Bordeaux En Primeur a damp squib

The Bordeaux En Primeur campaign launched on Wednesday, offering the 2024 vintage with two of the three wines with sharp drops compared to the 2023 vintage. So, with prices still higher than better quality wines already on the market, who will buy them?

The 2024 vintage was wet, it rained a lot with only a dry reprieve in June and August. With high disease pressure through flowering and final ripening, yields were down: in many places by a third compared to 2022, in some cases over 50%. Mildew could be kept at bay using preventative sprays, several producers described having employed copper sulfate sprays around 30 times in a year, while one biodynamic producer applied sprays on 40 occasions through the season, according to David Allen MW.

Château Bélair-Monange in Saint Émilion has been released at €117.6 per bottle in France. It is being offered ex-London at £1,060 for a case of 12, which represents a decrease of around 10.2% on the 2023’s ex-London release price. Liv-ex noted 'At this price, it comes in as one of the most expensive vintages on the market'.

Château Batailley released at £300 per case of 12. As Liv-ex noted, it was only 7.4% down on the 2023 release price (which was the lowest release price in euros since 2014) but the price is above the much lauded 2019 and 2020 already in bottle, and 13.2% above the market price of the 2021 vintage. As such, 'this price might not ignite the campaign' say Liv-ex.

Château Pontet Canet wines are available ex-London retail price of £720 per case of 12, a decrease of 9% on the 2023 price.

Stephen Browett, chairman of Farr Vintners, wrote in an email to customers this week 'the market is terrible...really need these wines to sell' – pointing to the over-stocked nature of most Bordeaux negociants, who continue to be 'paying interest to the banks while the value of their inventories declines'. He said that UK merchants are losing money and are not in a position to buy stock, while the Chinese market for fine wine 'has virtually disappeared' and Trump’s tariffs mean that US merchants have no idea what taxes they will have to pay when the wines are available for delivery, so are unlikely to be buying.