En Primeur has evolved into a significant event in the wine industry, drawing global attention and anticipation. Regular updates on weather conditions for upcoming vintages are highly publicized, particularly for Bordeaux, where the region’s marginal climate plays a crucial role in determining the potential quality of each vintage. While advancements in winemaking have improved vintage consistency, weather remains a key factor.
During the growing season, which extends until late September or early October, the market closely monitors the progress of the harvest and listens attentively to winemakers’ insights post-assemblage (the final blending of the wine). This anticipation builds up to the first week of April the following year, when the world’s leading wine experts gather to taste the new vintage. These experienced tasters must look beyond the youthful tannins and evaluate the wine’s fruit ripeness, balance, concentration, and ageing potential. The critics’ scores significantly influence the release price, and their recommendations are eagerly awaited by both consumers and investors. Robert Parker’s ratings, in particular, have been known to make or break a vintage’s success. The market then uses these assessments to classify the vintage as poor, good, or excellent. Poorer vintages may need to be consumed within eight years, while exceptional vintages can benefit from up to 30 years of bottle ageing.
In the past, En Primeur investors could purchase wines from top châteaux at opening prices, confident that, in a good or great vintage, the value would continue to rise during the two years before bottling. This offered direct access to exclusive wines with guaranteed provenance, making it a highly attractive investment. However, in recent years, increased speculation and demand have driven consistently higher prices in the wine futures market.
Whether buying for investment or with the intention of eventually enjoying the wine, En Primeur buyers should carefully consider whether the wines will offer equal or better value later in the secondary market. If so, they must ask themselves: why buy now?
What is En Primeur in Wine?
En Primeur, also known as wine futures, is the process of purchasing wine while it is still in the barrel, long before it is bottled and released to the market. This typically occurs for Bordeaux wines, though other regions like Burgundy and the Rhône Valley also participate. The system allows investors and wine enthusiasts to secure wines at a lower price before they are available to the general public.
The En Primeur process usually begins in the spring following the harvest, when the new vintage is presented to critics, merchants, and buyers. These tastings provide early insights into the quality and potential of the wine, influencing its future market value. Buyers pay for the wine upfront, but the wine itself may not be delivered for another 18 to 24 months, after it has been aged in barrels and bottled.
En Primeur offers benefits such as access to exclusive wines, guaranteed provenance, and potentially lower prices. However, it also carries risks, as the final quality of the wine can only be fully assessed after bottling, and market conditions may change, affecting the wine’s value.