Bordeaux 2023 market analysis: Pichon Baron, Pavie, L’Eglise Clinet out

Pauillac-based Château Pichon Baron and top-tier St-Émilion estate Château Pavie were among the latest big names to join the Bordeaux 2023 en primeur campaign this morning (4 June), alongside Château Giscours and Château L'Eglise-Clinet.

Year-on-year price reductions have continued, with prices on down in the region of 18-25% on an ex-Bordeaux négociant basis.

Four new releases at a glance: Château Pichon Baron 2023 97pts ( Decanter ) | €103 per bottle ex-négociant, down 23.4% versus 2022 | UK price £1,234 per 12x75cl in bond (IB) Château L’Eglise Client 2023 | 97pts | €210 per bottle, down 19.2% | UK price £2,508 (12x75cl IB) Château Pavie 2023 | 97pts | €234 per bottle, down 22% | UK price £2,784 (12x75cl IB) Château Giscours 2023 | 95pts | €40.8 per bottle, down 18.4% | UK price £492 (12x75cl IB) Price data source: Liv-ex . Other highlights this week so far include Pichon Comtesse 2023 (98pts, Decanter ), which generated strong praise from several merchants yesterday .

<a class="hawk-link-parsed" href="https://www.decanter.com/premium/bordeaux-2023-our-en-primeur-verdict-and-top-scoring-wines-528628/" target="_blank" rel="noopener noreferrer" data-hl-processed="none" data-custom-tracking-id="1305723071889545091" data-hawk-tracked="hawklinks" data-google-interstitial="false" data-label="See Decanter’s full verdict on the Bordeaux 2023 vintage, plus ratings and tasting notes on the top-scoring wines">See Decanter’s full verdict on the Bordeaux 2023 vintage, plus ratings and tasting notes on the top-scoring wines [subscriber-content] Pauillac: Château Pichon Baron 2023 Decanter ’s Bordeaux correspondent, Georgie Hindle, rated Pichon Baron 2023 at 97-points , level with her en primeur score for the Pauillac ‘super second’ estate’s 2022 grand vin , and also her in-bottle score for Pichon Baron 2019 .

Hindle praised the 2023 wine’s ‘classicism’, with bright fruit and super fine tannins.

‘This has finesse and power – less plushness and richness than last year, of course – it’s more sleek and straight, firm and controlled, but still has width and layers of flavour and texture,’ she wrote. ‘I think this will be great in time.’

UK merchants offered Pichon Baron 2023 at £1,234 (12x75cl IB), down more than 20% on last year’s release.

Yet, Liv-ex noted: ‘ While today’s release comes at a discount to 2022, it remains one of the more expensive vintages of the past decade currently available on the market.’ Buyers might find opportunities in Pichon Baron 2015, 2019 and 2020, it added.

St-Émilion: Château Pavie 2023 Château Pavie, one of the top-tier St-Émilion Premier Grand Cru Classé 'A' estates, also released its 2023 vintage today – with UK merchants offering the wine at £2,784 (12x75cl IB).

‘An impressive showing from Pavie in 2023,’ wrote Hindle, giving the wine 97-points . ‘Layered and complex but with zing, a sense of life and tonnes of energy. Still compact, as you'd expect, but tannins are fine and the wine has been well constructed – this will be delicious.’

Hindle previously gave 96-points to Pavie 2022 en primeur and also Pavie 2019 in-bottle , but the 2023 vintage matches her 97-point score for Pavie 2020 in-bottle .

Liv-ex said of the Pavie 2023 release: ‘ At this price, today’s release is one of the most expensive vintages of the past decade available on the market.’

Analyst and consultancy group Wine Lister said its data showed Pavie 2023 was released at a 28% premium to the current Pavie 2019 market price.

Pomerol: Château L’Eglise Clinet 2023 L’Eglise Client 2023 was given 97-points by Decanter’s Panos Kakaviatos, who tasted many en primeur wines alongside Hindle this year.

This matches the 2022-vintage score , confirming that the new generation has continued the strong legacy left by the late Denis Durantou .

‘Crafted from deep rooted vines in both clay with clayey gravel, this estate succeeds like no other in expressing power from this appellation but without any hard or drying tannins, which one can encounter in 2023 from other estates,’ Kakaviatos wrote, advising buyers not to uncork the wine before 2033. ‘Give it the full opportunity to improve in your cellar.’

UK merchant Farr Vintners was particularly enthusiastic about the latest release, noting early critical acclaim for the 2023 wine.

' If you want to buy only the best wine en primeur this year, then this is the one for you at £2,508per dozen [12x75cl IB],’ it said.

Liv-ex said the new release appeared to offer ‘fair value’, given its high rating, although Wine Lister highlighted that the ' latest vintage does not offer any discount versus in-bottle back vintages'.

Farr Vintners also highlighted that other Durantou family wines can offer ‘amazing value for money’. It mentioned Montlandrie , which it said was available ‘at around a quarter of the price of many Pomerol and St-Émilion big names at £164 per dozen’.

Margaux: Château Giscours 2023 Margaux third growth Château Giscours also revealed the price for its 2023 wine today.

UK merchants offered the wine at £492 (12x75cl IB), and Hindle rated Giscours 2023 as a 95-point wine , level with the 2020 vintage , but slightly lower than the 96-points awarded to the 2022 vintage en primeur and also Giscours 2019 in-bottle .

‘There’s power here, but there’s precision and velvety tannins to this, too, which gives both structure and brightness,’ Hindle wrote. ‘It’s not as soft and plush as Giscours can be…but there’s suaveness here. Excellent effort.’

Liv-ex data suggested Giscours 2023 was another example of a wine released at a significant discount to the 2022 wine, yet still above current market prices for several other recent vintages from the estate.

Prices down 19% on average so far Wine Lister said this morning that, so far, release prices were down 19% versus the 2022 vintage campaign on an ex-négociant basis (€ per bottle), and by 7% versus the 2021-vintage en primeur wines.

These figures serve as a reminder that some 2022-vintage wines were expensive on release, compared to available back-vintages. Year-on-year discounts, therefore, only tell part of the story. Each estate also has its own context, strategy and market trajectory.

UK merchant Corney & Barrow joined the praise for Pichon Comtesse 2023 yesterday (down 35% ex-négociant). It said the wine was ‘blazing the way in both quality and price’. It was more cautious about Palmer (98pts, Decanter; UK price £2,880 per 12x75cl IB), released in the afternoon. 'Palmer has continued in its pattern of stubbornness and is only a purchase for those avid fans of the estate,' the merchant noted. [/subscriber-content] Related articles Bordeaux 2023: Our en primeur verdict and top-scoring wines Bordeaux 2023 market analysis: ‘Brilliant’ Pichon Comtesse down 35% Bordeaux 2023 market analysis: Brane-Cantenac drops 25%