In modern American wine culture, about 90% of all wine is consumed within 24 hours of purchase; most wine is made for immediate enjoyment. We here at Parker Sanpei & Associates are just as likely as anyone else to swing by Trader Joe’s on our way home from work for a bottle of wine (like the lovely 2011 Floriana Gruner Veltliner – just $4.99!) to be had with dinner that night.
But if that was the only way we ever drank wine, we’d be missing out on some seriously good stuff, like a gorgeously vibrant Cabernet Sauvignon, mellowed out over time and aged to perfection.
This is the concept behind en primeur wine future sales. According to Decanter.com “En primeur is a French wine trade term for wine which is sold as a ‘future,’ i.e. before it is bottled – usually the year after the en primeur offer.” In other words, en primeur is a sneak peek at a vintage that hasn’t yet been released, as well as an opportunity to bet on that wine’s ability to age into something worth drinking.
Ageability is a key quality of fine wine, and thus, en primeur sales happen only in wine regions where the finest wines are made. The homeland of en primeur sales, Bordeaux, looks forward to its en primeur tastings in early April, while the Napa Valley held its en primeur tastings in late February. Paso Robles’ first coordinated en primeur tasting will take place during the 2013 CABs of Distinction event, hosted by the Paso Robles CAB (Cabernet and Bordeaux) Collective. This media- and trade-only barrel tasting of the 2012 vintage will be held Friday, April 26, from 4:00 to 6:00 p.m. Reservations are required. For additional information, or to secure your place on the list, please email firstname.lastname@example.org.
The stock market, horses, and blackjack may give you a thrill, but nothing will give you as much pleasure as a winning vintage of Cabernet alongside a decadent meal. If you’re the betting type, this just might be your game.
Still confused? We’ll let our friends from Decanter.com explain further.
“Why Buy En Primeur and How To Do It”
Every year, there are numerous en primeur offers from wine merchants, most notably from Bordeaux. However, for many consumers, the en primeur merry-go-round can be a confusing spectacle. So here’s a quick Q&A explaining what it is and how it works.
En primeur is a French wine trade term for wine which is sold as a ‘future’, i.e. before it is bottled – usually the year after the en primeur offer. The most important annual offer comes from Bordeaux.
- How does the system work?Every spring after the vintage, the great cru classé properties of Bordeaux produce young barrel samples from the previous year’s harvest. These are then tasted and assessed by members of the international wine trade in Bordeaux. The châteaux then release for sale a ‘tranche’ or proportion of their total production at an opening price. This is sold in strict allocation to wine brokers in Bordeaux, known as négociants. The négociants then sell the en primeur offers.
- Why does it work this way?Mainly because it always has. Moreover, by selling to négociants, the châteaux effectively spread the risk of bad vintages, which they might otherwise be unable to sell. En primeur sales also provide the châteaux with a ready source of cash, which they would otherwise not recoup until the wine was bottled and sold.As the system stands, the négociants are more or less obliged to buy whatever the châteaux sell. If the négociants don’t buy what they are offered (in a bad year), they risk forfeiting their allocation for next year (which may be a great year). However, the system only works effectively in periods where strong world demand for the great wines of Bordeaux outstrips supply, as is currently the case.
- Is only cru classé Bordeaux sold en primeur?No. Winemakers whose wines are not classified growths, but whose quality and price justifies a futures allocation, also offer wines in this way. In some cases this is the only way to obtain limited-production wines on release.
- Is it only Bordeaux that sells its wines as en primeur?No, you will find en primeur offers from other wine regions around the world, including Burgundy, the Rhône Valley, Italy, California and Australia.
- How much time do you have to make your mind up?Don’t delay too long, you may miss the boat.
- When do you pay?Consumers pay the opening price as soon as the offer is made by your merchant.
- When do you get the wine?Usually in spring or summer two years after the offer. Then, once you have paid the additional shipping costs and duty, you can take delivery of your precious cargo. An estimate of these costs is usually given to you when you buy your wine.
- How easy is to get what you want?It depends on what you want to buy. Because demand is so strong for the most sought-after wines, it helps if you are a long-standing customer of a wine merchant that is offering wines en primeur. If you’re not you may have to go to the back of what could be a very long queue. However, you will have less of a problem with those wines which are more available and less expensive. In order to get some great wines, customers may have to take lesser wines, too, as part of their order.
- Complicated, isn’t it?Yes, but there seems to be little sign of change in the offing, and the system does work.