Bernard Fargues, head of the Bordeaux and Superieur winemakers' union has declared the 2008 vintage 'excellent', despite early indications of a poor vintage but the crop was the smallest in the region since the disastrous 1991 vintage.
Many people have expressed surprise at its being officially termed excellent. Early indications had suggested that the quality would resemble that of 2007. French newspapers Le Monde and Le Figaro recently derided the 2008 vintage; the latter saying it 'promised neither quality nor quantity'. Weather patterns also resembled 2007, with a damp summer prior to harvest.
The en primeur campaign for the 2008 vintage may not happen, warned Château Pétrus owner Jean-François Moueix, one of Bordeaux's most influential figures. He told the French newspaper Nouvel Observateur that he 'can't exclude the possibility that there will not be an en primeur campaign in 2009'.
Jean-François has reasons to caution. He has reportedly said that classified growths of Bordeaux have been in a dangerous speculative bubble since 2005, and that price drops in subsequent vintages have been insufficient. 'The châteaux believe they are victims of the financial crisis, but they have orchestrated the problem because of excessive pricing,' he added.
'If négociant houses can't buy or obtain lines of credit for their allocations, the wine will remain at the châteaux. And if there are not enough takers of allocations, there won't be any en primeur sales.'
En primeur is Futures Trading- a mechanism by which one can purchase wine of a vintage when it is still in the barrel. It provides the chateau with cash besides helping him ascertain the market value of his wines to help him release in tranches in future. The customer has the opportunity to buy the wines at a price that may be lower than when it is finally released.
Brushing aside such concerns, the Union des Grands Crus de Bordeaux has confirmed to delWine that the tradition of annual En primeur tasting will not be broken and it will indeed take place in Bordeaux from 30th March to April 3rd for journalists.
Christian Moueix, the younger brother of Jean-François is a famous winemaker for Pétrus and several other estates in St. Emilion and Pomerol on the Right Bank and President of négociant house, Établissements Jean-Pierre Moueix in Libourne. The Decanter man of the Year 2008 is known for his accurate predictions of Bordeaux vintages even before the harvest actually takes place. He said the quality of 2008 reminded him of 1983 'with a beautiful late season'. Many producers in Bordeaux are claiming that a warm, sunny period late in the growing season saved the vintage.
However, doubts still remain regarding the financial viability of the vintage. At 25% less production, the crop is reportedly lowest since the disastrous 1991. There is a general recession in the world with credit tightness. Dollar and pound are still weak compared to the Euro. The prices of the super vintage 2005 have come down significantly. If due to lower production, prices are going to be high, it may not be a successful campaign or a half- measured campaign. If the current factors force the producers to sell at lower prices than last year, it may not be worthwhile to take part in the en Primeur campaign with vigour.
While Jean-François Moueix's comments have ignited a furore in Bordeaux, some merchants agree. One Bordeaux grand cru class¨ owner perhaps reflects the sentiments of both the brothers when, speaking on condition of anonymity, he reportedly said 'the quality of 2008 is far better than expected, so châteaux may prefer to keep hold of their stock rather than to sell it on for very low prices.'
'The UGCB however does not like to get involved in the controversies or discussions. 'We have many members who may all have very different opinions,' said a spokesperson. |