Navigating the Perfect Storm: 2024 Bordeaux Futures Pricing and Analysis

Bordeaux’s latest futures campaign is underway, with top wineries cutting prices for their new vintage. However, the enthusiasm for these offerings is lacking, leading many to question whether this campaign will be successful.

The Bordeaux en primeurs system allows wineries to sell futures the spring after harvest while the wines are still aging. This advance cash helps producers. The négociants, along with retailers and consumers, get the opportunity to buy wine at potentially lower prices than two years later when bottles are released.

For a successful campaign in the U.S., a promising vintage, a stable economy, and a strong dollar are critical. Unfortunately, the current landscape fails to meet these criteria.

A Challenging Growing Season

James Molesworth, a seasoned Bordeaux reviewer, noted that although the 2024 vintage has some quality, it won’t be memorable. The growing season was cool and damp, leading to a vintage that pales in comparison to the acclaimed 2022 harvest.

Economic Uncertainty and Tariff Concerns

The ongoing pandemic inflation and geopolitical tensions have cast a shadow over Bordeaux futures. Particularly troubling are fears of tariffs. While proposed tariffs on European beverages have not been enacted, a 10 percent tariff has been in place since April, with a potential increase to 20 percent looming unless a new agreement is reached. This uncertainty has prompted some merchants, like Shaun Bishop at JJ Buckley Fine Wines, to opt out of this year’s campaign entirely, advising clients to purchase already bottled vintages instead.

Some retailers are still buying futures but are more selective due to current prices and demand. Despite the substantial price cuts from wineries, the recent drop in the dollar’s value—down nearly 9 percent against the euro—means U.S. consumers might not benefit as much as expected.

Recent Releases

Prominent names like Château Cheval-Blanc and Château Lynch Bages have released their futures. Cheval-Blanc’s prices dropped by 28.1 percent to €276 per bottle, with U.S. retailers averaging $372 per bottle, a 30 percent decrease from last year’s $531. Similarly, Lynch Bages dropped its prices by 16.7 percent to €60, with an average retail price of $84 per bottle.

Top estates like Château Lafite Rothschild saw a 27 percent reduction, selling at €288, while other estates, such as Pontet-Canet and Angélus, experienced a lukewarm reception despite minor price reductions.

Additional Context

Various Bordeaux wineries have cut prices in their futures offerings, but challenges remain. The overall landscape of the market—characterized by economic uncertainty and tariff issues—complicates the campaign for many wine merchants and consumers alike. With the dollar weakened and a lukewarm vintage, Bordeaux’s future sales face an uphill battle.

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. Join Chris on a journey through the world of wine, where every sip is an adventure waiting to be savored!