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The best of Bordeaux En Primeur 2023

Chateau Margaux Cellar
  • The best Bordeaux En Primeur releases offered a combination of quality and value. 
  • These are wines with high potential for future price appreciation.
  • Some châteaux have followed the En Primeur golden rule that the new release is the cheapest you can get. 

As this year’s Bordeaux En Primeur campaign draws to an end, we evaluate the best 2023 releases. These wines not only boast high quality, as measured by critic scores, but also offer value when compared to previous vintages. Below are our highlights from an investment perspective. 

Beychevelle 

Chateau Beychevelle En Primeur 2023

In the words of Château Beychevelle’s Philippe Blanc, ‘our golden rule is the En Primeur price is the cheapest you can get’. 

The rule was observed this year, with the 2023 representing the best priced vintage on the market today. 

The wine received 94-96 points from Antonio Galloni (Vinous), who said: ‘Beychevelle remains one of the most distinctive wines in all of Bordeaux. It is especially classy in this edition.’ 

Meanwhile, the Wine Advocate’s William Kelley (93-94 points) noted that ‘the 2023 Beychevelle has turned out especially well this year, exhibiting a more integrated, seductive style than recent vintages’.

Lafite Rothschild & Carruades de Lafite

Lafite Rothschild Bordeaux En Primeur 2023

For William Kelley, Lafite Rothschild appeared to be ‘the finest of the first growths this year’. The critic awarded it 97-99 points. The wine was launched at an impressive 32% discount on last year, making the new release the most affordable on the market today. Shortly after release, the wine found its way into the secondary market.

Carruades Lafite Bordeaux 2023 En Primeur

Its second wine also presented an enticing prospect to investors. As well as being the cheapest vintage, the wine was awarded a score of 91-93 from Neal Martin (Vinous), surpassing the 2022, 2016, and 2010. The critic remarked that this is ‘surely one of the best Carruades I have tasted at this stage’.

Mouton Rothschild & Petit Mouton

Mouton Rothschild Bordeaux 2023 En Primeur

In much the same vein as Lafite Rothschild, the 2023 Mouton Rothschild is the most affordable vintage available on the market today. Antonio Galloni gave it 96-99 points and declared that it ‘is shaping up to be one of the best wines of the vintage on the Left Bank’.

With 96-98 points from Neal Martin, its score looks set to match the 2022, 2020, 2019, and 2018. Only the 100-point 2016 has the upper hand but comes at a hefty 40% premium. 

Petit Mouton Bordeaux 2023 En Primeur

Once again, there is outstanding value to be found in the second wine. Petit Mouton 2023 is the best priced vintage available today by a healthy margin. And, according to Galloni, ‘it could easy be a Grand Vin at another address’.

Margaux

Chateau Margaux Bordeaux 2023 En Primeur

The highest-scoring Bordeaux 2023 wine across major critics, Margaux presented great value.

Galloni awarded it a potentially perfect score of 97-100 points, calling it ‘fabulous, sensual, silky and exceptionally polished’. 

Meanwhile, Martin described it as a ‘quintessential Margaux’, awarding it a score of 97-99 points.

Cheval Blanc

Chateau Cheval Blanc Bordeaux 2023 En Primeur

There are few wines that transcend the vintage in 2023, and Cheval Blanc is certainly one of them. 

There were few wines capable of transcending the vintage in 2023, but Cheval Blanc was certainly one of them.

It is the second-highest-scoring Bordeaux 2023 wine across 12 leading critics. Winemaker Pierre-Olivier Clouet even goes so far as to say that it is superior to the 2022, as does the Wine Advocate’s William Kelley. 

Adding to its appeal is the value it offers. The 2023 is the most affordable option among top vintages. This is one of only two unambiguously ‘prime’ Cheval Blanc vintages available under £5,000 a case.

As these highlights show, there is value to be found during En Primeur with the right analysis tools. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Piedmont on the move: rising stars under £1,000 a case

Piedmont Italy Fine Wine
  • Italy is the best-performing fine wine region year-to-date. 
  • Some Italian brands have recorded positive movement as high as 15% in the last six months.
  • Piedmont’s edge in the fine wine market can be attributed to historical significance, limited production, and an increase in global appreciation. 

Amid economic fluctuations and changing market trends, the wine investment landscape has seen varied performances across regions. However, Italy, and particularly the Piedmont, has stood out for its robustness and resilience, outperforming other regions in maintaining and even enhancing its investment appeal.

Italy’s performance in a bearish market

The Liv-ex Italy 100 sub-index, which tracks the price performance of the top 100 Italian wines, has shown resilience in the current bearish market. While the broader Liv-ex 1000 index, representing a wider range of global wines, has experienced a decline of 5.2% year-to-date, the Italy 100 sub-index has seen a relatively minor decrease of 1.7%. 

This indicates a sustained interest in Italian wines, despite broader market uncertainties. Some Italian brands have even recorded positive movement in the last six months as high as 15%.

The rising stars of Piedmont

A significant contribution to this trend comes from the Piedmont, specifically Barolo and Barbaresco. 

Produttori del Barbaresco, a renowned cooperative known for its high-quality production, has seen impressive gains across a range of its wines. The Rabaja Riserva has risen 15% since the start of the year. The wine has an average case price of £968 per 12×75, and a Wine Track critic score of 94 points. 

From the same producer, the more affordable Ovello Riserva is up 9%, while the Montestefano Riserva is up 8%. 

From Barolo, Cascina Fontana has shown consistent returns. It has appreciated 6% in the last six months and a remarkable 105% over the last decade. The wine’s affordability at £665 average price per case makes it a value-driven choice for investors.

Meanwhile, Elio Grasso’s Barolo Gavarini Chiniera has increased 4% in the past six months and an impressive 110% in the last decade. 

Why Italy, and why now?

The resilience of the Italian wine market, particularly in premium segments like Barolo and Barbaresco, can be attributed to several factors such as historical significance, quality, limited production, and growing global appreciation for the value on offer.

Wines from Piedmont are steeped in history and are globally recognised for their quality and complexity, attracting both connoisseurs and investors.

The limited production and exclusivity of certain labels ensure their demand remains high, even in less favourable economic conditions. While these wines are highly sought-after, the brands above continue to offer value – all being under £1,000 a case despite recent gains.

Finally, Italian wines continue to see growing appreciation in key markets such as the UK, USA and Asia, broadening the investor base.

As we navigate through fluctuating markets, Italy, especially Piedmont, holds firm, demonstrating potential for growth. For investors, Barolo and Barbaresco represent stability, quality, and a legacy that stands resilient against the tides of economic change.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Bordeaux En Primeur 2023: under pressure

Château Beychevelle Bordeaux 2023 En Primeur
  • Bordeaux 2023 largely met trade expectations for reduced pricing but only some releases have stood out as offering fantastic value. 
  • Price cuts slowed towards the end of the campaign, from 27.4% average discount in week one, to 23.3% in week four.  
  • Bordeaux’s ability to adapt does not only matter for its short-term sales but also for its long-term relevance in a highly competitive market.

Over the last month, our news coverage centered around the ongoing Bordeaux 2023 En Primeur campaign, examining critic scores and the investment potential of the new releases. 

Prior to the start of the campaign, Bordeaux châteaux faced considerable pressure from the trade to reduce release prices. Price cuts of around 30% were expected. In some cases, these expectations were met, with reductions of up to 40%. 

Now that the campaign is coming to a close, we weigh its success, considering the current state of Bordeaux’s investment market. 

En Primeur 2023 – back in vogue?

Critics of En Primeur contend that the system no longer meets buyer expectations, and the 2023 vintage wanted to rise to the challenge of defying the norm.

Partially it did. Wines like Lafite Rothschild, Carruades de Lafite, Mouton Rothschild, Petit Mouton, Beychevelle, Cheval Blanc and Haut-Brion delivered value and were met with high demand. 

Liv-ex reported immediate trades on its exchange for some of the releases. A developing secondary market is a positive sign for investors, although both Lafite Rothschild and Mouton Rothschild 2023 changed hands below their opening levels. 

According to Liv-ex, ‘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’.

The En Primeur golden rule  

For investors, an En Primeur release needs to be the most affordable wine among vintages with comparable scores to make sense. Where that isn’t the case, one should be cautious when buying. 

‘Our golden rule is the En Primeur price is the cheapest you can get. You can’t get anything cheaper. Generally speaking, it’s reasonably successful, not to say 100% successful, and then the price goes up.’ – Philippe Blanc, Château Beychevelle

‘En Primeur should be forever the lowest price you can find in your bottle. If you purchase later, it’s going to be more difficult to find and it’s going to be more expensive.’ – Pierre-Olivier Clouet, Château Cheval Blanc

The price decrease trajectory

The average price reduction among the top wines released in the first week of the campaign was 27.4%, going as low as 40% discount on the previous year.

In the fourth week of the campaign, this trajectory of offers slowed down. The average discount was reduced to 23.2%, the most significant being Château La Fleur-Pétrus 2023, down 33.6%, and the least significant, Beychevelle (-11.1%).

However, even though Beychevelle has seen one of the smallest discounts, it has still been one of the best value releases this campaign.

Beychevelle En Primeur 2023 Prices

The Bordeaux market slowdown

The pressure to reduce release pricing was largely owing to the current market environment. 

Over the past two years, Bordeaux prices are down 12%. Over the past five years, Bordeaux is one of the slowest growing markets, up 2.1%, considerably lagging behind Burgundy (25.2%), Italy (31.2%) and Champagne (45.5%). 

The market for top Bordeaux has suffered the most. First Growth prices are down 17.3% in the last two years, and 3.7% in the last five years.

Bordeaux En Primeur 2023 Prices

The region is also losing market share to its contenders. In 2023, Bordeaux accounted for 40% of the trade by value on Liv-ex compared to 60% in 2018.

This is further exacerbated by slowing demand. Liv-ex noted that today ‘there is more than three times as much Bordeaux for sale than the fine wine market is looking to absorb’.

The need to adapt

The 2023 En Primeur campaign has unfolded under the shadow of mounting pressure for Bordeaux to realign with market demands. The campaign highlighted the critical balance Bordeaux must maintain: offering wines at attractive prices for everyone in the chain. 

Successful examples from this year’s campaign, where price cuts coincided with high demand, underscore the potential for Bordeaux to adapt. However, the slower reduction rates towards the campaign’s end and varied responses from buyers reflect the ongoing debate about the optimal pricing strategy.

Ultimately, as Bordeaux grapples with these challenges, the 2023 En Primeur has underscored the importance of responsiveness to market dynamics. The region’s ability to adjust will not only determine its short-term sales but also its long-term relevance in a highly competitive and ever-evolving global wine market.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today. 

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WineCap’s Head of Content named in Harpers Wine & Spirit 30 under 30

Harper's Wine and Spirit 30 under 30 2024

Harpers Wine & Spirit‘s prestigious 30 under 30 list has been unveiled, showcasing the top talents in the UK wine trade. We are delighted to announce that our Head of Content, Desislava Lyapova, has been included in the rankings. 

The publication received over 100 nominations, ‘with each prospective star deserving recognition’ for their leadership, commitment, communication, innovation, and sustainability initiatives. Jo Gilbert of Harpers noted the industry’s challenges, highlighting the importance of the passion and talent that the nominees bring to their roles.

The judging panel is comprised of esteemed industry figures such as Katy Keating (Flint Wines), Kim Wilson (North South Wines), Michael Saunders (Coterie Holdings), Miles Beale (WSTA), Rachel Webster (WSET), Regine Lee MW (Indigo Wine), and Jo Gilbert (Harpers Wine & Spirit). To make the shortlist, the judges convened over two days in separate groups, with scores averaged out. 

Desislava Lyapova stood out as the only wine investment specialist on this year’s list. During her tenure at WineCap, Lyapova has significantly boosted subscriber numbers through her PR efforts and comprehensive research reports, including those focusing on wealth management in the UK and US.

Desislava Lyapova Harper's Wine and Spirit 30 under 30

On the announcement, Alexander Westgarth, CEO of WineCap, congratulated Lyapova on her achievement:

‘I want to give a huge congratulations to all the winners of the Harpers Wine & Spirit 30 under 30, especially our very own Desislava Lyapova. 

Desi has made a transformational impact at WineCap over the past two years. I can’t imagine anyone else who could have helped us achieve what she has. We are extremely proud to have Desi as a key member of our team.’

Before joining WineCap, Lyapova honed her skills as a Senior Writer at Liv-ex, the global marketplace for the wine trade. At WineCap, she has been pivotal in shaping the editorial direction, producing our Quarterly and Regional reports, leading En Primeur campaigns, and managing freelance and in-house teams, all the while enriching the content of the Academy and News sections.

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Bordeaux 2023 En Primeur: an overview of the current campaign

Cos d'estournel bordeaux wines
  • Three weeks into the Bordeaux 2023 En Primeur campaign, we examine the pricing trends of the releases so far.
  • In many cases, the current price cuts have highlighted the steady ascent of En Primeur release pricing in recent years.
  • The Bordeaux 2023 vintage is characterised by diverse critic scores and some high achievers.

This year’s Bordeaux En Primeur campaign kicked off early and rapidly gained momentum. The first 2023 releases landed in the last week of April, shortly after trade professionals had returned from the region and before the publication of most critic reports.

Pricing, as always, remained a central issue. Questions arose about whether châteaux would consider the current market conditions, whether anticipated price reductions would drive interest, and ultimately, whether the Bordeaux 2023 vintage would prove a worthy investment.

Three weeks into the campaign, several major châteaux, including First Growths like Haut-Brion, Mouton Rothschild, and Lafite Rothschild, have already launched their 2023 wines.

With most critic assessments now available and pricing trends becoming clearer, we delve into the details of the campaign so far.

Noteworthy releases

Château Léoville-Las Cases’ 2023 release marked a promising start to this year’s En Primeur. On April 30th, the wine was offered at a 40% discount on the previous year’s release. However, some older vintages still presented better value.

The first ‘great value’ release came from Château Lafite Rothschild in the same week. Its second wine, Carruades de Lafite, represented the lowest priced offering from the estate on the market today, playing on En Primeur’s original premise.

Similarly, Mouton Rothschild and Petit Mouton presented attractive opportunities for investors, released at 34.6% and 25.1% discounts on last year’s offerings respectively.

As a result, Liv-ex reported that both Château Lafite Rothschild 2023 and Château Mouton Rothschild 2023 have made their way onto the secondary market – although they have traded below their original release prices.

In many cases, the current price cuts have highlighted the steady ascent of En Primeur release pricing in recent years.

The average price cuts so far have been 21.5% compared to last year, with reductions ranging from 40% to none. Despite these cuts, many older vintages remain more affordable and often boast similar or better ratings, including those from 2019, 2017, and 2014.

Diverse scores and high achievers

The Bordeaux 2023 vintage has received a wide array of scores from leading critics, demonstrating a spectrum of quality across various appellations and estates.

Château Margaux consistently received high acclaim, with scores of 97-100 from both Antonio Galloni and William Kelley, and 99-100 from James Suckling. Neal Martin rated it as his second- highest wine of the vintage.

Another high achiever, Le Pin, received top marks with a perfect 100 from Peter Moser of Falstaff and 99-100 from Suckling. Château Montrose is also noteworthy, with a barrel range of 97-100 from Kelley and 99-100 from Suckling.

The critical consensus indicates a preference for wines from the Left Bank, which are noted to have fared better overall. The vintage is characterised by wines that lean towards a classic style, marked by their freshness and moderate alcohol content.

Despite the mixed nature of the vintage, there are several standout wines that show considerable promise. These wines are not only great for adding to a collection due to their potential to appreciate in value, but they also offer the kind of quality that makes them worth seeking out for those looking to enjoy fine wines in the years to come.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Jeb Dunnuck on Bordeaux 2023 En Primeur

Chateau Montrose 2023
  • According to Jeb Dunnuck, ‘2023 is a good to very good, but not a great year for Bordeaux’.
  • He described most wines as ‘ripe yet not massive with more focused, linear profiles on the palate’.
  • Château Montrose received his highest barrel range of 97-100 points.

According to Jeb Dunnuck, ‘2023 is a good to very good, but not a great year for Bordeaux’. In his latest report, the critic delves into the growing season that shaped the vintage, comparisons with previous years, the En Primeur tastings and the current market for buying the new releases. Below we summarise his key findings. 

A heterogeneous vintage

An erratic growing season led to a divergence of styles between sub-regions and even neighbouring châteaux. Bordeaux 2023 witnessed ‘an incredibly successful flowering, huge mildew pressure in the spring, a slightly uninspiring summer that lacked sunlight, sporadic and very localised storms, and a heatwave at the end of August and September that sped up ripening and, according to many, saved the vintage’.

In terms of vintage comparisons, ‘some of the wines have a certain 2019-like sunny, easygoing style, while others can have a cooler, more structured, almost austere profile similar to 2020’. The common themes, according to the critic, are the ‘fully ripe aromatics and more focused, linear profiles on the palate’.

A Left Bank vintage?

Jeb Dunnuck pointed out that ‘at a high level, the Merlot is much riper and more opulent, and the Cabernets are slightly fresher and vibrant’. He suggested that the Left Bank had the upper hand in 2023, saying that ‘while there are unquestionably impressive wines from the Right Bank, the top Médoc and Graves seem to have another level of harmony and overall balance’.

In terms of overall quality and style, Dunnuck argued that Bordeaux 2023 ‘surpasses 2014, 2017, and 2021 yet is a solid step back from the incredible trio of 2018 through 2020, and most likely will be surpassed by 2022 as well’.

Jeb Dunnuck’s favourite Bordeaux 2023 wines

Dunnuck found potential for perfection in three wines, awarding a barrel range of up to 100 points. Château Montrose got his highest score (97-100), and he noted that ‘it has some similarities to the 2010 (or 2016?) and might end up being the wine of the vintage’.

Among the First Growths, only Château Margaux came close to perfection, with the critic saying that ‘it is clearly one of the greats in the vintage, and it actually reminds me a touch of the 1996, if not better’.

Regarding the 2023 Château La Mission Haut-Brion, Dunnuck remarked that ‘the overall balance paired with opulence here is something to behold, and it’s incredible to find this level of quality in the vintage’.

Jeb Dunnuck Bordeaux 2023

Should you buy Bordeaux 2023 En Primeur?

Dunnuck outlines four main reasons why you should buy a vintage En Primeur: ‘1) If it is a great vintage; 2) If the wines are expected to increase in price; 3) If quantities are limited; and 4) If you are buying wines in formats other than 750-milliliter bottles’.

He defined 2023 as a ‘a borderline case’. While ‘it’s not a truly great vintage […] there are a handful of gems in the vintage that will rival the best from 2016, 2018, 2019, and 2020,’ the critic said.

In terms of pricing, he observed that it seemed to ‘be coming back to 2019 levels’, still he reckoned that ‘the time of substantial early gains from purchasing En Primeur has largely sailed’.

Our En Primeur offers only highlight wines that present great value for money in the context of the market prices for vintages currently available on the market. These are wines that hold significant potential for future price appreciation, and where the scores match the price. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.