Tag: En Primeur

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Bordeaux | Regional Report

Bordeaux regional report 2025

Bordeaux has long been the most important fine wine region in the world. Its rich heritage, high-quality production, and unmatched ability to cultivate globally-recognised brands have all cemented its position at the pinnacle of the fine wine world. Already in 1787, Thomas Jefferson noted the collectible potential of the region’s top wines.

Bordeaux is, thus, naturally the cornerstone of the wine investment market as we know it today. At its peak in 2010, Bordeaux accounted for a staggering 96% of the fine wine market by value. The First Growths – Château Lafite Rothschild, Château Latour, Château Margaux, Château Haut-Brion, and Château Mouton Rothschild – drove the lion’s share of that dominance.

Despite the recent broadening of the market, Bordeaux remains the most influential player, with its performance often setting the tone for global fine wine investment.

Our Bordeaux Report delves into the fundamentals of this fascinating region, including the evolution of its investment market, historic performance, and key players.

Discover more about:

  • The First Growths and their second wines
  • En Primeur 
  • Bordeaux’s key appellations
  • Bordeaux’s future in a diversified market
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Burgundy En Primeur 2023 and the current market

  • The 2023 Burgundy vintage is bountiful but heterogeneous in quality.
  • Careful selection of reputable domains and top producers is necessary when making purchasing decisions.
  • In the secondary market, Burgundy prices have fallen 15.2% in the last year.

The Burgundy En Primeur 2023 campaign brings a vintage full of potential and expectations: potential due to the quality but mostly quantity of the vintage in a region defined by scarcity, and expectations for reduced pricing given producers’ desire to sell.

This article provides an overview of the 2023 Burgundy vintage and the market environment that surrounds its launch. 

A heterogeneous but plentiful vintage

The 2023 Burgundy vintage first made news for its volume, which surpassed the region’s average production levels by 30%. Despite heat, drought and flooding challenges, the overall perception is of success – large quantities and above-average quality. Sarah Marsh MW summed it up: ‘The 2023 Burgundy was a bounteous but heterogenous vintage in which the white wines outshone the reds’. 

2023 saw a late-season heat spike that concentrated the fruit. Chardonnay benefited from earlier harvests before extreme heat, while Pinot Noir avoided dilution concerns and achieved natural alcohol levels of 13 – 13.5%. 

The vintage’s overall quality depended heavily on producer management, such as controlling yields for reds and maintaining freshness and acidity in whites. In comparison to the richer, more consistent 2022 vintage, the 2023s demonstrate greater precision, transparency and approachability. Growers and critics have suggested that the 2022/23 might mirror the 2015/16 or 2009/10 pairs.  

The highlights include Bonnes Mares, which stood out for its opulence and structure, with the best examples from Domaine de la Vougeraie and Domaine Dujac. For whites, cooler and mineral-driven sites like Puligny Caillerets and Meursault Perrières were particularly compelling, showcasing precision and vibrancy. Producers like Comte de Vogue, Jean Chartron, and Violot-Guillemard have garnered critical praise. 

Market context

The Burgundy En Primeur 2023 campaign unfolds against a backdrop of shifting market dynamics. Following a robust 2022 vintage and a successful campaign, producers are navigating a softened market. Burgundy prices have fallen 15.2% in the past year, more than any other fine wine region.

Burgundy 150 index

Additionally, seven Burgundies dropped from the list of the most 100 most powerful brands in the world in 2024. Still, Burgundy continues to dominate the list, cementing its place as a powerhouse in the global fine wine market. The region’s market share also remains strong, hovering around 25% and sometimes reaching 30%.

Pricing strategies

As producers seek to gather momentum with the 2023 vintage, some are keeping stable pricing levels or even lowering prices. The sizable 2023 yields stand in contrast to the tiny harvests anticipated in 2024, further amplifying the value proposition of the current release.

The 2023 vintage can thus represent a strategic opportunity. Careful selection – looking both at quality and value compared to older vintages – will be necessary, especially as the downward market trend offers a window to secure high-quality Burgundy wines at more accessible price points. More and better priced stock from older vintages has become available, creating competition for the new releases. 

The current market dynamics, characterised by adjusted pricing and evolving consumer trends, create an intriguing context for the campaign. As Burgundy continues to adapt to market shifts and climatic challenges, its enduring prestige remains as compelling as ever.

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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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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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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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.

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Neal Martin’s top-scoring Bordeaux 2023 wines

Mouton Rothschild 2023
  • According to Neal Martin (Vinous), Bordeaux 2023 is a heterogeneous vintage riddled with paradoxes.
  • Only one wine achieved his highest score of 98-100 points – L’Eglise Clinet.
  • Martin suggested that ‘deep [price] cuts’ are needed for the campaign to work.

 Now that the En Primeur campaign has kicked off, critics have started releasing their Bordeaux 2023 in-barrel scores. Vinous recently published Neal Martin’s assessment of this ‘Dalmatian’ vintage, characterised by ‘spots of astounding quality’ but also ‘all manner of shortcomings’ – even in some of the region’s most famous names.

Bordeaux 2023 vintage overview

‘A season riddled with paradoxes,’ Neal Martin described Bordeaux 2023 as a heterogeneous vintage. According to him, it ‘would sit uncomfortably on a mantelpiece alongside 2016, 2020 and 2022’. However, the critic acknowledged that ‘some châteaux pulled out magical wines from their top hat, surpassing those aforementioned years in one or two cases’.

The keyword that defined 2023 is ‘classicism’, meaning ‘lower alcohol levels in the 13-something range,’ without the opulence of previous vintages.

Martin further noted that ‘the 2023s are relatively more tannic than we’ve become accustomed to, more linear and vertical, though endowed with greater fruit concentration than the 2021s’. He continued: ‘The best wines embrace these traits while maintaining sufficient fruit and grip, occasionally harking back to the kind of barrel samples encountered in the early days of my career, and I mean that in a good sense’.

Overall, Martin claimed that ‘despite the disparity in quality, it cannot be denied that it is bejewelled with a clutch of spellbinding wines’.

Top-scoring Bordeaux 2023 wines

Neal Martin’s top-scoring Bordeaux 2023 wines can be seen in the table below. Only one wine achieved the maximum barrel range of 98-100 points – the 2023 L’Eglise Clinet. Martin said that ‘it’s very harmonious and fans out brilliantly on the finish’.

Three wines received a barrel range of 97-99 points: Margaux, Lafleur and Le Pin. In his tasting note, Martin called the First Growth a ‘quintessential Château Margaux’ but noted that it ‘will require ten years in bottle to really show what it is capable of’.

Regarding Lafleur, he said it was ‘one of the few profound wines this vintage’. He described Le Pin as ‘so pure and refined, it seems to embrace and gently hug the senses’.

En Primeur and the global market

Despite the virtues of the vintage, the question of whether it will present value is pertinent in the current economic climate. For Martin, the ‘newborn wines blink open their eyes to survey a bleak economic landscape and finger-pointing between various factions as to who’s to blame’. He said that ‘deep cuts, not gestures, are the only thing that will open wallets’.

This week’s first releases have seen discounts of up to 40% on last year. However, back vintages of similar quality that remain available for less continue to challenge the En Primeur tradition.

Stay tuned for our analysis of the best value releases.

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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What is En Primeur? A short guide for wine investors

En Primeur
  • En Primeur is a three-tier system, involving châteaux, négociants, and courtiers.
  • It allows buyers to purchase wines early, while they are still in barrel.
  • It provides an opportunity to secure allocations of highly sought-after wines that might appreciate in value when bottled.

En Primeur, also known as ‘wine futures’, is a practice rooted deeply in the traditions of the French wine market, particularly prominent in Bordeaux. This unique system allows investors and wine enthusiasts to purchase wines early, while they are still in the barrel, well before they are bottled and released on the general market. This method not only provides a fascinating glimpse into the future of wine investment but also plays a critical role in the financial ecosystem of wine production.

Historical context

The concept of En Primeur dates back over 60 years and has its origins in the post-World War II landscape. During this period, French wine producers faced significant financial challenges. To alleviate these pressures, influential wine merchants, known as négociants, began purchasing wine while it was still maturing in barrels. This arrangement allowed them to lock in supplies at a potentially lower cost and gave the châteaux much-needed cash flow to continue operations.

The En Primeur campaign

Traditionally, the En Primeur campaign kicks off in the spring following the harvest. Wine merchants and critics are invited to sample the young, unfinished wines, which are still in the process of aging. Based on these tastings, they make decisions about purchasing the wines, several years before the final product will be ready for consumption.

The price of the wines can be influenced by several factors, including the perceived quality of the latest vintage, historical brand positioning, critic scores, and market conditions. Once the wine is eventually bottled and ready, it is shipped to the buyers, typically between 18 and 24 months after the sale.

Advantages for investors

Investing in En Primeur can offer several benefits. Firstly, it provides an opportunity to secure allocations of highly sought-after wines, which might be difficult to obtain after release due to limited quantities and high demand. Moreover, purchasing wines at this early stage can be cost-effective, as prices for these wines might significantly increase by the time they reach the market, following bottling and release.

Historically, certain vintages have shown high returns. For instance, the 2008 vintage has risen 79% in value on average since release. Such potential for appreciation makes En Primeur an attractive option for investors looking to diversify their portfolios.

Risks and considerations

However, investing in En Primeur is not without risks. The market can be volatile, and there is no guarantee that purchased wines will increase in value. Recent campaigns have seen negative returns in some cases; for instance, the average price of the 2020 vintage is down 10% since release, of the 2017 – 13%. This means that the wines are now cheaper in the physical market.

Economic downturns, changes in consumer taste, and low critic scores can affect the investment’s outcome. Additionally, buyers commit capital upfront without a guarantee of the wine’s quality at bottling.

The cost of participation can also be a barrier. En Primeur often requires purchasing by the case, which can be prohibitive for smaller investors. Furthermore, there are storage costs to consider, as these wines often need to be aged further in suitable conditions before reaching their optimal drinking window, which can span from five to fifty years.

The global influence of Bordeaux En Primeur

Still, the attention that Bordeaux En Primeur commands, and on a global scale, remains unrivalled. No other region attracts the same level of hype among press and trade. This success has inspired similar practices in other wine regions worldwide, including Burgundy, the Rhône Valley, and even non-French regions such as Italy, Spain, and parts of the New World. These regions have adopted the En Primeur model to varying degrees of success, influenced by their specific market demands and the exclusivity of the wines offered.

For buyers to take fill advantage of En Primeur, keen understanding of the wine market and insight into vintage variations is required. As with any investment, potential investors should perform due diligence, consulting with experts and considering their financial position and investment strategy.

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 2023: navigating climate challenges and market realities

Bordeaux 2023
  • The first Bordeaux 2023 En Primeur releases are expected next week.
  • According to early reports, 2023 is a heterogeneous vintage shaped by climate extremes.
  • The market expects lower release prices that last year, given the broader economic context.

The trade is now in Bordeaux tasting the 2023 vintage En Primeur, and the first releases are expected already next week. The campaign is set to be fast-paced and shorter than usual, and the price forecasts suggest discounts of up to 30% year-on-year.

The vintage is shaping up to be one of measured optimism, tempered by both climate challenges and shifting market dynamics. In the following paragraphs, we delve into what we know so far in terms of quality, volumes and the broader context of Bordeaux 2023 in the global wine market.

A year of extremes

Weather patterns play a significant role in defining a vintage’s potential. According to Bordeaux correspondent Colin Hay for the Drinks Business, 2023 was marked by uneven climatic conditions, with a particularly challenging start due to persistent rain and mildew threats. However, a shift in the latter half of the season brought drier, warmer conditions, providing a much-needed respite, and aiding in the maturation process. This dual phase growing season has resulted in a heterogeneous vintage that, while not exceptional, holds the promise of producing some truly outstanding wines.

Gavin Quinney’s comprehensive harvest report further underscores the impact of the weather, noting that despite the high mildew pressure similar to 2018, the consistent warmth towards the end of the season slightly tipped the scale towards better quality. The blend of early challenges and a fortuitous Indian summer echoes the sentiments of resilience and cautious optimism.

Bordeaux 2023 – quality and quantity

Major critics are yet to release their quality assessments after tasting in Bordeaux this month. Initial harvest reports suggest that 2023 is a good but not great year that may fall behind 2016, 2018, 2019 and 2020, but above 2017 and 2021 in terms of quality.

Gavin Quinney wrote that ‘everything points to what might be called a ‘classic’ Bordeaux vintage, one where the better wines show fruit and finesse over structure, richness and power’. He further noted that 2023 was ‘a year for fraîcheur (freshness) and équilibre (balance), brought about by terroir, gentle extraction, slightly lower alcohol and bright acidity’.

However, the varied impact of climate conditions has led to heterogeneity in grape quality, particularly between those estates that successfully managed mildew and those that did not.

When it comes to volumes, the overall production in 2023 was 384 million litres, below 2022 (411) and slightly above 2021 (377). However, this is considerably lower than the annual average of 487 million litres of the previous decade (2011-2020).

And while yields for the most prestigious appellations were comparatively generous, the volume of wine that may come to the market En Primeur might not be. Liv-ex noted that ‘many estates are reducing the amount of wine offered En Primeur in favour of drip-feeding the market with more mature vintages’. The average stock reduction in the already low-quantity 2021 vintage, for instance, was 30%.

The Bordeaux market and the role of En Primeur

The Bordeaux market has witnessed significant fluctuations over the past few years. The Liv-ex Bordeaux 500 index is down 13.8% in the past year, with many collectible wines seeing even sharper declines.

This trend underscores a shifting landscape where Bordeaux, despite maintaining a large share of the fine wine market, now competes more directly with other prestigious regions like Burgundy and the Napa Valley.

With the unfolding En Primeur tastings, the system itself faces scrutiny. Historically, En Primeur has offered an advantageous opportunity for all involved. While this system has benefited from ensuring early cash flow for producers and allowing buyers to secure potentially valuable wines at favourable prices, recent trends show a misalignment in pricing strategies. Recent back vintages are often available in the market at prices equal to or lower than release, raising questions about the future of the system.

Bordeaux 2023 – pricing and investment potential

Given the backdrop of a declining market and the historical data suggesting that many wines do not immediately appreciate in value post-release, pricing will be a crucial factor for the 2023 vintage. Industry insiders and potential investors will be looking closely at how châteaux price their offerings, seeking a balance between fair value and market dynamics. The hope is that producers will heed the market’s call for more reasonable pricing to reinvigorate interest in En Primeur purchases.

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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Assessing the Burgundy 2022 En Primeur campaign

Burgundy 2022
  • Burgundy prices continued to spiral downwards in January, falling 3.7%.
  • This created a challenging backdrop for the unfolding Burgundy 2022 campaign, which saw about 10% of producers reduce pricing year-on-year.
  • The current market dynamics offer investors a unique window to enrich their collections with both new gems and proven performers.

Burgundy took the spotlight at the beginning of the year with the unfolding 2022 En Primeur campaign. Already in our Q4 2023 report, we questioned the potential of the new releases to stimulate an otherwise dormant market. On the one hand, there was the excitement of the new mixed with high quality and quantity playing to the campaign’s advantage; on the other, much depended on pricing.

Market conditions and pricing challenges

Burgundy prices continued to spiral downwards in January, with the Liv-ex Burgundy 150 index starting the year with a 3.7% decrease. To say that this created a challenging backdrop for the new releases would be an understatement. Prices at release had to come down.

And partially they did. According to Liv-ex, about 10% of the top producers ‘lowered their prices year-on-year’. However, ‘about 40% raised their prices, even if only modestly’. Thanks to greater quantities, allocations were mostly restored.

Burgundy 2022 – ‘a treasure trove’

As the first releases landed, Burgundy 2022 enjoyed a positive reception from critics and trade. Neal Martin (Vinous) advised that ‘if your favourite growers’ price tags seem fair, then I would not hesitate diving in’. He described the 2022 vintage as ‘Burgundy’s latest trick: a treasure trove of bright ‘n bushy-tailed whites and reds in a season that implied such wines would be impossible, wines predestined to give immense drinking pleasure’.

Investment perspective and older vintages

However, prices for older vintages remain under pressure, creating buying opportunities for already physical and readily available wines. For instance, three of Burgundy’s outstanding long-term wine performers have all seen dips between 15% and 10% in the last year. Over the last decade, however, DRC Vosne-Romanée Cuvée Duvault Blochet is up 388%; Georges Roumier Bonnes Mares – 339%, and Armand Rousseau Chambertin – 279% on average.

Burgundy wines performance

Meanwhile, the Burgundy 150 index has decreased 16% in the last year. Still, the overall long-term index trajectory remains upwards, as the chart below shows.

Burgundy index

Searching for value

The current market dynamics offer investors a unique window to enrich their collections with both new gems and proven performers across older physically available vintages.

When it comes to the latest, the Burgundy 2022 En Primeur campaign presents a complex tapestry of quality, quantity, and pricing amidst challenging market conditions. Despite initial price pressures, the adjustments made by producers and the positive critical reception underscore the potential of the new releases. Neal Martin’s endorsement further elevates the vintage, suggesting that for the discerning buyer, Burgundy 2022 provides not just immediate drinking pleasure but also long-term investment opportunities.

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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Burgundy 2022: a promising vintage in a challenging market

  • The 2022 vintage boasts high quality and quantity – ‘the largest crop in 23 years’.
  • It is being launched in a downward market, following ten months of consistent price declines.
  • As demand has tempered and stock has (re-)entered the market, the success of the upcoming releases will largely depend on pricing.

Burgundy’s 2022 vintage is being launched in a downward market, following ten months of consistent price declines. The success of the upcoming releases will largely depend on pricing, but will its quality and quantity have the potential to turn the tables?

Critical opinions on Burgundy 2022

Critic reports thus far have been overwhelmingly positive, applauding both the quality and the quantity of the vintage. 2022 marks the largest crop in 23 years, with some producers seeing double the yields of the previous year. According to Matthew Hayes (JancisRobinson.com), ‘across the whole of Burgundy, 2022 offered a whopping 75.4% more wine (red, white and crémant) compared with 2021’.

Contrary to expectations, the vintage produced wines with typicity, purity, and freshness despite the extreme weather. Hayes commented that ‘2022 was the second-hottest year that the Côte d’Or has endured this century and should logically have followed in the footsteps of the equally stifling solaire years of 2019 and 2020, producing wines with rich, deep fruit profiles and vibrant acidities to ensure long life but […] the wines show a generally impeccable balance of tidy, ripe fruit, discreet acidity and equally (and mostly) refined tannins’.

Hayes revealed that ‘the best-sited and best-rooted vines appeared to have coped well with the heat and in the Côte d’Or the excellence of the top premiers and grands crus shines clearly’.

The prevailing opinion is that 2022 is an excellent year for white wines, reminiscent of 2017 and 2020. Meanwhile, tasting notes from the Côte de Beaune and Côte de Nuits highlighted dense red wines with well-integrated tannins, simultaneously offering elegance and concentration. The wines are expected to be approachable in youth but with significant ageing potential.

However, the market onto which they are released is just as important as the releases themselves.

The current market for Burgundy

In October 2022, the Liv-ex Burgundy 150 index reached an unprecedented peak, marking a staggering 809.4% increase since its inception in December 2003. Twenty years later, Burgundy remains the best-performing fine wine region.

However, since its peak, prices have tumbled 17.4%. This decline has been attributed to various macroeconomic factors that led to a shift in investor sentiment. As the economic landscape became more uncertain, fine wine buyers have grown increasingly risk-averse, causing a contraction in demand for more volatile investments.

This trend was particularly pronounced in Burgundy, which had soared too high across the whole spectrum. At these stratospheric prices, the market saw more sellers than buyers, with investors keen to liquidate their stock. Top-tier Burgundy (re-)entered the market as sellers were looking to make gains.

This perception of increased risk and a preference for stability among investors led to a decrease in Burgundy’s trade share by value. The falling prices further exacerbated this trend.

Burgundy fine wine prices

The market conditions present a challenging backdrop for the high-quality high-quantity Burgundy 2022 En Primeur campaign. Will the excitement of the new be enough to stimulate demand?

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