Bordeaux En Primeur 2021 Collection

Bordeaux is the name that is most synonymous with fine wine in the world. Part of this is due to the high quality and fame of some of the wines produced there. The most significant contributing factor, however, is the commercial roots of the region. Bordeaux has been a hub of commerce and trade for centuries, shipping goods to England as far back as the 12th century. Today, Bordeaux is still at the forefront of the global wine trade as it is the only major wine region in the world that sells a large majority of its wine via futures, in a system the Bordelais call “En Primeur.”

The En Primeur campaign runs from May to June each year, and at this time, the wines from the previous vintage are released in batches known as “tranches''. The wine for sale is still resting in barrel at the château where it was produced, where it will stay for about 18 - 24 months after the harvest. To purchase these En Primeur wines, it is necessary to work within Bordeaux’s unique commercial system, as a buyer can’t simply purchase directly from the châteaux. Instead, trade buyers must network with and be offered an allocation from a negociant, who in turn was offered an allocation by a courtier, which is the designated intermediary of the châteaux. The size of an allocation can depend on the desirability of the trade partner (and their customers) as well as the size and consistency of your business relationship with that negociant. Individual collectors who wish to purchase en primeur wines will then traditionally receive offers and purchase from their local retailer, as the negociant relationship is typically reserved only for members of the wine trade.

Thanks to Vint’s extensive network of negociant partners, we were able to curate and build a basket of top wines representing 46 unique producers and consisting of more than 1,100 bottles. The collection is comprised of meaningful allocations of the most sought-after wines from the vintage, acquired and offered at favorable pricing compared to US retail offerings.

As a growing season, 2021 was cooler than 2020 in Bordeaux, with slightly higher precipitation and disease pressure. Frost also struck the region early in the year, which heavily impacted Merlot yields leading to low volumes for some producers this year. These cooler temperatures and challenges for some producers led to lower volumes of wine produced and more variation between quality among regions and producers. In such vintages, visiting during the En Primeur tasting week in April is essential to get a first-hand sense of the quality of wine coming out of each commune. The Vint team was on the ground and extensively tasted wines from all of the significant communes, which was incredibly useful to help inform our selection process.

Many industry experts have compared the 2021 vintage to the 2017 Bordeaux wines that are currently on the market. This is partly due to the fact that both 2021 and 2017 were impacted by frost, which led to limited yields and some variation in quality, depending on the region. However, despite the similarities, the 2021 wines have generally received better critical acclaim than the 2017s and potentially provide a superior quality-to-price ratio and opportunity for appreciation. Currently, the blended value of the 2021 futures collection comes in at 6.6% below the lowest available US market prices for the same basket of wines from the 2017 vintage. Furthermore, Vint’s futures offering is available at an entry price which is 5% lower than best US retail prices for these wines.

The substantial number of carefully selected producers, sizeable allocations, and smart pricing makes this Vint collection the best opportunity for investors to participate in 2021 Bordeaux Futures, providing privileged access to a diverse basket of the best wines of the vintage. Bordeaux futures typically represent the best opportunity to secure these wines at their lowest possible prices, making them a compelling addition to an investment portfolio.