Bordeaux 2017: Buying En Primeur
As I have also done in previous years, I include here some words on the wisdom of buying en primeur. The intention is really to guide and protect newcomers to the system. It is difficult to predict whether or not the primeur campaign will be a good one, as there are varying pressures pushing prices both up and down.
Upwards pressure on release prices could include (a) the need to keep prices high in keeping with established price trends maintained since the 2009 and 2010 vintages, (b) reduced volumes principally because of frost, (c) the holding back of stock either for pouring at the château or selling later at a higher price, or perhaps simply as a means of manipulating the balance of supply and demand, (d) high scores from scrupulous critics who can look past the story of the frost to see the true quality within some of the wines, (e) high scores from other critics who just give high scores all the time and (f) the négociants who will buy at any elevated price in order to be sure of future allocations, thereby freeing the châteaux of concern about poor sales should they set the prices too high.
Downwards pressure on pricing includes (a) a perceived poor reputation for the frosted vintage, and concern about possible poor scores, prompting châteaux to release early at a fair price (perhaps erroneously, as they did in the 2008 vintage, and I don’t really expect this to happen again), and (b) the presence of a large amount of stock backed up in the supply chain. As it stands, it seems to me there is (sadly) more of an upwards than downwards pressure on price. For those new to the system, please check out my advice on buying, presented below.
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