Bordeaux En Primeur: Let’s address the elephant in the cellar...

Last year, we published a detailed analysis of Bordeaux En Primeur pricing, which mapped release trends, provided historical context, and assessed vintage quality. But this year, there’s little need to repeat the exercise.

The numbers have already spoken. And others have done a fine job showing that 2024 is not just a vintage under pressure. It’s a system under stress.

Instead of listing every price cut and comparing every château to its back-vintage equivalent, let’s focus on the bigger picture: What does the 2024 En Primeur campaign actually tell us about Bordeaux as a wine investment market?

We’re not seeing a flood of price drops out of generosity, but because the system itself is struggling to stay relevant. The 2024 Bordeaux vintage is a middling one in terms of quality. But that alone doesn't explain the widespread markdowns. The real issue is structural:

• Too much wine. Too little consumption.
• Too many intermediaries. Not enough long-term demand.

Overproduction, paired with a market that has become saturated and fatigued, is putting pressure not just on pricing but on Bordeaux’s credibility as an investment category. Even more so with US tariffs looming and the HKD weakened against the EUR.

The Worrying Part?

Even with significant price cuts, many releases are still overpriced. Just take a look at some of the more recent launches:

• Palmer, Montrose, Cos d’Estournel, La Mission, Troplong Mondot, Pontet-Canet, Lafleur, Leoville Barton, Smith Haut Lafitte, Beychevelle, Pape Clément
• And yes, even La Mission Haut-Brion Blanc, despite being one of the stars of the vintage.

These wines are not just facing resistance; they risk long-term devaluation if secondary markets don’t absorb the stock. And frankly, the reduced prices still don’t reflect the quality of the vintage or the position of Bordeaux in today’s global market.

To be fair, some chateaus have made a real effort to lower prices to a more reasonable level: Carmes Haut-Brion, Angélus, Figeac, Léoville Las Cases, Ausone, and possibly Haut-Brion Blanc

These are wines of great quality - but even with their adjusted pricing, they struggle to make sense from a return-on-investment perspective.

Great wine, yes. Great investment? Not quite!

The Icons Still Stand

There are, however, a few wines that seem to rise above the noise - and always will. Not necessarily because of deep discounts, but because of their global recognition, rarity, and liquidity: Cheval Blanc, Mouton Rothschild, Lafite Rothschild…

These are also speculative buys. They’re stable, long-term anchors, but even here, buyers should be driven more by consumption or long-term prestige, rather than short-term upside.

Stylistically, 2024 appears to be a Right Bank vintage, more promising in Pomerol and Saint-Émilion than in the Médoc. However, many key names are still missing in action, including Vieux Château Certan, Trotanoy, and La Conseillante.

Until we see those releases and how they’re priced, the jury is still out.

Let's Be Clear: We Love Bordeaux

It’s not the wines. It’s the system! Bordeaux is home to some of the most historic, inspiring, and delicious wines I’ve ever tasted. But that doesn’t make it an investment.

The vast majority of En Primeur campaigns today are not structured for investor success. They’re structured to protect a distribution model that’s increasingly out of sync with global consumption patterns.

That’s why at RareWine Invest, we approach En Primeur with extreme caution. And it’s why we never recommend Bordeaux unless there is both iconic status and resale logic.

The Uncomfortable Truth About Bordeaux?

Merchants and collectors who invested in recent en primeur campaigns may now be holding stock that is now overpriced relative to the new release. That’s not just frustrating – it risks widespread devaluation of recent En Primeur holdings.

While Burgundy and Champagne haven’t exactly been stellar performers in recent years either, the key difference is structural: the system isn’t working against them, as it currently is in Bordeaux. That’s why we expect a faster recovery for both regions once the market regains momentum. Bordeaux will eventually follow the market, but it won’t lead it.

And this isn’t just about a challenging vintage in Bordeaux. It’s about oversupply, overpricing, and a system that has failed to correct itself in a timely manner.

When older, higher-rated vintages are trading at lower prices than the latest release, we’re no longer talking about opportunity – we’re talking about erosion of trust.

At RareWine, we’ve always believed that true value lies in iconic vintages, limited allocations, and wines that hold their place on the global stage.

Now more than ever, investors must ask: Are you buying wine, or just buying risk?

A Word of Caution to New Investors

If you don’t have access to resale channels, Bordeaux En Primeur can quickly turn into a costly lesson. You’re not just buying wine, you’re buying a product that can be challenging to resell, especially from campaigns that many investment platforms are incentivised to promote, regardless of long-term value.

So, before you buy in, ask yourself:

• Who will buy it from me later?
• What would I pay for this on the open market?
• And does this price really reflect scarcity, or just another desperate attempt to move volume?

In today’s En Primeur market, discounts don’t mean opportunity; they mean exposure.

What Now, Bordeaux?

Despite some delightful wines from a consumption perspective, we’re not buying into this year’s En Primeur campaign - and we’re likely not alone.

Without sufficient uptake from collectors and the trade, 2024 risks becoming yet another vintage that adds to an already overstocked system. And that’s not just a missed opportunity; it’s the beginning of something far more serious.

The more vintages that remain unsold, the more unsustainable the current model becomes. Because every underperforming campaign erodes confidence. Every unsold vintage adds more pressure to a system already under strain. And let’s not forget: the vast majority of recent vintages are still sitting unsold with négociants and châteaux held at inflated valuations based on a model that no longer works.

So what happens next year, when those same players need to move even more wine… with even less credibility?

The question won’t be how much to discount. The question will be: What is Bordeaux really worth when the market stops believing in the system?