LIQUID ASSETS
Princess of the Seas
The new V85 isn’t just a pretty face, writes Jack Molley. It also manages to combine serious power with total comfort. up to two berths each, giving provision for a maximum of four crew members. Walking on deck is very secure because there’s a high guardrail and plenty of grab rails. On a personal note, I also like the large expanses of glass and the way the windshield runs all the way back to the cockpit – another feature you won’t find on many British boats. The stern garage is large enough to comfortably stow a 4.2-metre tender and a wet bike which quite literally slides into the water as the stern platform lowers beneath the surface of the water. For further information about the Princess V85 emailz yachting@hkgolfermagazine.com
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hen Princess Yachts launched the V85, its largest ever V Class sports yacht, at the 2008 London Boat Show the sailing world took note. A new concept in a dynamic design the V85’s stunning good looks disguise a very practical and spacious interior layout, as well as a number of new design features. Princess V Class sports yachts are renowned for high performance and the V85 is no exception. With a deep V hull and a choice of the latest diesel engines, the V85 can achieve close to 40 knots in speed whilst boasting complete capability, control and seaworthiness. Furthermore, the distinctive flying bridge with full repeat controls and large seating area guarantee total comfort. Ensuring total versatility, the spacious cockpit features a seating, dining and bar area for up to eight people and the forward area of the saloon incorporates a sliding roof which opens over the control position and dining area – the perfect solution to Hong Kong’s unpredictable weather. The large galley has the option of being fully enclosed or open plan, enabling the V85 to suit owner operators or those running the boat with a full crew. And with luxurious cabin space for up to eight people, even when cruising at full capacity the V85 remains a haven of absolute comfort. The three guest cabins, all en-suite, are complemented by the full beam master cabin which benefits from an impressive shower room complete with twin sinks. In addition to guest accommodation, two crew cabins together with a galley and mess area, are accessible from the starboard side deck and can be fitted with 12
HK Golfer・Jun/Jul 2009
PRINCESS V85 LOA: 25.91m (85ft) Beam: 6.27m Draft: 1.81m Fuel Capacity: 6.000l Water Capacity: 1.205l Engines: 2 x Caterpillar C32A 1820hp, 2 x MTU 16V2000M92 2180hp Speeds: 38 knots max with 70% load and MTUs 2180hp option
HKGOLFERMAGAZINE.COM
Beauty or Beast?
Robert Rees examines the state of the En Primeur market
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cannot recall an En Primeur campaign that has caused so much controversy as the 2008 vintage. The annual pilgrimage of producers, buyers, brokers, wine writers and observers has erupted into an emotional and sometimes bitter debate over wines tinged with more than a touch of scandal. Sadly, most of the discussion seems to be focused on the value rather than the quality of the wines. This is regrettable but is an inevitable consequence of the greed and stupidity that was voraciously indulged in by all involved in the past few campaigns. Briefly, the en primeur system is basically a futures market in wine. Producers show barrel samples of the latest vintage and hopefully garner enough interest from the clamouring traders (negociants) to sell all their produce and thus finance their ongoing activities. Purchasers hope to pick up wines at significant discounts to their eventual market price upon release in bottle, some two years hence. Whilst loyal customers on chateaux lists will get an annual allocation at prices set by the owners, the majority of wines will be bought by negociants who will seek to on sell at a tidy profit to the public. The market has gathered depth and momentum throughout the decades but now finds itself in a very bad state due to the ridiculous excesses of the past four years. Many buyers have boycotted the 2008 campaign in protest of continual overpricing. It also didn’t help that the weather conditions had been particularly uncooperative during the flowering season, leading to rumblings of another disaster like 2007. With prices for that year’s vintage plummeting, there was anger at the deals struck 12 months previously. Rumours were rife of many new traders (as well as a few notable ones) being in financial stress and thus potentially not being able to meet obligations. Combined, all these factors placed a very dark cloud over proceedings. To understand the present we need to examine the past. The new era of wine pricing and investment excess really has its origins in vintage 2000. This was an outstanding year that was sold at very reasonable prices in a world that still differentiated between great, good and average vintages. Buyers recognised that wine is still only wine, and that if you wait 12 months there will be another crop to buy – perhaps not quite as good, perhaps even better, than the last. Also, excellent past vintages were still readily available, so that intelligent, patient buyers could accumulate superb, HKGOLFERMAGAZINE.COM
proven bottles without facing significant premiums. And then madness. In the intervening years, the global investment banking machine had begun to redefine the concept of value, using financial alchemy and complicit ratings agencies to transform assets of questionable quality into AAA miracles, thus allowing credit to be available to just about anyone who could put a thumbprint on a loan document. Prices for the almost perfect 2005 vintage boomed, some by over 500 percent, as the adoring public furiously outbid each other to get allocations of this miracle asset class that seemed to reflect more desirably on its owners than any of the other toys in the cupboard. Chateaux owners, negociants , winemakers and wine journalists became rockstars. It was stunningly monstrous and forced many traditional buyers of En Primeur to abandon the market in frustration. 2006 was a reasonable year but not even close to being in the same class as 2005. Prices were anticipated to drop significantly but in fact this did not occur. The secondary market for 2005 was continuing to spiral ever higher and the fascination with this new asset class drove players into the fray, with prices barely lower than 2005. It was all a bit crazy. The market had been hijacked by a mentality that had no regard for quality. Emboldened by this new paradigm, the negociants snapped up the awful 2007 vintage. They figured they could sell dishwater to the new buyers and they were probably right. Prices traded down around 10% from 2006 despite the very obvious inferior quality of the wine. In the past, prices would have dropped fifty to eighty percent for such a vintage. Volumes however seemed suspiciously light. Trade talk was that some chateaux and negociants were deliberately hoarding stock to protect prices, using the phenomenal profits of the previous years to keep the 2007s off the street. Good luck to them. It won’t work. Secondary market prices for 2007 are falling precipitously, as they should. The demographic who bought will be horrified to know they have purchased seriously inferior product at prices that are embarrassingly high. They are guaranteed to lose money on the investment. Of deep concern for the 2008 En Primeur vintage, which actually seems quite good, with patches of excellence, are the rumours of failing negociants. Remember that as a buyer you are extending unsecured credit for 2 years to your supplier. If they fail, you have nothing. Lots of new players are now in the market and many will be struggling as demand falls. If you must get involved do a credit check on your supplier. If they baulk, don’t buy from them and wait for the stuff to appear in bottle. Chances are it will be cheaper anyway.
SPECIAL READER OFFER At the time of writing, Chateau Lafite 2008 En Primeur is trading at US$300. We have 10 cases of the excellent 2004 vintage available at US$350 per bottle for immediate delivery to your door – bottled, proven, brilliant with and no credit risk. Here is what Robert Parker, Jr. had to say about it: “Medium to full bodied with fabulous fruit, impressive richness, refreshing acidity and sweet tannins, this beauty should be approachable in 4-5 years and last for 3 decades—95 points.” To place an order, or if you have any other enquiries, please contact Robert at wine@hkgolfermagazine.com
HK Golfer・Jun/Jul 2009
Illustration by Christine Berrie
NAUTICAL NOTES
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