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The Bordeaux trade should adapt its pricing policy to the quality of the current vintage and the general economic environment. This is what the global fine wine trading platform Liv-ex (London International Vintners Exchange) demands, which has examined the 2021 vintage in a study as well as analysed the market situation.

In Bordeaux, 2021 was the coolest and second wettest vintage of this decade. Therefore, a small and very heterogeneous vintage with considerable quality fluctuations is to be expected. Since the last vintages, which were estimated to be much higher, were hardly able to achieve increases compared to the en primeur prices, Liv-ex warns against exaggerated demands for the 2021s. This would lead to longer storage times for the wines, which would reduce margins. "Faster inventory turnover will be critical to avoid further deterioration of balance sheets," the study says. Liv-ex recommends that if the 2021 Bordeaux is only as good as growing conditions suggest, then it should be sold at prices that reflect this. "If it's not a truly 'great' vintage, then it doesn't deserve to be hoarded for years in Bordeaux and gradually offered at prices collectors aren't willing to pay."

For the châteaux, the secondary market for comparable vintages offers guidance. And here, wines from Bordeaux are continuously losing market shares and importance. The 2019 vintage, which was excellently rated and offered in spring 2020 - during the first wave of the pandemic - had proven that a series of wines at a good price could find a market even in difficult times. "Bordeaux En Primeur must be an attractive offer for all those involved in the supply chain, not only for the négociants - perhaps more than ever," the study therefore concluded.

(al / Source: Liv-ex; Photo: Wikimedia - Bjorn Erik Pedersen)

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