Wine Auctions - Wine News

Once again the “En Primeur Campaign 2015” comes to an end.

The vintage 2015 gets "From Chateau Prices". So then, with a surcharge between 40 - 50%, the prices of "ordinary people" are defined. We "mortal" buy the wines of the vintage 2015, pay in advance and get them assigned to 15-18 months.

That means we go into a payment in advance and rely on, that wine professionals like Jancis Robinson, Neal Martin (protégé of Robert Parker), Gabriel Rene and also the wine magazine Decanter (just to name a few) give notes and thus define the value of the wines. Now, for a while, doubts appear about the traditional system. Wine-Stocks has made an analysis of "En Primeur campaign" since the year of 2003 for the german “Handelsblatt”. En Primeur analysis

The aim of this advance bookings, since it started was, that those who sent their money to merchants or wineries in advance, get a benefit. It's not just to safe some wines from the new vintage, because with today's offer from dealers and auctions is no longer necessary. Today, almost any wine is offered 1-2 months after the appearance on many platforms. Even at E-Bay the latest vintages are now sold in the OHK.
The problem arises only when the first offers are substantially lower than the "En Primeur Price" and that has happened not only once. Between 2003 and 2014, only the vintage 2008 managed to be profitability. It was the only year in which those, who have paid 18 months previously, have also made a small profit. For all other vintages applies: buyers who bought their wines in advance, needed more than 52 months to reach the value again, they had paid in the “En Primeur Campaign“.

As depressing as it sounds, all figures and analyzes are talking a very clear language. The better the vintage is regarded by wine professionals, the less likely it is, to achieve an advantage in "En Primeur Purchase".

Now the vintage 2015 is just cheered again and already prices rise and although heavy. Since the 2000 vintage, "Robert Parker" has declared as "vintage of the century", there have been similar argument. Year 2003-2005-2009 and now, 2015.
High decorated vintages, bring losses to the most "investors" for a long time. The problem is, the profit here is siphoned off even between the Chateaux and the "Dealers En Primeur". A part of the profit should reach the people who paid for the wines.

The old and traditional business model has been discontinued and many customers do no longer participate in this form of speculation. If you are a wine lover and collector and you don’t care that it takes time until the wine reaches the value again, that you have paid for and then you are right in the "En Primeur campaign". At least you can be absolutely certain, that your wine is an original purchase from the winery. It is understandable that this argument can convince a wine lover to buy "En Primeur"

Bordeaux vintage 2015 evaluations and prices

Ron Freund, Wine-Stocks AG