En Primeur A GUIDE TO BUYING FINE 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 offices in Chartrons. After Château bottling was established, it was then the financially 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 first 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 significant 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 significantly 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 reflect an even greater discount to expected retail prices.
How does it work? The first part of the process is that the
(during the height of this period offers can be
châteaux make the barrel samples of wine
made daily and can be fully allocated within
available for evaluation and review by wine
hours). Where demand remains unsatisfied,
experts and negoçiants; only after this is the
we go back to the negoçiants and attempt
wine then offered to us for purchase. This
to secure more stock, but there are no
year, this was done by sending samples to
guarantees that more wine will be made
key experts around the world. Glengarry has
available.
been one of very few merchants around the world to receive and be able to taste samples
Note, whereas some merchants only offer En
this
longstanding
Primeur wine by the unmixed case (12 bottles,
relationships with the best negoçiants in
24 half-bottles, 6 magnums), Glengarry can
France, Relationships that guarantee us the
offer the wine to you by the bottle, which
offer and supply of wine that is simply not
makes purchasing wine En Primeur a more
made available to other merchants. Note, if
accessible proposition for many customers.
year.
Glengarry
has
you have a few favourites that you’d like us to keep an eye out for then please don’t hesitate
Once you have requested the wine you’d
to contact us and we’ll see what we can do.
like to acquire En Primeur, the next step is a first payment. Payments are made in two
When offers are made to us we notify you
instalments. The first payment is due by end
immediately by email (or whatever means of
of August 2020. The second payment is then
communication you prefer) and requests are
due in two years when the stock arrives.
processed until the wines are fully allocated
Are there any catches?
Definitely.
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 financial position (the wine is going to be delivered 2 years after you request your wines and pay your first 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 38 years, with established connections and long term relationships.
2020 Vintage WHAT IS THIS VINTAGE LIKE? The Quality is very good indeed, wines with concentration of fruit, fresh acidity, nice tannins, and a high level of purity. They express their individual appellations
fiercely
this
year,
the
weather
conditions providing excellent canvases for this to be presented. Quantity is low, on average the region is down around 10% on the 2019 vintage. Whilst recent vintages have seen a downward trend in volume, 2020 is one of the lowest in the last ten years. The quantities lowest in Margaux and St Julien where yields were more affected by the drought conditions. Winter was very wet, which benefits the region when a hot dry summer ensues. Water reserves in the soil sufficient to sustain the vines through the warmth of the summer. Spring was wet and mild, similar conditions to those that were experienced with the 2016, 2018 and 2019 vintages. Early flowering turned out to be a winning formula at the end of the vintage, ensuring a long growing season could be achieved and the October rain avoided. June and August saw very hot conditions, an Indian summer with cool nights. These conditions provide excellent conditions to ripen the grapes and maintain acidity. Though they will challenge younger vines, and any vineyard sites without good water reserves.
Following the early fruit set and warm ripening period, harvest was early. Theis was beneficial with rain falling in October. As September was dry this did not favour botrytis, which arrived late in 2020. Grapes for Sauternes were picked from September through to November, a very long picking season that will have required much attention and effort. As unfavourable conditions presented in the middle, Sauternes will be a game of two halves. The early harvested vineyards will be very elegant and pretty, but without the concentration. Those that took the risk and waited, achieved the richness and greatness of excellent Sauternes. These conditions do favour the dry white wines, which will be very good from 2020.
Bordeaux
To start the journey of exploring Bordeaux, you need to first start with the Classification System. In 1855, being lovers of red tape, the French authorities created what became known as ‘The Classified Growths of the Médoc ’. A five-class classification 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 first (premier) through to fifth (cinquièmes). Over the years that have since passed, there has been very little change to the 1855 Classification other than Château Mouton Rothschild moving from second growth to first in 1973 - Baron Philippe de Rothschild reportedly saying - ‘Mouton I am, Second I am not”. Château Cantemerle added as a fifth growth in 1856 and Château Dubignon, a third growth was absorbed into Château Malescot St Exupéry.
Bordeaux Saint-Émilion added its own classification system in 1955, which has subsequently been frequently amended. Pomerol has never been classified, although the greatest wine from this region, Château Pétrus, is generally spoken of in the same hushed tones as the five first growths of the Médoc. The Médoc First Growths are; Château Lafite-Rothschild (Pauillac) Château Margaux (Margaux) Château Latour (Pauillac) - not sold En Primeur Château Haut-Brion (Graves) Château Mouton-Rothschild (Pauillac) Whilst much of the classification system holds true today, the inherent problem with a system is that some of the Châteaux have improved out of sight since it was first 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 classification was based on in the first 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
2020 VINTAGE
Within that French market, particularly at the
CREATE A WISH LIST
upper level, Glengarry are very successful with
Our website has the ability for you to create and
our Bordeaux En Primeur offering. We lead the
manage your En Primeur online. Creating a wish
market in terms of cases shipped and dollar
list of the wines you’d like ensures we make
turnover, mainly through our loyal customers
sure to keep an eye out for them.
and our longstanding relationships with the best negociants enabling us to offer the best wines
CONTACT THE TEAM TO GET STARTED
in reasonable volumes, even in high demand
In Auckland or for National enquiries phone;
years such as 2005, 2009 and 2010.
Regan McCaffery 021 992 340 In Wellington or for National enquiries phone:
Glengarry have been offering Bordeaux En Primeur since its first 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 38-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.
Meredith Parkin 021 972 526.