A GUIDE TO BUYING FINE
En Primeur
WINE
Introduction
WHAT IS EN PRIMEUR?
Also known as Wine Futures, Bordeaux Futures, or, as we like to refer to it, a liquid investment.
En Primeur refers to the process of buying wine before it is bottled and released onto the market – usually the wine is delivered 2 years later.
The process can be traced back for centuries, but only recently did it reach the popularity that it has today. Historically, the Château in Bordeaux would sell their wine in bulk or in barrels to a wine merchant. The wine was then bottled by each merchant at their offi ces in Chartrons.
After Château bottling was established, it was then the fi nancially tough times of 1974 that saw merchants onsell to retailers globally while the wines were still in the barrel.
There are many advantages to purchasing wine En Primeur. The fi rst is availability. Some En Primeur wine is produced in very limited quantities (a château can produce as little as 200 cases a year for world-wide allocation) and are only available en primeur, i.e. they will never reach the open market.
Even for En Primeur wine that does eventually make it to retail shelves, the quantities available are extremely limited rendering it likely that you will miss out if you do not acquire the wine En Primeur.
The second signi fi cant advantage is price. The cost savings with En Primeur vary with the actual wine concerned from the various châteaux. The price that you purchase the wine at En Primeur is signi fi cantly less than the wine will be on the retail shelf two years later. The market conditions at the time have a bearing. The Bordeaux being sold En Primeur through June 2020 are down 15-30% on prior year
En Primeur prices. These re fl ect an even greater discount to expected retail prices.
How does it work?
The fi rst part of the process is that the châteaux make the barrel samples of wine available for evaluation and review by wine experts and negoçiants; only after this is the wine then offered to us for purchase. This year, this was done by sending samples to key experts around the world. Glengarry has been one of very few merchants around the world to receive and be able to taste samples this year. Glengarry has longstanding relationships with the best negoçiants in France, Relationships that guarantee us the offer and supply of wine that is simply not made available to other merchants. Note, if you have a few favourites that you’d like us to keep an eye out for then please don’t hesitate to contact us and we’ll see what we can do.
When offers are made to us we notify you immediately by email (or whatever means of communication you prefer) and requests are processed until the wines are fully allocated
(during the height of this period offers can be made daily and can be fully allocated within hours). Where demand remains unsatis fi ed, we go back to the negoçiants and attempt to secure more stock, but there are no guarantees that more wine will be made available.
Note, whereas some merchants only offer En Primeur wine by the unmixed case (12 bottles, 24 half-bottles, 6 magnums), Glengarry can offer the wine to you by the bottle, which makes purchasing wine En Primeur a more accessible proposition for many customers.
Once you have requested the wine you’d like to acquire En Primeur, the next step is a fi rst payment. Payments are made in two instalments. The fi rst payment is due by end of August 2024. The second payment is then due in two years when the stock arrives.
Are there any catches?
De fi nitely. There have been horror stories internationally with En Primeur purchasing, particularly through times of recession. It’s very important that the retailer you are purchasing from has a strong fi nancial position (the wine is going to be delivered 2 years after you request your wines and pay your fi rst payment). You need to discuss with the retailer and ensure they are purchasing from reputable merchants, that are secure. Unfortunately as interest in the top wines of Bordeaux continues to grow, demand exceeds supply and new international markets have emerged, leading to a lot of rogue operators at all ends of the operation. Glengarry has been selling En Primeur for more than 40 years, with established connections and long term relationships.
2023 Vintage
WHAT IS THIS VINTAGE LIKE?
The reports out of Bordeaux around the 2023 vintage have a distinctly di fferent feel, i.e. without the pomp and circumstance that leaves you wondering whether there really are that many ‘Vintages of the Decade’. And to be honest, it’s quite refreshing.
Instead, the message is ‘come see and try the vintage’. Which is exactly what Glengarry GM and longterm Bordeaux fanatic Liz Wheadon will be doing in April during En Primeur Week. (As she has done since her fi rst En Primeur tasting of the 2008 vintage.)
The 2023 growing season is full of twists and turns that needed navigating. After a mild winter, bud break was early, spring was then early and development ahead of norms (if there are in fact norms anymore).
Alternating periods of rainfall and sunshine followed, which kept producers on their toes. Late summer, the weather was very warm, and a long period of drought ensued.
Early indications suggest the dry white wines will be wonderfully aromatic, with careful skill required to keep them fresh – a talent in abundance in the Bordeaux region.
The conditions for red wines were ideal, manifesting in excellent volumes.
Rain at the end of the season resulted in a lot of noble rot. The skies then cleared, the grapes harvested in Sauternes developing high levels of botrytis. Thus, we should expect wonderfully complex sweet wines.
Follow Liz on Instagram @lizziewine as she unpacks the vintage and helps you navigate the great wines of Bordeaux
Bordeaux
To start the journey of exploring Bordeaux, you need to fi rst start with the Classi fi cation System. In 1855, being lovers of red tape, the French authorities created what became known as ‘The Classi fi ed Growths of the Médoc ’. A fi ve-class classi fi cation of 61 of the leading Médoc Châteaux (as well as two from Graves). This formalised lists that were already in place, based on each Châteaux relative quality as expressed by the prices of each individual estate. These growths, or ‘crus’ range from fi rst (premier) through to fi fth (cinquièmes). Over the years that have since passed, there has been very little change to the 1855 Classi fi cation other than Château Mouton Rothschild moving from second growth to fi rst in 1973 - Baron Philippe de Rothschild reportedly saying - ‘Mouton I am, Second I am not”. Château Cantemerle added as a fi fth growth in 1856 and Château Dubignon, a third growth was absorbed into Château Malescot St Exupéry.
Bordeaux
Saint-Émilion added its own classi fi cation system in 1955, which has subsequently been frequently amended. Pomerol has never been classi fi ed, although the greatest wine from this region, Château Pétrus, is generally spoken of in the same hushed tones as the fi ve fi rst growths of the Médoc. The Médoc First Growths are;
Château La fi te-Rothschild (Pauillac)
Château Margaux (Margaux)
Château Latour (Pauillac) - not sold En Primeur
Château Haut-Brion (Graves)
Château Mouton-Rothschild (Pauillac)
Whilst much of the classi fi cation system holds true today, the inherent problem with a system is that some of the Châteaux have improved out of sight since it was fi rst introduced, while others are considered to have rested on their laurels, smug in the knowledge that their wines will always fetch high prices, as this was what the classi fi cation was based on in the fi rst place. Like anything, it is a good guide as long as one keeps in mind the fact that some of the wines outside its boundaries can still be superb. Bordeaux is located in the South West of France, and is the wine region that produces more top quality wine than any other. Bordeaux is renowned for its reds, which are often referred to as claret. The reason
these wines attract so much interest, and generate such high prices, is largely their ability to age, with a lot of them not showing their true potential for decades. The main red grapes grown are Cabernet Sauvignon, Merlot and Cabernet Franc. The most famous white region is that of Sauternes, where the world’s most luscious dessert wines come from. The White wines from Bordeaux are made with Sauvignon Blanc, Sémillon and in some cases Muscadelle; the very best white wines, like red wines from Bordeaux, are extremely age worthy.
How to get started
2023 VINTAGE
Within that French market, particularly at the upper level, Glengarry are very successful with our Bordeaux En Primeur offering. We lead the market in terms of cases shipped and dollar turnover, mainly through our loyal customers and our longstanding relationships with the best negociants enabling us to offer the best wines in reasonable volumes, even in high demand years such as 2005, 2009 and 2010.
Glengarry have been offering Bordeaux En Primeur since its fi rst offer of the famed 1982 vintage. We are able to offer the security of experience and expertise in this exciting wine service. With our longstanding relationships and our experience honed over 40-odd years, we are old hands at this.
GET STARTED ONLINE
Glengarry has a dedicated En Primeur website, suited to desktop and mobile. Go to www.enprimeur.co.nz There’s a simple registration form to complete and you are set. You’ll receive offers as they become available, by your preferred means of communication.
CREATE A WISH LIST
Our website has the ability for you to create and manage your En Primeur online. Creating a wish list of the wines you’d like ensures we make sure to keep an eye out for them.
CONTACT THE TEAM TO GET STARTED
In Auckland phone;
Zane Winskill 021 771 838
Alessio Errighi 021 992 340
In Wellington phone:
Meredith Parkin 021 972 526
