The 2023 En Primeur campaign was never going to be easy. This year, Chateaux were tasked with releasing a good – but not great – vintage into one of the most challenging markets in over a decade. In many parts of the world, growth is slow, inflation is high, and sentiment is cautious. The fine wine market is no healthier. As our pre-En Primeur report, In the Balance, explained, the market for top Bordeaux has been drifting for the past two years. Supply has outpaced demand on the secondary market, and prices continue to fall.
On top of this, the En Primeur system has suffered from many self-inflicted wounds. In recent years, release prices have been unsustainably high. Too often, buyers are seeing wines enter the physical market below or equal to their En Primeur release prices. The large new cellars sprouting up in Bordeaux act as a visible reminder of stock building in the region for a later sale. This has collectively eroded confidence and interest in En Primeur across the supply chain.
Overall price drops for the 2023 vintage suggest some level of commitment to En Primeur. They represent a small step towards a healthier system, but slow sales this year equally suggest that the cuts did not go far enough.
Some key findings from the report:
- While vintage quality was variable across the region, commenters broadly agree that Bordeaux 2023 was a middling year overall.
- On average, release prices were 22.5% lower than for the previous vintage. Ranging from 41.1% decreases, or a little as 6%.
- While some Chateaux priced their wine attractively compared to the vintages available on the market – others missed the mark, pushing collectors into the arms of back vintages.
- Unlike in previous campaigns, there were no significant efforts by the chateau to tie offers together – requiring purchases of one less attractive wine to secure an allocation of something more sought after.
To access the full report, please fill in the form below:
