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The move by Domaine Joseph Drouhin**** to reduce prices for wines from the 2022 vintage by around 15 per cent is likely to have triggered a trend reversal in Burgundy. As Frédéric Drouhin (pictured), the president of the family business, said in a press conference, loyal customers "can no longer keep up. Interest rates are high, there are stocks all over the world, and connoisseurs who treat themselves are paying more attention to prices." The steadily rising prices over the past twenty years have tarnished Burgundy's image and crossed psychological thresholds. "We have a beautiful 2022 vintage with a good quantity. The 2023 vintage is also good, but we have to sell it. We need to prime the pump again". The statement is remarkable, as Domaine Drouhin itself had increased prices by over a third from 2020 to 2021.
Prices fell by around 15 per cent at the Hospices de Beaune auction in November, which was considered a landmark event. The Hospices de Nuits auction in March even saw prices fall by 30 per cent, although the quality of the wines is considered to be very good. The president of the producers' association BIVB, Laurent Delauney, also expects the market to calm down: "Transaction prices between winegrowers and retailers are trending downwards, as we can see from the 2023 vintage in Chablis".
According to La Revue du Vin de France (LRVF), there have been many rumours about full warehouses and cellars since autumn. Some importers have ended their collaboration with certain suppliers and some allocations have not been called up at all. LRVF quotes an unnamed retailer who has even refused his allocations from Domaine Leroy. Customers were no longer prepared to pay any price. But not all houses have realised this, the retailer explained: "25 per cent of our suppliers have decided to lower their prices for the 2022s, which is good. The majority have kept prices stable, but there are still 25 per cent of unteachables who are raising them again, even though we should return to the 2020 level."
(al / Source: LARVF)