“The only thing more fun than drinking wine is buying wine,” says Allan Frischman, our new Vice President of Global Client Reserves, arching an eyebrow and laughing. He should know – he’s been working in the wine business since the early 1990s, with the vast majority of that spent sourcing, studying, authenticating and selling fine wine collections for a leading auction house. As of this month, he’ll be working to develop our network of reservists and their portfolios – allowing our clients to both sell and buy even more than before, giving us – and you – access to the world’s finest (and deepest) cellars. Beyond this, he’ll be finessing local pricing for each market we work in and helping manage clients’ wine storage – a job for which he is uniquely qualified. Frischman grew up in New Jersey and never planned to get into wine – but he took a part-time job at college (“to pay for beer”, he confesses) in a wine shop. The shop’s storage system was divided by country and region, with a warren-like basement that he needed to navigate, finding the right bin for new stocks. Reading about the different appellations, and using his staff discount to buy the odd bottle, got him interested – but it was a bottle of 1975 Ch. Talbot, tasted at Mary Ewing-Mulligan MW’s International Wine Center that hooked him: “At that point, I knew that this is what I wanted to do.”  The economics graduate was working at Manhattan’s Morell & Co. when, in 1994, the laws changed. For the first time since Prohibition, wine auctions were permitted to take place in New York State. “I didn’t know anything at all about auctions,” says Frischman – but it didn’t stop him jumping headfirst into something new, organising the state’s first commercial wine auction since 1920. “I didn’t know if we were going to get 10 bidders or 1,000,” he tells me. He shouldn’t have worried, for that auction was met with such enthusiasm that he walked away from the event on cloud nine, confident that he had found his calling.  In the 30 years since, he’s seen the auction business transformed. The 1994 law change created a new hub for wine’s secondary market, with New York rapidly becoming a rival for its traditional heartland in London – and the Big Apple rapidly added its own signature. Until then, auctions were staid affairs, dominated by trade buyers with little action beyond the raising of paddles in muted crowds – in Frischman’s words, “something dreary that dragged on for 10 hours”.  But Zachys – one of the auction houses that popped up in New York – added American flair, a touch of Broadway jazz hands to turn auctions into events, gathering bidders at round tables with great food and wine. Traditionalists said it wouldn’t work – but they were wrong. No longer were auctions purely a way to buy wine, they became fun – they became a place for wine lovers to gather, eat, drink and be seen. Higher attendance meant more bids, higher hammer prices – and more consignments that in turn brought more business, and a shift from trade to individuals.  The late 2000s brought challenges. “The Dow Jones was tumbling and it looked like the world was about to collapse,” Frischman tells me, looking back at the worldwide recession. “It was terrifying and of course people stopped buying wine.” But as Frischman rapidly learnt, people were waiting for the bottom of the market – and then they started buying again. At the same time, Hong Kong abolished import duty on wine (initially halved in 2007 and removed entirely in 2008) – and, like New York in 1994, instantly became a new centre for the wine trade. “The Asian market evolved almost over days,” remarks Frischman. “It became extremely sophisticated very quickly.” American auction houses started opening offices in Hong Kong. “For a few years, Hong Kong was just chewing up all the wine and the big hammer prices were all [there].”  The most recent shift in the world of auctioneering has been the advent of real-time, online bidding – one forced by the Covid-19 pandemic. “There was a perception that it would discourage people to show up in the sale room and would also discourage people from leaving bids in advance,” Frischman says, explaining why the industry was perhaps a little slow to embrace the online sphere. Interestingly, however, he anticipates that before online bidding was introduced, maybe only 10% of lots went to bidders physically in the room. With consumers stranded at home, and the technology already up to scratch, online auctions rocketed – and opened the market to an even broader range of consumers, with bidding wars between wine lovers in Brazil, Singapore, London, New York, Hong Kong and beyond now the norm.  As auction houses realised that online auctions worked, the need for events and associated spend dropped – and the auction style established by Zachys in the 1990s has become significantly less common. You might argue that this also heralds the end of the auctioneer – but even online companies have retained the compère, the familiar patter still something that bidders want.   It isn’t just where and how wine was selling, but which wines were selling that has evolved. In the mid-1990s and early 2000s, Frischman notes how the US market centred on Napa’s cult Cabernets, along with wines from the likes Williams Selyem, Ravenswood and, of course, Bordeaux’s top names. “[There was] across the board demand for Bordeaux,” Frischman tells me, “but you couldn’t give Burgundy away.” Of course, that’s all changed now – and Burgundy, despite its extremely limited supply, has become the darling of the fine wine scene. As prices have soared for the Côte d’Or’s top wines, wine lovers have started looking elsewhere, to Italy (Barolo, Barbaresco and some Brunello), Madeira (especially older vintages) and the Northern Rhône (Côte-Rôtie, Cornas and Saint-Joseph) – but none have the liquidity of Bordeaux. “They [the Bordelais] don’t get enough credit for the sheer, mind-boggling amount of great wine they’re able to put out every year,” says Frischman.  Over the years, Frischman has become an expert authenticator – the sort of knowledge that can only be gained by handling immense volumes of fine wine, working closely with producers and getting up close and personal with the rarest bottles. In 2006, he went to check over some wines that had been sent to the auction house he then worked for by a young Asian collector. The consignment was significant, worth millions of dollars – but even from across the room, Frischman knew that the wines didn’t look right. Closer inspection only confirmed that the wines looked like fakes – and the auction house turned them away, sending them back to the collector, then a new name on the scene, Rudy Kurniawan. A couple of years later, he got a call from the FBI’s Jim Wynn, asking if he would be an expert witness in a wine fraud case against Kurniawan, who had – by that point – become prolific. “I inspected, I don’t know, 40 bankers boxes of stuff that they’d gotten from his home, stamps for corks, fake labels, fake import strips – all kinds of stuff,” he says. In a warehouse in Queens, he studied the evidence – “going through bottle after bottle after bottle and writing a report about why I thought that they were fake”. It was – and still is – the biggest wine forgery case to have ever taken place, and Frischman, along with fellow authentication expert Michael Egan, was essential to proving Kurniawan’s guilt.  Wine authentication has become an essential component of wine collecting, and a key reason to work with trusted merchants. There are people who suggest that as much as 10% of wine on the secondary market is fake, but – in Frischman’s view, having handled fine wine for over 30 years – “That’s a substantial overestimate.” Despite such claims, forgery has only become more sophisticated, and it’s important, he says, to work with someone who knows what they’re looking at. “You want someone who is experienced to look at the bottle and who is empowered to say, ‘I don’t like it – we’re not offering it.’” There’s a big difference, he explains, between being convinced something is fake, and being convinced something is real – and you always want the person checking wines you’re buying to be in the latter camp.  The wine business is a people business – and he’s been lucky to spend three decades getting to know the world’s foremost collectors, spending time rustling through cellars, lugging his fair share of cases in and out of vans, and cradling bottles of elusive vintages and cuvées. Beyond this privilege, he’s often found himself on the receiving end of collectors’ generosity – recognising a fellow enthusiast’s passion. When I ask him if there’s a bottle that stands out, beyond the 1975 Talbot that was his hook into the industry, his eyes mist over. It was, he tells me, on a trip to Tokyo, at a remarkable dinner that included some incredible wines, including the fabled 1947 Cheval Blanc. But it was a bottle of 1978 La Romanée-Conti from Domaine de la Romanée-Conti that stole the show: it was “breathtaking, magical”, he says. “I was practically brought to tears.” Until that moment, he’d never necessarily understood why collectors kept this prized cuvée, and didn’t sell it to fund their La Tâche or Romanée-Saint-Vivant – but this bottle made him realise just why people don’t. “This wine was perfect,” he says.  It’s easy, perhaps, to imagine the auctioneering world is over-run with wine investors, but that’s far from what Frischman has found. “The vast majority, regardless of what they say they’re doing, are buying to drink,” he says. On paper, that may not make sense – after all, who needs 30,000 bottles of wine? But that, as Frischman and any wine obsessive knows, is the collector’s mentality – and, deciding to sell, despite owning more wine than could possibly be consumed in a lifetime, is much harder than buying another case or 10.  When Frischman first started auctioning wine, he recalls talking to his father, who wondered if there was enough fine wine to sustain a career. The beauty, Frischman, now knows, is that there’s a new vintage every year – beyond that, and as he’s seen over the past 30 years, the wine world is constantly shifting, with an ever-expanding range of regions and producers. And he’s evolving with the industry, making a move of his own and bringing his expertise to FINE+RARE. We can’t wait to see what he’ll do. Whether you’re looking to buy, sell or anything else, contact Allan Frischman directly at allan.frischman@frw.co.uk

After two decades at one of the world’s leading auction houses, Allan Frischman has joined our team, as Vice President of Global Client Reserves. We caught up with him to dive into the world of auctioneering, his 30 years in the business and his new role

After two decades at one of the USA’s leading auction houses, auctioneer and wine authentication expert Allan Frischman has joined our team

Introducing Allan Frischman

Hammer time: Allan Frischman

Over the next few weeks and months, you will start reaping the benefits of our new-and-improved buying and trading platform, built following extensive user feedback and testing. Peer-to-peer trading, real-time market updates and richer buying guides will all combine to assist you in making the most informed buying decisions about your collection.  This new technology is designed to improve your experience. Each and every feature is focused on your needs, ensuring your fine wine and spirits buying and selling journey is more intuitive and efficient than ever – receiving the very best service, wherever you are in the world. This article is the first of many regular updates which will introduce and focus on these changes, explaining how they benefit you and the collection you already have with us. NEW MY F+R AND TRADING PLATFORM This year, we will launch a new Portfolio/My F+R platform, which has been built following your feedback to fundamentally improve your experience. Market data will be used to inform you about key trading opportunities and how these might affect your portfolio. There will be even greater integration between the checkout journey and the Editorial section, enabling you to read the most current long-form features on the regions, wines, spirits and producers you are interested in. Fine wine and spirits insights will also automatically populate with newly released critic scores, real-time market demand and signposted relevant Editorial content. Peer-to-peer trading will also become available, as you will be able to set your own trading prices online using market insight and data, list and unlist products, with new features to receive or place bids. For the first time, you will also be able to see a single-page cellar view featuring all the most critical buying and trading facts, which is a significant reduction from the current four pages. EN PRIMEUR + RICHER MORE INFORMATIVE BUYING GUIDES Our first global Bordeaux en primeur campaign will launch in May with a detailed report on the 2022 vintage (read our initial thoughts on the year here), with representatives from all our local teams spending time in the region, tasting the wines. Not only will all clients globally have access to our in-depth reporting (as well as access to expert advice from their local teams), but there will also be the opportunity to pre-order wines. This year, you will also have access to hundreds of in-depth region and producer guides. At present, our site boasts 475 articles and 290 producer profiles – and this number will continue to grow as more at-a-glance shorter-form articles and more comprehensive, multi-page reports on the wines and spirits you are most interested in will be available to help you make the most informed buying decision in your local market.  GLOBAL EVENTS  We are also working on an exciting global events calendar with some of the world’s most venerable producers. Global events have been part of the FINE+RARE Group for several years. Halted during Covid, these returned with a vengeance in 2022 with over 20 intimate tastings and dinners with many of the world's most venerable producers, including Château Rayas, Ausone, Le Pin, Pétrus, Harlan Estate and Domaine des Comtes Lafon at remarkable venues such as The Ritz, Claridge's and The Connaught. OPTIMISED CHECKOUT Features will be introduced later this year to facilitate multi-currency purchasing online. Improvements will also be made to the current checkout journey, making it more intuitive and efficient. There will also be a greater ability for customers to settle delivery costs online, taking into account reservist sales and credit note proceeds at checkout, and offsetting these against orders. GLOBAL FINERARE.COM AND LOCAL DOMAIN LAUNCHES Over the next 12 months, significant changes will also be introduced to improve your online service needs, starting with a user-centred website (with a new URL) which will launch this spring. The global website will provide greater visibility for sourcing new wines, as well as improve how you manage your collection. It will also include improved order tracking and account status updates. Additionally, the existing search and filter journey will be improved and the Editorial section will be easier to navigate, signposting you to richer, localised content to help you make the most informed purchase possible. You'll be able to explore and register interest in our global events online, and you'll now also have access to local stock availability, services and listings. In time, each market will get their own tailored website signposting the most relevant educational and informative content as well as invites to tastings. For the first time, it will also be possible to view and access local services and inventories of wines and spirits in local markets, and connect with other local-market sellers. This is just the beginning of an exciting chapter and we look forward to communicating all of these features, including the ability for suppliers and producers to manage their own marketplace (which will increase the number of real-time products available on the platform), in due course. It has never been a more interesting time to buy and sell wines and spirits in this ever-evolving global marketplace. If you have any questions or feedback about this, or anything else, please contact Group CEO Patrick O'Connor directly 

There are many exciting changes coming your way this year, including a new-and-improved buying and trading platform, industry-leading events and world-class buying and region guides. We examine how these changes will benefit you – and your collection

Exploring exciting changes, including a new-and-improved buying and trading platform, industry-leading events and world-class buying and region guides

How the company is evolving

How FINE+RARE is evolving

After months of design discovery, client interviews and client testing, we successfully launched the back-end systems in readiness for the new site this spring. Now, we are ready to introduce our new site which has been optimised to improve your global wine and spirits buying and selling journey.    Search and filter functionality improvements have been implemented site-wide. This means you will be able to smart filter wine and spirits in seconds and browse by myriad criteria such as region, style and price point when looking for inspiration. You will also be able to access producer and region profiles, buying guides and long-form features faster than ever before. Signposting to this rich content has been vastly improved to ensure you have all the tools you require to make the most informed purchase possible.   We hope you enjoy familiarising yourself with the new FINE+RARE site. In the coming weeks and months, more functionality will be rolled out for our clients around the globe – some of which are detailed below. All these updates have been designed to ensure you receive the best end-to-end service, tailored for your needs, wherever you are in the world.    If you have any questions or feedback about this, or anything else, please contact Group CEO Patrick O'Connor directly.  A feel for what’s to come:  NEW PORTFOLIO AND TRADING PLATFORM  In August, we will launch the first iteration of the new Portfolio platform, which has been built following your feedback to fundamentally improve your experience. For the first time, you will be able to see a single-page cellar view featuring all the most critical buying and trading facts, which is a significant reduction from the current four pages.  In the next iteration, market data will populate your account and inform you about key trading opportunities and how these might affect your portfolio. Peer-to-peer trading will also become available, as you will be able to set your own trading prices online using market insight and data, list and unlist products, with new features to receive or place bids.  As part of this release, we will also be improving the current checkout journey, making it more intuitive and efficient. GLOBAL FINERARE.COM AND LOCAL DOMAIN LAUNCHES  Significant changes will continue to be introduced to improve your online service needs. Following the launch of the user-centred website in 2023 and the Portfolio update mentioned above, a global website will go-live in 2025. This will provide greater visibility for sourcing new wines and improve your collection management. Order tracking and status updates will also be vastly improved.  New local domains will roll out throughout 2024. These domains will enable global clients to buy, sell and trade with greater ease as they access short- and long-form content tailored to specific local market requirements. You will also be able to explore and register interest in our local events online, and you'll have access to local stock availability, services and listings.

Earlier this year, we brought you exciting news about how FINE+RARE is evolving. Now, we mark a new milestone: the launch of our new-and-improved website. 

Exploring the new-and-improved FINE+RARE website built following extensive user research to provide the best fine wine and spirits buying service possible

Introducing our new-and-improved website 

Journalist and author Dylan Jones talks to some of the world’s most revered wine critics and writers about what they do, how they do it, and how their lives – or rather lifestyles – have changed as a result of the global pandemic

Dylan Jones talks to some of the world’s most revered wine critics and writers about what they do, how they do it, and the impact of the global pandemic

FONDATA: The Worth of Wisdom

The Worth of Wisdom 

Matthew Fioretti is not everyone’s cup of tea. The man at the helm of Cerbaiona doesn’t mince his words – and he’s got firm views on, well, I suspect pretty much everything. But he’s also unwaveringly honest, with a frank approach that is enjoyably refreshing – and rather unusual in the fine wine arena. He’s got a vision and story, one that he wants to tell, but it’s not one that’s been spun by a PR agency; it’s his. Fioretti has long been involved in the world of wine, running an import business in the US (Summa Vitis), which focused largely on Italian wine. He moved to Italy in 2004, and shut down the Summa Vitis operation in 2009 as he set his sights on making wine himself. After a few false starts, he heard that Diego Molinari – the longtime owner of Cerbaiona – was looking to retire. Along with a group of investors (the most significant of which is the American collector Gary Rieschel), Fioretti purchased the property in 2015, reportedly for €5.8 million. Molinari was in his 80s and it was clear that – while the site itself was exceptional – the property was run down and needed work. As we reported a few years ago, he promptly embarked on a radical project to restore the property and unexpectedly decided to declassify the 2014 and 2015 vintages to Rosso di Montalcino, only releasing the first Fioretti-era Brunello in 2021, with the 2016 vintage – the first to be made entirely by the new team.  Now, almost a decade later, he’s starting to be able to realise his vision for the estate – as we discovered on a visit earlier this year, with problems that “aren’t easy to solve”. The challenge, he explains, has been evolving from an “artisan” to an “atelier”. Under Molinari, the property developed a legendary reputation, but the operation was rudimentary – a traditional, family business, doing things the way they had always been done. Fioretti wants to bring the estate into the modern era, elevating the terroir with technical precision to craft wines that continue the Cerbaiona legacy. It is, he says, “a transition I wasn’t expecting to make”, but one that he feels is essential to safeguard Cerbaiona’s future. The distinction between artisan and atelier is a nuanced one – but one that comes down to an emphasis on craft rather than art, with a commitment to consistency, for which precision and hygiene in the winery are key, as well as a high level of technical knowledge. He confesses that he had envisaged having a more hands-off approach in the winery, having imported a lot of natural wines in his previous career, but has rapidly realised that top-level winemaking is full of “necessary compromises” (diving into issues like the fault quercetin). As a craft, winemaking can’t just be subject to the “whims of the producer”, as he suggests is the artisanal way. “I prefer to work more meticulously,” he explains. The American talks at pace, flitting from TS Eliot and the concept of “the pure critic” to Albertolli and neoclassicism, in amongst technical detail about fining and filtering. The estate is closed to visitors, deliberately to avoid distraction from what Fioretti wants to be spending his time on – making wine. As he whizzes us round the winery, our heads spinning as we try to absorb every detail, he talks us through exactly how he’s bringing new exactitude to the operation. The vineyards have all been replanted and a steep-sloped olive grove replaced with vines, all with selected rootstocks and clones sourced from France’s Guillaume nursery, to give them the best possible raw material. Once seen as too labour-intensive to farm, he’s convinced the ex-olive grove might just be the best site on the property. The rustic old stables and granary that acted as the cellar and winery have been carefully renovated, with water and drainage installed throughout, and the equipment all updated. Importantly, Fioretti has added a full in-house laboratory – something that is exceedingly rare for a property of this size, let alone Italy where the high-tech approach is far from the norm. The fruit is now all chilled after harvest, de-stemmed and cold-soaked, using inert gas to protect the must. While he used upright wooden tanks for fermentation for his first five vintages, Fioretti switched to stainless steel to allow for better hygiene and temperature control (preferring a maximum 26̊C), as well as allowing him to programme them for automated punch-downs and pump-overs. He’s started co-inoculating for primary and malolactic fermentation, meaning the wines go into barrel very clean – and can be sulphured right away. These are tweaks, minor modernisations, but one of the most significant changes Foretti is making is the time the wine spends in wood. While Molinari favoured four-plus years in 500-litre tonneaux, Fioretti has gradually started bottling the wine earlier and uses a combination of 350-litre barrels and 15-hectolitre casks. “Even two years [the appellation minimum] in wood is too long,” he says – before quickly acknowledging that such a view is far from accepted, and he cannot legally reduce it any further. The various consorzios may not like it, but it’s a view that is increasingly common among younger producers in Italy, who are frustrated by minimum oak-ageing requirements and their contrast with the wines today’s consumers want to drink. As Fioretti says, however, “The notion of wood is very delicate.” And while he’d rather be able to age his wine in other vessels during their first two years of life, he acknowledges that élevage in oak has a beneficial impact on the chemistry of wine – aiding stability. With such a beloved wine, it might seem controversial to change anything – especially the way it’s made, but that hasn’t stopped Fioretti. Looking back at older vintages from the estate, even the legendary 100-point 2010, he is sometimes underwhelmed, feeling that there’s much greater potential. Part of his plan to reflect that potential is bottling earlier, allowing the fruit to shine through and give the wine better balance – something he feels is key for ageing potential. He’s also keen to make sure the wine is moderate in alcohol with maximum 14 or 14.2%, even in the warmest years. And most importantly, he says, good wine has to be delicious. Having tasted the 2019 and 2021 with Fioretti – the results so far really are. There’s a vibrancy and purity that makes them irresistible, while not sacrificing the structure that will allow these wines to go the distance. Alongside Cerbaiona, Fioretti has also created the M.L. Fioretti label, one he describes as “part garagiste, part petit château”. He was keen to explore indigenous grapes, which “are part of the family – but not all thoroughbreds”, as well as plots of Bordeaux varietals (grapes with undeniable pedigree) – provided they’re planted in the right place. The Casaglia Colorino is bright and spicy, while the San Vito (sadly the last vintage of which is 2021) is a beautifully lush and vibrant Merlot. These are fascinating wines that allow Fioretti to experiment more – outside the constrictions of the Brunello di Montalcino appellation. Controversially, Fioretti has declared Cerbaiona a “No Scores Zone”, echoing the sentiment of Teobaldo Cappellano that numerical ratings are divisive, at best – and don’t do justice to the craft of winemaking. In his notes on the 2018 vintage, Fioretti wrote: “This is another vintage for the connoisseur, that true lover of wine and the vine. So be it if the ‘collector’ misses out.” Feathers might be ruffled by such remarks, but the motivation here is clear: an earnest passion for wine. It’s something that shines through in our conversation – and in the wines he’s making. You won’t find ratings online for new vintages of Cerbaiona, but one thing’s for sure: you’ll want them in your cellar. Explore all current Cerbaiona and M.L. Fioretti listings, or read more about Italy

Until now, you won’t have seen reviews for Cerbaiona under Matthew Fioretti. As the first scores appear for the latest releases, they are best kept in context: the focus remains firmly on craft and technical precision. In 2024, we spoke with the American leading change at the estate. 

It’s all change at the cult Brunello di Montalcino winery Cerbaiona since Matthew Fioretti took over in 2015. We sat down with him to find out more.

Change at Cerbaiona – Matthew Fioretti

Change at Cerbaiona: Matthew Fioretti

In a move that underscores our commitment to global excellence, FINE+RARE has expanded its presence in Europe with the opening of a new entity spanning the German, Austrian, Swiss and Italian markets. Our renowned trading platform has long connected clients, reservists, producers and agents, a network united in its passion for fine wine, spirits and other luxury collectables. In an increasingly global ecosystem, the time is right to establish a dedicated entity to meet the needs of collectors across this important and intricately diverse region. The move means our clients and partners in these markets will receive a richer F+R experience. By reducing the distance between us and those we are proud to serve, we will better understand the distinct trends and demands unique to the geography. We will be able to offer better access to the most exciting releases, and bolster relationships with our community of world-renowned makers. Essentially it’s about making what F+R does best even better: connecting those with a shared love of flavour, provenance and collecting. Establishing FINE+RARE DACH+Italy also marks the first stage in a revolutionary transformation project for the team – and for our clients. In the coming months, we will unveil a refreshed global platform for sourcing, trading and celebrating fine wines and spirits. A multi-language site with local-currency transactions will set the path for a bespoke digital journeys – and continued global expansion. With improvements to the online trading platform and My F+R, our service will shift to a concierge experience. Our authentication and storage operations will see significant global expansion, too. “Since 1994, we have served our network of private clients, reservists, producers and agents with passion and expertise,” said FINE+RARE’s global CEO Patrick O’Connor. “The love of fine wine and spirits drives us as we connect those with shared interests around the world. I am thrilled that with this new geographic expansion we’ll be equipped to bring clients even better service through, in due course, local currency and language offerings. Our closer proximity also means we can give you greater access to the most prized releases through our in-market allocations.” Following the expansion into Milan, FINE+RARE offices are set to also open in Munich and Geneva over the coming weeks. The new locations join the increasingly global FINE+RARE network which spans London, Hong Kong and Singapore, supported by a digital excellence hub in Budapest. For further information, or to start your collecting journey with FINE+RARE across Germany, Austria, Switzerland or Italy, do not hesitate to contact us

Fine wine and spirits collectors across Germany, Austria Switzerland and Italy are set to benefit from a dedicated concierge-style service from a leadership team with decades of experience as we invest in the region

Fine wine and spirits collectors across Germany, Austria Switzerland and Italy are set to benefit from a dedicated concierge-style service office.

Introducing our new dedicated Europe office

Our new dedicated Europe office

After speaking with some of the foremost fine tea experts in the western world, a few things are immediately apparent. Fine tea is complex. There are undoubtedly parallels with the world of fine wine. And, almost without exception, the best examples are incredibly hard to source this side of Asia. It is also an incredibly tricky subject to learn more about if you, like me, don’t speak Chinese or Japanese. A quick stroke of the key will yield information on fine tea and where to find it. But your best bet is either boarding a plane to Asia (which is currently not without its difficulties) or finding somebody who has spent years immersing themselves in the fine tea world – they’ll likely speak the local dialect. “People are very literate when it comes to fine wine and whisky,” Jameel Lalani is quick to tell me, “not so literate when it comes to tea, although it is completely applicable.” When he set up his specialist single-batch tea business, Lalani & Co, 11 years ago, Lalani was very deliberate in borrowing the language of fine wine. “Tea is much like wine,” he explains, “it’s a drink of the terroir. Everything you do from when you choose the land and the seeds and the people you are going to work with is going to affect the flavour.” The choice of varietal, distance above sea level and picking season are also of the utmost importance. Lalani says tea is his drink, and has been since the age of four. He hasn’t looked back since tasting green tea for the first time while holidaying in North Africa as a child. One of the magical things about fine tea, I’m learning, is the paths people have taken into it. Burgundy expert and Master of Wine Jasper Morris, for example, was introduced to the world of fine tea in New Zealand, of all places, by a blind Taiwanese winemaker. From that day onwards, Morris attended Chinese tea ceremonies and swotted up on all things fine tea whenever the opportunity arose on wine trips to China and Japan. “I absolutely love it and drink it all day – from first getting up through to after dinner,” he enthuses. Fine tea is now a real passion of his, frequently hosting tasting and writing on the subject. Timothy d’Offay’s induction began while studying Japanese in Kyoto in the early 1990s. He’s been a disciple ever since – writing numerous fine tea books (in English and Japanese) and establishing one of the most highly regarded fine tea shops, Postcard Teas, in the process. Many years later, d’Offay says he is still learning, and it’s one of the things he loves most about the fine tea world. “It’s so disconnected,” d’Offay says. “Whereas specialty coffee is a world industry now and you can drink a similar product with a similar style in Sydney, Seoul, London or San Francisco, tea isn’t like that. Tea is very, very regional and very local. The predominant sales of the fine teas are local, in China in particular. “And the Chinese tea world is so different from even other countries like Japan that get their tea culture originally from China. It’s so vast.” Morris says things we have learned from wine – soil, subsoil, drainage etc – matter a great deal in fine tea. “In the Wuyi Mountains, for example, each individual mountain has its own character,” he explains, “so the underlying rock is crucial. Then also, instead of the grape variety, the cultivar of tea can make a difference as well. How and when you pick it – again a parallel – and how and when you process it.” D’Offay says wine and tea are both at the pinnacles – wine in the west, tea in the east – and despite the groundswell of appreciation for fine tea, many still struggle to shake misconceptions and get their heads around the complexities. “You’re always learning,” he says. “Probably the biggest barrier people have is a concept of what tea is,” Morris adds. “If somebody says black tea to you, they probably mean they don’t want milk in it, but there is a style of tea which we loosely call black. In fact, in China it’s more likely to be called red tea than black tea – that sort of dark tea – but there are white teas, yellow teas (which are pretty rare), red teas, green teas, and a lot depends on the season things are picked. “So, if, for example, we switch from China to India to Darjeeling. Darjeeling is in fact a type of tea which is much much more similar to Chinese tea than it is to the rest of Indian tea. If you get a first flush Darjeeling, it’s almost almost not quite a green tea, and that’s a tea that I adore and buy in big quantities.” Another hangover from old is the misconception surrounding price and what one should pay for quality. “One of the challenges in the tea world is that the mass market has demanded tea at a very low price,” Lalani says. “Some of these terroirs are phenomenal but the market says we want our tea cheap and quick. And that’s kind of like if you went to Bordeaux and you said I’d like your wine for €3.60 a bottle. What are you going to do? It doesn’t give you enough room. So what happens is the quality just goes down because you have to produce in quantity.” When purchasing fine tea, there are good resources online but d’Offay cautions: “Buyer beware.” Some enthusiasts, he explains, have a vested interest and commercial gains tied to your purchase. “The more you pay doesn’t mean that you’ll like the tea more. It’s very important to find out what you like first, before spending a lot of money online.” He says there is no right thing, just like with wine. “It’s a wide field and often your taste will not coincide with somebody else’s, so it’s really important to taste a lot of tea and find out what you like.” On this, Morris says it’s the same as when buying wine. “You just need to be buying it from somebody you trust – both for their taste and their integrity. Then let them guide you down the learning curve. And as with wine, there are some brilliant teas which may just not suit your palate.” If you are interested in getting into tea, d’Offay advises spending more money on tea and less money on the tea-making equipment. “You really need very basic tea equipment,” he explains. For Chinese teas, d’Offay says a Gaiwan – lidded cup – or a simple brewer is a good starting point. Porcelain, he says, is quite robust and glass is ok. You don’t, for example, need Yixing (the exquisite teapot pronounced yee-shing) to start with. He says he did a tasting with some “pretty good teas” with two mugs and a strainer recently. But is quick to add: “I’m not recommending that everyone brews in one mug and strains in another mug, but it is better than wasting a lot of money on really fancy stuff.” It’s always a good idea to ask questions and look for certain things when purchasing fine tea, Lalani says. “Most of the tea that gets produced gets blended – it will be picked, it will be sold to a brand, they will blend it up and it will sit on a shelf somewhere with their brand on it and that’s it. You may know where it’s from, for example, you might know what you’re buying is a Darjeeling, you may know the season – they might tell you it’s a first flush or a second flush. But it could be a blend of any number of different batches. It could be a blend of any number of different producers. It could be a blend of any number of different vintages. So the less information they give you, the less you know what’s in it.” Taking the time to make an educated purchase is a vital step, so too is the time spent learning how to prepare tea correctly. For this, Lalani has the shorthand: leaf, dose, temperature, time, decant. “Like with any of your passions, it’s going to take a bit longer,” he explains. “If you want to get a suit made, you can’t walk out with it the same day – you’ve got to wait six to eight weeks but it’s worth it. If you want to get into fine wine, you’re going to need some better glassware, you’re going to need temperature-controlled storage and you’re going to need to invest your time in a bit of knowledge.” He continues: “When you get into chocolate, you can’t buy it for 50 pence a bar, you’ve got to pay £5 to £10 a bar for a craft-made chocolate – another one of my passions – and it’s worth it.  "So, with tea, you can’t brew the bag – excuse my language – in hot water for 10 seconds, but it only takes three to five minutes to do it well – less time than it takes to make a cocktail. But it’s worth it and the rewards are enormous.” We second that. Everything you need to know about purchasing and preparing fine tea Location, location, location: When it comes to buying tea, you need to know where it was grown – particular regions have particular styles. It’s also important to know the producer and the name of the garden. Seasons matter: Tea is grown pretty much all year round. A leaf picked in the premium spring season is going to be better than a leaf picked in the rainy season. As a quick rule of thumb, look for things like first flush, second flush or spring season. It’s usually the early part of the year when you get the better quality. This is true of Japan, Taiwan and India. Vintage picks: Look for the vintage. This will give you some indication if you should be drinking it young and fresh or aged. Some teas, like the first flush season Darjeeling, are best when young and fresh –drink them as quickly as you can. Some teas, like certain white teas or oolongs from Taiwan, are great if aged. If you buy them young, you’d expect to buy them at a young price, but then if they’ve been intentionally aged, then their value – and price – will increase. So you might buy something from 2015 or 2000 or 1998, for example, where you’ll be paying a premium, but it has been aged and likely improved in flavour. Brewing to perfection: A useful shorthand for how to prepare your tea is leaf, dose, temperature, time, decant. It’s important you follow the instructions regarding the volume of leaves and temperature of water the particular tea you have purchased requires (on many modern kettles you can set the temperature, making this element very simple). There should be ample information about this on the packaging. Lalani wholeheartedly recommends purchasing precision scales to ensure you have the precise quantity of leaves every time. Balance scales cost circa £10. Essential kit: While d’Offay says a temperature-controlled kettle isn’t a must to start with, Lalani suggests it’s a worthwhile purchase at approximately £40. Both say you should be mindful with lower-temperature teas and ensure it’s the desired strength and taste. Lalani also thinks a single-pour tea pot is a wise investment. The Alethea, sold at Lalani & Co, is a beautiful and practical single-serving vessel.  Read more Editorial

The fine tea world is a treasure trove of discovery. As beguiling and complex as any wine or spirit, this enchanting liquid steeped in history can be incredibly confusing to master. Holly Motion talks to a handful of fine tea aficionados about why it's well worth investing the time.

Exploring the world of fine tea: beguiling and complex as any wine or spirit, and why it's well worth investing the time

Exploring the world of fine tea

The time for tea: next-level brews

The spirits market is booming. In October 2019, a bottle of 1926 Macallan FINE+RARE 60-Year Old became the most expensive bottle (of either wine or spirits) ever sold at auction in the world, going for £1.5 million – £300,000 more than the same whisky had sold for a year before.  That record may not have been broken yet, but it’s likely only a matter of time. There was a 33.37% increase in the volume of single malt Scotch whisky sold at auction in 2019, with 143,895 bottles sold, worth close to £58 million – a 41.54% increase on 2018. Over the last 10 years, rare whisky has outperformed every other alternative luxury asset, with 353% growth to 2020 Q2. “The rare whisky market has performed phenomenally well over the last decade, outperforming many other categories. We’ve seen growing demand in premium whisky from clients globally,” says Craig Norton, our Managing Director for the UK and Ireland. In five years, we’ve seen the number of spirits buyers rise by 601%, with spirits sales in the same timeframe growing by 698%.  It’s an exciting time for whisky, with a growing international audience as Scotch whisky exports rise (105% in the last 10 years), especially in developing markets like China (up 323% in 10 years). There are also an increasing number of younger consumers diving into the category nose-first; Sotheby’s first online spirits auction last year saw 42% of buyers aged under 40.  The market has so far been dominated by a handful of the biggest names in single malt Scotch, with The Macallan representing an astonishing 40% of the market by value; however
Japanese whisky isn’t far behind. A bottle of 55-year-old Yamazaki sold for HK$6.2 million (US$795,000) in August last year, setting a new record for the category.  The now-closed Karuizawa has become a cult name among collectors, and had something of a halo effect, as our Head of Spirits David Walters said, “Japanese whisky is still going crazy. We sold the Karuizawa Pearl Geisha 37 Year Old (56.9%) pre-release for £12,500 in bond; just a year later it was going for £24,800. The most expensive single bottle of whisky we’ve sold was a Yamazaki 50-year-old (2011 release), for £170,000.” The last two to three years has, however, seen a shift, with a new focus and interest on not buying just bottles but whole barrels or casks. “The ability to personalise or customise single cask bottling has proven extremely appealing to clients,” Norton says, “However, it’s not simple. Barriers can be a lack of understanding of value, the process of maturation or
reselling, or gaining access to the market.”  “The challenge can be guaranteeing provenance,” explains Walters. “Our preference is always to work directly with the distillery.” The IWSR estimates the value of the Scotch whisky cask market at $40 million – and forecasts a trend for cask sales in other categories, such as Bourbon, rum and other US whiskey. While occasionally we see more mature casks (such as a mature Macallan Sherry butt we sold last year, for £600,000), it is more common to see casks as futures, much like en primeur.  Given the long-term timeframe for producing fine whisky, with the first product often not released for five or 10 years, cask sales have fast become a way for the rising number of new distilleries to build revenue in their early years. It is rare for casks to be sold after the first year of production, however, making them a once-in-a-lifetime opportunity to get in on a new distillery – one that may just be the next big thing. It’s this excitement, Walters says, that should attract buyers who are also in it for the journey. Naturally, “founders’ casks” – as they are known – are finite in supply, adding to their appeal for collectors. The spirits market remains dominated by single malt Scotch – with Brora, Karuizawa, Dalmore, Bowmore and Springbank amongst the most collected names – but consumers are branching out. “We’re beginning to see collectors diversify their portfolios,” says Walters, “discovering premium and collectable rums.” He highlights the popularity of Caroni – a Trinidad distillery, no longer in production, that has parallels with Karuizawa – and Hampden, in particular. Fortunately, Covid seems to be having little impact on sales. Even in the last year, the
market has seen 12% growth; as Knight Frank reports, “Anecdotally, drinkable investment classes have always down well in a downturn, perhaps as their owners have looked to drown their sorrows.” In fact, IWSR data shows that “between 2008 and 2012, global prestige-plus
spirits (generally $100+) grew 82% in volume, and almost 230% in value, [reinforcing]
the resilience of high-end spirits after economic challenges”. Nevertheless, our advice is always to buy only what you are prepared to drink – a worst-case scenario that few wine or spirits lovers find much of a burden. Browse all whiskies or read more Editorial

The spirits market has seen a decade of astounding performance – but what is happening, and what should you be looking to buy? 

The spirits market is booming. We take a closer look at the spirits market and explore what is happening, and what should you be looking to buy 

The spirits market overview 

In high spirits: market overview

Ondine Chattan

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Ondine Chattan

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