The Bordeaux futures campaign involves two phases: first, the tastings that we attended at the start of April, then the release of prices, most of which are based on the evaluations of the tasters. This unique system has made the top Bordeaux so successful, generating both notoriety and cash-flow.
In terms of pricing, such have been the exorbitant prices of the last decade that 2015 is keenly awaited. Although some vintages, like the 2009 and 2010, stood out from the crowd, the poor quality of the 2011s, 2012s and 2013s strangely did not lead to a return to prices more in touch with the market. In fact, prices have been overvalued since 2008. Consequently, average wines have been overpaid and inventories have been piling up at the negociants.
Ultimately though, 2015 will be no cheaper than 2014. It is a good vintage, but once again the pricing system is skewed by the fact that rising prices for 2014 were based on the already excessively high prices for 2013. The recurrent problem with Bordeaux is that when prices drop it is usually by 5 to 7% but when they rise, the percentage is closer to 20, 25 or 30%.
By way of a conclusion, here is a chart that speaks louder than words, featuring 42 wines from a variety of appellations. We will go into greater detail over the prices of the 2015s once the top wines have been released.