Even Bordeaux's châteaux owners themselves admit to surprise at the sky-high prices of the 2009s, in a tortuous, bad-tempered campaign designed to attract as many euros as possible to France's fine-wine capital. It is finally drawing to a close, in time for France's long holidays, with some UK merchants even suggesting 2009 prices are designed to prop up those of the 2005s.
Four years ago the prices for Bordeaux's last exceptional vintage, 2005, seemed quite extraordinarily audacious and we thought we would never see their like again. In the event, the embryonic, unbottled 2009s have been offered at prices between 50 and 100% up on 2005 opening prices, and some are even approaching 2005 current prices.'
Read the rest here.
Apparently sales to the UK have been 'massive'. How far this is for resale to Asia-Pacific remains to be seen but it is clear that a number of traditional UK buyers of en primeur have not bought this year due to the high prices. I suspect that a substantial amount of sales to the UK have been for investment. It remains to be seen how far it will be possible to sell these stock on, so generating the returns investors expect.
Also story on decanter.com on record UK 2009 en primeur sales and indicating that the Asia pacific did buy 2009s but solely at the top end:
'The story from Farrs is the same. Browett said Far East customers were responsible for more than a third of value sales, but a tiny proportion of volume.
'Sales by value have been 60% UK, 40% Far East, but by volume it's about 85% to 15%, as Far East customers have mainly bought only First Growths and "super-seconds".'
He added, 'There has been virtually no interest from the USA.''
Four years ago the prices for Bordeaux's last exceptional vintage, 2005, seemed quite extraordinarily audacious and we thought we would never see their like again. In the event, the embryonic, unbottled 2009s have been offered at prices between 50 and 100% up on 2005 opening prices, and some are even approaching 2005 current prices.'
Read the rest here.
Apparently sales to the UK have been 'massive'. How far this is for resale to Asia-Pacific remains to be seen but it is clear that a number of traditional UK buyers of en primeur have not bought this year due to the high prices. I suspect that a substantial amount of sales to the UK have been for investment. It remains to be seen how far it will be possible to sell these stock on, so generating the returns investors expect.
Also story on decanter.com on record UK 2009 en primeur sales and indicating that the Asia pacific did buy 2009s but solely at the top end:
'The story from Farrs is the same. Browett said Far East customers were responsible for more than a third of value sales, but a tiny proportion of volume.
'Sales by value have been 60% UK, 40% Far East, but by volume it's about 85% to 15%, as Far East customers have mainly bought only First Growths and "super-seconds".'
He added, 'There has been virtually no interest from the USA.''
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