Bordeaux “En Primeur” 2023: wine merchants hope for a drop in prices to restart

In Bordeaux, not only is the sector of entry level wines paid a few euros per liter in crisis, which has led, among other things, to a plan to remove 9,000 hectares of vineyards in the Gironde, and has made the protests of winemakers against negociants incandescent and large-scale distribution. The “En Primeur” system has also been in difficulty for some time, put into crisis by various factors. From a market no longer as receptive as in the past for Bordeaux wines (which in 2023, according to data from Business France, saw a -12% drop in exports in volume, ed.), to the financial difficulties of the shop owners due to the increases in interest rates, but also from a combination that has seen little abundant production in recent years, with the consequence that many châteaux have significantly raised the prices of their wines, while the market was asking for the exact opposite. A situation that seems to be confirmed, even more clearly, in these days, with the wait for the first “ex château” releases at the end of the “Semaine des Primeurs”, staged from 22 to 25 April in Bordeaux, with under the 2023 harvest will be in the spotlight, under the direction of the Union des Grands Crus de Bordeaux, and a declared audience of 5,000 people including operators, critics and collectors from all over the world.
To demonstrate how Bordeaux is no longer as brilliant as it once was, there is also Liv-Ex, the reference platform for the secondary market, which underlines how, if the great Bordeaux wines represented 60% of trades in 2018, today the share has fallen to 40%, with Burgundy, Italy, Champagne and the United States seeing their share grow. In any case, according to many, this year will be a real watershed. Judgments on the quality of the 2023 vintage are still premature, but many agree that the quality levels of 2019 will not be reached, except with the classic exceptions. As, in some way, can be seen from the description given by Millesimà, one of the main wine merchants in Bordeaux: “as the 2023 en primeur season begins in Bordeaux, first impressions indicate that the vintage is marked by a contrasting climate and wide variety in appellations. The mild and rainy winter led to early budding, followed by a spring marked by frosts and hailstorms. The end of spring was particularly humid, placing strong health pressure on the vineyards and requiring greater vigilance from winemakers to preserve the quality of the grapes. The summer, hot and sunny, favored the ripening of the grapes, but some heat waves made it necessary to carefully manage and protect the vines from water stress. The rains at the end of August and beginning of September ensured optimal ripening of the grapes. Initial tastings revealed intense, well-structured red wines with aromas of black fruit and spice, with an elegant Cabernet Sauvignon in the Médoc and a rounded Merlot on the Right Bank. The dry white wines are fresh and mineral, with aromas of citrus and white fruit, while the sweet wines of Sauternes and Barsac promise to be exceptional. Although the final results have yet to be confirmed, the 2023 vintage promises to be well balanced, expressive and with good aging potential, piquing the interest of lovers of great wines. The Bordeaux winemakers were able to best address the climatic and health obstacles to produce a promising vintage.”
In any case, many wine merchants seem to underline that, for the market to see bottles in quantity again, a drop in prices of at least 30% will be needed. The first signs, with the first price list releases, are expected at the beginning of May, and in all likelihood the first to speak will give a clear direction to the campaign. But there is an underlying theme, Liv-Ex further underlines: those who purchase “En Primeur”, thus immobilizing important sums before the wine physically arrives on the market, for some years have found themselves with wines which then enter the market at prices equal, if not lower, than those of the “En Primeur” purchase itself. A situation which, according to a study by “Wine-Lister”, risks paralyzing the system, so much so that according to a survey carried out on 58 players including retailers, auction houses and professionals, a real shock is needed (at reduction) on prices to renew interest in the “En Primeur” system. In any case, the 2023 that will arrive on the market is an expected vintage that is not exceptional from a quality point of view, and not poor from a quality point of view, and with an already stagnant market for the 2022 vintage, released in many cases at very high prices. Reasons why, concludes Liv-Ex, for the 2023 vintage, “further price increases are out of the question”. The first “ex château” releases, as mentioned, expected in the next few days, will make us understand a little more, and will say whether the myth of Bordeaux is still such or not.