My Bordeaux Thoughts and a Little Trip Around The World

Before I begin, no, this is NOT another retailer making a pitch to sell you 2015 Bordeaux. In fact, quite the opposite. Once again, the Bordeaux hype machine is at full speed, which is not surprising after 2011, 2012, 2013 and 2014. They desperately needed a "Vintage of the Century" (yes, another one), and they did not get it. What I'd like to point out here is why Bordeaux is failing in the market, with their inability to adapt to a different world, change in taste, economic conditions and what is essentially a generational dilemma. Bordeaux is still stuck with an antiquated "en primeur" (futures) system that simply has no place in today's market. What worked back in 1982, and until 2005, no longer works today and for a variety of reasons, none of which the powers in Bordeaux seem to understand.
Let's start with a familiar name: Robert Parker. As we all know, Mr. Parker took Bordeaux to a whole new level and the "en primeur" system worked because it made sense. As time went by, and Bordeaux (the elite at least) became a speculative vehicle, and "investment", a "commodity", things started to shape differently. Consumers were no longer in the driver seat and piles of Bordeaux were being bought because of his scores, with only the intent of resale for profit in mind. Then China later came along, to inflate things further. We know how that ended. Since all good things must come to an end, the Parker-Bordeaux era is now over and the market will not be the same going forward. Bordeaux seems to be failing (or at least late) in realizing this.

Wine writers such as Neil Martin and Antonio Galloni are fantastic for consumers but simply do not have the power to drive the Bordeaux market in a speculative manner, which in the end, in theory, should benefit the aforementioned category. Unfortunately, for now, Bordeaux is still stuck in the past and unable to push the reset button for prices and marketing and move into a new era. Not surprising for the elite, of course, as their lifestyle and cost of doing business are quite expensive now, after years and years of plenty. Hard to go back, yes, but without doing that, moving forward will prove to be even harder.

The recurring question now is: "should I buy 2015 Bordeaux"? My answer to that is a question: "do you really want/need to buy 2015 Bordeaux now, two years in advance?" By answering yes, you are simply becoming part of the problem. You are feeding a broken system and the very one that people keep complaining about. If consumers and speculators keep giving money to Bordeaux two years in advance, for no reason whatsover, Chateau owners will continue to reap all the benefits, in the current state of affairs. The reason to buy "en primeur" (futures), was to secure wine that was 1) hard to get later and 2) more expensive when released. But the world is awash with great wine today. This is not 1982 or 1990. People have choices and Bordeaux has taken away all the incentives to buy two years in advance. One could argue about a few exceptions, such Petrus, Le Pin or Lafleur, small productions Pomerol, but those wines do not make a market.

And then we have the generational issue. The elephant in the room that no one (and nobody in Bordeaux, for sure), seems to be wanting to talk about. Who is the Bordeaux customer today, and 5-10 years from now? Did you know that there are half as many Gen-Xers than Baby Boomers? That's an ever shrinking pool of customers right there. And, wait for it, we have: MILLENIALS! How many 21 to 35 year olds today are buying Bordeaux? Any Bordeaux. I'll tell you: ZIPPO!
So Bordeaux has an image problem, a marketing dilemma to deal with and the old friendly dinosaur is simply blind to it. They are stuck in the past and unable to see the future. Thirty years ago, working in NYC, I had plenty of 25-35 year olds, with jobs in retail, textile, jewelry, manufacturing, Wall Street, (many essentially strong middle class) coming in and buy Lynch Bages, Cos D'Estournel, Montrose, Palmer, etc. Today, those age groups are 1) not interested and don't know Bordeaux, 2) don't care, 3) cannot afford those wines, and 4) have TONS of other choices at better prices. So the Bordeaux elite still thinks it can rest on its past laurels and cater to a shrinking customer base or speculative wine funds. Good luck to them! The unfortunate side is that many producers, who actually make wonderful wines that are priced sensibly, get thrown in the same boat and are left to dry in the sun.

Bordeaux and Value

Bordeaux has been a considerable part of my business over the last 25 years but I have never been afraid to walk away from it if it did not make business/financial sense. That doesn't mean I don't love Bordeaux. Quite the opposite in fact. I think there is no wine in the world like Bordeaux and many of the wines in the $25-50 range can be incredible value in the Cabernet/Merlot etc blend category. And that is where consumers benefit, right in that price range. But again, no reason to buy a vintage two years in advance in that range. None whatosever. Plenty of great wine out there that you can take home now and you can always buy 2015s on release, after tasting them and making a more informed decision. Remember, without Robert Parker in the driver seat, YOU, the consumer are back calling the shots.

Today, for example, I am happy to offer a couple of superb Bordeaux in the value category. These are already 5-6 years old, with plenty of gas in the tank and wonderfully priced. If you want to discover Bordeaux anew, or rekindle a romance with an old friend, these make perfect sense.

Also, a couple of great new releases from Peirson-Meyer, from the already legendary 2013 vintage in Cali (now, talking about a GREAT vintage, that is it) and two more values, one from New Zealand (a Sauvignon Blanc, 'cause 'tis the season) and a very favorite of mine, a great and highly reviewed Syrah from Corsica (yes, Corsica).

All will be arriving next week.


Cheers!