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October 28, 2016

Krug 2003


We released Krug 2002 in February this year at a first release tranche price of £800, it has since risen 69% to £1,350 per case of six. In fact, since then the last seven vintages of Krug have risen on average 18%, 10% if we exclude 2002 as an outlier. Therefore, it is a good time to be stocking up on vintage Krug, with prices rising across all vintages. Vintage Krug is broadly considered as the greatest Champagne in the world and global demand is comfortably outstripping supply. With this in mind, we decided to anaylise which vintage of Krug is currently the most underrated, the result was the 2003.

In 2003 Krug made a superb wine, which has been awarded 95 points from James Suckling, Vinous Media and Richard Juhlin. This places it, like 2000 and 1998 just behind vintages like 2002 and 1996, yet at a fraction of the price. As we can see from the table below, the 1998 already trades at £1,180, a 50% premium. It also has the lowest Price of Points Score further signaling its attractiveness! We have managed to secure a parcel at close to our original release price from February 2014, which is hugely appealing at £780.

Vintage Points Price Now POP
2003 95 £780 104
2002 97 £1,350 159
2000 95 £800 107
1998 95 £1,180 157
1996 98 £1,550 172
1989 96 £2,200 275
1988 97 £2,500 294


Vintage Krug accounts for less than 10% of their overall production, which equates to under 9,000 cases, furthermore in 2003 production was 25% down! The 2003 will come under serious buying pressure due to its discount to the 2002 and 1996, a price level we expect to correct over the next 24 months. We tried the 2003 and 2002 side by side earlier in the year and it was actually the 2003 that was a lot more expressive now, hence the earlier release from the Estate. This is perhaps one to drink a little younger than the 2002, however, it is definitely still worthy of ageing for at least two more decades. Suckling says of it, rest assured it will hold for a very long time, just like Krug has proven in other warm years like ’76.’ When we consider that the ’76 trades at £3,600 this clearly has serious long term investment potential.
To buy this wine, click here