Wine & cellar advice
Investing in grands crus: understanding the Bordeaux primeur campaign
The Bordeaux primeur campaign allows buying wine before it is bottled, approximately 18 months prior to delivery. It mainly concerns crus classés.
How it works
Every spring, estates set a release price for their latest vintage, which is still aging. Négociants purchase the wine, while wine merchants and importers allocate it to their clientele. Delivery takes place 18 to 24 months later.
Allocation
The most sought-after grands crus (premiers grands crus classés, select second wines) are subject to allocation: clients must be established and loyal to be offered bottles. A reputable wine merchant acts as an intermediary.
Financial aspects
The difference between primeur pricing and market price upon delivery varies: positive for highly sought-after, great vintages, almost non-existent or negative for average vintages. Systematic speculation remains a gamble, not a science.
Benefits for wine enthusiasts
Purchasing en primeur secures stock from a specific vintage (birth year, wedding, business founding) and sometimes offers lower pricing than at the official release.
Risks
Capital tied up for two years, risk of intermediary négociant insolvency (rare but real), and a vintage that may ultimately perform below expectations set during primeur tastings.
Frequently asked questions
- Should primeur bottles be stored personally?
- Bonded storage or storage with a wine merchant is recommended to preserve value for potential future resale.
- Is Champagne available en primeur?
- No. The primeur system is specific to Bordeaux (and marginally to a few other regions).
- How to resell en primeur wines?
- On the secondary market through specialized auction houses or platforms (Sotheby's, Christie's, iDealwine), incurring fees and processing times.