This year’s Bordeaux en primeur campaign saw average price cuts of around 22.5%, falling short of the 30-35% reductions anticipated by the market. Despite some significant individual discounts, the overall price decreases were deemed insufficient to boost sales substantially.
The campaign featured a wide range of price adjustments. Notable reductions included Léoville-Las-Cases’ 39.5% drop and Château Figeac’s 40% decrease in the final days. However, these were contrasted by minimal cuts from Château Pape Clément at 6.7% and Château Duhart-Milon at 8%.
Although the 2023 vintage’s overall price drops indicated “some level of commitment” to the en primeur system and represented a “small step towards a healthier system,” slow sales suggest that the reductions were inadequate. Liv-ex highlighted that, in context, the average price actually increased by 20.8% compared to 2021, with the 2023 vintage prices about 2.8% higher than the average prices of the previous ten vintages.
“When last year’s overpricing and recent market conditions are considered, this year’s price drops are negated overall,” the report noted.
Justin Gibbs, Liv-ex’s deputy chairman and exchange director, commented, “The reductions represented an olive branch to those who have supported Bordeaux over the years but who have increasingly reaped little reward. While the price cuts were a step in the right direction, what the market needed was a leap. For en primeur to be sustained, a new committed collector base will need to be found – and that might well require a price reset.”
