The barely born, 2023 Bordeaux vintage currently filling the En Primeur pipeline is full of contradictions. Some insiders think the Right Bank performed better, but you'll hear the inverse just as often. Even next-door neighbors didn't have the same weather, so others insist that you have to tease out the nitty-gritty details to really "get" the vintage. Between this morass and the gloomy news that eked out during the growing season about mildew, heat, and uneven rainfall, it's unsurprising that the campaign has produced mixed results. 

This despite some whopping price reductions—at least from most of the biggest names on the Left Bank. With the final Right Bank big guns announcing pricing this week, it is clear that the Right Bank has been less generous overall in price reductions. Still, the châteaux mostly have played the game of "try to keep the En Primeur market alive" by lowering prices to some degree.

We’ve already written that the En Primeurs system—which is now more than 60 years old—has been fraying for over a decade. Five conversations with Bordeaux insiders in the U.S. detail the mixed reception to this year’s campaign.

I think the châteaux are once again trying to snatch victory from the jaws of defeat. How do they overcome the fatigue of the market? 

The concept of En Primeurs has completely changed. Way back in the 1980s, cash-starved châteaux wanted to give people a good deal. Then, they turned En Primeurs into setting the wines' prices for the vintage. Then, it became about setting the highest possible prices that the market would absorb. While the market was rising, that was great. Now it isn't. 

Major macroeconomics are in play this year. Consumers have figured out there is no reason to buy En Primeurs unless there is a real price incentive. All the talk of price reductions—these are reduced compared to 2022. This is not an opportunity to stock up if you are conscientious about capital. The wines are still grossly overpriced.  

Besides, people are saturated in wine. Consumer buying softened up midway through 2023. Price is the only motivator at this point. Bordeaux has to make sure the buyers come away feeling good, or they won't come back. 

Frankly, even steeper discounts were needed for this to work well. There has been activity in the First Growths and Cheval Blanc, but sales are lower than they were for the 2019s, in an even weirder marketplace in 2020. This despite the fact that, for the most part, these new wines probably are the least expensive that they will be for many years. 

The top tiers—the Lafites and such—have nothing to worry about. They may have been more responsible than others. Pontet-Canet came out early and aggressive. It has sold briskly, but we've only sold half of what we sold in 2019. "Success" is relative. At least this year the dollar is relatively strong.

Top Bordeaux has become a luxury good. When I was young, I was stocking up on these wines—but buying them at under $10 a bottle. I thought I was splashing out! Now, buying some of these wines turns into 50 percent of your monthly rent. Young people aren't spending that.

Looking at the other recent and expensive vintages, it reminds me of what happened between the early 1980s and 2010s. Hang onto the inventory long enough and you eventually made money, even if the previous vintages were at a bad cost basis. Of course, money was cheap then. With interest rates not zero, maybe people don't want to own that much wine. 

It is a super tricky vintage when it comes to pricing strategies. It is easier to raise prices than to lower them because, when you lower prices, you devalue what you sold before. Then you have capital assets that aren't appreciating. It may cause serious financial harm. You're certainly going to have fewer négociants in one or two years than you do today. 

This would have been a great year for négociants to load up on a temporary lull in consumer demand, but they are learning what non-zero interest rates are. They're in a bit of a pickle. We've had discounting instantaneously on a number of names. 

Négociants want to hang onto allocations—so that they receive them again next year—but also move them out as quickly as possible. Lynch-Bages, Léoville-Las Cases—those would normally be something the négoces would hoover up and have in stock now. This year, we see everyone freeing up cash—from the biggest, most financially solid ones down to the smaller ones. I think that you are going to have a lot of négoces in a year that are unable to pay for the stock they bought. The bigger négoces will buy their stocks.

The châteaux are the last to figure out the supply chain problem. They have an unhealthy pipeline. Last year was different because yields were down [in the 2022 vintage], and the châteaux have been holding back more wine for later release. It was more of a scramble to get allocations in 2023.

In terms of quality, I don't think the Right Bank turned out terribly different than the Left Bank. No surprise—the better wines came from the better terroirs. One of the interesting things we've noticed tasting the wines over the last few—warmer—years is the rise of the salinity-driven profiles of wines grown in limestone on the Right Bank.

Most of our business is in higher-end stuff. On the Right Bank, we've been selling Cheval Blanc. But there are lesser names that really sell well: Clos Fourtet, Clos l'Église, Cruzelle, and Montlandrie. 

On the other hand, Angélus seems motivated to continue to raise their prices. [Not much of a discount there this year.] We've sold bugger-all of Angélus so far.

This is a really interesting vintage. It paid for us to have boots on the ground. It took us some time to get our bearings. There were fewer constant threads, and the vintage elicited more discussion than in recent years. 

It was easy to understand 2022. The 2021s didn't have as much energy. These 2023s are more thought-provoking wines. 

We started on the Left Bank and felt there were a lot more classic and tougher—more tannic—wines. Cabernet Sauvignon showed up in a loud way. 

Then we saw that mildew brought inconsistencies on the Right Bank. But the wines were solid overall, and they showed their house character in a strong way. The wines that were very well polished and textural—like Canon—have a lot of style. Troplong Mondot is fresh and restrained, just like the last few vintages. Cheval Blanc is very structured and demanding, like it is going to age glacially for many, many years.

Vieux Château Certan and La Conseillante—I don't think I've been to an En Primeurs where they weren't impressive, but they are truly special in 2023.

As for smaller [in terms of reputation] wineries on the Right Bank, La Gaffelière did a great job. I tasted it four times. It has density and depth. Since they started using their hillside fruit next to Ausone, they have leveled up. The price is really reasonable for what is in the bottle, too.

Under-the-radar wines would include Pavie Macquin—I tasted it several times, and they did really well. Bélair-Monange from Moueix's brand-new facility really has a sense of place. It is super refined and undeniably delicious. 

The warm [2023] vintage will create wines with accessibility, but they're also wines structured to age. This vintage put in relief the ‘21, ‘22, ‘23 trio. There are great differences in character. Because there is so much wine on the market—and so much good wine—having variation is a positive. The ‘23s are more finicky and demanding than ‘19s, ‘20s, and ‘22s. Also, some may not be long-distance runners. There isn't the consistency of quality.

One of the things the market might struggle with more than in previous vintages are the more value-oriented wines. It is harder to buy them because there is so much value out there now [with the price drops]. Can you find another Léoville Poyferré for under $80? No. That makes this En Primeur campaign compelling for the higher-priced selections. But, it makes it harder to commit early on the Barde-Haut [$35 on the K&L site]—a great wine in ‘23 and also in ‘22 and ‘21.

We're seeing that there has to be a discount to engage the market. And, we've seen a couple of examples where the discount just wasn't quite there. It has been hard for properties because after 2022 [and its price increases], these new prices were going to be misaligned with the market. Last year there was an energy, in cases where wines were limited. 

Now, there is a lot more pressure in the marketplace. Making customers engage with futures to meet demand that is relatively low is more important than keeping up the valuation of the properties. [Cash flow needs are immediate.] The négotiants have too much pressure [to keep fueling the system as is while dealing with] high interest rates. 

The 2019 vintage during the pandemic was an interesting example. It was a vintage with lower prices [and good quality] that generated a buzz of speculation and the idea of capturing something worth an investment. That communicates well to new customers. 

Since then, there has been a mismatch in demand and pricing. The cycle of that message getting to the top—to the châteaux and the other properties—takes a long time. If it started 18 to 20 months ago, then they are just starting to hear it. There is going to continue to bring pricing pressure to get the market back down to where it should be.

We're seeing a little more activity due to the more aggressive pricing from négociants. So far, we're a good bit ahead of last year in volume. Still, a lot of our bigger clients wait until the end of the releases to make their decisions, unless it is a really short vintage.

Those who say that points don't matter? They're not living in the real world. 

On the lower end, [our customers are] experimenting in the $50 to $100 range. For Right Bank values and châteaux on the rise, we are partial to Tour Saint Christophe and Bellefont-Belcier. Great quality-to-price ratios. 

With younger people, it is harder to generalize. A lot are making that jump into fine wine, wanting to pick up things they can't get later. We also always have birthday wine buyers. 

We don't do a lot of white and sweet wine from Bordeaux, but En Primeurs is one of the better times to buy them. Customers like to buy the wines that we might not bring in otherwise. 

As for the wines themselves, we are seeing more bifurcation of the haves and have nots. There are the big boys that can afford to go out and hand sort everything. Smaller houses don't have the same luxury. There are more and more vats in the cellars for smaller parcels. 

My biggest impression on the vintage right now is that it looks like the alcohols are lower. We appreciated the ‘21s for that. But the 2023s also have generous fruit, so that should do well for us.

This is a buyer's vintage. Prices are down, and that looks pretty nice. It is one of these vintages that comes around once every decade or so that is a really good quality vintage but circumstances necessitate a price drop. The last one was 2019 [released during Covid]. Before that it was 2008 [released right after the financial crisis]. There are pretty significant external factors now. 

Generally, 2023 is perceived by the wineries and the press to have good quality and yield. Even when not benefiting from a great yield, properties need to push the price to make their bottom lines.

In the global warming era, we are seeing higher and higher quality. Twenty years ago, this would have been a warm, not classic, vintage. But now, I deem this more of a "new classic style." [It was warm, but wet—not as hot, dry, and extreme as 2022.] 

It is a vintage that shows the distinctions between properties very well. When the weather is extremely hot, it tends to overshadow the subtleties. The 2023 conditions were favorable for winemaking and terroir. Even within micro-appellations, terroirs were distinct. 

Despite all the awesome deals, there tends to be a concentration at the top level with En Primeur purchasing. Yes, it's a big chunk of change when you look at 20 percent to 35 percent discounts for the $400 to $500 wines. This year it's not about the cost of money or the strong dollar. It's the price drop. Nonetheless, you'll want to cellar those wines quite a number of years after they are delivered. So don't overlook the less expensive wines. The price drops are often the same [percentage wise], and you tend to drink less expensive wines earlier. 

Buying En Primeurs is not for the casual consumer. Buying a case of wine En Primeurs and visiting that wine throughout its lifetime is like having a relationship with that wine. 

If En Primeurs doesn't work, it strains finances at every step in the supply chain—even down to the retail store buying the wines. Over time—over many vintages—that can compound into major problems. There are moments in history when certain financial systems are strained. That's business, and it happens in the ag business, too. [High-end] Bordeaux relies on futures being sold. 

Most of Bordeaux doesn't rely on En Primeurs. En Primeurs is just a different system of distribution. Lots of smaller châteaux distribute through regular distribution systems around the globe.

The quality of 2023, for what I have tasted, is a bit up and down. One would think that the Right Bank would be the most challenged because the biggest factor was mildew. But the mildew wasn't uniform. Having been there and having talked to people, there was a lot of hype from the press—the press thought it was doomed. Mildew just comes down to knowing how to deal with it, and manpower. Of course, the more resources you have, the better off you are. If you miss one spray, especially if you are organic, you lose a lot of yield. 

To me what made the vintage nice is that June and parts of July were cooler. This gave a very pretty vintage with modest alcohols. These aren't ripe, pruney, and baked. Alcohols are better managed now. The Merlot is suave and succulent. You are also seeing more Cabernet Franc going into Right Bank wines [adding perfume and acidity]. Merlot is not going away, but there is a realignment with Cabernet Franc. There is a consciousness, even in middle-of-the-road estates, to get more freshness. Grass and cover crops are everywhere. 

The real standouts: Canon continues to become more and more elegant. I was very pleasantly surprised by Valandraud, which is becoming more refined. Figeac is becoming even more refined. Jean-Faure [beside Figeac] is really lovely—lots of Cabernet Franc there. Barde-Haut and Puyblanquet, too. 

There's more—Clos Puy Arnaud, d'Aiguilhe, Château Robin in Castillon. And, of course, L'Hêtre. I really like Castillon right now— the wines pop with brightness. Then, there's Marsau and Clos Fontaine in Côtes de Francs. In Fronsac, there is Les Trois Croix and La Dauphine. La Dauphine has really dialed back the Rolland oak and extract. These are all nice, everyday drinking wines.

There are lovely Right Bank whites, too. The whole talk of the vintage is about red wines—the whites are forgotten! The whites this year were fabulous. Most people harvested early, and only went through in one pass to harvest the grapes, too. The Valandraud Blanc and Les Charmes-Godard—these are for buying a case and just drinking it. Some producers are starting to price their whites at the same price as their reds, which is interesting to see.

Regarding pricing, I obviously was very pleasantly surprised that the market is getting what it wanted. Of course, now the market is confused. Now the older wines won't get sold because they look expensive. It's interesting—a lot more than interesting.

For the Bordelais, there is finally a realization of the paradox of Mother Nature curtailing quantity produced while there is also an oversupply. There is a realization across Bordeaux that people are suffering. [Vines are being pulled and wines are being distilled thanks to EU subsidies. Clearly, this is not sustainable—and négociants are in a fragile financial state.] It may be the first time there is a truly widespread recognition that the global perception of Bordeaux needs changing.

En Primeurs is such an opportunity. For this small window of time, this single region is top of mind around the globe. Yet the campaign generates so much animosity and adversity, too. Historically, En Primeurs was to generate cash flow. Then you had to get a score, then a very good score. Now it is so hyped up. And it doesn't give people an impression of the real Bordeaux. There is a new sensitivity to get more people back into the fold—and liking all Bordeaux. 

Another of the tragedies of Bordeaux En Primeurs is that people have stopped embracing vintage differences. There are different occasions for different wines. But in this game, if the pursuit is perfection, there cannot be anything unperfect. Look at it differently—when you have more than one child and one plays football and one likes to read books, you appreciate them equally for their differences. 

It's not like we're getting the unripe tannins of the ‘70s! We might get over-ripeness now. Anyway, people tend to be skeptical of perfection in people—like TV anchors with perfect teeth, when it's the one with the crooked nose that you remember. You need something intriguing to hold your interest. 

Why do collectors look for perfection in wine?