What Are the en Primeur Sales in Bordeaux?

The "primeur wines" are known to be young wines to be consumed in the weeks following the harvest. This is the case of Beaujolais Nouveau, the most famous vin primeur in the world! However, the term "primeur" has a different definition depending on the wine region. In Bordeaux, we don't speak of "primeur" wines, but of "en primeur" wines, and this subtlety changes everything!

The sale of wine during the en primeur is a centuries-old Bordeaux tradition and concerns the best Bordeaux wines. It is in April, during the week of en primeur sales, that hundreds of wine collectors, merchants and brokers gather for the grand opening of this campaign. Not just anyone, however, can claim to be able to participate in this great event. Only those listed in the Bordeaux marketplace have access to the wines of famous châteaux and their finest wines. To be able to buy wine, the interested parties must have obtained allocations beforehand. The châteaux and estates decide to whom and how they allocate these allocations.

In the spring following the harvest, the négociants meet with the brokers who handle the negotiations between the producers and the buyers at the Place de Bordeaux. This 'place', however, refers more to a system than to a physical location. The Bordeaux châteaux never sell their greatest wines directly to individuals, but to the négociants. It is the latter who then distribute the wines throughout the world. These three players, producers, merchants and brokers, play a major and essential role in the Bordeaux wine trade.

The en primeur sales include all the appellations of Bordeaux, as well as all the producers, small or large. It includes AOCs such as Médoc, Haut Médoc, Saint Estèphe, Saint Julien, Pauillac, Moulis, Listrac, Margaux, Graves, Saint-Émilion Grand Cru, Pomerol, Pessac, Pomerol, Fronsac, Sauternes, Barsac, Castillon, Côtes de Bordeaux and obviously Bordeaux AOC. Of course, the Classified Growths, Grands Crus and Premiers Crus are the favourites of such an event, but the Crus Bourgeois also have their place. For the Bordeaux vineyards, this represents 5-10% of the wines presented at the en primeur sales.

This great Bordeaux event was created over 200 years ago by the British. In the 17th century, the merchants went directly to the châteaux, a few months before the harvest, to estimate the quality of the vintage and then bought the future wine when it wasn't yet harvested! Until 1980, only the négociants could participate. Today, the en primeur sales are open also to customers and is not limited to wine merchants.

The classified growths are put on sale while they are not yet "finished". The en primeur wines are tasted directly from the barrel. A minimum of 18 months of maturation is then necessary to obtain the final product. The taster must therefore not only demonstrate a great knowledge of the wines, but also show great imagination. They must be able to imagine the final result two years in advance!

The interest for the buyer is to be able to buy some great wines, formats and exceptional vintages while they are still in barrel. This is an opportunity to invest in a wine while it is not yet in bottle! They can then make a profit from the sale when the wines are available and delivered. In reality, for buyers, this system is more like a reservation than a purchase.

This is an opportunity to access great wines at low prices: provided you are patient!

It is in the winemaker's interest to participate in this system; they sell their wine when it is not even finished yet. Not only does this allow them to replenish their cash flow and thus cover the costs of vinification and maintenance of the property, but they do not have to worry about selling their wine when it is finished, since it has already been sold. In Bordeaux, it is the négociants who are responsible for selling the great wines of the vineyard. The château only deals with production.

Is buying wine en primeur really a good deal? Is the price really worth it? Buyers on the Bordeaux market generally expect a discount of at least 10 to 30% off the final price.

Today, discounts are not as attractive as they once were, the prices of great wines are getting closer and closer to the final price. In addition, there is a lot of speculation during the en primeur sales in Bordeaux. With the finest wines, it can happen that the final price of the wine in bottle is lower or equal to the one negotiated two years earlier. This remains very rare. However, this was the case with the 2009 vintage, where speculation was so great that we are now seeing references on the market that are less expensive than when they were en primeur.

However, the discount remains interesting on other categories of products, such as on a range of wines between £20-£50 (excl. tax), on very rare and exceptional wines, on small producers (who can become great!), as well as on Crus Bourgeois.

The advantageous prices negotiated during the en primeur sales are only possible because the négociants accept lower margins. These low margins do not hurt them, as they do not have to carry the stock and therefore do not have to pay the handling costs. The négociants recover the margins once the en primeurs are bottled, delivered to the buyer, since the price of these references will necessarily be more expensive. For the winegrower, the en primeur sales are always advantageous, since in all cases they allow them to ensure their cash flow.

The week of en primeur sales is a time of many challenges. The en primeur wine tasting attracts many wine critics from all over the world who travel to the event. Their comments and scores are decisive! Their ratings give credit to the winemakers and their wines. Their role is considerable, not only in the interest that buyers have in certain estates, but also in negotiating the price of the wines with the broker.