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Bordeaux En Primeur 2024: critic scores and best releases

  • There have been some notable releases in a quieter En Primeur campaign. 
  • All of the top releases have represented the best entry point into their respective brands in the last decade. 
  • Critics have emphasised selectivity in a challenging vintage.

One month in since the start of the Bordeaux 2024 En Primeur campaign, which seems to be nearing its end, we look at critic scores and price trends to evaluate the best releases.

What the critics are saying

After the Wine Advocate’s William Kelley called Bordeaux 2024 ‘the weakest vintage of the last decade’, other critics have echoed his concerns with greater nuance. 

For Jane Anson, ‘the vintage was better than expected […] and clearly better than, for example, 2013 – and 2021 in the best cases.’

Meanwhile, Antonio Galloni (Vinous) observed: ‘The 2024s are all over the place in terms of quality and style, so readers will have to be selective. Within that context, the very best wines have a lot to offer.’ His ‘magnificent eight’ were Beychevelle, Clos Puy Arnaud, Cos d’Estournel, Jean Faure, Larcis Ducasse, Lascombes, La Conseillante and Rauzan-Ségla.

Neal Martin concluded his report, arguing that 2024 is ‘the ideal vintage for a reset’. He noted that ‘given the obstacles placed along the growing season, any 2024 that scores above 90 points is a success’. Martin’s highest barrel range was 96-98 points for La Mission Haut-Brion Blanc. Among the reds, his top wines with 95-97 points were Lafite Rothschild, Trotanoy, Lafleur and Vieux Château Certan.

The state of the market

As Bordeaux continues to lose market share to other regions, and fine wine prices overall are in a correction phase, releasing En Primeur has only worked with heavy discounts. We spoke with leading producers on how they determine their release prices, with strategies ranging from consulting négociants  and importers, and weighing in volumes and vintage quality. 

In his report, Martin speaks of the following reality: ‘There is no saviour riding over the horizon, no emerging country of insatiable Bordeaux-lovers, all against a backdrop of a vine-pull scheme […] and the fact that Bordeaux is wrestling with an image crisis.’ 

The solution? He goes back to the beginning of his career, when ‘off-vintages in the mould of 2024 would be discounted, and […] nobody lost face, including the grandest châteaux, and crucially, it kept the primeur system flowing, bottles passing through the distribution chain to the all-important final consumer’.

Within this context, we look at the releases that have worked so far – where pricing has aligned with trade and consumer expectations, and has offered a window for long-term profitability. 

Best En Primeur releases to date

One of the standout releases of the campaign has been First Growth Château Lafite Rothschild.

The 2024 vintage emerged as the most attractively priced Lafite in recent memory. In fact, only one other vintage from the past 40 years comes within 25% of its release price. Even lower-rated vintages like 2013 and 2007 – both released before the transformative investments that elevated Lafite’s quality – now trade at considerably higher levels.

Much like Lafite, the 2024 Mouton Rothschild represents a rare opportunity. It is the best-priced Mouton vintage currently available on the market. Adjusted for inflation, only one other vintage in the last two decades compares in affordability. 

Moreover, Mouton has been the best-performing First Growth over the last five years, while also being Wine-Searcher’s most searched-for wine globally. 

History shows that these ‘less celebrated’ vintages often outperform their more hyped counterparts. For both Lafite and Mouton, vintages such as 2007, 2008, 2013, and 2014 have significantly outpaced the more acclaimed 2009, 2010, or 2016 in price performance.

Another notable performer is Calon Ségur. While it may have flown slightly under the radar, its 2024 release represents the best entry point into the brand in over a decade. Calon has built a strong reputation among critics, frequently earning 95+ scores from Wine Advocate and Vinous. 

Its investment credentials are equally impressive: between 2015 and 2023, Calon prices surged more than 80%. Even with recent market dips, our Calon Ségur index remains 75% higher than it was ten years ago – making it one of Bordeaux’s most dynamic performers.

Looking for more? Read our Bordeaux Regional Report.

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Mixed signals: correction continues but top wines prove the exception

  • Despite a broader market correction, some fine wines have risen over 10% year-to-date. 
  • The top-performers are united by their strong value proposition. 
  • The 2024 En Primeur is all about momentum and timing, given the mixed quality and the availability of well-priced older vintages.

Despite a broader market correction – with the Liv-ex 1000 index declining 2.1% year-to-date – select fine wines have demonstrated remarkable resilience. A closer look at Q1’s top performers reveals a diverse spread across key wine regions: Bordeaux, Piedmont, the Rhône, and Burgundy.

The best performing wines

The best performing wine was Vieux Telegraphe La Crau Rouge 2021, which surged 22.7%. The long-term trajectory of the brand has been upwards, with a 54% rise in value over the past decade.

The second spot was taken up by Pichon Baron 2013 with a 22.6% rise. Often overlooked due to the vintage’s cooler weather, it now stands out for its relative value and strong long-term potential. Over the past ten years, the brand’s prices have climbed by 58% on average.

From the Northern Rhône, Guigal’s La Landonne secured two spots on the leaderboard: the 2012 vintage rose 11.1%, while the 2014 – 10.6%. Across the past decade, the La La wines have appreciated by 47%, affirming their iconic status among Rhône collectors.

From Barolo, the 2001 Bruno Giacosa Serralunga d’Alba made the top ten with a 21.2% rise, showcasing continued demand for aged, cellar-ready Nebbiolo from one of Piedmont’s most revered producers.

Regional trends: pressure persists

While these individual wines bucked the trend, broader regional indices tell a more sobering story. Both Burgundy and Bordeaux, the primary pillars of the fine wine market, fell by 2.9% in Q1. Even regions that showed resilience – such as the Rhône, which rose 1.1% in March – remain down overall for the quarter.

This pattern underscores the current investor mindset: cautious, value-driven, and increasingly selective.

2024 En Primeur: momentum and timing

The 2024 Bordeaux En Primeur campaign has landed in challenging terrain. With the market in retreat and the specter of new U.S. tariffs, producers have had no choice but to re-evaluate pricing strategies. The first releases came in below last year’s prices, and before critic scores were published.

While these adjustments reflect an awareness of the macroeconomic environment, price cuts alone don’t guarantee demand. Investors are weighing these new offers against older vintages available at comparable – or better – value.

The swift pace and early start of this year’s campaign echo the successful 2019 En Primeur release, which capitalised on momentum and timing. However, given the mixed vintage quality and volatile market, strategic selectivity is more essential than ever.

Looking for more? Read our Q1 2025 Fine Wine Report.

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How does Bordeaux set its release prices?

In the springtime of each year, all eyes turn to Bordeaux as the region begins its extended En Primeur campaign when châteaux across this prominent region set their wine prices.

Such decisions require the navigation of multiple factors within a delicate financial and cultural ecosystem. WineCap spoke with eminent producers for insights into what influences the all-important price setting.

  •         Previous vintages and price key influences
  •         Profitability for all players is an important driver
  •         Compelling price point for customers is critical
  •         Brand and critical ratings have some impact

Château Smith Haut-Lafitte, Grand Cru Classé, Graves

“Don’t believe people say, ‘I do it all by myself’,” said Florence Cathiard who co-owns the Graves house with her husband Daniel. “It’s a long process and very delicate because we have to take several parameters into account.”

These include contemplating pushing prices higher because of swift sales in previous years, the vintage quality, and the general global environment.

“We also take advice from some of the best négociants, brokers, and even some importers — not those who are just trying to put the price down, to sell high, but the real friends.”

Château Pichon-Longueville Baron, Second Growth, Pauillac

Christian Seely, managing director of AXA Millésimes, owner of Château Pichon-Longueville Baron, has devised a formula for the optimal release price of a Grand Cru Wine.

“The ideal price is the highest price possible at which my existing customers will buy the wine with enthusiasm,” he said. “It has to be the highest price possible, otherwise I might get fired. But it has to be the highest price possible at which my existing customers will buy the wine with enthusiasm. If you go too high, your existing customers might buy it without enthusiasm. If you go much too high, maybe your existing customers won’t buy it, and that would be terrible. It’s a personal judgment based on experience.”

Château Pichon Comtesse, Second Growth, Pauillac

Nicolas Glumineau, CEO and winemaker of Château Pichon Comtesse, combines mathematics with common sense.

“To price the wine correctly, you have to be very respectful of your market. And what we do is to have a very sharp eye on market prices,” he explained. “We consider that each step of the distribution chain has to get remuneration. It’s very important for each of us to earn money thanks to the distribution of Pichon Comtesse.”

Château Cheval Blanc, Saint-Émilion

Pierre-Oliver Clouet, Managing Director at Château Cheval Blanc has a similarly logical approach.

“En Primeur should be forever the lowest price you can find in your bottle,” he told WineCap. “The release price depends on many things: the quality of the vintage, the economic context in the world, and, as well, the price of new vintages available on the market. So, ultimately, the definition of the price En Primeur is not something difficult to reach. This is something mathematical.”

Château Canon, Premier Grand Cru Classé, Saint-Émilion.

Nicolas Audebert also follows mathematical logic in the pricing game. “If you go En Primeur, the interest for the consumer, the guy buying the bottle is that ‘if I buy en primeur, the bottle that I will put in my cellar and not able to drink now, it has to be at a lower price of the same quality I can buy in the market and drink now’,” he told WineCap.

Audebert takes an equivalent quality vintage from recent years, considers the margin, does some precision-calculations, and arrives at a price that offers a ‘win-win’ for all parties.

“Of course, afterwards, you can have ‘plus-value’ on the exceptional quality of the vintage or something like that. But if we play primeur, we have to play the game of logical pricing.”

Château Pavie, Premier Grand Cru Classé (A), Saint-Émilion

“There are some secrets,” jokes Olivier Gailly, commercial director for the Perse wine family at the renowned house. “There are a lot of different factors, which are, first of all, the history of your château, the different vintages and prices in the past, and how successful it was.

If the market demands, you have to push some, but you have to listen to it as well. Of course, ratings still play a role, meaning the feedback from the customers when they come and taste during the En Primeur week in Bordeaux. We then meet with Monsieur Perse and take the decision together. The final one will be his, being the owner of the property.”

Château La Mondotte, Premier Grand Cru Classé, Saint-Émilion

“If you have the wrong price, it’s a disaster,” Stéphane von Neipperg, owner of the Right Bank house said. “Nobody wants a lot of people wh don’t want to buy the wine.”

When his team goes to the market, they consider the global economy, the local market price direction, and information from brokers and négociants. “You have to absolutely test the price with negotiants, brokers, and also with your friends, the importers. Then we can say, ‘well, this would be a good price’. A good price is when everyone in the business makes money.”

Cos d’Estournel, Second Growth, Saint-Estèphe

Charles Thomas, commercial director of the Left Bank château, places an emphasis on quality and the good value the region offers when deciding on price. “I would be lying if I said it doesn’t depend sometimes on the exchange rate,” he said. “But also, it’s according to the quality we have — and this is the most important thing. Bordeaux is not expensive when you look at Burgundy and Napa Valley and some wine from other appellations.”

Vintage has more of an impact than elsewhere and can link to market price, Thomas added. “Of course, in Bordeaux you have the vintage effect that you don’t always have in other parts of the world. We try to be more stable for the client or the consumer, though, so they can accept any necessary price variation.”

Château Angelus, Saint-Émilion

As well as previous vintage pricing in Bordeaux and internationally, for Château Angelus CEO Stéphanie de Boüard-Rivoal, two more factors are key influences when the prestigious house goes to market.

“The volume as well, of course, because it makes a real impact,” she explained. “I’d say the strength of the brand as well.”

See also our Bordeaux I Regional Report. 

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 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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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.