Is Bordeaux wine losing its sparkle? While the wine world grapples with shifting consumer tastes, a fascinating divide is emerging in the Bordeaux market. Younger Bordeaux wines are struggling to find their footing, while mature vintages are absolutely thriving on the auction block. But here's where it gets controversial... why is this happening, and what does it mean for the future of this iconic wine region? Let's uncork the details.
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Despite the headwinds facing the wine industry globally – including an overall softening in consumer demand – one segment is proving remarkably resilient: mature Bordeaux. While much attention is given to changing preferences and the pursuit of lighter, younger wines, older Bordeaux continues to outperform in the auction market. Conversely, the en primeur system (where current vintages are sold as futures each spring) is seeing declining interest, suggesting a lack of enthusiasm for young Bordeaux in both primary and secondary markets. Think of it like this: while everyone is chasing the latest trends, the classics are quietly appreciating in value.
As Neal Martin reported for Vinous earlier this year, several factors contribute to this downturn in enthusiasm for younger Bordeaux, primarily related to pricing and the mechanics of the en primeur system. If newly released Bordeaux struggles to attract buyers initially, its appeal in subsequent auctions or resales is practically nonexistent. And this is the part most people miss...it's not just about price. Some of it has to do with the very character of Bordeaux itself.
Amayès Aouli, the Paris-based global head of wine and spirits for Bonhams, highlights a crucial point: "Regions perceived as having a stronger degree of alcohol are the ones suffering the most. It’s the case of traditional Bordeaux, particularly among the younger vintages." This suggests a generational shift away from full-bodied, rich, and higher-alcohol wines, a trend most noticeable in the past 12 to 18 months. The softening demand for Bordeaux is particularly evident in vintages from 2010 onwards. Aouli notes that while these wines are still respected, they're achieving less competitive bids and lower average prices compared to their market highs of 5-10 years ago. They've transitioned from a top-tier category to a secondary one, with a smaller pool of enthusiasts actively seeking them out.
Nick Pegna, Sotheby’s global head of wines and spirits, echoes this sentiment. He observes that young Bordeaux – those not yet considered ready to drink – rarely appear at auction. While this makes assessing demand challenging, he believes the weakening prices discourage primary buyers. When asked if decreased market interest in en primeur Bordeaux influences demand for recent vintages in the secondary market, Pegna confirms a "knock-on" effect: less buzz around Bordeaux releases negatively impacts younger wines and overall demand. It's a ripple effect, where the initial lack of excitement translates into diminished interest down the line.
However, while younger Bordeaux wines face challenges, mature Bordeaux is experiencing a surge in popularity, with prices exceeding high estimates at numerous sales this summer and fall. "There has been an increased interest in mature Bordeaux; we have had a number of Bordeaux-heavy sales with really strong demand," Pegna explains, citing several Sotheby's examples. For instance, at a September sale, six magnums of Château Latour 1982, estimated at £17,000 to £20,000 ($22,785 to $26,806), sold for £30,000 ($40,209). Similarly, six magnums of Petrus 1989, estimated at $30,000 to $50,000, were acquired for $60,000. A magnum of Mouton Rothschild 1982, expected to fetch up to HK$19,000 ($1,799 to $2,442), sold for HK$30,000 ($3,850). These aren't just sales; they're statements.
Charles Antin, auctioneer and head of auctions at Zachys, emphasizes Bordeaux's historical significance: "Bordeaux has been the backbone of the wine auction market for decades, really since the 18th century." While headline-grabbing wines like 1947 Cheval Blanc, 1900 Latour, or 1870 Lafite capture attention, it's the more common (though still exceedingly rare) wines – cases of 2000, 1982, and 1990 first growths and Pomerols – that are the "steady eddies" of the auction world. Antin contrasts this with the Burgundy market, where limited quantities drive prices ever higher. Blue-chip Bordeaux, on the other hand, maintains its value long-term, making it more attractive for buying, holding, and ultimately, drinking. Antin has observed a steady climb in demand for classic Bordeaux over the past decade, with a particularly strong increase in the last two years.
Referring to the September sale of Jacqueline de Rothschild Piatigorsky's private collection, where a magnum of 1870 Lafite Rothschild hammered down for $387,500 (estimate $50,000 to $70,000) and six 1875 Château Giscours, estimated at $4,000 to $6,000, reached $106,250, Antin states unequivocally: "There is no question that there is a market for mature Bordeaux, especially with special provenance." But here's a thought: he also highlights the exceptional performance of non-first growths and Sauternes from the collection, calling their success "really indicative of an overall strength of Bordeaux." This includes overperforming lots from Château Branaire-Ducru (a fourth-growth estate in Saint Julien) and Margaux second-growth Château Brane-Cantenac. A six-bottle lot of 1899 Branaire-Ducru, with a high estimate of $3,000, attained $23,750, while three bottles of Brane-Cantenac from the same year garnered $32,500, far exceeding the top estimate of $4,600. It seems that the entire region, at least the older part is being re-evaluated.
Regarding younger Bordeaux, Antin reminds us that while these wines are considered rare on a global scale, they are relatively accessible within the insider wine community. Referring to Bordeaux produced from 2010 onwards, he explains: "Many collectors who enjoy mature Bordeaux think that some of these vintages are decades away from ready to drink. It’s often better to have someone else store it for you and buy it in 2030 when you’re ready to consume it." In essence, why tie up your capital and cellar space when you can buy it later, fully mature, from someone else? This raises a key question: is the current disinterest in younger Bordeaux a temporary blip, or a more fundamental shift in how wine collectors approach the region?
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What do you think? Is the decline in interest in young Bordeaux a temporary trend, or a sign of deeper issues within the region? Are high alcohol levels truly turning off younger drinkers? And is focusing on mature vintages a wise strategy for collectors, or are they missing out on the potential of younger wines? Share your thoughts in the comments below!
Authors:
Mike DeSimone and Jeff Jenssen
Mike DeSimone and Jeff Jenssen, also known as the World Wine Guys, are wine, spirits, food, and travel writers, educators, and hosts. They have been featured guests on the Today Show, The Martha…
