Bordeaux 2023 – A small step in the right direction

Bordeaux faced an uphill battle this year. A tough market, off 13.4% since the release of the 2022’s, and waning engagement amongst En Primeur regulars, made for a challenging backdrop.  

The 2023 En Primeur campaign was never going to be easy. This year, Chateaux was tasked with releasing a good – but not great – vintage into one of the most challenging markets in over a decade. 

Before the campaign, we questioned how many producers remain committed to selling wine En Primeur. Overall price drops for the 2023 vintage suggest some level of commitment to En Primeur. They represent a small step towards a healthier system, but slow sales this year equally indicate that the cuts did not go far enough

Justin Gibbs, Liv-ex’s Deputy Chairman and Exchange Director said: “This year’s price reductions represented an olive branch to those who have supported Bordeaux over the years but who have increasingly reaped little reward. While the price cuts were a step in the right direction, what the market needed was a leap. For En Primeur to be sustained, a new committed collector base will need to be found – and that might well require a price reset.” 

Some key findings from the Liv-ex report:

While vintage quality was variable across the region, commenters broadly agree that Bordeaux 2023 was a middling year overall.
On average, release prices were 22.5% lower than for the previous vintage. Ranging from 41.1% decreases, or a little as 6%.
While some Chateaux priced their wine attractively compared to the vintages available on the market - others missed the mark, pushing collectors into the arms of back vintages.
Unlike in previous campaigns, there were no significant efforts by the chateau to tie offers together – requiring purchases of one less attractive wine to secure an allocation of something more sought after.