For the first time ever, the great Chateau Latour – one of only five Premiers Crus to be classified back in 1855 – will not be offering futures sales on its 2012 vintage !
This is hot news among traders in Place de Bordeaux, but buyers seem to be taking it in their stride. A look at the comments on http://www.sudouest.fr/2012/04/16/vin-de-bordeaux-chateau-latour-pauillac-ne-vendra-plus-en-primeur-689863-713.php#commentaire_marqueur_position) shows that they remain relatively unruffled. It seems that wine which might cost between 400 and 500 euros a bottle as a futures option (Primeur) is something that has been missing from their wine cellars for several years already.
One of the jewels of the Bordeaux vineyards, what impact will Chateau Latour’s decision have on the rest? Today, most of the top chateaux are able to carry their stocks comfortably and so to renounce the immediate cash infusion futures sales bring. By waiting they risk not finding a buyer but the final price may well rise to double the amount and that’s a chance many are prepared to take. Especially Premiers Crus producers who should have little difficulty selling their wines whatever the eventual cost. They should however be careful because if great wines are selling well, mostly to Asia, it’s in some measure due to speculation. Coming out of the futures market one has to wonder whether the chateau wines will have quite the same appeal, particularly for the Chinese, once the added value is less evident.
If the others do decide to follow in Chateau Latour’s footsteps, will Bordeaux Grands Crus become less accessible to “l’amateur de vin lambda“? Even though the price of Primeurs can appear prohibitive, you are paying between 50 and 100% percent less than what the bottle would cost when it is delivered two years later. Remember, when a Premier Cru is offered as a Primeur it might cost somewhere between 350 and 500 euros but on delivery the same bottle is usually worth 1,000 euros. If the trend of abandoning futures sales passes along the chain of Bordeaux producers the risk is that prices will simply double – right down the line ! But don’t worry, at Wine Tour Booking we’re sure that futures still have a great future ahead of them. Join us on (www.winetourbooking.com) and we’ll keep you up to date with the latest trends.