Moueix of Petrus: 2009 en primeur campaign at risk
December 11, 2008
Jane Anson in Bordeaux
The en primeur campaign for the 2008 vintage may not happen, warns Château Petrus owner Jean-François Moueix.
Moueix, one of Bordeaux's most influential figures, told France's Nouvel Observateur newspaper that he 'can't exclude the possibility that there will not be an en primeur campaign in 2009'.
The owner of Petrus - which is currently selling at around £10,000 a case on the 2007 vintage and at well over £2000 a bottle for the 05 - said the classified growths of Bordeaux have been in a dangerous speculative bubble since 2005, and that price drops in subsequent vintages have been insufficient.
'The châteaux believe they are victims of the financial crisis, but they have orchestrated the problem [of excessive pricing],' he said.
'If négociant houses can't buy or obtain lines of credit for their allocations, the wine will remain at the châteaux. And if there are not enough takers of allocations, there won't be any en primeur sales.'
While Moueix's comments have ignited a furore in Bordeaux, some merchants agree.
'The fact that the quality is better than 2007, or that the yields were low, is absolutely of secondary importance this year. I don't think there is one person in the distribution chain or a private buyer who cares,' Laurent Ehrmann of négociant Barriere Frères told decanter.com.
'It is now time to return to the fundamentals of finding the right price. The en primeur window of opportunity is a spectacular one, and if a large number of wineries aren't capable of coming to the meeting point, then there may be no campaign, or half a campaign.'
One Bordeaux grand cru classé owner spoke on condition of anonymity said 'the quality of 2008 is far better than expected, so châteaux may prefer to keep hold of their stock rather than to sell it on for very low prices.'
One London merchant, Stephen Browett of Farr Vintners, said if prices were not going to fall, then he'd prefer not to have an en primeur campaign.
'If the producers wish to...pretend that there is no financial crisis in the world, then Farr Vintners would certainly prefer that there was no en primeur campaign next year. That would be far preferable to a campaign at the wrong prices.
'Clearly prices need to return to 2004 vintage levels, when we sold 1st Growths at £950 and seconds at under £300. If not, then they can forget about selling their wine in the UK.'
Adam Brett-Smith of Petrus agents Corney and Barrow said owners needed 'imagination and lateral thinking' and prices must fall. He added that 'an entire cultural philosophy like en primeur' would not be dismantled easily.
The Union des Grands Crus de Bordeaux would not be drawn into the discussion.
'We have many members who may all have very different opinions,' said a spokesperson.
Have your say... To post your comment on this story, email us at news@decanter.com, making sure the relevant headline is in the subject field
As changes occur in our financial world I have not stopped to think about pricing of the world's top wines. Other issues have a higher priority and with the well being of so many people at risk it is hard to focus on wine prices.
I have noticed that since this all started I am automatically deleting all of the wine e-mail offers I get daily. It just seems I should stop this discretionary spending until we have a better view of our financial future.
Any wine I might want today will still be available next year or the year after.
Although I have many bottles of first growth Bordeaux, some Chateau going back several decades, I feel no pressure to buy them now or in the near future. If many of us think this way the markets will send the message back through the distribution channels and this reach each and every producer.
Since we have created a new special class of super-rich around the world in the last twenty years, they may continue to buy all they wish at whatever price may be set.
If this class of people is large enough, then the top producers no longer need us middle class collectors and may have no need to reduce their prices.
If this class of people is not so large, then the top producers will have to decide how long to try and hold their precious wines at artificially high prices.
I revel in the opportunity to open my Latours, Moutons and Lafites. I try to share them with others and most times with those that may not have been fortunate enough to partake in the craft, art and beauty of the world's best wines.
I get pleasure from their drinking, but more from the sharing with others. These are always among the better moments in life and if the current pricing trends end the ability for my children to do the same, so be it.
I have enough to carry me the rest of my life and have begun buying for myself and my children.
Let us hope that prices remain strong but not so strong as to deprive some of us more ordinary citizens from their occasional joy. David S. Smoak, Albuquerque, New Mexico
It's true that the market is currently interested only in price opportunities. Without a spectacular vintage re-igniting global interest in Bordeaux there will be little point in taking up allocations of any 2008's (at 1.1 Euro/£ !) with the certain prospect of them all remaining unsold on the books for the next five years. Mark Bedini
'The 2008 vintage may not happen'. Is that good news or bad news? Dan Friedman, NYC
Moueix of Petrus need not worry: he can sell Petrus for whatever number he chooses, whether en primeur or ten years down the road. As for the rest of the campaigners, they can follow Christie's to Hong Kong.Then the bubble can continue to bubble until it ultimately bursts; then the rest of us peasants can drink the great growths again (if we have any money left).
Lewis C Taishoff
If the prices of 1st Growths drop sufficiently, my wife will allow me to start drinking them again. Therefore she must hold the key to the new price structure required.
Barry Phillips, West Sussex, UK
I wish the top 1st Growth Chateaux would come “off the fence” and say now that they want to be first and lead the campaign in the right direction and save the En Primeur 2008. They have a responsibility which they must shoulder.
Alan Rayne, Magnum Fine Wines, London, UK
Register on decanter.com absolutely free for news alerts delivered direct to your email inbox, and our fortnightly newsletter with advance notice of what’s coming up in Decanter magazine, offers, competitions and more.
PLUS registration is a one-stop shop for the Decanter magazine Archive and Decanter Fine Wine Tracker.
As changes occur in our financial world I have not stopped to think about pricing of the world's top wines. Other issues have a higher priority and with the well being of so many people at risk it is hard to focus on wine prices.
