Bloomberg: Your Next Investment Bourbon Should Be a Brandy

Illustration by Nico H. Brausch

By Christopher Ross

June 18, 2024 at 6:27 AM UTC

Bourbon collectors, I feel your pain. What was once a niche hobby for booze geeks has become a forbiddingly expensive and competitive endeavor, what with the annual Pappy Van Winkle lotteries (and heist) and secondary markets where a $2,000 bottle of 20-year Eagle Rare can leap to $14,000 in just five years.

Still, if you love the hunt for artisanal, rare spirits, have you considered pivoting from grains to grape? The warmth and woodsy flavors of single-barrel, full-strength cognac and Armagnac can closely resemble the taste of bourbon, at a more attainable price point.

“Folks who’ve had the opportunity to taste these bottles notice, wow, there’s that concentration, that similar profile of combining fruit and structure from the wood,” says Greg Faron, co-founder of new importer Bien Élevé in Washington, DC. Some vintage brandy can compare in flavor to glut-era bourbon, he says, referring to the 1970s-to-early-’90s period when distillers cleared out older, languishing whiskey stock under younger labels.

Bien Élevé joins established importers PM Spirits and Charles Neal Selections—plus upstarts such as Bhakta Spirits, from the founder of WhistlePig whiskey—as part of an expanding network of bottlers and retailers working with aficionados to build a ground floor for collecting these complex liquors.

Their biggest obstacle? The French.

See, when it comes to investment bourbon, what’s most sought-after are single-vintage bottles, ideally single-barrel, bottled at cask strength—offering a premium of intensity and purity and rarity, traceable to a specific location and point in time. But that’s exactly the opposite of how French brandy is traditionally produced.

Distillers at major cognac houses such as Hennessy and Courvoisier believe the beauty of their craft lies in artful blending; they lock up eaux-de-vie (unaged spirit distilled from grapes) from hundreds of growers to do so. There are strict brandy-making rules around grape varietals, distillation and minimum aging time in oak barrels, but blending isn’t actually a prerequisite.

“I’m French, so I can say this: The French feel they are the guardians of a tradition, which makes them not innovate whatsoever,” says PM Spirits founder Nicolas Palazzi, one of the first importers to bring unblended, collector-bait brandy to the US.

The Cognac region, Palazzi says, is particularly disincentivized to put out the kind of artisanal spirits that US buyers are clamoring for. If a producer decides to set aside a barrel for aging as a vintage cognac, a member of the Bureau National Interprofessionnel du Cognac (BNIC) must be present for its sealing. To open that cask for any reason, including if it’s leaking or damaged, they need to pay for another inspector to come out and oversee the breaking of the wax seal.

Moreover, Big Brandy doesn’t see much long-term strategy in single-barrel bottlings, as it’s only able to achieve its current sales volumes by blending spirit from different casks; the ultrapremium $4,000 Rémy Martin Louis XIII may contain as many as 1,200 eaux-de-vie, some as much as a century old. There are precious few growers in Cognac who don’t sell to the mass-market houses.

Steve Ury, a well-known former bourbon blogger, takes a cynical view of the Kentucky gold rush, so he turned his gaze toward France. He says his steadily growing Facebook group, Serious Brandy, now counts more than 3,000 members. He says American buyers have had to train smaller brandy producers to fill that desire gap between collectors and the conglomerates.

“Their first instinct was, you blend everything, you water it down to 40%—that’s what people want,” Ury says. “And we had to go and say, ‘No, that’s not what we want. We want to see those barrels. Just put ’em in a bottle. We don’t need you to do anything else.’ ”

There’s casks all over the place, all over France, sitting in garages and sheds.

Cognac houses Pasquet and Grosperrin are among producers that have gotten the memo, as well as L’Encantada Armagnac, he says, which can be “very bourbon-like. It’s dark and oaky because they don’t do as much treatment to it, they just sort of leave it in the barrel.”

Reid Bechtle, a collector in Virginia, agrees. He was so enchanted when first tasting L’Encantada’s Armagnacs in 2015 that he and fellow members of his private whiskey club—1789b, which buys whole barrels of spirits—foresaw the untapped demand and purchased three on the spot. Now, he says, L’Encantada’s fame has grown, and its small-batch, orange-wax-topped bottles command such a cult following that it’s often impossible to find at retail. “What we used to buy for $60 is now $300.”

For your own collection, this month PM Spirits is releasing a L’Encantada discovery box ($211) featuring 200‑milliliter independent bottlings of brandy distilled by three different domaines over three different decades: 1999, 2001, 2012. Dozens of years in barrel reveal beautiful tertiary aromas of dried citrus, tobacco and resin.

Cognac Frapin, a family-owned producer founded in 1270, focuses mostly on traditional aged blends, but it, too, is coming around, with help from Palazzi. A 1994 vintage released in May is a first for the maison: single-estate, single-cask, full-proof. Balancing the richness of the wood with subtle orchard fruit, vanilla and leather, it costs $265. Only 500 bottles were made.

Similarly, Bien Élevé imported a single-cask 1967 Cognac Lheraud Bons Bois ($640), perfumed with exotic spice and dried figs and elegantly rounded on the palate. “It’s become more of a focus in France, finally, for single-barrel picks,” says Faron, the Bien Élevé co-founder. Just a dozen of the 132 bottles of the Lheraud Bons Bois were allocated to the US.

I wouldn’t be surprised if major producers started earmarking exceptional casks as well, given that collectible, traditional blends have stalled. The compound annual growth rate by volume of ultrapremium-and-above French brandy was down 2% globally from 2018 to 2023, compared with ultrapremium bourbon’s 22% growth, according to IWSR, a global beverage alcohol data specialist.

“With French brandy, the extraordinary and extensive histories—over 700 years for Armagnac alone—and the tremendous ageability of these spirits, arguably far greater than most whiskeys, should mean that the possibilities for finding great spirits are near endless,” says Nima Ansari, a buyer for Astor Wines & Spirits in New York who stocks about 20 bottles of boutique brandy. Cognac can age longer than bourbon or American rye because of a cooler climate and less char on what are usually older, larger barrels.

But the ultimate factor may be the love of the hunt. As in the early days of searching for bourbon “dusties” on liquor store shelves, there’s a sense of undiscovered treasure out there, if you know where to look and strike quickly when opportunities arise.

If a vineyard hasn’t presold all its grapes to a brandy house, some farmers might have their own spirits distilled for consumption among friends and family or as an investment. “Every farm is a potential producer,” Ury says. “There’s casks all over the place, all over France, sitting in garages and sheds.”

In other words, there’s a lot of potential boutique brandy out there—and it’s all rare. Consider: If an importer comes across the private stash of an elderly couple, buys it and releases 170 bottles, it might be all that family farm ever produces.

For collectors who get a thrill from acquiring a truly one-of-a-kind spirit, it’s tough to put a price on those bragging rights. At least for now, though, a couple hundred bucks ought to do it.

Decoding Cocktails's Substack: Podcast ep. 52: Nicolas Palazzi of PM Spirits

If we wouldn't drink it, we won't sell it.

Nicolas Palazzi is an engineer turned spirits importer. Originally from Bordeaux, France, he lives in Brooklyn, where PM Spirits (named for his father, Paul-Marie Spirits) is located.

Nicolas Palazzi

I first became aware of PM via a Roffignac cocktail I had in New Orleans at Peychaud’s Bar. It was PM’s blanche armagnac named COBRAFIRE and a raspberry shrub. It was a stunning drink, and isn’t the branding fantastic?!

Cobrafire – Blanche Armagnac

One thing Nicolas discussed during our conversation that I didn’t probe for more info on is aging additives. Even though additives are generally put into something to mask an inferior product or to speed up the process, Nicolas said there are instances where additives can be a good thing. He says a great B.S. meter for additives is, does this make the overall production process more or less expensive? You can read more about additives on PM’s blog.

Want more on Nicolas and PM? Their blog #DrinkLessDrinkBetter has a piece on his story called “Bordeaux to Brooklyn.” You can also find more in Vogue, Saveur, and The Agave Social Club podcast.

Everyday Drinking: Is Armagnac The New Bourbon? Or Is It The New Mezcal?

An exercise in reading beyond the headline. Plus, my picks and tasting notes on 16 bottles for your holiday splurge.

People often ask me, “What’s the difference between Cognac and Armagnac?” (Yes, I exist in incredibly nerdy spaces). To be honest, there as many similarities as differences. They’re both brandies made from grapes, often the same grapes. They’re both made in southwest France, less than three hours drive from one another. At the top end, they’re both expensive. But there are key differences, both technical and cultural. Below, I’ve posted my Armagnac 101.

More than anything, Cognac is bigger than Armagnac. Much bigger. Cognac represents a $4 billion market global market, with 225 million bottles sold each year. Meanwhile, Armagnac sells around 5 million bottles in a year. That means you don’t have huge multinational players like Hennessy or Rémy Martin in Armagnac. Instead, it’s mostly smaller family estates. Most don’t even own stills, but rely on itinerant distillers going from house to house after harvest and fermentation. There simply isn’t as much Armagnac in the world.

That scarcity and local grassroots production is why people often make this analogy: Armagnac is to Cognac what mezcal is to tequila. In the craft spirits world—where mezcal has cool, trendy, insider buzz—that’s not a bad place for Armagnac to be.

That seems to be what some in the industry are banking on. For instance, in late 2021, the venerable brand Marquis de Montesquiou, one of Armagnac’s largest producers, was bought from Pernot Ricard by Alexander Stein, the entrepreneur who created Monkey 47 Gin—which Stein had previously sold to Pernod Ricard. “He thinks Armagnac is the new mezcal,” said Jean-Francois Bonnete, the president of BCI, which imports Marquis de Montesquiou. It will be interesting to see how the brand, which has slipped in quality, will evolve under Stein.

Meanwhile, Stein isn’t the only industry bigwig who’s invested in the region. And a some of the other players don’t see Armagnac as the new mezcal. Rather, they’re banking on it being the new bourbon.

A few years ago, Raj Bhakta, one of the founders of Whistle Pig whiskey, bought the entire stock of a traditional Armagnac house, Ryst Dupeyron. In 2021, Bhakta told me that he’d “transferred the majority of it to Vermont,” where it would be finished in Islay whisky barrels. He released the blends a barrel at a time. “Technically it is Armagnac, but I’m not calling it Armagnac,” Bhakta told me at the time. Still, all of his promotional material clearly mentions Armagnac as the spirit’s place of origin.

Bkakta is clearly trying to appeal to a certain kind of American whiskey drinker, to blow them away with a 50-year age statement on the label. “The American whiskey drinking is dying for something new. He just doesn’t know it yet,” he told me in 2021. But Bkakta made clear he has little intention of educating his bourbon bros on Armagnac when he declared: “Armagnac just doesn’t have much brand value.” I mean, that’s some serious hubris there. But I guess it’s no less arrogrant than taking something a family aged for five decades in the French countryside and sticking in a Islay whiskey barrel for a few months to, ahem, “finish” it.

I’ve written before about this whiskey-fication of Armagnac. I’m very clearly on the record as saying this is not a good thing.

Nicolas Palazzi of PM Spirits, which imports a number of top Armagnacs, summed up the current market like this:

“There’s more Armagnac being sold, but it’s a very specific kind of Armagnac sold to a specific kind of buyer. We’re talking about Armagnac that’s very extracted, heavier on the wood, more powerful, more vanilla. So it’s not very different than the whiskey that people are drinking. We’re selling a lot less classical Armagnac.”

In other words: Armagnac that tastes like bourbon. Still the big question for Armagnac in the U.S. is whether or not whiskey drinkers—tired of ridiculous bourbon prices—will embrace brandies they likely can’t pronounce.

When I think and talk about Armagnac, I am a million miles away from the whiskey market. Gascony is a rustic, agricultural place of small towns that’s famous (or infamous) for the ducks and geese raised for foie gras (more than once been I’ve been served a “salad” in Gascony that was literally all meat). I posted recently about my pilgrimage to some revered small estates. Armagnac is a fragile place, and there is legitimate worry about whether it can handle becoming the new bourbon or the new mezcal.

We love the allure of drinking from decades-old barrels that a négociant—a treasure hunter—has discovered and procured from an elderly grower, or a widow. But those barrels often represent the end of a multi-generational wine-growing family. The numbers don’t lie: In 50 years, the total vineyard area of Armagnac has shrunk from 10,000 to 2,000 hectares. “This tradition is dying,” says Lili de Montal, at Château Arton, with around 40 hectares in Haut-Armagnac. “It’s not an overstatement to say it’s a disaster.”

A few weeks ago, I went to a tasting of Château de Laubade in New York, hosted by Denis Lesgourgues, whose family has run the estate for three generations. It was a small group, mostly people from the trade, and I thought Lesgourgues’ presentation was a good model for how Armagnac might move forward into an uncharted market.

Among the samples, we tasted an experimental bottling made from the rare plant de graisse grape, as well as Laubade’s new 21-year-old expression. That age statement is itself not common. “You don’t see a lot of age statements in Armagnac,” Lesgourgues said, adding: “We’ve been thinking about whiskey drinkers. The price of 21-year-old whiskey is very high. So we feel this is a chance for whiskey drinkers to try a 21-year-old Armagnac.”

I’ve known Lesgourgues for about a decade, and back in 2021, he and I had a disagreement over a Armagnac he released that was finished in Bardstown bourbon barrels. His new 21-year-old feels like a much better approach to meet the whiskey drinker with an Armagnac that’s still got the classic profile. (I recommend it below in my bottle picks).

After the tasting, everyone in attendance split into groups and we blended our own Armagnac from the 2008 vintage from aged samples of four specific grapes: ugni blanc, baco, colombard, and plant de graisse. Besides being fun (my team of course made the best blend; I got an embossed certificate!) the exercise focused attention on the raw ingredients, the grapes and the wine. It drove home to the people in attendance just how different Armagnac is from nearly any other spirit.

SPIRITS: THE TIP OF THE ICEBERG

BY ANTONIO GALLONI | DECEMBER 08, 2022

It all started innocently enough. Over the last few years, I have seen a marked increase in spirits made by winemakers. I thought it would be fun to taste them and write them all up. That was the genesis for this report. But then more and more samples arrived, and before I knew it, the article had morphed into a broad survey of spirits of all kinds. This article is clearly not comprehensive to any one category, but rather intended as a collection of spirits I think Vinous readers will enjoy.

As I started tasting through these spirits, I wondered if my approach to tasting wine and Champagne would be applicable, or if instead, I needed an entirely new methodology for looking at quality. I asked myself if there are really marked differences between several raspberry eaux de vie, for example. It turns out spirits can absolutely be assessed for aromatics, fruit, texture, finish and a number of criteria used in evaluating wine. If anything, the alcohol in most categories acts as an amplifier of those qualities and also accentuates both strengths and flaws. And yes, raspberry eaux de vie can be very different.

Where possible I have indicated lot numbers, although these aren’t always available in the world of spirits. I would like to see that change so consumers can know they are buying the same product I tasted and reviewed. In this regard, parts of the spirits world share some basic principles with other beverages such as NV Champagne, but also soft drinks and beer, where the goal is to create a ‘consistent’ product from year to year. There are virtues in that, and it is a skill, but I believe small batch bottlings that are differentiated are far more interesting, certainly far more interesting for the inquisitive reader looking for something that is truly distinctive. For now, I have relaxed the rule I have for NV Champagne where I only review bottlings that have a base vintage or disgorgement date listed.

But that does make me wonder what the future is for craft spirits. About a decade ago, I sat in the Krug tasting room with then-CEO Margareth Henriquez and Olivier Krug and explained that I would not review their Grande Cuvée because there was no way to ensure the batch I tasted was the same wine in the market. I suggested adding a base vintage or disgorgement date, which would differentiate releases, make each release special, and then, in time create opportunities for thematic tastings and/or special packaging, like mixed cases. “Our customers have no interest in this information,” was the reply.

Readers might find this hard to believe, but at the time, the Grand Cuvée struggled mightily in the market. It did not sell. And this was not that long ago. For a time, the half bottles were dumped in elite New York City restaurants (likely elsewhere too), where they were sold for next to nothing. Then, Krug began experimenting with thematic names for each release, before settling on the Edition system. A stroke of genius. Guess what happened? For the first time ever, Grande Cuvée became an allocated wine. All sorts of comparative tastings emerged, as did boxed sets that offer a combination of releases.

To be sure, spirits are different. Many are made in tiny quantities and on a far smaller scale than wine or Champagne. Unlike wine, bottles are opened and often enjoyed over a period of time, so comparative tastings are less the norm. Even so, I would like to see better and more consumer-friendly labeling. There is a possible parallel with the world of grower Champagne, where an increasing number of producers detail varietal breakdown and the exact source of their fruit. Why would that not be applicable to a fine source of pears or raspberries for eau de vie, or a specific breakdown of lots in a Cognac? All information like that does is create greater consumer interest.

I tasted the spirits in this report in November and December 2022.

The Eau de Vie Damson Plum from Capreolus is laced with hints of dried fruit, crushed flowers, herbs, mint and red stone fruit. Exotic and nuanced the Plum Brandy is exquisite. It is an especially floral, savory plum spirit. This fruit was sourced in Vale of Evesham, This is bottle 118 of 336.

The Eau de Vie Raspberry melds together plenty of fruit character, but in a serious, almost imposing style. This is not an easygoing spirit at all. Then again, approximately 75 pounds of fruit yield one liter of eau de vie. Sweet floral and herbal accents add lift. There is a bit of angularity and that leaves the Raspberry feeling a bit tense next to the other eaux de vie in the range. This is bottle 257 of 301.

The Eau de Vie Quince is floral, lifted and also very refined on the palate. A spirit of understatement and class, the Quince is soft-spoken, with impeccable balance, fine length and tons of sheer appeal. Dried floral and herbal notes resonate on the finish, but it is the overall balance I am most drawn to here. This is bottle 48 of 116.

The Eau de Vie Poire Williams (100% Bartlett Pear) from Cazottes is fabulous. Creamy and textured, the Poire Williams soars out of the glass with stunning aromatic complexity. Soft contours add raciness to this decidedly polished, exuberant eau di vie. The style is one of sublime refinement and class - perhaps too much for some palates - but all the elements are so well balanced. This release is a total knockout.

The Eau de Vie Reine Claude Doreé (100% Greengage Plum) is a wild, exotic eau de vie. The aromatics alone are crazy. A whole range of floral and savory top notes give the Reine Claude Dorée its distinctive personality. Fruit is more in the background in this captivating spirit from Laurent Cazottes. The bright, clean finish is a thing of beauty.

The Haut-Armagnac La Réserve is very pretty, aromatic and lifted. What this young Haut-Armagnac lacks in age it more than makes up for with its exquisite balance and finesse. There are no hard edges whatsoever. Sweet spice, leather and floral notes give the Réserve notable aromatic presence to match its mid-weight personality. La Réserve is a blend of young Ugni Blanc and Colombard, usually about six years old, aged in 100% new French oak and bottled at 45% abv.

The 2011 Haut-Armagnac La Flamme (Ugni Blanc, Colombard) is a blend of single barrels bottled at full proof. Rich and explosive, La Flamme is a heady, exotic Haut-Armagnac that delivers the goods big time. Here, too, the balance is exquisite, especially for a spirit that is a little more than a decade old. Light caramel, spice, herb, maraschino cherry and toast notes build into the pure, persistent finish. This is a terrific showing. Abv is 50.5%.

The 1994 Brut de Fût is a single cask blend of 65% Ugni Blanc and 35% Colombard bottled at cask strength, unfiltered and with no additives. Gently mellowed by time, the 1994 is a wonderfully expressive Armagnac. Soft contours wrap around a gentle core of macerated cherry, spice, leather, dried herbs and light caramel notes. This is all understatement and elegance. I very much admire the precision here. Spring frost and a dry summer yielded a small crop of ripe grapes. The 1994 spent a total of 27 years in wood.

The Cognac Grand Champagne Chai Paradis Très Vieille Réserve is a single cask bottling from Frapin's Paradis cellar. Hints of smoke, caramel, dried flowers, leather and orange peel lend notable aromatic presence. A Cognac of understatement and finesse, the Très Vieille Réserve is wonderfully expressive right out of the gate. Abv is 42.8%.

The Eau de Vie de Cidre Double Zero is gorgeous. It was made from more than thirty varieties of apples, blending bitter, bittersweet, sweet and sweet varieties. Fruit is harvested, then cellared for a few months to concentrate the flavors, before fermentation and distillation begin. Laser-like in its focus, with gorgeous aromatics, this eau de vie is seriously impressive. A glass will provide pleasure to both the hedonistic and intellectual senses. This is L.20.

The Rhum Agricole Organic is a powerful spirit that makes its full-proof felt. Flavors and textures are dialed up to eleven. Hints of lime, ginger and spice add complexity to this intense, wonderfully complex rum. Although a bit of a splurge, I would be thrilled to have it on my bar for cocktails. The Organic is made from hand-harvested sugar cane, distilled in copper creole stills and bottled at 71.2% abv

The Rhum Agricole Les Mangles is a single parcel, single cane rum. Rich and explosive in feel, the Mangles possesses tremendous depth right out of the gate. Dried flowers, leather, earthiness, herbs and a touch of mint add striking complexity, but more than anything, the Mangles is a rum of textural density. Pretty floral and spice accents round out the finish. It's another intense, full-bodied rum from Père Labat, bottled at 70.7% abv.

The 2009 Single Barrel Fut is a tiny bottling of 12-year-old Rhum Agricole aged in a bourbon barrel. Soft and delicate, with striking complexity, the 2009 is lights out. Maraschino cherry, spice, dried flowers, orange peel, leather, cedar, chocolate and sweet toasted oak lend tons of aromatic and flavor complexity. The 2009 is outstanding, but readers have to expect a rum with a pretty strong oak imprint. Time in wood does seem to attenuate the power found in Père Labat's young Rhum Agricole. The 2009 Single Barrel was bottled at 61% abv. I loved it.

The Armagnac Les Carré des Fantômes is a single parcel field-blend bottling of Plant de Graisse, Mauzac Blanc, Meslier St François, Jurançon Blanc, Mauzac Rosé and Clairette de Gascogne, six nearly extinct varieties. It is an especially airy, floral and savory style of Armagnac, maybe a bit classically austere in profile, but also incredibly intriguing. Light in color, with slightly nutty, oxidative overtones, the Carré des Fantômes is an absolutely gorgeous spirit. It is a beautiful, eccentric Armagnac that requires an inquisitive palate to fully appreciate. Batch 08.

The 1990 Single Cask Armagnac is a fabulous choice for readers looking for an Armagnac with the gentle, burnished character that only comes from long maturation in cask. Soft and engaging, the 1990 is an absolute delight. Scents of dried figs, spice, caramel, crushed herbs, leather, barrel toastiness and dried flowers are all woven together. No topping during aging results in a spirit with gorgeous complexity that develops in a very gradual oxidation that has taken place over more than thirty years. Lovely.

The 2006 Calvados Single Cask was distilled from a mix of more than 40 varieties of apples and spent 15 years in French oak prior to being bottled at cask strength. It offers a gorgeous combination of bright fruit and the more complex notes conferred by aging in barrel, all with the softness achieved with time. Gentle smoke, spice, leather, orange peel and dried flowers all grace this exquisite, wonderfully complex, delicate Calvados.

The Armagnac XO from L'Encantada is a blend of eight barrels spanning vintages 2006 to 1986 from five different domaines. It marries the power of Armagnac with notable elegance and tons of finesse. A spirit with no hard edges and fabulous balance, the XO is magnificent. Fruit, floral, spice, dried fruit, caramel and subtle oak notes are all beautifully woven together. The XO is a fabulous introduction to a range mostly composed of single barrel offerings. The purity here is just superb. This is bottled at cask strength, so there is plenty of intensity, yet this lies on the more refined side of Armagnac.

The Corn Whisky Bota NO 2021 is a single barrel bottling made from 100% Spanish corn from the joint venture between Equipo Navazos and importer Nicolas Palazzi. It was aged for 15 years in an Oloroso Sherry cask, with no topping (hence the designation 'NO') and bottled at full proof. A powerful, explosive spirit, the Corn Whisky is packed with scents of scorched earth, game, leather and earthiness. There's not a lot of subtlety here, but I doubt that is the point. Bottled in 2021.

The Cognac Hommage a Yves & Jean-Noel Pelletan is a tiny blend comprised of one barrel of 1965 and a few demijohns going back to 1925. It is the last bottling from Palazzi's days of buying and blending Cognacs under his own label. Quite potent in the glass, the Hommage is a bit rustic, but also incredibly authentic in feel. The explosive power is palpable. It's a Cognac for readers who appreciate structure and body more than restraint. The Hommage was bottled at cask strength and dedicated to master coopers Yves and Jean-Noel Pelletan.

The Eau de Vie Gravenstein Apple is packed with fruit flavor, spice and strong dried white notes. There's wonderful savoriness and tartness to balance some of that fruity character, along with tons of depth and what comes across as strong skin character. This is one of four eau de vies in Rochelt's gift box set.

The Eau de Vie Morello Cherry is one of my favorite eau de vies in this collection. Creamy and expansive, the Morello is all finesse. Crushed red-fleshed fruit, spice, sweet floral accents and a kick of warmth all come together in a spirit that is impeccably balanced from start to finish. The depth and explosive complexity here are off the charts. This is one of four eau de vies in Rochelt's gift box set.

Rochelt's Eau de Vie Wachau Apricot is ridiculously great. Intensely aromatic, Wachau with almost tropical overtones, the Apricot is so expressive from the very first taste. Yellow orchard fruit, ginger and soaring aromatics stain the palate. It's an eau de vie that deeply satisfies both the hedonistic and intellectual senses. I will remember tasting it for a very, very long time. What a knockout. This is one of four eau de vies in Rochelt's gift box set.

The Eau de Vie Quince starts off quite subtle and then explodes through the mid-palate and into the finish. Strong mineral and earthy undertones give the Quince uncommon complexity to play off fruit flavors. Deep and expansive, with tons of character, the Quince is wonderfully complete, but also quite imposing. There's a ton of power and substance here, with an almost phenolic quality that lingers on the finish. This is one of four eau de vies in Rochelt's gift box set.

The Eau de Vie Mirabelle Plum was distilled in 2009, and then aged in glass balloons, in the classic Rochelt style. It is wild, penetrating and full of character. The feeling here is one of focus and length, more than the body found in some of the other eau de vies in this collection. Sweet floral and savory notes continually open in a spirit of uncommon finesse and nuance. The Mirabelle hovers on the palate with wonderful elegance. What a knockout.

Radio Imbibe Episode 46: Nicolas Palazzi of PM Spirits

The cover story of our March/April 2022 issue features brandy, and for this episode, we wrap up our coverage of the spirit with Nicolas Palazzi. Born in Bordeaux and now living in Brooklyn, Palazzi is the founder of PM Spirits, an importer and distributor of specialty spirits, including Cognac, Armagnac, and Calvados. For this episode, we talk with Palazzi about his search for memorable barrels of brandy, what he looks for in great brandies, and his work to bring these spirits to an American audience. 

Radio Imbibe is the audio home of Imbibe magazine. In each episode, we dive into liquid culture, exploring the people, places, and flavors of the drinkscape through conversations about cocktails, coffee, beer, spirits, and wine. Keep up with us on Instagram, Twitter, and Facebook. And if you’re not already a subscriber, we’d love to have you join us—click here to subscribe.  

Are Collectible Spirits the New Sports Cards?

Once upon a time, David Avedissian wasn’t much of a booze aficionado. He never sipped spirits at home and rarely ever drank whiskey. “I would maybe order vodka at a bar,” he said. That all changed on a vacation to Kentucky in 2004, when he and his partner toured one of the state’s legendary bourbon distilleries. 

“I drank bourbon for the first time on that trip,” he says. “I was like, ‘Woah.’ A light went off.” Avedissian started enjoying the popular, easy-to-find bourbons on the market, such as Maker’s Mark and Woodford Reserve.

Then one day, a friend told him to buy a special bottle of George T. Stagg, a limited-release bourbon named for a 19th-century whiskey pioneer. Even though it seemed pricey (around $50 at the time) he loved the taste. He ended up buying more bottles of George T. Stagg than he could open and drink. 

Collectors like Avedissian, who started buying their bourbons in the aughts and early 2010s, have seen astronomical growth in value. 

“I’ve never spent more than $200 on a bottle of whiskey,” he says. “Ever.”

That growth has happened because the sort of dude who once spent his coin on Bordeaux and Burgundy wines now desperately wants to become a Whiskey Bro. In many ways, spirits are a better investment than wine. Whiskey (or brandy or rum) has a much longer shelf life than wine—once a wine is open it must be consumed within a few days. 

But bourbon prices have recently entered the stratosphere. So much so that a shadowy secondary market of flippers has emerged, with people selling coveted bottles for thousands of dollars.

“Bourbon is not just something you can consume. It’s a lifestyle. It’s a form of entertainment,” says Fred Minnick, author and bourbon expert. 

Still, celebrity aside, the bourbon collector market is largely driven by a connected network of whiskey geeks—the Sneakerheads of the booze universe. In fact, collecting special whiskies is similar to collecting special edition sneakers. With bourbon, there’s always a new single-barrel offering, a special distillers selection, a rare vintage, or a limited edition label. 

And just like in other collectibles markets, there is the manufacture of “collectibility.” Unlike in wine, where ratings on the 100-point scale by wine critics drive demand for top wines from Bordeaux or Barolo, the bourbon market is not moved by ratings and reviews in the same way. Avedissian says there have been numerous cases where limited-edition whiskeys have received terrible ratings from critics, but it didn’t matter. 

“Scarcity matters,” he says, adding: “The demand and scarcity sometimes feels artificial.”

This scarcity is often created at the local level. Shops and bars around the country often make one-of-a-kind barrel selections. But now, private whiskey clubs, with a few dozen members, will combine buying power to select special barrels direct from distillers. Those barrels become a special limited run of a couple hundred bottles for club members, with some of the excess allocation going to a local retailer. 

The real scarcity in bourbon derives from acquiring whiskeys from distilleries that no longer exist. For instance, specific bourbons made at Kentucky’s Stitzel-Weller distillery, which closed in 1992, are highly sought after. Stitzel-Weller is the distillery founded by the actual, nonfictional Julian “Pappy” Van Winkle.

That type of scarcity can’t last forever. Some collectors are thinking about what’s next. Minnick suggests that Armagnac, the brandy made in the French region of Gascony, might be the next big thing. 

“In 10 years, Armagnac will be the buy of a lot of people who are bourbon drinkers,” Minnick says. “If I’m a collector, an investor, I’m chasing that. Someone who comes in and buys Armagnac would be like buying Pappy in 2004.” 

That may be true, since Armagnac’s taste profile may appeal to the bourbon drinker. 

“There’s more Armagnac being sold, but it’s a very specific kind of Armagnac sold to a specific kind of buyer,” says Nicolas Palazzi of PM Spirits, who is a top importer of Armagnac. “We’re talking about Armagnac that’s very extracted, heavier on the wood, more powerful, more vanilla. So, it’s not very different than the whiskey that people are drinking.” 

Right now, you can buy plenty of Armagnacs with 50 years of aging for less than $500 a bottle.

Michael Buffa, of the 200-member Orlando Whiskey Society, is one of these converts from whiskey to brandy. Buffa started a side group in central Florida with about a dozen people, called the Yak Pack, when his taste for Armagnac began to usurp his taste for whiskey. 

“Armagnac has way more to offer than bourbon, personally,” he says. “In the secondary markets, what bourbon is selling for is absolutely ridiculous. Bourbon drinkers are very susceptible to trends.” The Yak Pack has already selected several brandy barrels. “The idea is to start creating buying power in brandy,” he says.

While the Yak Pack quickly gains experience and more exposure to brandy, Buffa notes this knowledge is rare. Whiskey brands have so many more reps out in the field doing so-called “education marketing.” 

“Armagnac drinking for Americans is in its infancy,” Buffa says. “There really aren’t a lot of brandy experts.”

Unicorns in the Making: Grab These Collectible Spirits While You Still Can

It’s not hard to think these gorgeous orange-waxed bottles might soon become, cough, the Pappy of Armagnac.

Just as the unicorn is a mythical creature, the often bandied-about stuff of legends, its mesmerizing beauty frequently discussed but rarely seen, so too are many of the most famous bottles in the bourbon world today. Unlike that spiral-horned equine, however, there was a time these whiskey unicorns actually appeared “in the wild”— in other words, on store shelves — before hunters started taking them out.

L’Encantada Armagnac

While single barrels were generally disqualified from this exercise, this bottler only releases single barrels from a variety of tiny Armagnac estates like Lous Pibous and Le Frêche (with the exception of its excellent XO Armagnac, a blend of barrels usually limited to around 2,000 bottles). If bourbon drinkers are seemingly willing to spend any amount of money on whiskey, the same is not quite true for brandy, even if it’s older, rarer, and assuredly more delicious. (Taste hardly matters for unicorn status — sad but true.) But the tide is slowly turning and two- and sometimes three-decades-aged releases from L’Encantada that used to sell for under $100 and used to linger on shelves for months, are now going for two to three times that and lasting mere weeks in some cases. It’s not hard to think these gorgeous orange-waxed bottles might soon become, cough, the Pappy of Armagnac.

How Cocktails Are Helping Armagnac Reinvent Its Image For A New Generation

La Boutique Des Vins in Toulouse’s historic Carmes neighborhood is one of the more popular spots for local residents to browse for just the right wine or spirit, maybe even a craft beer. On a quiet Friday evening when store traffic was still sparse, Noémie Cassou-Lalanne arrived in the hopes of convincing customers to reconsider a traditional spirit that might only rarely be on their shopping list.

Surrounded by a nook of shelves filled with wine bottles, teas, and chocolate bars, Cassou-Lalanne set up a small table and a silver tray with three bottles of Armagnac from the Pellehaut domaine in the Gascony region where she’s in charge of marketing. She then improvised a small bartending station, complete with cutting board, mint leaves, a pestle, tiny umbrellas, ice cubs, and simple syrup to make Armagnac Mojitos.This reimagined cocktail used two types of Armagnac that this artisanal industry hopes will revitalize the image of France’s oldest eau de vie. The first, L’Age de Glace Château de Pellehaut, is a light-brown blend of Armagnacs that have spent little time aging a barrel. The other is Blanche Armagnac, a clear white spirit that has not been aged.

Queen Snake - Shannon Tebay, Death & Co.

INGREDIENTS

Serving: 1

• 1 1/2 ounces blanche de armagnac, preferably Cobra Fire Eau de Vie de Raisin

• 1/2 ounce Clear Creek Douglas Fir Eau de Vie

• 2 teaspoons lychee liqueur, preferably Giffard Lichi Li Lychee Liqueur

• 1 teaspoon crème de cacao, preferably Marie Brizard

• 1 lime shoulder

DIRECTIONS

1. Express lime, leave in bottom of a Sazerac glass.

2. Combine all ingredients and stir to integrate.

3. Top with cracked ice.
   
   

Claire de Montesquiou plunged into Armagnac 30 years ago with her husband after living in England. They bought Domaine D’Espérance and began to restore its vineyards. They believed the clay soil on the far western part of the official Armagnac region would yield high-quality grapes. Three decades later, they’ve developed a strong international reputation while also staying small. “I make small quantities of high quality,” she said. “It’s like if you wanted to compare haute couture to ready-to-wear.”

She’s also brought a willingness to experiment. Several years ago, she connected with Nicolas Palazzi, a Bordeaux native who had moved to New York City where he worked as an importer and brand ambassador. Palazzi was passionate about Armagnac, but he felt it was too complicated to explain to bartenders and potential customers. “The fact that it’s called Blanche Armagnac makes it really hard to sell in my world,” he said.

Cobrafire, eau-de-vie raisin

He worked with de Montesquiou to create a product called Cobrafire. Rather than sitting in a still container for 3 months and having water added, the Armagnac is distilled at a lower alcohol rate, bottled after one month, and then sold as an “eau-de-vie raisin.” 

“I’m a big proponent of putting stuff in a bottle at its natural proof,” Palazzi said. “If you try it and you like it, and then you need to add water to it, then you can do it. But it’s not someone in a lab deciding for you.”

It’s a sharp break with tradition. But Palazzi said Armagnac makers need to take some chances if their product is going to reach a wider audience.

“What we’re trying to do with Cobrafire is to reframe things so that people are interested,” Palazzi said. “We’re trying to sell something really good. I want to let people discover the work of distillers who really care about their stuff.”

A Whiskey Unicorn for Every Taste

“Finally got to try my unicorn bourbon!” wrote one woman on a dedicated whiskey Facebook group in late July, uploading a selfie where she proudly displayed a bottle of Blanton’s Bourbon.

It didn’t take long for the resident whiskey geeks to, at the same time, question and criticize her argot.

Responded one man, sarcastically: “Who would [have] thought a 6-year bourbon at 93 proof is now a unicorn?”

While I likewise lament the current fervor for once-common bottles, Blanton’s is, in fact, a unicorn, if only because enough whiskey drinkers pursue it as if it were. Even if it’s not exceedingly rare and is debatable in quality, it nevertheless offers many of the criteria that construct the anatomy of today’s unicorns—allocated, boldly packaged, price-gouged.

There are, of course, different breeds of whiskey unicorns, some more rarely encountered than others. These days, most fall into the American whiskey category—consisting of Kentucky bourbon and rye— and, in the smallest genus of the unicorn kingdom, are almost always Buffalo Trace products. Similarly, any Japanese whisky from the Suntory distillery is immediately exalted to unicorn status in the United States—owing in part to a track record of truly sublime releases, coupled, I suspect, with the perceived exoticism of the hiragana characters on the labels. As is some Scotch, especially if it is jaw-droppingly expensive and packaged in such an ornamental fashion that it seems to signal it’s more an object to look upon than to drink. These days, after all, becoming a unicorn only partially relies on how a spirit tastes.

Here are 10 categories of unicorn whiskey you’ll likely chance upon while out hunting.

L’Encantada Armagnac, 1996

The Non-Whiskey Whiskey Collector Unicorns

Examples: Foursquare rum, L’Encantada Armagnac, Clase Azul tequila, Don Julio 1942 tequila

While many whiskey drinkers have a rigidly monogamous relationship with the spirit, there are certain offerings that might entice them to cross over. Typically, this occurs only when those products happen to taste just like top-notch whiskey—well-oaked caramel and vanilla bombs. Some, like the Sazerac-owned

L’Encantada Armagnac, 1979

Corazón tequila, are themselves aged in unicorn whiskey barrels, including George T. Stagg and Old Rip Van Winkle, for example. The producers of these spirits have even begun playing to the free-spending whiskey geek, offering cask-strength, single barrel releases (perfect for sticker labels) in handsome packages and, naturally, in limited supply.

What is Armagnac? Exploring Cognac’s Older Cousin

How Armagnac is Made

“Essentially, Cognac is more like Tequila, and Armagnac is more like mezcal in the way it’s produced,” says Nicolas Palazzi, owner of importer and distributor, PM Spirits, “but not in flavor [although it can occasionally share similar notes with the agave spirit].” Armagnac is a bit more artisanal in nature, and every producer creates a product to their own proof and style making it a fan favorite for spirit nerds.

Armagnac is allowed to use 10 grape varieties in production, but typically only use four: Ugni blanc, Baco, Folle Blanche, and Colombard; whereas in Cognac they use around 99% Ugni blanc. More variety in the raw material allows for Armagnac to express a diversity in flavor that Cognac cannot. When you also consider the terroir — the soil, climate, and hand of the maker — Armagnac truly distinguishes itself in character.

“There is something really interesting in picking grapes and making a product that has a true personality and seeing that product at a stage where it hasn’t become a very popular spirit [like Cognac] that has been modified to try to appeal to the general public,” says Palazzi. “Armagnac is very terroir-driven, it feels like you can connect with the history of the land and its rich history.”

In terms of distillation, 95% of Armagnac production is distilled with an alembic column still, whereas Cognac has to be pot-distilled, Palazzi notes. “Some are using pot still as well,” he says, although it’s a rarity.

After being distilled, the liquid is typically aged in 400-liter French oak casks — typically local, Gascony oak — and is then classified as VS, VSOP, Napoleón, or XO (Hors d’âge), depending on how long it has been aged for, with XO being the oldest age statement meaning the distillate has seen a minimum of 10 years in the cask. It’s also common for Armagnac producers to release vintages, like wine, but this will be more of a rarity as the category continues to rise in popularity.

After aging, the Armagnac is either bottled at cask strength, or proofed down. “The reason why Cognac is typically 40% ABV is to stretch out the amount they’re able to produce because of the demand,” Palazzi notes. “In Armagnac, you’ll find more full-proof bottling because they aren’t under the pressure of hitting numbers so they can focus on creating the best product possible [regardless of proof].” This means that each bottle will have its own distinct character, which isn’t always the case with other brandies.

Some producers to note are: Domaine Boignères, Château de Pellehaut, Domaine Espérance, Domaine d’Aurensan, but there are many others creating exceptional brandies as well in the region.

READ/LISTEN HERE

Cobrafire Eau-de-Vie de Raisin

An unaged blanche (white) Armagnac produced in the Bas Armagnac sub-appellation. It’s an undiluted, unadulterated expression of exactly what a French brandy should taste like. At 51.5% ABV, it’s also begging to make it into your next Martini.

PM Spirits VS Bas Armagnac Overproof

Importer PM Spirits teamed up with renown production house, Domaine Espérance, to release their own label of VS overproof (51.7% ABV) Armagnac. For the price you’ll pay, it’s an absolute steal and must-try.

The Armagnac That’s Sneaking Into ‘Bourbon Porn’

It was early 2018 when the orange-waxed necks, with wooden placards on twine hanging from them, first started appearing on social media. If you spend any time trolling bourbon geek accounts on Instagram, or private groups on Facebook, you’ll recognize the repetitive set of images continually populating your feed: Pappy and the Buffalo Trace Antique Collection, of course; Weller, Willett, and Blanton’s, too, and maybe even dusty vintages of Wild Turkey.

Over the last couple years, however, distinct orange-waxed bottles of L’Encantada Armagnac — yes, Armagnac — have begun edging their way into these #bourbonporn posts. How did they get here?

Read more here.

L'ENCANTADA XO ARMAGNAC

L'ENCANTADA XO ARMAGNAC  - a collaboration between PM Spirits and armagnac cask hunters L’Encantada, this blended spirit is one of the most complex brandies in the world. The release is comprised of four different casks curated by L’Encantada with vintages ranging between 1987 - 1997. Each one was produced by distillers who create in the heart of their fields with a mobile alambic armagnacais still before the spirit matures in oak in Gascony. Only 1,600 bottles are available at a cask strength of 46.8% Abv.