646 --> 00:48:31,347
the incredible position
that the best châteaux,
677
00:48:31,349 --> 00:48:33,616
the best producers in
the world, are in.
678
00:48:33,618 --> 00:48:35,150
They are in demand.
679
00:48:35,152 --> 00:48:38,287
And if you're in demand, like
a movie star, like a rock star...
680
00:48:38,289 --> 00:48:40,155
if you want a front-row seat,
you have to pay for it...
681
00:48:40,157 --> 00:48:42,117
and there's nothing
wrong with that.
682
00:48:44,160 --> 00:48:47,129
If a dozen mainland
Chinese decided,
683
00:48:47,131 --> 00:48:50,065
"I love this.
This is what I want to collect."
684
00:48:50,067 --> 00:48:52,935
and decided to buy everything
in the market place,
685
00:48:52,937 --> 00:48:54,503
I mean, very soon...
686
00:48:54,505 --> 00:48:57,439
..it only takes a few people
to corner the entire market
687
00:48:57,441 --> 00:49:00,609
for that particular wine from
that particular vintage.
688
00:49:00,611 --> 00:49:02,311
So, it's very easy to do.
689
00:49:02,313 --> 00:49:06,715
And that means, for the rest of us, the
prices are going to be astronomical.
690
00:49:06,717 --> 00:49:08,958
We're not going to be able
to even afford a glass.
691
00:49:12,589 --> 00:49:14,189
Oh!
692
00:49:16,893 --> 00:49:19,328
The worsening eurozone debt crisis
693
00:49:19,330 --> 00:49:22,498
is adding to the instability in
Bordeaux's traditional markets.
694
00:49:22,500 --> 00:49:24,166
Some are now speculating
695
00:49:24,168 --> 00:49:27,102
that Hong Kong's
overheated auction results
696
00:49:27,104 --> 00:49:29,672
may have serious
long-term consequences.
697
00:49:32,308 --> 00:49:34,243
You can just see that
it's just kind of
698
00:49:34,245 --> 00:49:36,311
reaching a crescendo of some sort.
699
00:49:36,313 --> 00:49:41,196
It runs the risk of being in a bubble, and
I think we are in a bubble right now.
700
00:49:42,919 --> 00:49:46,689
Well, most bubbles
do pop eventually.
701
00:49:46,691 --> 00:49:50,125
And when wine prices correct,
they don't correct by 2% or 3%,
702
00:49:50,127 --> 00:49:53,729
they correct by between
20% and 35%... instantly.
703
00:49:55,732 --> 00:49:58,167
Oh, there is no bubble.
704
00:49:58,169 --> 00:50:01,270
Wine is just finally
realizing its true value.
705
00:50:01,272 --> 00:50:02,771
There is no bubble.
706
00:50:02,773 --> 00:50:04,339
You know, all of these...
707
00:50:04,341 --> 00:50:08,343
I am so sick and tired of these bubble
conversations because it is annoying.
708
00:50:10,580 --> 00:50:12,247
We are not totally stupid.
709
00:50:12,249 --> 00:50:18,053
We know that... that things
don't go up to heaven.
710
00:50:21,658 --> 00:50:27,129
I think it's very important to realize
that things can change in both directions.
711
00:50:28,131 --> 00:50:30,399
What we must protect is the wine.
712
00:50:40,443 --> 00:50:43,178
With Bordeaux's fine wines
713
00:50:43,180 --> 00:50:46,081
now elevated to
luxury goods status,
714
00:50:46,083 --> 00:50:48,951
it was only a matter of
time before it succumbed
715
00:50:48,953 --> 00:50:53,555
to the world's most rampant and
notorious counterfeit market.
716
00:50:55,959 --> 00:50:58,694
You can find today in China
717
00:50:58,696 --> 00:51:01,697
more bottles of Lafite 1982
718
00:51:01,699 --> 00:51:05,801
than there were produced
in 1982 in Château Lafite.
719
00:51:11,307 --> 00:51:15,811
An empty bottle of Lafite
costs around $500.
720
00:51:15,813 --> 00:51:17,346
That's what I heard.
721
00:51:17,348 --> 00:51:20,482
That's why if I bring any
good wines to a restaurant,
722
00:51:20,484 --> 00:51:23,352
I either bring the empty
bottle back home,
723
00:51:23,354 --> 00:51:26,955
or I just ask them to destroy
the bottle right there.
724
00:51:29,559 --> 00:51:32,628
I have been to a winery where
you can walk in the door,
725
00:51:32,630 --> 00:51:34,863
open a portfolio of labels,
726
00:51:34,865 --> 00:51:37,332
and choose what you
want on your bottle...
727
00:51:37,334 --> 00:51:38,834
Lafite, Latour or Margaux.
728
00:51:38,836 --> 00:51:41,737
They use our fame,
they use our name.
729
00:51:51,514 --> 00:51:55,050
Wherever there is money to
be made out of luxury goods,
730
00:51:55,052 --> 00:51:57,686
the people that are making
fakes come in behind it.
731
00:51:57,688 --> 00:52:01,523
And in some respects, luxury
goods would not be luxury goods
732
00:52:01,525 --> 00:52:03,225
unless the fakes existed.
733
00:52:05,728 --> 00:52:10,699
I say when one of my wines
is faked somewhere,
734
00:52:10,701 --> 00:52:12,668
I say, "Well, that's
the sign of success."
735
00:52:12,670 --> 00:52:16,605
It does not please me
for that reason...
736
00:52:18,041 --> 00:52:25,013
..but I have suffered so much
of fakes with Château Pétrus.
737
00:52:25,015 --> 00:52:29,218
I spend so much time struggling
738
00:52:29,220 --> 00:52:33,021
against the people whom
we think were the fakers
739
00:52:33,023 --> 00:52:35,591
even if it is like a drug market
740
00:52:35,593 --> 00:52:38,861
where we never know
who is the big boss.
741
00:52:40,697 --> 00:52:44,633
That... it's really an unpleasant
matter to discuss for me.
742
00:52:45,768 --> 00:52:48,437
But fakes are not a new
phenomenon in China.
743
00:52:49,873 --> 00:52:54,443
Even during the Tang Dynasty
in the 14th century,
744
00:52:54,445 --> 00:52:58,547
China had problems of fake goods.
745
00:52:58,549 --> 00:53:02,351
There are many instances
throughout Chinese literature,
746
00:53:02,353 --> 00:53:04,653
paintings, art, sculpture,
747
00:53:04,655 --> 00:53:07,756
where it's considered not faking,
748
00:53:07,758 --> 00:53:09,925
but to be an honorable thing
749
00:53:09,927 --> 00:53:14,229
to copy the work of an artist
that you admire and respect.
750
00:54:34,644 --> 00:54:38,080
If you've lost the
connection to the past
751
00:54:38,082 --> 00:54:41,249
which I think they have
to some extent here,
752
00:54:41,251 --> 00:54:44,553
it's unavoidable...
if you've lost that connection
753
00:54:44,555 --> 00:54:47,856
to your own architectural history,
754
00:54:47,858 --> 00:54:50,025
you have to create new links.
755
00:54:50,027 --> 00:54:52,995
And if you create new links,
where are you going to look to?
756
00:54:55,565 --> 00:54:58,567
The château,
the fairytale castle...
757
00:54:58,569 --> 00:55:02,070
it fulfills a deep-seated longing
758
00:55:02,072 --> 00:55:05,507
to join up to another
architectural history.
759
00:55:09,145 --> 00:55:12,581
While some are building
replica châteaux,
760
00:55:12,583 --> 00:55:15,217
others are more interested
in the genuine article.
761
00:55:20,256 --> 00:55:23,658
Just the latest sign of
the global power shift...
762
00:55:23,660 --> 00:55:27,662
Chinese investors scooping up estates
and vineyards across Bordeaux.
763
00:55:27,664 --> 00:55:29,197
Richard Shen is a good example.
764
00:55:29,199 --> 00:55:32,467
He's the CEO of a Chinese
fine jewelry store.
765
00:55:32,469 --> 00:55:35,070
There he is with Chinese
film star Zhang Ziyi.
766
00:55:35,072 --> 00:55:37,039
She's a big fan of his wine.
767
00:55:37,041 --> 00:55:39,307
Now, he purchased
a château back in...
768
00:56:16,746 --> 00:56:19,147
We always have fear of the unknown.
769
00:56:19,149 --> 00:56:22,551
You know, that has always been
the case, for so many years.
770
00:56:22,553 --> 00:56:26,188
And, on the contrary, I think
some Chinese groups
771
00:56:26,190 --> 00:56:28,890
or some Chinese individuals
772
00:56:28,892 --> 00:56:34,229
should acquire some châteaux in
Bordeaux, see what it is to make wine.
773
00:56:34,231 --> 00:56:36,932
It's more complex than you think.
774
00:56:36,934 --> 00:56:42,304
And if they bring passion along
with RMB, that's fabulous.
775
00:56:42,306 --> 00:56:46,675
We need to remain an
open country, you know.
776
00:57:19,308 --> 00:57:21,910
Today the world is their territory.
777
00:57:21,912 --> 00:57:23,745
They're beginning to explore
778
00:57:23,747 --> 00:57:27,149
everything that is possible
in other parts of the world.
779
00:57:28,784 --> 00:57:32,020
Although Bordeaux may be
used to foreign investment,
780
00:57:32,022 --> 00:57:35,657
this new relationship differs
in one significant way.
781
00:58:00,116 --> 00:58:04,686
It makes sense for them,
but it will not last.
782
00:58:04,688 --> 00:58:06,988
If you produce wine in France,
783
00:58:06,990 --> 00:58:10,458
you have to be recognized as
a wine producer in France,
784
00:58:10,460 --> 00:58:12,060
even if you are Chinese.
785
00:58:12,062 --> 00:58:16,731
And the only way to be recognized
is to sell, at least, in France.
786
00:58:18,134 --> 00:58:21,703
I understand very
well that a Chinese
787
00:58:21,705 --> 00:58:24,606
that buys an estate here,
788
00:58:24,608 --> 00:58:27,309
first idea... "I'll produce,
and then, in production,
789
00:58:27,311 --> 00:58:30,412
"I adapt my label and I
will sell in China."
790
00:58:30,414 --> 00:58:33,114
But we will see how it
will be in 5 or 10 years.
791
00:58:37,186 --> 00:58:41,122
It now seems that
Bordeaux's largest customer
792
00:58:41,124 --> 00:58:43,058
is becoming its competitor,
793
00:58:43,060 --> 00:58:46,595
and on a much grander scale than
anyone could have imagined.
794
00:58:59,141 --> 00:59:01,977
Currently, the per capita
consumption in China
795
00:59:01,979 --> 00:59:05,714
is less than one bottle
of wine per year.
796
00:59:05,716 --> 00:59:10,185
In the West, the average
is about 35 bottles.
797
00:59:10,187 --> 00:59:13,088
But as grape wine consumption
gains popularity
798
00:59:13,090 --> 00:59:16,992
amongst the broader
population of 1.4 billion,
799
00:59:16,994 --> 00:59:19,961
these numbers are set to
change, in a big way.
800
00:59:55,998 --> 00:59:58,400
To cope with the increasing demand,
801
00:59:58,402 --> 01:00:01,836
China is now planting
over 20,000 acres
802
01:00:01,838 --> 01:00:04,306
of new vineyards every year.
803
01:00:04,308 --> 01:00:08,977
Within the next four decades,
China is set to become
804
01:00:08,979 --> 01:00:11,379
the world's largest
producer of wine.
805
01:00:18,120 --> 01:00:21,489
Chinese people, we are
very proud of ourselves,
806
01:00:21,491 --> 01:00:23,825
of our culture,
807
01:00:23,827 --> 01:00:27,128
so we think that if we
want to do something,
808
01:00:27,130 --> 01:00:30,965
we can do it better,
we can be successful.
809
01:01:06,535 --> 01:01:10,505
Well, I think that the government
feels it's very important
810
01:01:10,507 --> 01:01:13,708
to promote grape wine,
in particular, over spirit wine,
811
01:01:13,710 --> 01:01:16,144
just because of
distribution of resources.
812
01:01:16,146 --> 01:01:18,713
For one thing, we all know
grapes can grow in areas
813
01:01:18,715 --> 01:01:22,317
which don't suit potatoes
and grain and corn,
814
01:01:22,319 --> 01:01:25,620
and all of those very
important staple crops.
815
01:01:26,689 --> 01:01:30,291
But after centuries of cyclical
famine and food shortages,
816
01:01:30,293 --> 01:01:33,061
prime agricultural
land is at a premium.
817
01:01:33,063 --> 01:01:35,497
Winemakers must look further afield
818
01:01:35,499 --> 01:01:37,799
to find suitable
land for grapevines.
819
01:02:31,987 --> 01:02:36,991
In arid regions on the fringes of
the great Central Asian deserts,
820
01:02:36,993 --> 01:02:40,228
the Chinese are preparing
the ground for vineyards.
821
01:02:59,114 --> 01:03:03,585
Giant, state-owned
corporations have big plans
822
01:03:03,587 --> 01:03:06,921
for remote Ningxia province,
in north-west China.
823
01:03:48,797 --> 01:03:51,699
Consultant winemaker Demei Li
824
01:03:51,701 --> 01:03:54,269
trained at Bordeaux's
Château Palmer.
825
01:03:54,271 --> 01:03:57,906
He has brought his expertise
here to He Lan Qing Xue
826
01:03:57,908 --> 01:04:00,842
in the hope of developing
a top-quality wine.
827
01:04:02,778 --> 01:04:06,138
It's a very dry region-a
very cold winter.
828
01:04:06,515 --> 01:04:08,516
And, uh, you know, we...
829
01:04:08,518 --> 01:04:12,320
during the wintertime we should
bury the vines under the soil.
830
01:04:12,322 --> 01:04:15,857
Otherwise the plant
cannot survive, so...
831
01:04:15,859 --> 01:04:18,159
that's the big difference.
832
01:04:24,700 --> 01:04:28,603
The summer, during the green
season, is quite hot and warm.
833
01:04:28,605 --> 01:04:32,740
The temperature is quite
high in the daytime,
834
01:04:32,742 --> 01:04:36,077
but during the night,
quite a low temperature.
835
01:04:36,079 --> 01:04:43,051
So, I think the terroir gives this
wine a difference from other regions.
836
01:04:46,088 --> 01:04:49,891
I never thought about competing
with French Bordeaux wines.
837
01:04:49,893 --> 01:04:55,530
Just to make a drinkable wine
that people can appreciate.
838
01:04:57,232 --> 01:05:02,337
Bordeaux has a long history...
they have a bunch of chateaux.
839
01:05:02,339 --> 01:05:08,309
But China is just like a baby,
we just start to make wine.
840
01:05:24,193 --> 01:05:26,060
Ladies and gentlemen,
841
01:05:26,062 --> 01:05:30,898
welcome to the 2011
Decanter World Wine Awards.
842
01:05:34,403 --> 01:05:37,405
On to the red Bordeaux
varietal over £10.
843
01:05:37,407 --> 01:05:40,274
And the winner is...
844
01:05:40,276 --> 01:05:43,211
..the 2009 from He Lan Qing Xue.
845
01:05:43,213 --> 01:05:47,715
To collect this trophy we are delighted
to have with us the president, Jian Rong.
846
01:05:49,485 --> 01:05:54,322
Well, it was surprising to find a
Chinese wine winning a gold medal
847
01:05:54,324 --> 01:05:56,391
and also winning the
international trophy,
848
01:05:56,393 --> 01:05:59,227
and by a majority vote it
came top... so what can I say?
849
01:05:59,229 --> 01:06:01,529
It was tasted three
times, completely blind.
850
01:06:01,531 --> 01:06:04,098
It's a surprise.
851
01:06:04,100 --> 01:06:09,103
I never think we could win this,
so high, the highest trophy,
852
01:06:09,105 --> 01:06:10,705
I'm very excited.
853
01:06:10,707 --> 01:06:15,076
The Chinese wine industry
has improved a lot,
854
01:06:15,078 --> 01:06:19,047
so it encourages us to
continue to work hard.
855
01:06:29,558 --> 01:06:32,894
Chinese people,
we are very aspirational,
856
01:06:32,896 --> 01:06:37,565
we want, as much as we
can, to have the best
857
01:06:37,567 --> 01:06:41,102
because we like to try new things,
858
01:06:41,104 --> 01:06:46,040
we like to enjoy new taste,
we like outside influences
859
01:06:46,042 --> 01:06:48,843
as much as we are proud
of what we have.
860
01:06:51,080 --> 01:06:54,916
Every Chinese person
has one goal in life,
861
01:06:54,918 --> 01:06:59,420
which is to make life better
for the next generation.
862
01:07:22,344 --> 01:07:25,446
In stark contrast to last year,
863
01:07:25,448 --> 01:07:29,217
the 2011 growing season in Bordeaux
864
01:07:29,219 --> 01:07:31,085
has seen extreme weather,
865
01:07:31,087 --> 01:07:34,322
with heatwaves and
sudden hailstorms
866
01:07:34,324 --> 01:07:36,357
sweeping across the Médoc.
867
01:07:37,793 --> 01:07:41,095
Late heavy rains have
increased the risk of disease
868
01:07:41,097 --> 01:07:45,133
and growers are having to rush
their picking to avoid fruit rot.
869
01:07:57,679 --> 01:08:01,783
Well, this is a challenging season,
this is a challenging vintage.
870
01:08:01,785 --> 01:08:05,987
This year, the vines, they are
a little bit shy, to be honest,
871
01:08:05,989 --> 01:08:08,689
they don't talk a lot.
872
01:08:08,691 --> 01:08:12,093
We have to listen to
her very carefully.
873
01:08:14,830 --> 01:08:19,901
It means that you have to be
clever, more clever than usual.
874
01:08:19,903 --> 01:08:23,304
You really have to ask yourself,
"What should I do?"
875
01:08:24,506 --> 01:08:28,309
The challenge is to make
the best as possible
876
01:08:28,311 --> 01:08:30,945
with a fruit that is not the best.
877
01:08:56,905 --> 01:08:59,440
The bad news is that quantity
878
01:08:59,442 --> 01:09:02,977
is even more limited
than what we thought
879
01:09:02,979 --> 01:09:08,282
and 2011 might well
be the smallest crop
880
01:09:08,284 --> 01:09:09,917
since 2003.
881
01:09:12,187 --> 01:09:14,488
With yields down
882
01:09:14,490 --> 01:09:16,624
and some of the fruit
damaged by bad weather,
883
01:09:16,626 --> 01:09:20,595
winemakers are having to work
hard to salvage what they can.
884
01:09:24,166 --> 01:09:29,003
But what kind of vintage
the 2011 will be
885
01:09:29,005 --> 01:09:30,838
is anyone's guess.
886
01:09:47,723 --> 01:09:51,592
After breaking all price
records this time last year,
887
01:09:51,594 --> 01:09:54,595
Bordeaux has suffered
its largest decline
888
01:09:54,597 --> 01:09:56,597
since the global financial crisis.
889
01:09:58,700 --> 01:10:01,836
Prices have slumped
across the board
890
01:10:01,838 --> 01:10:06,441
and sales of the top Bordeaux
wines are down an astounding 60%.
891
01:10:08,644 --> 01:10:12,280
It would appear that
the bubble has burst.
892
01:10:14,182 --> 01:10:18,185
It's just like someone
climbing up Mount Everest,
893
01:10:18,187 --> 01:10:20,588
reaching the top and
saying, "Bugger that,
894
01:10:20,590 --> 01:10:22,623
"I'm not going to climb down,
I'm going to jump off!"
895
01:10:22,625 --> 01:10:26,794
I mean, it's exactly like that...
it's absolutely extraordinary.
896
01:10:26,796 --> 01:10:30,131
But in the context of the market,
897
01:10:30,133 --> 01:10:33,134
Bordeaux has been
around for a long time
898
01:10:33,136 --> 01:10:37,705
and I don't think what's happening
right now is a bad thing.
899
01:10:37,707 --> 01:10:41,709
I actually think it's good for the fine
wine industry and it's good for Bordeaux,
900
01:10:41,711 --> 01:10:44,178
because everyone's going
to have to rethink
901
01:10:44,180 --> 01:10:47,148
about where the future lies
902
01:10:47,150 --> 01:10:49,684
and why they're doing
what they're doing.
903
01:11:00,228 --> 01:11:02,931
I think Bordeaux is very lucky
904
01:11:02,933 --> 01:11:06,233
because it went through
so many crises
905
01:11:06,235 --> 01:11:08,669
and it is like the phoenix.
906
01:11:10,205 --> 01:11:13,774
There's a permanent
resurrection after the crisis.
907
01:11:22,017 --> 01:11:25,119
The resilience of Bordeaux
is quite amazing.
908
01:11:25,121 --> 01:11:29,590
When you realize that this
place has been able to survive
909
01:11:29,592 --> 01:11:33,361
such a disease as phylloxera,
revolutions, wars...
910
01:11:33,363 --> 01:11:35,730
and look where we are now.
911
01:11:42,804 --> 01:11:44,905
Each time we say it's the end,
912
01:11:44,907 --> 01:11:49,343
and then Bordeaux comes back
and is successful again,
913
01:11:49,345 --> 01:11:53,848
and, of course, we exaggerate
again our prices and we collapse.
914
01:11:53,850 --> 01:11:58,519
But nevertheless there is that
fantastic ability of Bordeaux
915
01:11:58,521 --> 01:12:01,822
to overcome the crisis.
916
01:12:01,824 --> 01:12:05,459
Will it last forever?
I mean, in 1,000 years?
917
01:12:05,461 --> 01:12:07,128
I don't know.
918
01:12:07,130 --> 01:12:10,431
But honestly, with
experience on my side,
919
01:12:10,433 --> 01:12:13,734
I don't see any region which
will compete with Bordeaux.
920
01:12:15,337 --> 01:12:18,205
Bordeaux will remain the reference.
921
01:12:18,207 --> 01:12:20,274
Bordeaux will be the reference
922
01:12:20,276 --> 01:12:23,811
at least for one more
century, I think...
923
01:12:23,813 --> 01:12:27,515
even if we make mistakes,
and sure we will make mistakes.
924
01:12:41,229 --> 01:12:43,898
After a few tumultuous years,
925
01:12:43,900 --> 01:12:47,068
China's love affair with Bordeaux
926
01:12:47,070 --> 01:12:49,170
appears to be on the wane.
927
01:12:52,474 --> 01:12:55,743
There will always be
a clash of cultures.
928
01:12:55,745 --> 01:12:57,344
There will always be.
929
01:12:57,346 --> 01:13:01,715
My parents who come from Chinese
background and English background
930
01:13:01,717 --> 01:13:03,884
have been married for 50 years
931
01:13:03,886 --> 01:13:06,921
and we call it an
ongoing civil war.
932
01:13:06,923 --> 01:13:08,823
There is always going
to be differences
933
01:13:08,825 --> 01:13:11,892
in the way people
approach problems,
934
01:13:11,894 --> 01:13:14,562
in the way people
deal with each other,
935
01:13:14,564 --> 01:13:17,898
and I think my advice to most
Western companies coming here
936
01:13:17,900 --> 01:13:19,867
is, "Don't forget, it's China,
937
01:13:19,869 --> 01:13:22,670
"and things work differently here."
938
01:13:22,672 --> 01:13:25,539
I see this happen all the time...
939
01:13:25,541 --> 01:13:29,743
you get lots and lots of conflict
between people coming in here
940
01:13:29,745 --> 01:13:34,081
and expecting things to work like
they do in the rest of the world.
941
01:13:34,083 --> 01:13:38,986
And they don't. They really work
with Chinese characteristics.
942
01:13:42,324 --> 01:13:45,659
Wine is like a message
943
01:13:45,661 --> 01:13:48,062
which you send over the world.
944
01:13:48,064 --> 01:13:52,066
I think it's better than those
little... How do you call that?
945
01:13:52,068 --> 01:13:54,869
Tweets, you call that?
Yes, it's a tweet.
946
01:13:54,871 --> 01:13:59,440
It will end on a table,
let's say in Seattle,
947
01:13:59,442 --> 01:14:02,676
and you can imagine a couple
is meeting for one evening,
948
01:14:02,678 --> 01:14:07,648
a guy is dating a charming girl for
the first time and they have that.
949
01:14:07,650 --> 01:14:09,750
And from the quality of that bottle
950
01:14:09,752 --> 01:14:12,753
may depend the success of
their first meeting, you know.
951
01:14:12,755 --> 01:14:17,024
And if I spoil their evening,
what a drama, you know...
952
01:14:17,026 --> 01:14:19,426
I am responsible.
953
01:14:19,428 --> 01:14:23,130
So our wines should be
as good as possible.
954
01:14:24,166 --> 01:14:29,837
We need to please people, and
not to impress them... to please.
955
01:14:44,653 --> 01:14:47,988
I don't know if I should
say I am a farmer,
956
01:14:47,990 --> 01:14:50,624
I should say, "We are farmers,"
957
01:14:50,626 --> 01:14:53,194
because we are really together
958
01:14:53,196 --> 01:14:58,332
and we think sometimes
we control a lot but...