Wine investment: Taking the pulse of Bordeaux 2024 en primeur
Bordeaux châteaux cut prices drastically this en primeur campaign but what was the market response? Chris Mercer takes the pulse.
Bordeaux châteaux have significantly cut en primeur release prices for their 2024 vintage wines, but was it enough to rouse a lethargic market?
Release prices at several leading châteaux were markedly lower than for other recent Bordeaux en primeur campaigns (see chart below).
Lafite Rothschild and Mouton Rothschild 2024 (both 96pts, Decanter) were the cheapest iterations of these first growth wines on the market.
While many merchants welcomed the price cuts, amid a particularly challenging market for Bordeaux, initial feedback suggested buyers were in no rush.
Matthew O’Connell, CEO of the LiveTrade online trading platform at Bordeaux Index, said Lafite sold in good quantities on the day of its release, though the release failed to attract frenzied activity.
In general, he said:‘The discounts have not been at a sufficient level to encourage the majority of potential buyers to participate.’
There are fairly healthy supplies of young Bordeaux around, though each estate has its own context. O’Connell said: ‘We are reminded that 2019 especially, but also 2020, can offer excellent value for high-quality vintages.’
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Shaun Bishop, CEO of California-based merchant JJ Buckley, said he had decided not to actively offer a Bordeaux en primeur campaign, for the first time, and cited uncertainty surrounding US import tariffs as the driving factor in that decision.
‘We are recommending that our clients wait until tariff negotiations have concluded and the final price is known.’
From an investment point of view, O’Connell said it’s hard to make a compelling case for the 2024 vintage at current pricing.
Miles Davis, market expert at Vinum Fine Wines, also told Decanter: ‘I think it’s hard to make a case for a really solid, long-term investment.’
He and other merchants nevertheless echoed Decanter’s Bordeaux correspondent, Georgie Hindle, in asserting that standout wines in the 2024 vintage promise plenty of drinking pleasure around the dinner table in years to come.
William Russell, head of private client sales at UK merchant Armit Wines, said: ‘While the Bordeaux en primeur market remains cautious, the châteaux that position their wines sensibly and at a discount to previous vintages remain attractive, especially to a new generation of buyers who were priced out prior to this release.’
Fine wine & spirits specialist Bordeaux Index kindly sponsors this section of Decanter, and provides its view on the market here every issue. It can be found at bordeauxindex.com.
Bordeaux en primeur for the 2024 vintage was always going to be tricky, with a tough macro backdrop, a now long-sustained drift in market pricing of wines from the region, previous recently released vintages almost all ‘underwater’ vs their initial prices, and the new vintage itself having produced some elegant but ultimately not top-tier wines.
Pricing strategies from the key chateaux have varied, most down from their 2023 release prices, but equally most not by enough to encourage significant buying interest.
Collectors are increasingly, and rationally, reluctant to engage in buying wines where recent – and in this case often superior – vintages are available at or below the new-release prices.
There have been a handful of positively received releases, mainly from first growths Lafite and Mouton. While these didn’t drive outsized interest and buying activity, the releases were perceived as constructive and trying to react to the market backdrop.
Buying has mainly been from collectors rather than those looking to invest in new releases.
Rare wines attract strong bidding…
A 55-year-old case of Petrus and Burgundies from the 1990s have led a Christie’s auction of wines from the cellars of late watch pioneer Jörg G Bucherer.
Christie’s said all 233 lots were sold. It also reported strong demand from younger collectors, with 33% of buyers belonging to the Millennial and Gen Z age groups.
Top lots included a 12-bottle collection of Petrus 1970 in its original wooden case (OWC), which sold for £32,500, including buyer’s premium (pre-sale high estimate: £26,000).
Six magnums of the legendary Château Haut-Brion 1989 fetched £22,500 (high e: £20,000). From Burgundy, 1999-vintage reds from Domaine Leroy led the way.
These included cases (12x75cl, OWC) of: Romanée-St-Vivant 1999, sold for £62,500 (high e: £60,000); Latricières-Chambertin 1999, sold for £43,750 (high e: £38,000); and Clos de Vougeot 1999, sold for £35,000 (high e: £35,000).
In total, the auction fetched £1.2m, said Christie’s, adding proceeds will benefit the Jörg G Bucherer Foundation. Despite an ongoing subdued market climate the Bucherer auction joined previous single-owner sales that have performed relatively strongly.
‘The right kind of collection can still sell very well,’ Edwin Vos, international head of Christie’s wine department, told Decanter.
‘When you get to that level of rarity, with a [collector] name and a story behind it, there are still many people out there who are willing to try to acquire some of those lots.’
…while secondary market loses its fizz
Fine wine prices remain under pressure and US import tariffs may have exacerbated the situation, according to a recent analysis.
Liv-ex, a global marketplace for the trade, said most of its major indices declined in April. Its Champagne 50 regional index performed worst, dropping 2.6%, and the group said tariff uncertainty facing US buyers was a key contributing factor.
Its figures again demonstrated the market’s lethargy as Bordeaux’s en primeur season began. Liv-ex’s Bordeaux 500 index dropped 1.6% in April; it was down 24.3% over two years and nearly 6% over five years.
The Left Bank 200 sub-index offered a sliver of hope: ‘The index’s decline is slowing as it approaches its 2020 lows,’ said Liv-ex. Previous analysis has suggested some parts of the market may be nearing a period of stability (See April 2025 issue).
Disclaimer: Decanter’s Marketwatch pages are published for informational purposes only and do not constitute investment advice. Wine prices may vary and they can go down as well as up. Seek independent advice where necessary and be aware that wine investment is unregulated in several markets, including the UK.
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Chris Mercer is a Bristol-based freelance editor and journalist who spent nearly four years as digital editor of Decanter.com, having previously been Decanter’s news editor across online and print.
He has written about, and reported on, the wine and food sectors for more than 10 years for both consumer and trade media.
Chris first became interested in the wine world while living in Languedoc-Roussillon after completing a journalism Masters in the UK. These days, his love of wine commonly tests his budgeting skills.
Beyond wine, Chris also has an MSc in food policy and has a particular interest in sustainability issues. He has also been a food judge at the UK’s Great Taste Awards.