  [Abridged] Context. The young systems PZ Tel and HD 1160, hosting known
low-mass companions, were observed during the commissioning of the new planet
finder SPHERE with several imaging and spectroscopic modes. Aims. We aim to
refine the physical properties and architecture of both systems. Methods. We
use SPHERE commissioning data and REM observations, as well as literature and
unpublished data from VLT/SINFONI, VLT/NaCo, Gemini/NICI, and Keck/NIRC2.
Results. We derive new photometry and confirm the nearly daily photometric
variability of PZ Tel A. Using literature data spanning 38 yr, we show that the
star also exhibits a long-term variability trend. The 0.63-3.8 mic SED of PZ
Tel B allows us to revise its properties: spectral type M7+/-1, Teff=2700+/-100
K, log(g)<4.5 dex, log(L/L_Sun)=-2.51+/-0.10 dex, and mass 38-72 MJ. The 1-3.8
mic SED of HD 1160 B suggests a massive brown dwarf or a low-mass star with
spectral type M5.5-7.0, Teff=3000+/-100 K, [M/H]=-0.5-0.0 dex,
log(L/L_Sun)=-2.81+/-0.10 dex, and mass 39-168 MJ. We confirm the deceleration
and high eccentricity (e>0.66) of PZ Tel B. For e<0.9, the inclination,
longitude of the ascending node, and time of periastron passage are well
constrained. The system is seen close to an edge-on geometry. We reject other
brown dwarf candidates outside 0.25" for both systems, and massive giant
planets (>4 MJ) outside 0.5" for the PZ Tel system. We also show that K1-K2
color can be used with YJH low-resolution spectra to identify young L-type
companions, provided high photometric accuracy (<0.05 mag) is achieved.
Conclusions. SPHERE opens new horizons in the study of young brown dwarfs and
giant exoplanets thanks to high-contrast imaging capabilities at optical and
near-infrared wavelengths, as well as high signal-to-noise spectroscopy in the
near-infrared from low (R~30-50) to medium resolutions (R~350).
