It’s the shot for the 2023 primeurs with the release of the first of the premier grands crus classified in 1855 at a price demonstrating a desire to support marketing.
L
he pace does not slow down for the 2023 primeurs campaign in Bordeaux. This Thursday, May 2, Château Lafite-Rothschild is released at €396 ex-trade price, a drop of 32% compared to the 2022 vintage according to the English platform Liv-Ex. The first grand cru classified in 1855 from Pauillac thus reiterates its winning strategy of the 2019 primeur campaign, with a significantly reduced price and a timing early spring 2020.
Four years later, the trade and the market expressed their expectation of rapid marketing and a sharp reduction in prices in 2023 after the outbreaks in the 2022 vintage. The whole challenge now being that these releases early markets at reduced prices win the support of buyers in a world marked by inflation and deconsumption. “If owners align prices consistent with the market, en primeur can work. As soon as there is an error in judgment on prices, it will stop” analyzes Pierre Lurton, personality of the great classified growths of Bordeaux (with the management of the Château Cheval Blanc in Saint-Émilion and Yquem in Sauternes for LVMH) having just marketed the wines of his personal property (the Château Marjosse, 40 hectares in AOC Bordeaux).
Justice of the peace
While waiting for the response of the markets, just a few days after the week of tasting of new products (Monday April 22-Thursday April 25), releases are sustained and sharp declines, with, in particular, this Tuesday April 30 the Léoville Las Cases castles ( -40% for the grand cru classified in 1855 in Saint-Julien) and Pontet-Canet (-30% in Pauillac). The future will tell if with a similar strategy the success of the 2019 primeurs can be repeated with the 2023 vintage this spring 2024.
