Month: May 2022

Update: May 24, 12 p.m. This story will be continuously updated as more wineries release their futures allocations. Check back for the latest.

In a time of war and deep economic anxiety, Bordeaux’s futures campaign has begun, with the first top wineries releasing futures allocations this week. Early indicators suggest price increases will be minimal, with some producers even reducing prices from last year. The big question is whether all the top names will show similar restraint.

Château Pavie, Cheval-Blanc and Léoville Las Cases collectively kickstarted the campaign, releasing their first tranche of 2021 futures the week of May 16. Cheval-Blanc raised prices slightly, Pavie trimmed prices slightly and Las Cases dropped them by more than 14 percent compared to the 2020 futures on release. What’s more, the dollar is the strongest it’s been against the euro in several years, giving Americans a discount.

But the 2021 futures offer twin challenges for sales teams. The vintage was not easy: Heavy April frosts drastically reduced yields, and a rainy summer left many vintners fighting fungal diseases for much of the growing season. Some winemakers had to chaptalize in the cellars. Many are calling it a traditional vintage, more elegant than powerful. And they are quick to point out that methods in the vineyard and the cellar have drastically improved in the past 50 years—outstanding wines can be made even in challenging years.

Then there’s the economic outlook as the campaign starts. Russia’s invasion of Ukraine and a surge of COVID-19 cases in China have exacerbated the challenges faced by an economy already struggling with inflation and the after-effects of the pandemic. With the S&P 500 officially entering bear market territory this week, many who typically invest in Bordeaux futures aren’t feeling flush with cash.

“In a growing season that was clearly the most difficult since 2013, there is simply no reason for consumers to chase the 2021s simply because their prices are in line with 2020s,” advises Wine Spectator senior editor and lead Bordeaux taster James Molesworth. “Instead, go after more 2020s. Or better yet, stock up on 2016 Left Bank reds and 2015 Right Bank reds. Those are the still-young vintages to be socking away.” (Wine Spectator has not yet reviewed the 2021 barrel samples.)

May 24: Full Speed Ahead

New releases have continued to come quickly this week, as two well-known wineries, one on the Right Bank and one on the Left, released prices on May 23. Two more top names followed the next day.

Château Angélus released its allocation on May 23, pricing them at at €265 per bottle ex-négociant, up 1.9 percent on their 2020 futures’ opening price. The St.-Emilion estate has been aggressive with pricing in recent years, and this suggests thier not changing their approach. The wine is available at leading U.S. retailers for about $340 per bottle, a 10 percent drop on the 2020 futures, thanks to the strong dollar. There are numerous vintages of Angélus from recent top vintages already on store shelves.

Always value-conscious, Château Léoville Barton’s owners have released its 2021 futures at €55.80 per bottle ex-négociant, down 7 percent on the 2020’s opening price. Top retailers are offering it for $77 per bottle, or $924 per case, a 15 percent drop on the 2020 futures.

This morning, Château Palmer released its 2021 futures at €240 per bottle ex-négociant, identical to 2020. Reflecting the smaller vintage and a growing strategy of holding on to more wine for future sale, the winery released 30 percent less futures than last year. Château Pontet Canet also released its first tranche on May 24, at €74.40 per bottle ex-négociant, unchanged from the 2020’s release price. 

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May 20: Three Big Names Kickoff

Château Pavie’s owners released their first allocation of 2021 futures on May 18, pricing them at €234 per bottle, ex-négociant, down 2.5 percent on the 2020’s opening price. Thanks to the favorable exchange rate, leading American retailers are offering it for $302 per bottle, or $3,624 per case, a 13 percent drop on 2020s on release. However, the 97-point 2019 vintage is currently available at top retailers for $360.

Cheval-Blanc released its 2021 futures the day after Pavie, raising prices by 2.6 percent on the 2020’s opening price, at €390 per bottle, ex-négociant. The futures are available at U.S. retailers for $513 per bottle, or $6,156 per case. That’s 7 percent less than the 2020s on release. But the 97-point 2019 vintage is currently available at top retailers for $500.

The Left Bank debuted its first heavy hitter this morning, as Château Léoville Las Cases released its 2021 futures at €169 per bottle, ex-négociant, down 14.6 percent on the 2020’s opening price.

2021 Futures Prices

These estates represent a selection of leading wineries. Retail prices are an average of trusted retailers we follow. Prices for the 2021s are listed alongside the current prevailing retail price for Bordeaux’s recent benchmark vintages, so you can measure where the wines are vis-à-vis those currently on retail shelves. You’ll find more updates and analyses below the chart.

Data compiled by Cassia Schifter

NYR means a wine has not yet been submitted for review. $NA means a wine has not been released or is not sold in sufficient quantities by U.S. retailers yet to determine an average price.