Delete. Delete. Delete. Of the 578 offers of 2011 Bordeaux futuresthat flooded Jamie Ritchie s inbox one morning, most ended up inhis trash file. In mid-May, after doing practically nothing in the weeks thatfollowed Chateau Lafite s release of its en primeur price at 420euros ($519) a bottle on April 16, (a 30 percent dip from 2010),thumb-sucking chateaux suddenly rushed en masse with their ownofferings.
Major players, like Ducru-Beaucaillou, still haven t. All the merchants wanted a fast and well-priced campaign and wedidn t get one, says Ritchie, president and chief executiveofficer of Sotheby s Wine in New York, including its retail shop. But didn t the chateaux, including the famous first growths,reduce their prices this year? Yes, but discounts averaged just15.81 percent off expensive 2010, according to U.K.-based FarrVintners May 25 final Bordeaux report. Most offers weren t nearly enticing enough to kick start demandfor a vintage that is very good but certainly not great like the2010 and 2009. Considering you can find older, ready-to-drink comparable vintagesalready in the bottle for similar prices, there s little reason tobuy now.
Consumer Apathy Customers are walking away in complete apathy, says Gary Boom,head of London merchant Bordeaux Index, who expects to move only 10to 15 percent of the wine he sold last year. Still, with the 2011 Lafite cheaper than any of its previousvintages on the market, he s managed to sell more than 100 casesat 5,500 pounds each in Asia. Simon Staples, global sales and marketing director for London-basedBerry Bros & Rudd bemoaned Bordeaux s messy schedule. On Super Tuesday May 15, more than 40 chateaux released, followedby another rush on Wacky Wednesday. On some days so manydifferent prices were released that offers got lost in the flurry,he says.
He had just landed in Tokyo when I reached him. We sold 105million pounds-worth of 2009 futures, 72 million of 2010, andwe ll be lucky to sell 30 million of 2011, he said in an e-mail. Buying wines as futures while they re still in barrel, known as enprimeur, used to be considered the way to obtain top Bordeaux atthe lowest cost. That s no longer guaranteed. Older, Cheaper En primeur updates on Farr Vintners website provided plenty ofproof.
Rauzan-Segla 600 pounds -- a very good 2011 but the 2008is available at 420 pounds, so what s the point? it says in onecommentary. Another example: Cheval Blanc is delicious in 2011,but for 4,500 pounds you can buy the magnificent 1998. If wines don t sell, they may be discounted later in the summer.One merchant, who didn t want to be named, reported that withinhours of Cos d Estournel s release ex-chateau at 108 euros abottle, negociants were offering 10 percent off. The half-dozen merchants I spoke with in the U.S.
and U.K. arebuying far fewer wines than they did in 2009 and 2010. Clyde Beffa,owner of San Francisco Bay Area K & L Wine Merchants, lauded semi-reasonable prices of La Mission Haut Brion (2010, 600euros; 2011, 219 euros) and Margaux (2010, 600 euros; 2011, 350euros), yet questioned the wisdom of having a futures campaign atall this year. Seller Skepticism Daniel Posner, owner of Grapes the Wine Company in White Plains,New York was equally skeptical.
He s been saying to customers, I ll get them if you want them, but I don t know why you do. Neither do I. The main reason for buying 2011 wines as futures nowis to get your hands on scarce, sought-after bottlings produced intiny quantities, like the stunning Pomerol Vieux Chateau Certan.That estate hasn t yet released a price, but for comparison its2008 goes for about $140. I d also single out vibrant, layered 2011 Pontet-Canet, selling at$110. That s cheaper than the current price of the 2008 and thewine is much, much better, thanks to biodynamic vineyard practices.Another good 2011 buy is Calon-Segur ($67.50).
Still, there s noneed to rush as there is plenty of both available. Sweet Sauternes are terrific in 2011. A top-value buy is the rich,superb Chateau Raymond-Lafon ($40). Harmonious Chateau Suduiraut($69) and lemony, bright Coutet ($68) are stunning, but be awarethat you can buy older fine vintages at auction for less. Last Latour Given Chateau Latour s announcement that its intense, compelling2011 will be the last vintage to be offered en primeur, it might beworth buying.
The release price of 450 euros a bottle translates into 4,800pounds a case at Farr Vintners (700 pounds less than 2008) and $700a bottle at New York s Sherry-Lehmann. Typically the chateau onlyreleases a tiny amount at the opening price, so it might increasequickly. With Bordeaux s high prices maybe this is the time to make yourvery own luxury-class Bordeaux instead. Crushpad Bordeaux, ado-it-yourself consumer winemaking operation (an outpost of theSonoma-based company), is teaming up with Chateau Lynch- Bages toestablish a winery near Pauillac.
The facility will be up andrunning in time for the 2012 harvest. Would-be winemakers will have access to Lynch-Bages s team andfamed consultant Eric Boissenot, who advises the first growths. Thecost per barrel (25 cases) to make your own at Crushpad? A mere6,900 to 10,500 euros, way less than the cost of two cases of 2011Latour or Lafite. (Elin McCoy writes on wine and spirits for Muse, the arts andleisure section of Bloomberg News. The opinions expressed are herown.) Muse highlights include Gerard on theater and Esplund on art.
To contact the writer of this story: Elin McCoy at To contact the editor responsible for this story: ManuelaHoelterhoff in New York at mhoelterhoff@bloomberg.net. I am an expert from Home Supplies, usually analyzes all kind of industries situation, such as isofix car seat , oil vinegar dispenser.
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