Live-ex Bordeaux En Primeur campaign
This show was published 27 March 2009
James Miles is a founder and director of Liv-ex, the leading Fine Wine Exchange. In this second interview we follow the highs and lows of the last decade of en primeur campaigns in Bordeaux.
2000 vintage was a big year in terms of volume and was rated highly by critics, in particular Robert Parker.
2001 struggled vs 2000 but was reasonably successful despite the economy worsening.
2002 came out at very low prices, e.g. first growths at £700/case. The vintage is now selling for 4-5 times the release price.
2003 was an extremely hot year and while it was a difficult growing season in Bordeaux it did suit areas in northern Medoc and Robert Parker gave several first growths 100 point scores. The release prices matched 2000 and were record prices at the time.
2005 was an exceptional vintage mostly in terms of the prices charged, at twice the price of the previous vintages. Despite the prices the vintage was in huge demand. The 2005 prices had a knock on effect of dragging up the prices of previous vintages. But, when Robert Parker reviewed the wines 2 years later in April 2008 and was less enthusiastic the bubble burst and since then 2005 prices have dropped though they are still substantially up on their release prices.
2006 was a better than average vintage and a successful campaign but nothing like 2005.
The 2007 vintage didn't sell as well - price wrong, quality not there and buyers more cautious in the knowledge that 2008 wasn't going to be a great year. Weather patterns in 2008 looked like the most difficult growing season since Liv-ex started (8-9 years). Combined with the credit crunch, 2008 will be a difficult vintage to sell.
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