Every year in the world of wine, it is THE unmissable event in April, when 6,000 people, professionals and amateurs from all over the world, converge on Bordeaux in order to taste the vintage still being matured and not yet available for sale. In this year 2021, the event has also been exported around the world (Paris, Singapore, New York etc.) in order to limit travel, pandemic requires.
But where does this tradition come from, how does it work and what are its objectives?
Beginning of Futures
While the origin of Bordeaux Primeurs dates back to the 18th century, at the time the concept was only reserved for professionals who bought grapes from the estates before the harvest. The modern version as we know it today dates back to the early 1980s. It was during this period that Baron Philippe de Rothschild decided to organize tastings of the vintage being aged directly at the Château. Gradually, the idea seduced other owners of Grands Crus in the region and from 1982, the event was institutionalized. The modern idea of Les Primeurs de Bordeaux was born.
Operation
At the end of April 2021, it was therefore the 2020 vintage that was tasted in preview by professionals (traders, brokers, journalists, etc.) and some knowledgeable amateurs. The objective of this tasting is simple: to give the qualitative trend of the wines and more generally of the vintage. The exercise is not an exact science and tasters must show some imagination in order to project the possible evolution of wines which at this stage have a strong tannic base and are not yet stabilized (breeding not being finished). Few people are really able to imagine what these "juices" will be able to give in 10 to 20 years from now and the forecasts often remain hazardous. Yet it is these assessments that will (in part) determine at what prices the châteaux will offer their “en primeur” cuvées a few weeks later.
Once the prices have been set, the place de Bordeaux sales system begins: the Châteaux then pre-sell the desired volumes through brokers in the form of allocations to the merchants with whom they decide to work. The latter will be in charge of pre-selling the wine around the world to restaurants, wine merchants, e-commerce sites and other brands that will only receive their purchases 12 to 18 months later, once the aging has reached its term.
While en primeur sales only concern 5 to 10% of Bordeaux production (mainly the Grands Crus Classés, some of which sell their entire harvest en primeur), it also has a significant leverage effect on smaller châteaux which take advantage of the event to present their wines to the professionals present during this event.
Tasting of several primeur wines
The advantages of buying En Primeurs
But then, is buying en primeur really that interesting for the end consumer? If this can be an opportunity to secure a few bottles of rare cuvées, it can also allow you to make some savings even if nothing is guaranteed. Indeed, if in the 1980s there were significant discounts, the differences have tended to reduce in recent years (particularly on the great Châteaux) and the consumer no longer systematically benefits from a lower price when buying en primeur. compared to the actual marketing of the wines 12 to 18 months later.
However, this system is a real advantage for properties! Indeed, this allows the Châteaux to benefit from cash inflows even before having finalized the production of their wines. In addition, Primeurs are also a great way to communicate and get the properties talking.
Conclusion
If the Futures system offers benefits for the consumer (reserve of rare cuvées, price bargains, perfect traceability of the wines), the organization of the event also benefits the great Châteaux which secure their cash flow and make people talk about them in the press. Be that as it may, the event remains followed worldwide and generates an ambient dynamism within the Bordeaux region that can benefit other properties.
Finally, if this system is specific to Bordeaux, other regions (Bourgogne, Rhône) and estates have taken the fold in recent years and also present their wines en primeur .
If you are interested in Bordeaux Futures, do not hesitate to contact La Cave Éclairée to guide you in your choices!
