Hostname: page-component-848d4c4894-89wxm Total loading time: 0 Render date: 2024-07-05T04:28:10.532Z Has data issue: false hasContentIssue false
  • English
  • Français

Reconsidering the 1855 Bordeaux Classification of the Médoc and Graves using Wine Ratings from 1970–2005*

Published online by Cambridge University Press:  08 June 2012

Gary M. Thompson  and
Stephen A. Mutkoski
Gary M. Thompson
Affiliation:
School of Hotel Administration, Cornell University, Ithaca, NY 14853. e-mail: gmtl@cornell.edu (corresponding author).
Stephen A. Mutkoski
Affiliation:
Beverage Management Center, School of Hotel Administration, Cornell University, Ithaca NY 14853. e-mail: sam29@cornell.edu.
Get access Rights & Permissions [Opens in a new window]

Abstract

This paper examines ratings of Bordeaux wines from vintages spanning 1970 to 2005. We use ratings from three popular rating sources – Robert Parker (The Wine Advocate), Stephen Tanzer (International Wine Cellar), and Wine Spectator – to examine differences and consistencies in ratings. Our study is based on over 3, 100 ratings for château/vintage/rater combinations for the “classified growths” as identified in the 1855 Classification. We developed a regression model with rating scores as the depending variable and independent variables for raters, vintages, châteaux and rater-vintage. This model explains 64.6% of the variation in rating scores. We identify the performance of individual châteaux and use our findings to propose an update to the 1885 classification. Based on the ratings we examined, more than half of the 61 classified growths are misclassified, with some châteaux moving as many as three tiers upward or downward compared to the historical classification. While we believe it is unlikely that the classification will be changed, we believe that our proposed classification update (and our rank-ordering of the châteaux, particularly in relation to price-based orderings) can help guide wine purchase decisions of consumers and the restaurant industry. (JEL Classification: L66, C22, Q12, L10)

Type
Articles
Information
Journal of Wine Economics , Volume 6 , Issue 1 , 2011 , pp. 15 - 36
Copyright
Copyright © American Association of Wine Economists 2011

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Anonymous (1999). Playing the rating game. Economist, 352(8137), 94–95.Google Scholar
Ashenfelter, O. (1997). A new objective ranking of the chateaux of Bordeaux. Liquid Assets, 13 (December), 1–6.Google Scholar
Asimov, E. (2005). Wines of the Times; 150 years later, judging the judges of fine Bordeaux. New York Times, June 1. (http://www.nytimes.com/2005/06/01/dining/01wine.html)Google Scholar
Asimov, E. (2008). Three cheers for the also-rans. New York Times, February 13. (http://www.nytimes.com/2008/02/13/dining/13pour.html)Google Scholar
Cortese, A. (2004). Winner by a nose. Business Week, May 3. (http://www.businessweek.com/magazine/content/04_18/b3881116_mz070.htm)Google Scholar
Dewey, M. (1998). 1855 A History of the Bordeaux Classification. John Wiley & Sons: New York.Google Scholar
Di Vittorio, A. and Ginsburgh, V. (1996). Pricing red wines of Médoc vintages from 1949 to 1989 at Christie's Auctions. Journal de la Société Statistique de Paris, 137, 19–49.Google Scholar
Ewing-Mulligan, M. and McCarthy, E. (2003). What's in a number? Wine is too complex for simple rating system. Nations Restaurant News, 37(40), 24.Google Scholar
Goldberg, H.G. (2005). Dusting off the 1855 Debate. Wine News, Coral Gables FL, April/May. (http://www.thewinenews.com/aprmay05/comment.asp)Google Scholar
Jones, G.V. and Storchmann, K. (2001). Wine market prices and investment under uncertainty: An econometric model for Bordeaux Crus Classés. Agricultural Economics, 26(2), 115–133.CrossRefGoogle Scholar
Hughson, A. L. and Boakes, R. A. (2002). The knowing nose: the role of knowledge in wine expertise. Food Quality and Preference, 13(7–8), 463–472.CrossRefGoogle Scholar
Prial, F.J. (1992). Wine talk. New York Times, February 12. (http://www.nytimes.com/1992/02/19/garden/wine-talk-971692.html)Google Scholar
Rivlin, G. (2006). Wine ratings might not pass the sobriety test. New York Times, August 13. (http://www.nytimes.com/2006/08/13/business/yourmoney/13rate.htm)Google Scholar