Bordeaux 2023 Primeurs: The Rest of the Left
“So, that’s the major left bank appellations done. What’s next?” asked Taylor.
For a spirit guide who knew my tasting timetable better than I did, apparently knew the quality of the wines already, and who seemed to be aware of every thought I had – sometimes before I even had them – this seemed like a remarkably uninformed question.
“Well, while we are here we should just polish off our tastings on the Médoc, which means the Haut-Médoc, Médoc, Moulis and Listrac appellations.”
I was expecting a ribald reply about my latest inadequacy – the size of my hire car, my finances, my status, my lack of success as a wine critic, my skin care regimen – but there was none.
We stood in silence for a while, staring out over the milky green waters of the lake where we had come to a stop to eat our lunch.
A couple of friendly ducks approached, presumably in the hope we might cast a few crumbs in their direction. Their search was a fruitless one. Much like two wine merchants searching for a crumb of profit among a sequence of pricy primeur releases, I thought.
“Alright, what’s wrong?” I asked.
Taylor fixed me with an arrogant eye. “To be honest, I am beginning to wonder what the point of all this is. I heard one of the red-trouser brigade in the car park at Château Palmer say en primeur doesn’t work any more. His eyes were more than a little rheumy – in fact his silk cravat was soaked in tears. He looked ready to throw in his monogrammed towel. What gives?”
I watched the ducks for a while, gathering my thoughts, before I replied.
“En primeur used to be easy for everyone. When the châteaux asked for less than they do today, that left profit on the table for everybody else involved. Profit for the négociants, who are so important in soaking up the volumes produced. Profit for the importers and retailers, who used to rake in huge amounts – twenty years ago some London merchants could sell wine worth a million pounds in a single telephone call, so it is hardly surprising that a number of them turn teary when they think back to those times. And there was profit for the consumers too, who knew that over time the value of their wine would go up, not down – that matters, whether you are buying to drink, or to invest.”
“And now?”
“The problem is the châteaux took the potential for profit off the table when they started setting the prices much higher from the outset. The négociants still have to buy, to stay in the game, and they take out big loans to finance it – with interest rates at a record high many of them have their backs to the wall. They can’t shift the wine because of the high prices, and the profit from any sales they do make are soon eaten up by interest on their loans. The merchants used to rave about primeurs, but the margins are now so slim most make next-to-nothing on it. And as for the punters they are sick of buying wine only to realise they can buy it cheaper two years later. The system would still work, but only if the release prices are right. By which I mean lower. That’s all it would take.”
“I see,” concluded Taylor. “It reminds me of the time Big Machine Records claimed ownership of my first six albums. It was so unfair – but I took control of the situation by re-recording and re-releasing everything for the Swifties. They should do something similar – buy the dozen most famous châteaux, make the wine themselves, and set their own prices. But I guess they don’t have the money for that – or are too busy buying Bentleys, or yachts, or holiday villas. So I hope – for the sake of Bordeaux – the châteaux cut their prices.”
“Well,” I replied, “don’t hold your breath. Some will get it right, but some seem to have the knack of misreading the market off to a fine art. And some are more concerned with status than sales. St Emilion is especially at risk, with all the cracks in the classification that have appeared, there is a need to appear significant. And that means expensive. At least,” I concluded with a sigh, “none of that applies to today’s left-bank tastings.”
Please log in to continue reading: