Unlocking Bordeaux 2023: A Guide to En Primeur Releases

EXPLORING BORDEAUX EN PRIMEUR (EP)

 

Bordeaux En Primeur (EP), often referred to as "wine futures," presents a unique avenue for purchasing wine. This practice, originating in 18th-century Bordeaux, was initially devised to assist wine merchants in securing their supply for the upcoming year. 

 

Fast forward to the present day, En Primeur has evolved into a pivotal method for châteaux (wine producers) to finance their operations by selling wine before it's bottled. This has been transformed into an annual focal point in the wine industry, attracting buyers worldwide to Bordeaux to sample the latest vintage and secure allocations of sought-after wines.

 

WHEN DOES BORDEAUX EN PRIMEUR TAKE PLACE

 

En Primeur in Bordeaux typically commences in the spring following the grape harvest of the previous year (usually around September and October). Winemakers host "En Primeur Week," welcoming merchants, critics, and industry insiders to evaluate the nascent vintage's quality, typically occurring in March or April. The merchants and critics will be dashing round the region visiting many châteaux but also larger tastings where they can sample a great number of wines all at once.  

 

Subsequently, châteaux reveal their prices for the vintage. Wine merchants and brokers then seize the opportunity to secure allocations of preferred wines and offer them for sale to consumers. 

 

These wines are sold "en primeur," indicating that they're yet to be bottled, labelled, or physically released to the market. 

 

While Bordeaux remains the hallmark of En Primeur sales, a few other regions and wineries also embrace this practice. But unlike regions such as Burgundy or Châteauneuf-du-Pape, the Bordelais winemakers do not release their prices all at once. The wines are released, not to any set timetable, but according to when the châteaux feel they are ready. Châteaux often play a waiting game, comparing the appetite for the wines of their competitors before setting their prices and releasing their wines to market. Which all adds to the excitement of Bordeaux En Primeur.

 

PRICING DYNAMICS

 

Pricing for En Primeur wines in Bordeaux is determined by the châteaux, often with guidance from brokers called négociants and sometimes merchants. 

 

Factors such as vintage quality, châteaux reputation, and wine demand play pivotal roles in setting these prices. Adding complexity to this process, Bordeaux is a big wine-growing area. Within any vintage it is quite probable that the quality will be heterogenous across the region. For instance one year may be better in Saint-Émilion than Pauillac, the next year this could easily be reversed. But there will be gems every vintage, it is a question of knowing which ones to buy.

 

Typically announced throughout May and into June, several weeks after the initial tastings, En Primeur prices tend to undercut final retail prices post-bottling, making them an attractive option for wine enthusiasts and collectors seeking highly sought-after wines at lower costs. 

 

However, buyers should remain cognizant of potential price fluctuations between purchase and release times. And that these wines are being sold exclusive of import duty and VAT. On arrival in the UK they are typically stored in bonded warehouses until the customer is ready to have them delivered. At this point the duty and VAT is paid. 

 

Whilst there have been concerns about pricing in the last decade or so, Bordeaux En Primeur is here to stay. It satisfies both a necessity and a desire. While Bordeaux En Primeur now seems tailored more towards major players (often now owned by luxury brands and insurance companies), the allure remains strong. Afterall the wines are, at their best, staggeringly good. When the next truly memorable vintage arrives, buyers will undoubtedly be lining up once again.

 

EMBRACING VINTAGE VARIATION

 

Exceptional vintages tend to grace us every few years, often appearing in pairs like 1989/90, 1995/96, 2009/10, and, some would argue, 2015/16. In between, there might be years that generate less demand, but the lingering buzz from a remarkable vintage typically paves the way for the next. When a stellar year does arrive, both newcomers and seasoned enthusiasts eagerly join the fray. Bordeaux En Primeur during a standout vintage is simply irresistible. It is also worth knowing that there is really no such thing as a bad year now. The technical ability of the producers and the care and attention taken in the winery post harvest has seen a significant rise in base quality in the last thirty years. These are very well made wines. 

 

However, pinpointing these exceptional years remains more of an art than a science. Adding additional complexity to this process, Bordeaux is a big wine-growing area. Within any vintage it is quite probable that the quality will be heterogenous across the region. For instance, one year may be better in Saint-Émilion than Pauillac, which will differ from St-Estèphe. The next year this could easily be reversed. 

 

Whilst there have been concerns about pricing in the last decade or so, Bordeaux En Primeur is here to stay. It satisfies both a necessity and a fantasy. While Bordeaux En Primeur now seems tailored more towards major players (often now owned by luxury brands and insurance companies), the allure remains strong. When the next truly memorable vintage emerges, buyers will undoubtedly be lining up once again.

 

WHY BUY EN PRIMEUR?

 

Getting involved in Bordeaux En Primeur does provide several advantages, including:

cost-effectiveness

access to limited wines

investment potential

provenance assurance

 

CONCLUSION

 

En Primeur is an opportunity for both wine merchants and consumers alike to secure allocations of the most sought after wines at the best possible prices. For the producers it’s a chance to pre-sell a high proportion of their wines. Generally when the bottled wines are finally released onto the market, 1-2 years later, the prices are noticeably higher. 

 

Around 300 wineries participate in the annual Bordeaux en primeur campaign, including the majority of the most famous names such as Château Lafite Rothschild, Château Cheval Blanc, Château Lynch-Bages, etc.

 

We won’t offer all 300. Our head wine buyer Jeremy Lithgow MW will be visiting Bordeaux for the tastings in the next few days to make a shortlist of 100 or so wines which we feel will work best for us and our clients. 

 

In addition to making offers, we’ll be buying wines for our own stocks, to sell in later years. 

 

We’re very much looking forward to the coming vintage to hunt out those special wines that we know you’ll want for your cellar.

 

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