Bordeaux, the question mark?
It seems that the Bordeaux wine industry is in a state of deep reflection in the wake of successive crises. Customs duties, shrinking markets, price cuts, trade wars… Is Bordeaux at a crossroads? It’s high time to put the château back in the village.
Why have the prices of some Bordeaux estates dropped by 30% for the 2024 vintage?
It’s a real rebalancing of prices! From 2023 onwards, we had already noticed a drop in prices after the exceptional 2022 vintage. Even if the latter was grandiose, the price positioning was too high. There came a time when prices were no longer in line with the market. If Bordeaux didn’t lower its prices, the market wouldn’t respond. Times have changed and Bordeaux has to adapt.
So are the prices for the 2024 vintage consistent?
Absolutely! Bordeaux is returning to a form of normalcy. After tastings at a number of local estates, we’re seeing both great successes and disappointments. While some châteaux have already lowered their prices, others considered that their prices were in line, or that they were much too high and should be lowered. What is certain is that, as a general rule, Bordeaux connoisseurs are no longer prepared to pay the same sums as in previous years.
Is Switzerland an important market for Bordeaux?
Without a doubt! Proportionately speaking, in terms of quantity, it’s a quality market. Bordeaux wines have always been highly appreciated by Swiss connoisseurs and wine lovers. Switzerland is considered a safe market. At CAVE, we are regularly asked about the health of the Bordeaux market. The interest is constant!
Were Donald Trump’s tariff threats the trigger?
No, I think it’s a drop in the bucket. The war in Ukraine and the devaluation of certain currencies are having just as much impact on the Bordeaux wine world. It’s a global situation that can’t be blamed exclusively on recent US policies.
The Chinese market… the big absentees?
Yes indeed! Even if Chinese tasters are present, there is a significant drop in orders. The market is less inclined to react than in the past, when almost all types of houses found takers in China. For our part, we can see this with our allocations, which are consequently larger.
Is the “primeurs” concept still relevant today?
In the commercial sense, yes, I think so. Even if capital is tied up before the merchandise is received, there are definite savings to be made. It’s important that the primeur price doesn’t fluctuate with the market price. Les primeurs must remain a privileged moment for wine lovers to benefit from advantageous prices. It’s a model that’s had its difficulties, but I’m sure that Bordeaux is on the right track.
What are CAVE’s 2024 favourites?
I always find it interesting to look for a good price-pleasure ratio. We really like Stéphane Derenoncourt’s Domaine de l’A, as well as Châteaux Marsau and Laroque in Saint-Émilion. Our favorites include Château Phélan Ségur and Les Carmes Haut-Brion, and La Conseillante.
