Liv-ex 2023 Bordeaux En Primeur survey results

Liv-ex members represent the largest pool of professional fine wine traders in the world and are estimated to account for 90% of fine wine turnover globally. There are currently over 620 Liv-ex members across 47 countries, that range from start-ups to centuries-old established merchants.

Each year we ask our members that attended the tastings for their thoughts and predictions on this year’s En Primeur campaign in the form of a short survey upon their return from Bordeaux. The survey is designed to track consensus among the best professional tasters of young Bordeaux.

In summary, here are the findings of the Liv-ex 2023 En primeur survey:

• Château Margaux is the wine of the vintage.
• Château Batailley tops the value for money category.
• Over 36% of respondents voted Pomerol as the most impressive region in 2023.
• Neal Martin remains the most influential Bordeaux En Primeur critics for the third consecutive year.
• Merchants expect ex-négociant release prices to be 22.2% lower than last year on average.

The following report takes a closer look at what the global wine trade thinks of this year’s campaign. 

Wines of the vintage

Liv-ex members were asked to list their top five wines of Bordeaux 2023 in order of their preference, irrespective of price. Wines ranked number one by respondents were awarded 10 points, second were given eight points, third six, fourth four and fifth two.

Overall Château Margaux received the highest scores, followed by Château Cheval Blanc. But it is clearly a vintage that divides opinion. On the one hand, Margaux’s received a potential 100 point score from Antonio Galloni (Vinous), while on the other, William Kelley (The Wine Advocate) gave the wine a barrel range of 95-97 points.

Top value wines

The merchants’ favourite value wines, which are expected to be released at under £1,000 per case, can be seen in the table above. 

Overall Château Batailley topped the value for money category. In previous years, Château Brane Cantenac, Château Langoa Barton and Château Braniare Ducru have led the rankings.

In total, 104 different wines were mentioned in answer to this question.

Most disappointing wines

The trade listed 100 different wines they found disappointing. By way of comparison, 120 wines were listed in 2022, and 43 in 2021.

The mixed picture that emerged from the trade’s answers to this question reflected the general view of 2023 as a heterogeneous vintage. While answers were varied, wines from the Left Bank featured more heavily in the list.

Best appellations

Pomerol was voted as the most impressive region of 2023, with 36% of respondents listing it as their number one choice. Right Bank neighbour Saint-Émilion came in a close second. In 2022, Saint-Émilion took first place while Pomerol came second.

Average vintage score

On average, Liv-ex members awarded the 2023 vintage 94.5 points (out of 100). 2022 remains the best vintage with 96.2 points, followed by 2010 and 2009 with 96. (note – there was no survey conducted for the 2019 and 2020 vintages due to Covid). 

Comparison to previous vintage

Respondents were most likely to compare this vintage with the 2019.

The 2014 vintage also came up in 18.2% of the answers, while 2015 featured in 15.9%. 

One respondent commented that it was ‘hard to compare to other vintages’, highlighting that there were ‘lots of inconsistencies with a range of issues’. Someone else stated that it was similar to 2019 but with ‘more poise and structure.’

Ranking recent vintages for First Growth quality

Liv-ex members were also asked to rank the quality of the last five vintages considering only the First growths.

53% of respondents ranked the 2019 vintage as the best quality for the First Growths, unchanged from last year. However, 28.9% ranked 2022 as their number one choice and a further 31.1% ranked it second.

2023 received the majority of votes for both third and fourth place. 2021 was universally ranked 5^th.

Expected level of demand

As the table above shows, the trade has mixed opinions on how this year’s campaign will go. However, the majority of merchants qualified their response by commenting that their answer very much depends on prices.

Some noted that their ‘clients will need to see value for money’ as ‘to encourage people into this campaign will be challenging’.

Macro-economic conditions have merchants nervous, with members describing the market as ‘the worst it’s been in 10 years’. Another commented ‘the market is in absolute free-fall, no one is thinking about buying wine anymore, drumming up interest and excitement is insanely hard’.

Others commented that ‘if the prices are compelling, it will work’. One further estimated a 20% year-on-year increase in demand, if the pricing is correct.

Most influential Bordeaux critics

Perhaps unsurprisingly, when Liv-ex members were asked to list in order of preference the critics that will impact their Bordeaux En Primeur buying decisions, the results remained the same as last year.

Neal Martin (Vinous) topped the rankings as the most trusted Bordeaux En Primeur critic. William Kelley, the new Editor-in-Chief at the Wine Advocate, took the second spot.

Founder of Vinous Antonio Galloni ranked third while Lisa Perrotti-Brown MW (The Wine Independent) ranked fourth. Jane Anson, previously decanter but now independent with Inside Bordeaux, took the fifth spot.

Expected release prices

The most scrutinized question every year is about the pricing of the new releases. Merchants gave estimates of the ex-négociant prices for the basket of wines listed above, which we keep the same every year.

Their predictions showed that, on average, merchants expect (not want) 2023 releases prices to be 22.2% lower that for the 2022 vintage, yet up 16.9% on 2019.

Only two wines from the basket have been released so far. Château Léoville-Las-Cases, come out at €138 per bottle ex-négociant, a 40.0% decrease compared to the 2022, matching the 2019 release price.  While Château Pontet-Canet was released at €66 per bottle ex-négociant, 13.8% above the 2019 price.

Key vintage characteristics

‘Modern classic’, ‘quintessential’ and ‘traditional’ repeatedly came up in members’ description of the vintage. Many complimented its freshness, acidity and ‘silky tannins’.

Concerns over the quality variation also echoed throughout the answers. While it was deemed to be ‘far more consistent in the top tier of producers’, the consensus seems to be that ‘mildew and sunburn has hampered others’ and that in 2023 ‘there is no homogeneity’.

One member seemed to some up the trade’s feeling: 2023 is characterized by ‘wines that taste of where they’re from rather than of the vintage. The hallmark of the vintage is that there is no hallmark’.

Our Bordeaux En Primeur 2023 page contains everything you need to know about this year’s campaign. You can also sign up for our daily En Primeur email alerts using the form below.