Much has been written this year about Bordeaux’s en primeur campaign, and it is unclear whether buying ‘wine futures’ will become a thing of the past. Bordeaux négociants have suffered in the last few years as Chateaux have steadfastly refused to reduce their prices in response to demand. Is it possible that next year’s en primeur campaign could be the last of its kind?
A good deal for negociants
The way the system works at the moment, wine is offered for sale based on samples from the barrel offered in the April after the vintage. Historically this has been a good option for negociants to get a good deal on wines that have not been bottled yet. It’s not without risks of course, but in the past it was an exciting way of procuring the top wines before they had been released at a significantly lower price than what was commanded once they were bottled. And of course the price that the negociants pay is significant in terms of how this filters through to the end consumer.
For the last 5-6 years, negociants have shied away from en primeur – it hasn’t offered them a particularly good deal with the Chateaux retaining much of the profits. One weak campaign after another has ensured that the future of en primeur hangs in the balance now. Continue reading