2017 Bordeaux En Primeur campaign was one to sit out, but Italy is gaining support
As the 2017 Bordeaux En Primeur campaign is about to be delivered it appears that most investors appear to have lost money. But Italy appears to be a country that is becoming more popular with LIV-ex investors.
The 2017 En Primeur campaign was a difficult one, with prices down 12% from the popular but expensive 2016 campaign. Volumes were also down by 60% on the 2016 numbers as Chateaux preferred to hold the wines rather than see the price drop. With such a large amount of unsold stock that will be dripped into the market over time, prices have softened. Of the 50 top labels sold in 2017, LIV-ex has announced that just 7 have risen, 3 have not changed and 40 have dropped in value.
Italy, meanwhile, looks like it is becoming the new darling of the wine trading world, with the volume of trading on Italian wines up 1,500% over the last 10 years. The rise has been part of a pattern of trading moving from Bordeaux to other French regions such as Burgundy and Champagne, but also Italy. The Italian wines that are the most traded include Barolo, Barbaresco and the Super Tuscans.