En Primeur Report – Bordeaux 2022: Unfulfilled Potential
Bordeaux 2022 is a great vintage that, despite its high quality, failed to reverse the waning sentiment for En Primeur. The excitement of the new was counteracted by the value on offer.
Although there was a significant increase in the number of visitors at the En Primeur tastings this spring, the campaign did not succeed in capitalising on this positive momentum.
Our latest report, Bordeaux 2022: Unfulfilled Potential, delves into the reasons why the campaign didn’t quite deliver on hopes and the event’s place within the industry in coming years.
Key findings:
- Bordeaux 2022 is a high-quality vintage that has surpassed expectations, given the challenges of the growing season.
- Neal Martin’s average 2022 in-barrel score was below 2020, 2019, and 2016, with most critics noting that it is a vintage to be selective.
- The En Primeur tastings saw a significant increase in the number of visitors this spring, indicating continued interest in the region.
- Some wines managed to offer value and were met with high demand upon release, including Château Cheval Blanc, Château Beychevelle, and Château Lafleur.
- Average price increases between 15% and 25%, and as high as 55%, did not resonate well with the soft Bordeaux market.
- Bordeaux 2022 vintage failed to reverse the declining sentiment for En Primeur due to high release prices in the context of older vintages offering better value.
- Producers should evaluate the market dynamics to navigate the evolving fine wine market, and the role of En Primeur within it.
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Three reasons why the Brexit deal will prevent customers from paying more for their wine.
Ever since the UK voted to leave the European Union in 2016, trade talks and negotiations between the two sides had been full of uncertainty, posturing and brinkmanship which at times made it feel like a deal was unobtainable. So, the news that a trade deal – now ratified by the UK Parliament - had been struck on Christmas Eve last year was met with welcome relief across all industry sectors on both sides of the Channel and especially by those looking to invest in wine.
1. The costly VI-1 import documentation for UK and EU wines is no longer going to be introduced in July as previously planned. Taking its place will be a straightforward Wine Import Certificate which asks for basic producer and product information. This means far less admin and fees for wine importers, which in turn means no extra costs will be passed on to customers.
2. Crucially, wines will not have to undergo lab assessment for the new Wine Import Certificate. Submitting wines for lab analysis would have caused backlogs of wines which would have created frustrating shipment delays.
3. While UK wine importers are going to have to get to grips with new processes and forms over the coming months, this is just part of the anticipated bedding-in period which will become second nature as time goes on and as new processes are established.
With the previous uncertainty around Brexit having disappeared with the end of the transition period and with 2021 looking to mirror previous years of healthy returns for fine wine, contact us to speak to one of our advisors about creating your portfolio to invest in wine.
