Léoville Las Cases Kicks Off Bordeaux’s Futures Campaign with Significant Price Drop: A Potential Buyers’ Magnet? Chris Lehoux, May 1, 2024 The 2023 vintage is strong but not a blockbuster and merchants are increasingly questioning the en primeur process The premise of Bordeaux en primeurs is fairly simple: The top wineries of the region sell futures the spring after harvest, while the wines are still aging in barrels. They get cash up front to help them cover production costs. The négociants—as well as the retailers, restaurants and consumers they sell the futures to—get first dibs on the wine, theoretically at a lower price than when it’s bottled and released two years later. There’s five numbers that shatter this concept however—2022, 2021, 2020, 2018 and 2017. According to Liv-Ex, a London-based marketplace that tracks collectible wines, the current prices of the top 500 Bordeaux estates from those five vintages are all below their futures prices. Only the 2019 vintage has proven a worthwhile investment for Bordeaux consumers. So do the châteaus need to change their approach if they hope for the 2023 vintage campaign to succeed? And will they? It has been increasingly clear for several years that the high status vineyards in Bordeaux are beginning to see futures less as a ventilation for sales and more as a marketing chance to establish their price standards. Prices have persistently been on the rise, regardless of the fluctuating global economy. Concurrently, vineyard owners are reducing the quantity of wine they release as futures. Previously they urgently required a positive cash flow—today they hold sufficient funds to age the wine and sell the majority of it years later when demand increases. The distinguished Château Latour has abandoned the futures system entirely back in 2012. Despite the climb in prices and receding returns, the négociants remain keen on purchasing futures annually. Their prime goal is to maintain their allocations from the premium wineries. However, the time for négociants to continue participating in this engagement might be drawing to a close soon. Their stock is experiencing an all-time high. The implications of the pandemic have negatively affected their revenue streams. It seems that vineyard owners have started to take note of this. A well-known estate director in Médoc disclosed to Wine Spectator that, “The négociants lack the funds,” he said. “They will definitely not be purchasing their allocations to retain stock this year.” Recent rumblings from Bordeaux suggest that although the 2023 wines are excellent, they are not awe-inspiring. There are whispers that this year’s campaign will be streamlined and prices are due to decline. Will they fall enough to entice American consumers who no longer feel the need to purchase Bordeaux, especially when they have hundreds of exceptional luxury wines on offer from regions like Burgundy, Barolo, the Rhône and California? This remains the crucial question. While some industry insiders suggested prices could fall dramatically, others offered a word of caution. “For Château Beychevelle, the primeur price is always, and will remain, the cheapest the market can get. So in 2023 our price will be lower than 2022,” said Philippe Blanc, general manager of Beychevelle. “But what it will not be is 30 to 35 percent lower, as expected by some of the trade. We have a fair idea of a price that is absolutely acceptable and that our clients would not reject.” In coming weeks, Wine Spectator will report and analyze the latest releases from Bordeaux, compare them to past vintages available now and see how sincere the châteaus are in their plans to woo back wine consumers. The campaign entered like a lion bearing discounts—Château Léoville Las Cases released its 2023 futures at €138 per bottle ex-négociant, a 40 percent decrease on the 2022 release price of €230 per bottle. Leading U.S. retailers are offering the 2023 for $181 a bottle, $2,172 a case, a 50 percent decrease from the 2022. That puts the wine, which has not been reviewed yet, well below recent vintages on the market. Château Pontet-Canet has been aggressive on pricing in recent years, but the winery released its futures at €66 per bottle ex-négociant, down 26.7 percent on the 2022 release of €90. Leading retailers are offering 2023 futures at $91 a bottle, or $1,092 per case, a 27 percent decrease from the 2022s. Could this be an indication of Bordeaux’s significant commitment to delivering value? The answer relies on if other top labels reciprocate. These vineyards comprise a range of prominent wineries. Listed retail prices are averaged from trusted retailers we monitor. Cost of the 2023s are displayed next to the current prevalent retail price for recent Bordeaux vintages, enabling you to assess the wines’ position relative to those currently on retail displays. Information gathered by Cassia Schifter $NA denotes a wine that hasn’t been distributed or isn’t sold in adequate volumes by U.S. retailers to determine an average cost With reporting by Suzanne Mustacich. Learn more about the 2023 vintage with Wine Spectator senior editor James Molesworth’s tastings of barrel samples at leading châteaus. Apr 29, 2024 Apr 26, 2024 Apr 24, 2024 Apr 23, 2024 Apr 29, 2024 Apr 26, 2024 Apr 24, 2024 Apr 23, 2024 About the Author: Chris Lehoux Meet Chris Lehoux, an experienced wine connoisseur and dedicated blogger with a deep passion for all things wine-related. With years of expertise in the industry, Chris shares insightful wine reviews, valuable wine tasting tips, expert pairing advice, and captivating tales of vineyard visits. 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