Who Will Replace Parker? A Copula Function Analysis of Bordeaux En Primeur Wine Raters

Abstract

AbstractThe influence of the wine rater Robert Parker Jr. on Bordeaux wine extended over a 40-year period, with a particular impact on en primeur wine prices. Consequently, his announcement in 2015 that he would no longer rate en primeur wines creates some uncertainty for many chateaux that have purposely designed their production with his palate and preferences in mind. Although the wine rater Neal Martin was named by Parker to be his successor in terms of en primeur wine ratings, there are several other wine critics who have consistently rated en primeur wines over several years. Consequently, we employ copula function analysis to explore which wine critics’ ratings exhibit the closest linear and nonlinear relationship, for right bank en primeur wines, with those of Parker. The study employs data over the period of 2005 through 2012, during which time several wine critics, including Neal Martin for the period of 2010–2012, rated en primeur wines alongside Parker. Our results indicate that of the wine critics that continue to rate en primeur wines, the ratings of James Suckling exhibit the highest rank correlation and also bivariate upper tail dependence, identified through copula function analysis, with those of Parker. (JEL Classifications: C19, G13, L66)