What’s happening in the market?
On the eve of En Primeur, Bordeaux led trade through the weekend, taking 31.1% of trade share by value. This was led by three vintages of Château Lafite Rothschild – the 2001, 2016 and 2021. Other Bordeaux wines trading include Château Margaux 1996 and Château Pavie 2000.
From outside of Bordeaux, Tignanello, Toscana 2021 led Italian trade while Shafer, Hillside Select, Stags Leap District 2011 lifted the US’s trade share to 2.6%.
Spain saw an uptick in trade at the end of last week and through the weekend, taking 8.4% of trade share by value. This was driven by good volumes of La Rioja Alta, 904 Gran Reserva, Rioja 2011 changing hands, as well as the 2012 and 2013 vintages of Vega Sicilia, Unico, Ribera del Duero.
Today’s deep dive: A sweet start to Bordeaux 2023
En Primeur 2023 started sweet on Monday as several wines from Sauternes and Barsac made their way to market. As the table below shows, prices have mostly been flat year on year, with few notable exceptions.
As we mention in our recent coverage of Neal Martin’s (Vinous) Bordeaux 2023 report, the critic believed that Sauternes ‘benefitted from the humid conditions that allowed botrytis to explode after September showers.’ Despite the region not quite being able to ‘conjure a superstar’, Martin points out that ‘Sauternes brims with golden greats in 2023’.
Of the wines released on Monday, Château de Rayne Vigneau 2023 saw the most meaningful price drop year-on year. It is being offered to the international trade for £408 per 12×75, down 15.5% on the 2022’s opening price (£483 per case).
The 2023 vintage received 93 points from Jane Anson (Inside Bordeaux), Peter Moser (Falstaff) and a range of 92-94 points from Neal Martin (Vinous).
Both Château Doisy Daene and Château Guiraud have released at the same price as last year, €30.60 p/bottle and €38.50 p/bottler ex-négociant respectively.
Sauternes 50 price performance
The Sauternes 50 index is the best performing sub-index of the Bordeaux 500 year-to-date, dropping just 1.6% so far this year, compared to a decline of 3.1% for the Bordeaux 500.
The Sauternes 50 has provided stability to the Bordeaux 500 through the peaks and troughs of the most recent fine wine market cycle. Looking at a five-year period, the index has outpaced the other sub-indices, rising 15.6%. The second biggest riser in the same period is the Left Bank 200 with a 4.8% increase.
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