Retailers have reacted strongly to a Bordeaux château's decision to announce the price of its 2013 vintage before the trade has had a chance to taste it.
In a surprising move, Pauillac fifth growth Château Pontet-Canet released its 2013 vintage for €60 a bottle ($83), claiming the wine's quality and quantity prompted them to break early before the start of en primeur trade tastings.
K&L Wine Merchants' Bordeaux expert and senior wine specialist Ralph Sands said the company's buyers hadn't even arrived in Bordeaux when the news broke.
"Our Bordeaux team leaves on Friday and yes we are disappointed that the price stayed the same as 2012," he told Wine-Searcher. "This sends the wrong message if in fact anyone wants to sell any wine. We love the wine of Pontet-Canet, but there is only so much we can do as retailers."
| K&L Wines' Ralph Sands
He explained that K&L would not buy or offer for sale any wine the buyers had not tasted. He went on to bemoan the fact that Bordeaux producers persisted with high prices despite a downturn in interest in the U.S. in recent vintages.
"The sales of 2011 and 2012 are absolutely nothing – zero – completely dead in the water. We just closed out many 2010s, a great, classic Bordeaux vintage, even wines like 2010 Château Pichon Baron and La Mission Haut-Brion and Certan de May. When dozens of great wines get closed out here at K&L there is a big problem and that problem is price and the severe escalation of prices in a short time by the most famous estates. These places cast a huge shadow of negativity and loyal buyers are not happy."
Michael Glasby, senior wine buyer for Berkeley-based Premier Cru, agreed about the price levels.
"We've been hoping for a readjustment for some time now. Top Bordeaux prices departed from reality a long time ago. If you drink the Kool-Aid you say there are no bad vintages and there is always something to find, but the market at the top end is contracting over here. The 2010s are a bit sticky in the market for such a good vintage and there hasn't been a better one since."
However, Glasby had some admiration for Pontet-Canet's stance. "I think Pontet-Canet might be a bit of an exception. They are riding a wave at the moment and I take my hat off to them, really, because they've been doing a very good job."
However, he warned that Bordeaux was in danger of losing touch with consumers, rather than label collectors. "They may become outmoded and they risk being left high and dry. People here aren't that interested in Bordeaux and certainly younger consumers aren't. Hipsters don't drink Bordeaux, quite simply."
Pontet-Canet's boss, Alfred Tesseron, told Wine-Searcher earlier this month that the 2013 vintage was a hard one, but the eventual wine was worth the struggle. "It was not easy but I am very proud of what we did. There will be very little wine that carries the Pontet-Canet name – yields were down by more than half – but what wine there is will be in the Pontet-Cantet style. It will be a wine of pleasure. People will come and they will taste it and they will be happy that they have come."
London-based fine wine trading platform Liv-ex suggested that Pontet-Canet's decision to release early was a risky one. The 2012 now has a market price of £600 ($995) per case. For the 2013 to work for the merchant, they would need to offer it for at least £650 ($1077).
"Other back vintages would seem to offer better value: the 2008 (in Parker's words, "a candidate for wine of the vintage") has a market price of £640 ($1061) and a score of 96. With merchants unable to recommend the 2013 because they have yet to taste it, will they or their clients have the confidence to take it on? It's a tough ask," Liv-ex noted.
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