Farr Vintners Bordeaux boycott 'not an idle threat'
March 23, 2009
By Stuart Peskett
Farr Vintners has threatened to boycott next week's en primeur tastings in Bordeaux unless the majority of châteaux halve their prices for the 2008 vintage.
Stephen Browett, chairman of Farr, traditionally one of the biggest UK buyers of en primeur, told decanter.com that the strengthening of the euro against the pound, combined with the economic slowdown, made buying 2008 Bordeaux a very unappealing prospect.
His comments echo those of Berry Bros & Rudd's Simon Staples, who is equally sceptical of the prospects for this year's campaign.
Browett said: 'If the wines are released at the same price as last year, we're definitely not going to bother. It's a major problem to get the châteaux to come down, but they know they have to.
'We're not talking about them giving the wine away. Take Cos d'Estournel. We bought the 2004 at £425; in 2005, it was £1,120; the 2006 was £720; and the 2007, which was the least good vintage of the past 10 years, was £650. The producers have got to get back to 2004 pricing.'
Browett admitted that the 2008s were looking promising – 'better than 2006 and 2004, somewhere around 2001 in quality' – but that the merits of the vintage were a 'secondary issue', given that the pound is 20% weaker against the euro than it was a year ago.
'Everyone knows that the 2007s were too expensive, and the world's financial situation is totally different to last year,' said Browett, who wonders if there should even be an en primeur campaign this year: 'If the châteaux are not prepared to come down in price, I don't see why they don't keep the wine and sell it once it's in bottle, when the recession's over,' he said.
Even if 2009 turns out to be a excellent vintage, Browett admitted that he would rather 'have not stock of an unsaleable vintage, and take our chances', than buy 2008 to ensure a decent allocation in the future.
He added that his remarks were not an idle threat: 'We have not booked our tickets and we have not made any appointments. My advice to the Bordeaux proprietors is that if you're not going to lower your prices, then don't have an en primeur campaign. The public are not in the mood to buy unless it's a good deal.'
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I too agree with Stephen at Farrs.
As Bordeaux specialists, We have been buying En Primeur since 1988 and last year as we predicted was another 1997 all over again. We too cannot subsidise the Chateaux, even though last year we were given great discounts just to “buy the wines and continue with our allocations”
We will not do this again and because of the Chateaux pricing policy, En Primeur is becoming less and less important to us. We are going to Bordeaux on Monday and will tell all the Chateaux our feelings.
Alan Rayne, Magnum Fine Wines, London, UK
It's a nice threat, I agree the prices should be way down but it just wont happen and mr farr vintner will be sat in his first class BA seat ready to buy some overpriced 2008 bordeaux very soon im sure.
Russ parkin, Notts, UK
Although I agree with Stephen about pricing but there also has to be a radical re-think on behalf of the Top Chateaux about how they run their businesses. They have to consider introducing change and get closer to their markets.
If I were a Chateaux owner I would send my sons, daughters and my senior management team to study at INSEAD in Fontainebleau, near Paris. This is a very well respected Executive Educational establishment, very much on par with Cranfield, where they lecture in modern management techniques and business management. Having studied there briefly I thought the course content was excellent. We are never too old to learn as the saying goes!
Nick Stephens
Surely it has to be an idle threat, as the prices will only come out after the trade tastings?
François Feuillat
Yes. I really hope it is not an idle threat. Merchants should have strong backbone and stood up to the greedy chateau. But I can only second guess, as many with vested interests, will due to some backroom negotiation and veiled threats, will succumb, yet again! As much as also write critics and writers argue that there is a need for information for the general public regards the 2008 and subsequent en primeur, there is really no need now for them to pass comments and judgement for wine that is still in the barrel. They can wait until it is proper assembled and bottled. No need to sucker up. Is the wine world any worse off before this en primeur comes in to the picture? There is much soul searching amongst all concerned.
Jerry Loo, Singapore
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