Last week all the first growths released their wines, and while a few more chateaux released prices today, we are essentially at the end of the 2010 futures campaign. I have witnessed many futures campaigns come and go and have learned a lot about the fine wine retail trade throughout my career. Not only from my own experience but from my father and grandfather as well. After all, 77 years is a very long time to be open for business. Words of wisdom I will never forget; "Don't fight your customers, fight for them." We have so many valued customers and friends that I must make sure that I protect their best interests and by doing so keeping up the tradition of my family's love and passion for the business. This is why I must be open and honest about my thoughts on this shocking 2010 Bordeaux campaign.
While futures campaigns have generally lasted 6 weeks, the past two vintages have lasted for twelve weeks. In my mind, twelve weeks is too long - it seems to lose some of its excitement and become mind-numbing. So why all the time and fuss?
A CAMPAIGN IN SLOW MOTION:
I believe that the chateau owners have been trying to drag out their futures releases to both build a sense of drama and get a sense of the market at the same time. In 2010 they probably needed to since it's hard to sell two great vintages in a row, especially when the one that preceded it, 2009, was better and less expensive, which it was?
So they make this event drag out seemingly to their advantage, but in the end it just makes the re-sellers and end consumers uninterested which is what happened this year if we're being honest. It's true; there was little interest in 2010 Bordeaux in America. The big question is, were there buyers elsewhere?
CREATING THE ILLUSION OF A SHORTAGE:
Let's get to the point. Did the 2010 Bordeaux sell to foreign markets or anywhere? The answer is maybe, but the bordelaise would definitely tell you yes. I can't answer that question but my feeling is that only the top wines of the vintage sold, and they sold in smaller amounts. I think that even though our current request for the wines are replied to with a "sold out" sign, they will be available in the future at the same price, or even less if currency turns around. Let's face the cold hard facts: Economics 101 tells you that when supply is deemed to be very low and unobtainable, prices naturally increase. I then pose the question, "is the supply very low or is it being controlled to dictate prices?"
GOOD NEWS:
If you want 2010 Bordeaux, we can sell it to you in the future or when it arrives in two years. Not only do you get to hold onto your money but it completely eliminates any risk of non-delivery from a potential unreliable retailer, which is of course something I mentioned in previous blogs. If you are looking for any small production chateau or chasing formats like magnums and half bottles you should definitely order now since smaller and larger sizes are impossible to find in the future. Otherwise you've got loads of time to purchase an excellent vintage and the reality is that you are in charge, not the people releasing the wines.
When futures vintages are released at high prices like 2010, it can make back vintages seem quite inexpensive by comparison. Most in the wine trade and consumers alike know that smart money chases back-vintage Bordeaux, so it is not unusual to see clients choosing to buy older, more drinkable wines for less than the new futures. Watch out for the back-vintage Bordeaux market to move upwards quickly in light of this info. We have seen it happen year after year.
Over the next few weeks we will be highlighting several examples of back-vintage deals versus their younger 2010 counterparts.
Not only will this be exciting but also a chance to score great wine without the hassle and illusions. After all, buying fine wine should be fun so let's get back to the basics.
Below is the first of several to come:
2000 Montrose is one of the greatest vintages in history. Better than 1982.
These original wood cases are priced low, and cost less than 2010 futures, even though they are already 11 years old and in MINT CONDITION. They have been stored at our wine storage facility, Liquid Asset Storage, since release.
"the 2000 Montrose is the finest effort produced since the compelling 1990 and 1989" ROBERT PARKER
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2000 Montrose
$225 bottle
$2,699 original wood case "...the wine is medium to full-bodied , rich, powerful, but again very tannic and still strikingly youthful...indeed a special wine..."
95+ Points - Robert Parker
"...This is dense and well-structured, with loads of vanilla, berry and lightly roasted fruit. Powerful but still holding back. Compacted and dense..."
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