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.

Decanter: Family values in Cognac and Armagnac

The biggest names in Cognac and Armagnac have earned their success for good reason, but look further and you’ll find a plethora of fascinating, high-quality and characterful spirits made by the many smaller, family-oriented producers across the two regions.

 Richard Woodard
March 15, 2024

The great houses of Cognac and Armagnac are rooted in family names – from the arrival in the Charente of Jersey native Jean Martell in 1715, to the decision nine years later by local wine-grower Rémy Martin to start bottling spirit under his own name.

Hennessy Cognac founder Richard Hennessy was an Irish officer in the army of Louis XV, while Emmanuel Courvoisier laid the foundations for the eponymous Jarnac Cognac house when he joined Louis Gallois in business in 1796. Further south, in the town of Condom, Pierre Etienne Janneau started his Armagnac business, in association with Joseph Dubourdieu, in 1851.

Over the centuries, these leading producers have passed into the hands of multinational companies and large conglomerates – in late 2023, it was announced that Italy’s Campari Group had agreed to buy Courvoisier from the Beam Suntory group in a deal worth up to US$1.2bn. Family business, you might say, has become big business.

But, beyond these mega-brands, family connections still run deep in both regions, and in the vineyards and cellars of some of their most quality-conscious producers.

Improving with age: six delectable Cognacs and Armagnacs

Frapin Château de Fontpinot XO 100th Anniversaire

Cognac

From the resurrected 1923 label to the superlative blending, everything about this just oozes class. Heady hedgerow florals, luscious tropical fruit, toasted almond/hazelnut and just a whisper of elusive rancio. All that’s best about Cognac in one glass. Alcohol 41%

Robb Report: The 11 Best Cognacs to Buy Right Now

Cognac might not get as much attention as whiskey, particularly when it comes to bourbon or single malt scotch, but there’s a whole world of this French spirit to get familiar with and sample. There are a few rules to know—Cognac is a brandy made from grapes in the eponymous region or France that is aged in French oak barrels, either new or ones that have been used to age grape-based spirits. There are a few age designations to understand, from V.S. (at least two years old) to X.O. (minimum 10 years old). Cognac can be used to make a wide variety of cocktails, but is wonderful to sip on its own as well. We’ve put together a list of some of the best Cognacs in different categories to help you navigate this growing field, so happy hunting and santé.

Our Best Cognac Picks

• Best X.O. Cognac: Frapin X.O. VIP

• Best Single Cask Cognac: PM Spirits Rémi Landier XO Single Cask Collab

Best X.O.

Frapin X.O. VIP

X.O. (“extra old”) is the next level of age in Cognac, a designation that means the eau-de-vie has been matured for a minimum of 10 years. X.O. is prime sipping Cognac, and one of the best in this category comes from Cognac Frapin. This is a single estate expression made from grapes grown in the Grande Champagne cru, and the eau-de-vie is aged in the humid cellars onsite. This is a thoroughly sophisticated sipper, with notes of caramel, chocolate, and dried fruit on the palate.

Best Single Cask

PM Spirits Rémi Landier XO Single Cask Collab

PM Spirits sources a wide array of spirits from different producers in various countries in all spirits categories. This Cognac is a small release that is worth tracking down, and it’s notable for being a single cask release as opposed to a blend of barrels. The producer is Remi Landier, a small family business that has been around since the 1970s. This particular Cognac was distilled in 1997, and is a blend of eau-de-vie from Fin Bois and Petite Champagne. If you’re looking to really expand your knowledge and palate in the world of Cognac, give this bottle a try.

Vinepair: We Asked 12 Bartenders: Which Cognac Offers the Best Bang For Your Buck?

There’s a longstanding visual that’s often associated with drinking Cognac. It involves an old, rich white guy in a smoking jacket sitting by a roaring fireplace, slowly and joylessly swirling the liquid in the broad-based snifter in his palm. Despite the category’s efforts to distance itself from this stuffy stereotype, it persists. This assumption does more than convey pretentiousness — it implies that Cognac is the forbidden fruit of the spirits world, unattainable unless you have deep pockets.

This is untrue: Cognac is for everyone, and for every budget. There are plenty of cost-effective Cognac options to enjoy with friends in your living room, either on its own or in a Sazerac or a Sidecar — you can even swap it in for the gin in a French 75 if you’re feeling saucy. Here, we asked a dozen bartenders to share their thoughts on the Cognacs that punch above their price tags — and punch a hole through its perceived stodginess.

The best bang-for-buck Cognacs, according to bartenders:

• Hennessy VS

• Frapin 1270

• Ansac VS

• Monnet Cognac VS

• Pierre Ferrand 1840

• Martell VSOP

• Remy Martin VSOP

• Remy Martin 1738 Accord Royal

• Cognac Park “Carte Blanche”

“I’d never been a fan of Cognac until one of my trusted liquor reps insisted I try Cognac Frapin 1270. It was life-changing; I immediately fell in love with it. The delicate yet well-rounded flavors of vanilla, dried fruits, and nuts have such a smooth finish. It makes it almost impossible for me to not want to enjoy a nice cigar and conversation while sipping it slowly to savor every taste.” —Ravin Buzzell, general manager & bar director, Argyle Restaurant, Ponte Verda Beach, Fla.

Vinepair: Boutique Cognac Producers Are Betting on Transparency and Innovation to Shake Up the Status Quo

There’s no dichotomy in spirits like Cognac. With a history dating back hundreds of years, the famed French brandy is led by gigantic legacy brands owned by multinational conglomerates. These companies source most of their eau-de-vie from thousands of growers within the Cognac AOC, maturing and eventually blending it into a portfolio of products that start with entry-level V.S. and often extend to limited-edition Hors d’Age (“beyond age”) offerings that can run thousands of dollars a bottle.

Almost all discussion of the category is driven by these leading houses, which tightly control the information they share and work closely with Cognac’s trade group, the BNIC (Bureau National Interprofessionnel du Cognac). Yet they’re curiously reticent about speaking to the press; of four major brands that were approached for this story, only one, Courvoisier, was willing to make someone available for an interview. Nicolas Palazzi, owner of PM Spirits, which imports boutique brand Frapin Cognac among others, calls the industry a “black box” of secrecy.

“There has been a lack of information and a lack of transparency from Cognac in general because it’s easier for business,” he says, explaining that baked-in ambiguity — part of the regulations governing Cognac production — allows blenders to incorporate a variety of liquids into their products without disclosing their ages, or if they use additives. “The less things are transparent, the more a brand can play around to meet the demand. There’s a reason why there’s no vintages on bottles—why no one tells you [the age].”

Though they dominate sales, the big houses aren’t the only players in Cognac. There are also estate distilleries, small-scale négoçiants (independent bottlers), and growers who hold back some of their distillate to sell under their own name. The volumes they produce are but a drop in the barrel, and many operate under the same veil of silence as the rest of the industry — no doubt because they rely on the success of the leaders to buoy the region’s fortunes as well as their own.

But the little guys are becoming an increasingly important factor in the equation of U.S. market sales. The spirits boom of the last two decades has yielded a crop of knowledgeable consumers who are curious, engaged, and on the lookout for unique products. They’re asking questions, demanding transparency, and searching for what’s authentic. Is the Cognac industry prepared to give them what they want?

The New Cognac Consumer

Cognac has been on a tear in the U.S. market over the past two decades, selling 9.28 million cases in 2022, compared to 4.15 million in 2012, and just 3.7 million in 2002, according to the BNIC. The bulk of that growth has come from a handful of brands: Hennessy, Rémy Martin, Courvoisier, Martell, and, more recently, D’Ussé. Luxury positioning, sophisticated marketing, and celebrity affiliations have contributed to this runaway success, as has the sheer volume that these big companies are able to execute as demand ramps up.

Alongside this growth has been an expanding base of engaged, curious consumers. “Knowledge [about Cognac] is much more democratized, distributed — all over the internet,” says Max von Olfers, co-founder of cognac-expert.com, an e-commerce site dedicated to brandy. When he and his sister, Sophie, started the website in 2009, “the big trend was what we would call ‘influencer Cognac’”—brands with celebrity partnerships, like Ludacris with Conjure Cognac or Jay-Z with D’Ussé. “Today’s trends were very far away — not even visible,” Olfers says, mentioning vintages, high proof, organic production methods, and single barrels as some of the buzziest topics his customers are now seeking out and discussing. “This connoisseur-ization of the Cognac world is really what changed in recent years.”

The trend was already underway when the pandemic began in March 2020. For the first few months, spirits purchase patterns tended to favor more established brands as people sought familiarity. But eventually consumers adjusted to virtual tastings and online shopping, and were back to exploring new-to-them brands and products. “Consumers were way more open-minded to spending money on new items in 2020 and 2021, and we definitely benefited from that,” says Guillaume Lamy, managing director for the U.S. arm of Ferrand Cognac, a brand whose releases, which include unique cask finishes and other atypical characteristics, tend to showcase an outsize level of creativity for the category.

During the early days of the pandemic, when people were reluctant to shop in person, retailers like Baytowne Wine & Spirits, in the Rochester suburb of Webster, N.Y., turned to the phone and social media to walk customers through their options. General manager James Pellingra says that the “new normal” allowed him and his staff to highlight the boutique and artisanal offerings the store stocks. “Because we were able to communicate in such a detailed way … you see some of the smaller producers that are extremely historic in the European market start to take over a little bit in the American market,” Pellingra says, citing Fanny Fougerat and Jacky Navarre as two top sellers.

The process was accelerated when Hennessy, which is far and away the largest Cognac brand in the world, fell victim to supply chain trouble and began to temporarily disappear from shelves. Pellingra says that at first Hennessy customers switched to D’Ussé; then, when D’Ussé began experiencing out-of-stocks, they looked to the store’s artisanal offerings.

It was a lucky break for the little guys. “We were able to fill the shelves of some retailers who were used to having the big four or five Cognacs but were not able to get them,” says Christine Cooney, co-owner of Massachusetts-based Heavenly Spirits, which brings in several small Cognac brands including Monnet and Jean Fillioux. “Sometimes the hardest part of us selling smaller producers is to get on the shelf.”

And now that they’re there, Cooney says, her brands are selling well enough to maintain their spot. “They usually stay on the shelf because once people discover how good our small producers are, then the product is being reordered.”

The Push for Transparency

The reasons for this sustained success aren’t hard to spot. Boutique Cognac brands are high quality and, for marques above VSOP, they’re often priced competitively, if not well below mainstream offerings. Plus, they’re willing to share information that the big guys tend to keep under wraps. “I’ve found the littler producers are more open to talking about process,” says David Othenin-Girard, spirits buyer at California retailer K&L Wine Merchants, whose Cognac selection focuses on small-production brands such as Dudognon and Jean Grosperrin. The small brands that Cooney represents often participate in video tastings; education, she says, is a keystone of the company’s strategy.

Though most people drinking Cognac are still seeking the mainstream brands, Baytowne’s Pellingra says that the value proposition of smaller producers is a big draw for retailers. Plus, he adds, “They’re more transparent about where their fruit comes from, the process in which they’re distilling, how they’re aging, rather than some of the bigger brands where everything is kept secret.” That’s a big win with customers. “We want to know where our product comes from, how it’s made, and how it gets to us,” Pellingra says.

Much of that desire for transparency is being driven by whiskey drinkers who are exploring Cognac for the first time, and bringing their expectations and biases with them. Olfers, while including rum drinkers as well, calls them a “new wave,” adding: “This group is a small but very loud group. They are mixing up the Cognac world.” He sees their influence in the growing cadre of private bottlers offering unique barrels and bottlings.

“The story has gotten out: The big houses source from hundreds of growers and producers,” says writer Jason Wilson, who covers Cognac regularly in his newsletter “Everyday Drinking.” “But you’re starting to hear this story that the smaller producers keep a few of the very best barrels for themselves over the years, and now you have these smaller négoçiants that are going out and sourcing barrels from these old-timers,” he says. “That’s what the real spirits enthusiasts want.”

Pellingra’s experience at Baytowne bears this out; customers snap up whatever single-barrel brandies he can bring in — not just Cognac, but Armagnac and Calvados, too. “The American market has finally realized they can buy 20-plus-year-old brandy for a much more reasonable price than 20-plus-year-old whiskey,” Pellingra says. “And it’s much more readily available. … If you go in looking for a bottle of bourbon [at that age] — I mean, most places are going to laugh you out of the store at this point, unfortunately.”

Cooney has seen the same trend in Heavenly Spirits’ portfolio. “We have sold a few Cognac [single] casks at full-proof,” she says. “That kind of Cognac is a draw for whiskey drinkers” because of the high proof — unusual for Cognac, which is almost always bottled at or near 40 percent ABV. For these customers, Cooney says, “the higher, the better.”

Untapped Potential

Let’s be very clear: Small Cognac brands are never going to make up more than a tiny fraction of the massive, and massively successful, Cognac industry. The top five brands make up more than 96 percent of the market, according to Impact Databank, with Hennessy alone accounting for more than 55 percent. These volume leaders may not notice or care that a niche subset of spirits buyers are pursuing boutique offerings, since their success has historically been driven by a different kind of drinker — one who’s often brand-loyal above all else. Still, there are signs that some big brands are trying to reach more hardcore spirits enthusiasts. Courvoisier, for example, released a mizunara cask-aged offering in 2022 that was partly made by Japanese master whisky blender Shinji Fukuyo, clearly targeting whiskey connoisseurs.

But outside of the leading five houses, Cognac producers looking to make a mark in the U.S. would be wise to pay attention to what consumers say they want. “The potential of the category for producers and drinkers has not even begun to be scratched,” says Nima Ansari, spirits buyer at New York’s Astor Wine & Spirits. “A lot of the things that are exciting people in other categories already exist in spades in Cognac, too.”

If they’re going to make a go of it, boutique producers should be prepared to work hard. “The small guy has to do it hardcore,” Palazzi says, meaning: find the right importer and wholesaler partners, put in the time and effort to do consumer and trade tastings, and tell the story constantly. “That stuff is extremely hard. It’s a labor of love. There’s zero money in it.”

But, he says, “if they find a megaphone in the U.S. market, then they can express this and distance themselves from the big guys.” For small Cognac producers trading on their authenticity and transparency, that just might be the best way forward.

UPROXX: Can’t Miss Cognacs For Fall, According To Bartenders

If you’re a bourbon or dark rum drinker and you’re not on the cognac bandwagon by now… what are you possibly waiting for? Fall is an especially great time to start enjoying this flavorful French, grape-based brandy. Grab a bottle, drink it neat, and enjoy the warming, rich, sweet flavor profile on a cool autumn night.

The spirit — which gets its name from the city of Cognac and the surrounding wine-growing regions — is well-known for its complex flavor profile, featuring caramel, vanilla, dried fruits, spices, and other notes that all appeal to whiskey and dark rum drinkers. It even has various levels (VS, VSOP, XO, etc.) letting you know how long it spent aging in oak Limousin barrels.

Don’t take our word for it though. The folks who bide their time behind the bar love this nuanced, exciting spirit even more than we do. That’s why we asked a handful of well-respected bartenders and mixologists to tell us the best cognacs to drink this fall. Keep scrolling to see all of their picks so you’ll know which bottles to add to your home bar cart.

Frapin 1270 Cognac

Steven Dinsmore-George, bartender at The Pembroke in Washington, DC

ABV: 40%
Average Price: $55

The Cognac:

Frapin 1270 Cognac is a can’t-miss fall cognac. This single estate, Grande Champagne cognac is well-known for its indulgent, almost dessert-like palate that makes it an exceptional drink to finish a heavy meal on a cool fall evening.

Tasting Notes:

It has a wonderful smoky start and a spiced finish that will highlight any fall spirit-forward cocktail such as a Sazerac or a Japanese Cocktail. It also makes for a delightful after-dinner drink by itself.

Barrel Hunting in Cognac: Unearthing Hidden Treasures in Dusty Old Cellars

There’s a popular vision of Cognac that’s all blinged out and dripping: crystal decanters, tasting rooms that look like jewelry stores and five-figure bottlings. This image is dominated by a handful of huge brands everyone recognizes: Hennessy, Martell, Rémy Martin and Courvoisier—the so-called Big Four, which sell nearly 90% of the Cognac consumed worldwide, according to the International Wines and Spirits Record. But there is another side of Cognac, too. One that’s based more on the gritty agricultural reality of the region.

I saw it on a cold, gray day last winter at an unassuming farm in the small village of Verrières. This was probably the last place I’d expect to find pricey Cognac, but I was on a barrel hunt with Guilhem Grosperrin, among the new wave of négociants whose limited-edition releases are quickly becoming the most coveted bottles in Cognac. We visited one of the 150 small producers in his network, where Grosperrin crawls around old cellars looking for rare brandies.

When we arrived at the farm, four barking dogs rushed out to us, followed by a ruddy-faced septuagenarian who was still dressed from his boar hunt earlier in the day. Cognac is a secretive, rivalrous place and I was introduced to the man in hunting attire as only Marcel, no last name. Marcel eyed me suspiciously, then asked, “Well, does he like to drink?” Grosperrin chuckled and told Marcel that, yes, I liked to drink very much. With the ice broken, we stepped into his dark, dusty cellar to taste from his barrels, which had been aging since as early as the 1980s. “Sorry it’s dirty in here. I haven’t distilled since 2012,” Marcel said.

The nonstop luxury messaging from the Big Four makes people forget Cognac’s origin as wine. We sipped liquid from Marcel’s barrels that had begun as grapes in the family’s 10-hectare vineyard, which he picked, pressed, fermented and distilled. It’s a similar story for the roughly 4,300 winegrowers in Cognac, most of whom grow less than 20 hectares specifically for Cognac production. During his career, Marcel sold most of his stock to one Big Four house or another. But he always saved a few special barrels for himself. “What they keep is for pleasure, or patrimony, or as souvenirs, or for reasons that are not necessarily logical,” Grosperrin told me.

By age eight, Marcel was able to light the still, which he did in the morning while his father tended to the cows. Marcel remembers a wealthy neighbor who’d been a prisoner of war in Germany during World War II. That man wrote to his family from prison: “Cut down all the trees if you have to, but don’t stop distilling. Distill, distill, distill.” After the war, this guy’s cellar was full, and he became rich. Meanwhile, Marcel’s family had to rebuild its stocks. “The value of money is just in your head,” he said. “But the value of Cognac is solid, and you don’t lose it.”

To whiskey drinkers, single-cask offerings may seem like old hat. But it’s a relatively new phenomenon in brandy. Cognac is actually following a model that’s already been successful for Armagnac. Single-barrel Armagnac from négociants like L’Encantada are catching the fancy of American whiskey connoisseurs tired of paying whiskey prices. The problem in Armagnac is that the existing stock of barrels is small and shrinking.

That offers an opportunity for Cognac, where there is seemingly endless stock. Though, as Grosperrin points out, “It’s much more complicated to buy a cask here than in Armagnac. In Cognac, the producers are richer, and they don’t need small independent bottlers. They have contracts with the big houses.”

It’s still the early stages for the single-barrel Cognac revolution, and we’re just beginning to see these bottles in the U.S. La Maison du Whiskey’s “Through the Grapevine” series was one of the first to appear. PM Spirits has done several limited-edition bottlings, and this year has released rare single-cask offerings from renowned producers Frapin and Remi Landier. Last spring, Grosperrin released bottlings in the U.S. for the first time in several years. Importer Heavenly Spirits has released two single-barrel bottlings from the famed estate Jean Fillioux. Vallein-Tercinier and Jean-Luc Pasquet have plans to bring more of their single-cask offerings into the States.

To be clear, at the moment, single-barrel Cognac is still the domain of aficionados, with prices running more than $200 per bottle. But they’re still a fraction of something like Rémy Martin Louis XIII or Hennessy Paradis Imperial (both more than $3,000). Much of the price of those blingy brand names is wrapped up in specially designed decanters. The new wave of single-barrel offerings is something rarer and scarcer. “This is for people who want the unexpected. It’s a different philosophy. It’s outside of the current market,” said Vingtier.

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.

BRANDY - From Cognac to California, the historic spirit’s influence runs deep.

JUICY FRUIT

From vineyard or orchard to bottle and bar, brandy’s influence runs deep.

Cognac, Armagnac, applejack, schnapps—in whichever form brandy is found, these spirits made from fruit have no parallel in the glass. While whisk(e)y, tequila, and rum get lots of love these days (deservedly so) from cocktail lovers and spirits drinkers, brandy is evolving and emerging on its own terms, slowly building a fan base to take this timeless spirit into the future.

We’re taking a closer look at today’s world of brandy—the ways it’s made and appreciated around the world, the details behind its complex production, and the reasons it should be the next bottle you reach for when cocktail hour rolls around.

Nicolas Palazzi

Bordeaux-born and Brooklyn based, Palazzi is the importer behind PM Spirits, specializing in independent spirits such as L’Encantada Armagnac, Cognac Frapin, and Cobrafire eau-de-vie de raisin.

“Something that’s really cool is when you’re in a brandy cellar, with 50, 60, 100 casks in front of you; even if they’re from the same batch of distillation, every cask is its own world. You could taste 15 casks distilled the same day, and you’ll find tremendous differences between them—whereas something like bourbon would be very consistent. There’s so much aroma and flavor profile available in brandy. If someone thinks Cognac is just one thing and it’s boring or they don’t like it, I assure you, I can find a single-cask Cognac that’ll blow your socks off. It’s a world that deserves to be discovered, for sure.”