Wine prices: Bordeaux '08 must come down say UK wine merchants
October 20, 2008
Oliver Styles
As another difficult Bordeaux harvest nears its close, wine merchants in the UK are already calling for chateaux to reduce their prices after next year's barrel tastings.
Although many in the trade will not predict the outcome of next year's en primeur tasting of the 2008 vintage, what is clear is that, if the current financial situation remains, prices will have to come to come down.
'If the wines were released today, it would have to be the best bargain in 10 years or not a sausage will buy it in the UK and Asia,' said Simon Staples of Berry Bros & Rudd.
Robert Lench at Bordeaux Wine Investments said that new markets outside the UK, Europe and the US, would also be unlikely to invest.
'Russia doesn't buy en primeur,' he said. 'And although a lot of producers are barking on about the Chinese buying 2008 because eight is a lucky number, I'm not sure Far Eastern businessmen are that naïve.'
Lench added that 'one or two' UK merchants have talked about boycotting the 2008 barrel tastings next year.
'Whether they will or not is another thing,' he said.
Although harvest news currently coming out of Bordeaux remains unswervingly upbeat – Chateau Petrus owner Christian Moueix recently claimed 2008 remined him of 1983 – those in the industry remain unconvinced.
'It looks to be, weather-wise, similar to 2007,' said Stephen Browett at Farr Vintners.
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