What’s happening in the market?
The start of the week has once again been led by Bordeaux, with the region taking 46.7% of trade by value. This was in part driven by both Château Lafite Rothschild 2023 and Château Mouton Rothschild 2023 changing hands. Other Bordeaux to see trade included Petrus 2012 and 1988 as well Château Latour 2000 and Château Cheval Blanc 2010.
Burgundy has taken 24.3% of total trade share this week. Joseph Drouhin, Montrachet Grand Cru, Marquis de Laguiche 2018, Domaine du Comte Liger Belair, Vosne-Romanee Premier Cru, Aux Reignots 2013 and Domaine Dujac, Vosne-Romanee Premier Cru, Aux Malconsorts 2018 all found buyers.
Today’s deep dive: Bordeaux 2023 finds the secondary market
Despite the early and deep price cuts, the 2023 En Primeur campaign continues to face scepticism from collectors.
At the time of writing, releases are, on average, 21.5% lower than the 2022s. While that goes a long way towards making prices more palatable for En Primeur buyers, it should be noted that, on average, 2022 En Primeur prices were 20.8% above the 2021s by the end of the campaign.
While 28.3% of the trade expected more demand (by volume) than last year – almost all merchants qualified this by commenting that their answer very much depends on prices.
Have the price cuts, ranging from -40.0% to 0%, been enough for the international trade to attract buyers for Bordeaux 2023?
As highlighted in our market analysis, for many releases, buyers can find better value buying back-vintages instead of participating in En Primeur.
For example, there are many opportunities among the 2019, 2017 and 2014 vintages, that offer wines for lower prices and often with better or identical scores.
The table below shows several releases that are currently offered LIVE on the Liv-ex trading exchange – at discounts to their release prices.
*Prices shown are standardised to £ per 12×75 case. Data taken on 14.05.2024.
Indeed, Château Lafite Rothschild 2023 traded yesterday for £4,180, 15.0% less than the wine’s original ex-London release price. Meanwhile, Château Mouton Rothschild 2023 has traded for £3,310, 18.6% below the original international release price.
As we noted in our extended report ‘Bordeaux 2023 – In the balance’, considering vintages 2017 to 2021, Lafite Rothschild is one of the few labels to have provided positive returns. Additionally, the chateau’s 31.7% price cut this year made the 2023 one of the best value vintages on the market.
It is clear there continues to be a market for Bordeaux En Primeur at the right price. What that price is, is perhaps less clear and will not always be agreed upon. But ultimately it is the market that decides what it is prepared to pay and at this stage, it is struggling with many of the prices offered.
See all LIVE Bordeaux 2023 here.
Our Bordeaux En Primeur 2023 page has everything you need to know about this year’s campaign. You can also sign up for our daily En Primeur email alerts using the form below.
Liv-ex analysis is drawn from the world’s most comprehensive database of fine wine prices. The data reflects the real time activity of Liv-ex’s 620+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £100m of bids and offers across 20,000 wines.
