▻ What Will Make The Bordeaux 2025 Campaign A Success

Let's Talk About

7 May

Written By Sarah Kemp

In conversation with Tom Burchfield of Liv-ex

Episode Summary:-

As the Bordeaux 2025 En Primeur campaign kicks off, Sarah Kemp talks to Tom Burchfield, Head of Market Intelligence at Liv-ex, the global trading exchange for wine, and asks what it will take for the Bordeaux 2025 campaign to be a success.

Tom explains that, since August, the prices at the top end of the Bordeaux market have stabilised, though there has not been a dramatic increase in value and volume. The reports from the critics are that 2025 is a good to excellent vintage, but it is being launched into difficult market conditions, not helped by the war in the Middle East.

“Since 2016, as a collector, you’d be out of pocket if you’d bought En Primeur,” Tom states, “If a distributor took on stock and not sold it, it would also be out of pocket.” He adds that the negociants are also struggling.

He explains that it is not important what price level the wines were released at last year, what is important is what comparable vintages are on the market in bottle. “For a wine to unlock collectors and buyers, it has to be better than other prices”. He points out that Chàteaux Pontet-Canet and Batailley have just been released, and Batailley was a success because it fulfilled those conditions.

Sarah asks if any châteaux are bulletproof at En Primeur. Tom replies that at the top of the pyramid, the great wines can reduce their margins and make them appealing to collectors. One recent standout success has been Château Carmes Haut-Brion, and Château Batailley has a loyal following.

Merchants are starting to buy back vintages, with 2016 and 2019 being the most popular. The dominance of Bordeaux has eroded over time. In 2010 it made up 85% of the secondary market, today it is 35%. Tom concludes, however, “It remains the most important fine wine region. For most collectors, it is going to make up a serious percentage of their cellar.”