- 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 selling wine while still in barrel 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
The annual campaign typically begins in spring following the harvest – meaning, for example, that tastings and early pricing for Bordeaux 2025 occur in the spring of 2026. Merchants, journalists, and critics taste unfinished wines, assessing quality and determining potential market value.
These early prices can be influenced by:
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Vintage conditions
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Critical scores
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Brand reputation
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Overall market climate
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Comparisons with previous years’ demand and pricing
Once bottled – usually 18–24 months later – the wine is shipped to the buyer. At that stage, additional duty and VAT costs apply for those planning to take physical delivery rather than store the wine in-bond.
Advantages for investors
Purchasing futures can provide guaranteed access to highly sought-after wines with limited production. For collectors who seek structured allocations year after year, the system offers a reliable entry point.
Buying early can also offer price advantages. Some vintages have shown strong long-term appreciation – such as the 2008s, which have risen approximately 79% on average since release. These price movements are a major reason why many investors choose buying en primeur over purchasing later on the physical market.
Risks and considerations
As with any investment, buying at release (or rather pre-release) is not without risks. Market performance varies, and recent campaigns – such as 2017 and 2020 – have experienced declines relative to their initial released prices once they reached the open market.
Other factors include:
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Market volatility
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Changing consumer preferences
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Unfavourable critic assessments
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Global economic slowdowns
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Upfront capital commitments with no guaranteed return
Additionally, buying by the case and storing wine long-term can increase the overall cost of participation. Storage (in-bond or otherwise), insurance, and eventual duty and VAT charges must be factored into the total investment cost.
The global influence of Bordeaux En Primeur
Despite mixed market performance in recent years, Bordeaux’s spring campaign still commands global attention in a way that no other region currently matches. This success has inspired similar approaches in Burgundy, the Rhône, Italy, Spain, and select New World regions, each adapting the model to suit local market expectations and the exclusivity of their wines.
For investors, understanding the nuances of each region’s system – as well as vintage variation, critic sentiment, and long-term demand – is essential to making informed buying decisions.
Concluding thoughts
The En Primeur system remains a defining feature of the Bordeaux wine trade. While it offers unique advantages – particularly access and early pricing – it also requires careful analysis, risk awareness, and strategic planning. Whether evaluating the latest vintage campaign, navigating release schedules, or comparing the dynamics of Bordeaux vs Burgundy, investors should approach wine futures with informed caution and professional guidance.
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