Wine
In vino veritas
What does Steve Case's choice of wine reveal about the AOL-Time Warner deal?
When America Online was preparing to purchase Time Warner, the biggest business merger in history, the most important negotiations didn’t take place in boardrooms — they were in dining rooms.
It started in November, when Steve Case, the chairman of America Online, called Gerald Levin, the chairman of Time Warner. They had been introduced the month before at the Global Business Dialogue on Electronic Commerce in Paris and had gotten along well. They had talked again at the Fortune Global Forum in Shanghai.
The worlds corporate calendar is peppered with these invitation-only executive meetings. There is a published agenda for the events, but they also serve as gathering places where the most influential people in business can meet in an informal atmosphere and set a private agenda for future dealings.
In the days when power rested in the hands of kings and queens, the marriage of a fellow monarch brought the regents together for a formal event, but the course of world history was often altered at the private meals that took place around the official celebration. Flying in for the Global Business Dialogue on Electronic Commerce is not quite the same as attending the marriage of Louis XIV, but they are similar in the rich opportunities they offer for making important contacts.
During that first telephone conversation, Case described his vision of a future in which information and entertainment packaged by giant media companies would be delivered to the public on the Internet. He proposed a merger of their companies. AOLs home page could read:
YOU HAVE MAIL
CNN
TIME
SPORTS ILLUSTRATED
THE LATEST WARNER BROTHERS MOVIE
Pursuing a dream too powerful to resist, Case and Levin met on Nov. 1 for supper at the Rihga Royal Hotel on New Yorks West Side and began working toward a joint vision of the future. They met again on Nov. 17 for breakfast at the St. Regis Hotel on New Yorks East Side.
By the first week of January, the top negotiators had reached agreement on everything but the split on the new company. At first they had envisioned a 50-50 deal, but AOL stock was going up and Case was thinking that something like 60-40 was more appropriate.
If the deal was going to take place, Levin and Case needed to get together and settle this last issue. On Jan. 6, Levin grabbed a Time Warner corporate jet and headed down to dinner at Cases home in McLean, Va. Midway through the main course they reached agreement on 55-45 — and Case called for a bottle of Chbteau Lioville-Las-Cases 1990 to mark the moment.
Steve Case is a thoughtful man. In fact, Cases interest in Time Warner was to a great extent the result of AOLs strategic research. Like everything Case does, the choice of the Lioville 1990 must have been thought out — and, I figured, it must reveal a lot about what Case thinks of the deal.
So I checked with some of the worlds leading wine authorities.
My first call was to Kevin Zraly, author of “The Windows on the World Complete Wine Course” and one of the finest minds in the wine business. I asked Zraly: What messages does Case’s choice of wine send?
“This is one of the great wines of Bordeaux and one of Bordeaux’s largest estates,” Zraly told me. “It is a wine for perfectionists. At Chbteau Lioville-Las-Cases, everything is done to make the wine as perfect as possible.
“The motto of Chbteau Lioville-Las-Cases is:
Sui le lion qui ne mord point
Sinon quand l’ennemi me poing.I am the lion which does not bite
Unless the enemy attacks first.
“The 1990 vintage was speculative and anyone who bought it as an investment when it first came out in 1992 probably did better than the stock market in terms of return on investment. In 1992, the wine sold at retail for $40 a bottle. Today, the suggested retail price is $325 a bottle, if you can find it! Bottom line — it was a great investment and one of the great vintages of the century.
“It’s also a wine with long-term implications, great to drink now but in my opinion, it will get better in the next 10-20 years. It’s a classic Bordeaux wine for long-term aging and enjoyment.
“In terms of taste, I would describe the wine as highly structured and with great concentration that will give pleasure for years to come.
“One final note: In the early 1800s, because of Napoleon’s inheritance laws, the Lioville estate was divided into three different properties. So there are actually three chateaux that now use the name of Chbteau Lioville. They are: 1) Chbteau Lioville-Las-Cases, 2) Chbteau Lioville-Poyferre and 3) Chbteau Lioville-Barton. Today, all three produce outstanding wines. Can you imagine what would happen if they merged together?”
My next call was to Michael Aaron, the chairman of Sherry-Lehmann Inc. in New York, one of the most respected wine merchants in the United States.
“By late 1999,” Aaron said, “the wine began to reach its plateau of perfection. If well stored, it will probably last another 30 years or more. Serving Lioville-Las-Cases at dinner demonstrated to Mr. Levin that Mr. Case had both hindsight and foresight in wine. An excellent investment, good now and with the potential to be great.”
I checked next with Robert Parker Jr., the author of “Bordeaux: A Comprehensive Guide to the Wines Produced from 1961 to 1997.”
“The 1990 continues to put on weight and richness and is now clearly the superior vintage,” he said. “Broad, expansive, rich, pure and concentrated, but never heavy or coarse. Beautifully integrated. Classic and full-bodied, velvety-textured, youthful but exceptional. This wine needs another five to six years of cellaring, after which it should last for 20-25 years.”
And finally, the comments of Hugh Johnson, author of “Hugh Johnsons Pocket Encyclopedia of Wine 2000″:
“A daunting reputation. Elegant, complex, powerful and austere. Meant for immortality.”
Of course, the new AOL-Time Warner stock limits you to three options: You can buy, hold or sell. With the Chbteau Lioville, you have all the same options, plus one: You can also drink — a downside I can always live with.
Burt Wolf's TV show, "Travels & Traditions II," appears on almost 300 public-television stations weekly. His column appears every Wednesday in Salon. For more columns, visit his archive. He also writes regularly about food and cooking equipment for Burt Wolf.com. More Burt Wolf.
Drink your way from one beautiful vista to the next
Slide show: From France to Chile, we look at some of the world's lushest wine trails
While the prospect of travel may inspire your inner Apollonian to fantasize, scheme and dream, once on the ground, there is immense pleasure in letting a well-laid plan play itself out in a hedonistic, Dionysian fashion. A bit ahead of the now-trendy agritourism curve, wine trails developed as rural outposts of flavor and culture, providing travelers with stimulating opportunities for inebriation.
Even if you know little about grapes or abhor the fussy dissection of flavors and terroir — you can learn so much just by exploring the leafy landscape of wine — digging into the dirt, smelling the vines under the beating sun, going underground to contemplate the almost holy ritual of controlled fermentation, and pondering the effects of a cold night, southern exposure, altitude or soil composition on acidity and flavor.
We chose 16 spots that make it easy to drink your way from place to place, sampling different types of wine in intoxicating settings. You can read about many more wine country spots here: http://www.trazzler.com/tags/wine-country
What’s in a wine label?
Many producers market bottles with cuteness, but one actually teaches us about the art of the vintner
These days many enjoy buying wine with labels that feature animals: kangaroos, penguins, fish, lizards, and loons. These “critter labels” don’t just happen by accident — research shows that American wine consumers are 40 percent more likely to buy a wine with a cute animal on the label when compared to a straightforward label that gives the standard information: the name of the producer, the name of the grape, the name of the place where the vineyards are located, and the year in which the grapes were picked.
Continue Reading CloseSteven Kolpan is Professor and Chair of Wine Studies at The Culinary Institute of America (CIA) in Hyde Park, NY. He is the author of "WineWise," a consumer-friendly guide to the wines of the world More Steven Kolpan.
Make a wine pro jealous: Have a tasting at home
Professional tasters have a dirty little secret. They don't have fun doing it, but here's a guide on how you can
A woman tastes red wine in the Millesima cellar in Bordeaux, southwestern France, November 6, 2007. REUTERS/Regis Duvignau (FRANCE)(Credit: © Regis Duvignau / Reuters) As if the majority of the American public didn’t already think that “wine professional” was another term for “buzzkill who can’t get a real job,” I have a dirty little secret about professional tasting that I want to share. When we taste, it is not for pleasure. The job of the professional wine taster is to find the faults with the wine, and it’s a bit like finding all the reasons not to award the Cub Scout his Webelos badge.
As if that wasn’t enough to endear ourselves to humanity, then there are the tasting panels like a recent one for a major wine competition who were unanimous in their opinion of one California Chardonnay over another. The wine they rejected retails for $65; the wine they embraced was Charles Shaw Chardonnay (commonly, and sometimes affectionately, sometimes derisively, called “Two Buck Chuck”) – it sells for $1.99-$2.99 at selected Trader Joe’s. This kind of thing happens more than you might imagine, and far more often than “professional tasters” care to admit. When I hear things like that, what can I do but weather the slings of friends who call my profession a collection of frauds and phonies and do the perp walk of crooked politicians and disgraced corporate executives?
Continue Reading CloseSteven Kolpan is Professor and Chair of Wine Studies at The Culinary Institute of America (CIA) in Hyde Park, NY. He is the author of "WineWise," a consumer-friendly guide to the wines of the world More Steven Kolpan.
Meritage: New world grapes and old world blends
Your guide to some truly great American wines, made in French style
Traditionally, most Old World wines are named for their place: Bordeaux, Champagne, Rioja, etc. But today’s wine market is heavily tilted toward grape names, like Chardonnay or Pinot Noir, and the reason is easy to understand: Buying a 2005 Napa Valley Cabernet Sauvignon, for instance, is for most of us a much simpler exercise than buying a 2005 Château Smith-Haut-Lafitte from the Pessac-Leognan subregion of Bordeaux.
Great, we might say. Score one for transparency and straightforwardness! But there’s a lot to a name. Both of the wines in the above example are considered to be Cabernet Sauvignon wines, though they are both blended to some degree with wines made from Merlot, Cabernet Franc, and a few other varietals. In order to preserve the integrity of the Napa Valley Cab name, by law that wine must be a minimum of 75 percent Cabernet Sauvignon grapes, and 85 percent of those grapes had to be harvested from vineyards in the Napa Valley. But the Bordeaux wine, an explicit blend, can contain a varying percentage of Cabernet Sauvignon, depending on the year and the style the house is trying to produce. The 1,200 wine estates in Bordeaux, in fact, will all come up with different blends of grapes in their wines. More Cabernet in some, much more Merlot in others, depending on the customs and vintage conditions in their subregions. The blends will change from year to year, as the winemakers try to coax the best possible wines from their vines. The blending becomes an art in itself, one that stands proudly alongside the growing of the grapes.
Continue Reading CloseSteven Kolpan is Professor and Chair of Wine Studies at The Culinary Institute of America (CIA) in Hyde Park, NY. He is the author of "WineWise," a consumer-friendly guide to the wines of the world More Steven Kolpan.
One of the best white wines in the world comes from … New York?
Konstantin Frank arrived in the U.S. from Ukraine with $40 and a dream to grow Riesling where it couldn't be done
A hundred years ago, Riesling wines from the Mosel and Rhine regions of Germany were the most expensive and sought-after wines in the world, and a great Riesling is honestly hard to stop talking about — fresh, flowery, flinty, and tart, redolent of peaches, apricots and green apples, with a sweet attack and a lengthy, complex, dry finish … I could go on. But while there are still magnificent German Rieslings, let me let you in on a no-longer well-kept secret: some of the finest — and finest value – Rieslings are from New York State, grown along the banks of the Finger Lakes, especially Keuka, Cayuga, and Seneca Lakes.
Continue Reading CloseSteven Kolpan is Professor and Chair of Wine Studies at The Culinary Institute of America (CIA) in Hyde Park, NY. He is the author of "WineWise," a consumer-friendly guide to the wines of the world More Steven Kolpan.
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