Decanter World Wine AwardsBordeaux 2011: Releases rush expected after quiet start
- Wednesday 2 May 2012
By the end of the week, most observers believe, the 2011 campaign will have either sunk without a trace, or found its feet, all depending on whether chateaux take seriously the need to drop prices.
Significant releases at the end of last week included a number of Sauternes estates, including Chateau Climens at €69.50 ex-Bordeaux (-3.47%) and Chateau Coutet at €42 (-7.89%).
For the red wines, the estates showing their hand are still largely mid-range such as Chateau Monbusquet at €26.40 ex-Bordeaux (down 2.2%), Chateau Siran at €16.5 0 ex-Bordeaux (down 5.17%), Chevalier de Lascombes at €15 (down 11.76%) and Chateau Cantemerle at €21, the same price as 2010.
It seems clear that these price drops are nowhere near what the market is expecting. Gary Boom of Bordeaux Index – based in both Hong Kong and the UK – told decanter.com, ‘Last year we sold around 300 cases of Chateau Cantemerle, this year we have sold two. It defies logic that they kept the price the same as the
2010.’
‘It really is very simple,’ said Boom, ‘it doesn’t matter what a chateau’s score was, without significant price drops consumers won’t touch these wines. The Asian market is still smarting from buying overpriced 2010s, and a desire for the 2011s is non-existent over there. The entire campaign is on a knife-edge right now – releases over the next few days will dictate the entire thing.’
Have your say!
James Swann
May 07 17:37
“Looking back 2007 might be the year Bordeaux finally disconnected with the rest of the market.” David Peppercon MW, writing in 2008 (Wine Report 2009)
Then came 2009 and 2010.
A new price celling has been created since 2008 (that ended up supporting 2007 prices) for a new and more global clientele, beyond traditional markets.
With all major releases of the campaign still to come, bar two, the Bordelaise may yet surprise us. To date, however, it would appear they consider this ceiling sustainable.
Fingaler
May 03 18:54
Given the strength of sterling at the moment, the currency movements alone should be making the sterling selling price 8%-10% cheaper than last year. And that's before a further reduction for perceived quality of the vintage and then a third reduction for the bonkers, greedy pricing during last years campaign.
Yet I'm being offered prices only 7%-8% down on last years starting price (I'm ignoring the top end wines here). How can this possibly be right? Someone in the supply chain is being very greedy. Philippe is saying it's not the chateaux (or at least not his chateau) so someone else is trousering all the profit...
Mark Dignam
May 03 12:44
Folks, I am a westerner living in Singapore and travel frequntly around Asia. The local importers and retailers are ont getting much interest in 2011, after selling a lot of 2009 and a bit less 2010. Keen investors are loaded up already and are not willing to pay high prices for a lesser vintage.
Steve Webb
May 02 15:40
Brand and what the neighbours are doing are the driving factors now in Bordeaux. I don't expect owners to listen to either the noises being made from either the merchants or journalists, even if they are Robert Parker. Expect more release slightly below 2010 prices or even level with them to protect their position in the market. Why reduce your prices by 45% and fail (like Cos d'Estournel)? Better still to find a market for your wines outside of the En Primeur system at a later date - the top properties can afford to do this.
Only the Sauternais have priced reasonably this year - when they could have increased their prices on the back of a superb vintage they have instead decreased them slightly making the 2011 the best value top quality Sauternes vintage on the market.