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The ultimate guide to Bordeaux En Primeur

The ultimate En Primeur guide
  • Bordeaux En Primeur is a system where wine is purchased while it is still maturing in barrel, typically 18 months before bottling and delivery.
  • The system operates through a unique network of brokers and merchants known as La Place de Bordeaux.
  • Successful participation in the campaign requires a data-led approach, focusing on the relative value of new releases compared to available back vintages.

What is En Primeur wine buying?

En Primeur, also known as wine futures, is the shorthand for an ecosystem of wine producers, negociant, and merchants that allows consumers and investors to buy wine while it is still in the barrel, before the final bottling takes place. 

While other regions do offer En Primeur purchases, the system is best known in Bordeaux. Grapes for the Bordeaux wines are harvested in the autumn and the young wine is offered for sale the following spring. In practice, this means that the 2026 En Primeur campaign is for the 2025 vintage, 2025 En Primeur was for the 2024 vintage etc.

At this stage, the wine is sold while it is a work in progress, unfinished, unblended and still requiring further ageing in the chateau cellars before being bottled and shipped.

Buyers pay a specific release price for the wine, which can be the lowest price the wine will ever see. This is dependent on the chateaux and negociants setting a sensible entry point and markets holding steady or improving. Once purchased, the wine remains at the estate until a few months after it is bottled, which usually happens 18 months to two years after the harvest. 

A short history of Bordeaux wine futures

Like everything in Bordeaux, the roots of the En Primeur system stretch back but the widespread adoption of modern En Primeur sales has its origins in the early 1970s.  

The establishment of En Primeur was prompted by global recession and cash flow issues caused by the 1973 oil crisis. After poor sales of the 1973 and 1974 vintages, merchants and producers were badly in need of money and with 1975’s samples well received, the wine trade found a way to bring forward revenue and sell wines early, funding the next year’s production and labour costs without waiting for the wine to mature.

It was only with later vintages that the economic advantages of En Primeur buying became clear to investors.

How the En Primeur system operates today

The Bordeaux En Primeur market is governed by La Place de Bordeaux and involves three primary players: chateaux, courtiers and negociants. 

  • Chateaux are the winemakers.
  • Courtiers are brokers who act as middle men distributing the wine to a handful of B2B merchants in Bordeaux known as negociants.
  • Negociants then sell the wine to merchants across the globe who in turn sell to their clients.

Chateaux rarely sells directly to retailers or private clients. Instead, they release allocations to a small group of courtiers who then sell them to a slightly larger group of  negociants in France. Even when a chateau has a strong relationship with a merchant like WineCap and wants to guarantee them allocations, that transaction will still go through a negociant.

Every April, the world’s wine trade descends on the city of Bordeaux for the primeur tastings, with journalists, importers, and merchants spending a manic week tasting hundreds of barrel samples often on multiple occasions to assess the quality of the new vintage. Based on these assessments and the general economic climate, the chateaux release their prices over several subsequent weeks, generally through May and June with negociants simultaneously offering dozens of wines to international merchants, who sell to private clients.

Which UK merchants offer En Primeur?

Most reputable fine wine merchants in the UK participate in the annual campaign. This includes historic firms and modern investment platforms. In a high-quality oversubscribed vintage, retailers compete for allocations of the most sought-after wines, with those that buy most broadly getting priority. In poorer vintages, the balance of power shifts with negociants working harder to place their wines. When selecting a merchant, it is vital to choose one with a proven track record, as you are essentially buying a promise of future delivery.

Buying En Primeur with WineCap

Even if you consider yourself a drinker rather than a collector, looking at wine through an investment lens is beneficial. WineCap’s perspective focuses heavily on relative value and our approach is data first. We believe that a purchase should only be made when there is a clear advantage to doing so. In the En Primeur market, this means carefully analysing whether a new release is actually priced better than an available comparable back vintage. 

Thinking about fine wine with an investment perspective will help ensure you get the best value for money from your purchases, even if your end goal is drinking pleasure. Speak to one of our wine investment experts 

How to evaluate En Primeur opportunities

Evaluation begins with critic scores from major platforms and critics like Neal Martin and Antonio Galloni at Vinous, William Kelley and Yohan Castaing at Robert Parker’s Wine Advocate, James Lawther at JancisRobinson.com, Jane Anson or Lisa Perrotti-Brown MW.

The key is to compare the release price of the new vintage against the current market prices of comparable physically delivered back vintages. If a physical wine from a great year like 2019 is available at a similar price to a new release of similar quality, the financial argument for the newer wine is weak.

You need a compelling reason to buy a wine that is less affordable than a comparable vintage already sitting in a warehouse, vintage reputation is a major factor but investors should always be selective. This is particularly the case in vintages where quality varies significantly between estates. In those years, you must focus on specific successes rather than the vintage as a whole. Early on, it looks like the high-quality 2025 vintage will be one of them.

Benefits of buying wine En Primeur

One primary benefit of buying wine En Primeur is guaranteed access in the formats you are looking for. For the most famous chateaux, allocations can be tight and buying wine futures may be the only way to secure a case of the top labels at opening prices. In especially strong vintages releases for a specific wine may come in several tranches often with later tranches being made available at higher prices: the wine trade’s version of dynamic pricing. WineCap would typically not recommend buying second or third tranches. 

Another major advantage is the ability to request non-standard formats. You can order half bottles, magnums, double magnums, or even larger formats at the time of purchase. These formats can be harder to find on the secondary market once the wine is bottled, so if you’re looking for a large format of wine to drink in 20+ years to celebrate an anniversary or the birth of a child, En Primeur may be especially attractive. This is especially important if you are in a wine market where availability is lower and prices higher than in the major markets of the UK and EU.

When the wines are priced correctly, En Primeur can be the best price the wines will ever be. Finally, buying pre-bottling ensures perfect provenance as the wine moves directly from the chateau to a bonded warehouse in an unbroken chain of custody.

Finding price lists and reports

To stay informed on En Primeur, you should subscribe to newsletters and offers from reputable merchants. These provide real time updates on releases and pricing. Major review platforms are key for technical data such as vintage reports and professional critic scores, although merchants will share those with their clients. Critics spend weeks in Bordeaux tasting hundreds of samples to produce the reports that form the market’s understanding of the vintage quality and how it is likely to evolve over time.

Key factors for consideration

Brand power is the most significant indicator of future liquidity. Names like Chateau Latour or Chateau Cheval Blanc have global demand that protects their value, and search rankings on websites like Wine-searcher provide an excellent proxy by which collectors and investors can understand this. 

Overall vintage quality and pricing will dictate the general market mood, but you must also consider the liquidity and quality of the specific label. Some wines are easy to sell at any time, while others may take much longer to find a buyer. Past performance of the estate is also a useful metric.

A good merchant such as WineCap will synthesise all this data before making recommendations to their clients. Speak to one of our wine investment experts.

Risks of buying wine En Primeur

The most obvious risk is that the final quality may not reflect early critic reviews i.e. a wine that scored highly in barrel may not show as well once it is in the bottle. En Primeur scores are generally given in a range, normally of two to three points to reflect this uncertainty.

Prices may also fall. If a chateau releases its wine at too high a cost, the market may reject the price, leading to lower values when the wines become physical and secondary market trading begins in earnest. 

There are also macro-economic considerations. General market volatility can impact luxury assets although that tends to be less significant and delayed for fine wine, and the broad economic climate and the cost of money may impact demand.

Currency fluctuations and fixed prices

Buyers often worry about currency moves between release and delivery; however, for a UK client, changes do not affect the original purchase. You have committed to buy the wine at a fixed price in GBP at the time of the offer and in return your price is fixed so you should not be concerned about changes in exchange rate between the point of purchase and the point of delivery. 

Subsequently a weak pound can sometimes make UK-held stock more attractive to international buyers, potentially increasing its value.

Storage and delivery logistics

When you buy En Primeur, the price you pay is normally ex-VAT and duty. This means the wine is held in bond once it arrives in the UK. The wine will be delivered to a professional bonded warehouse, such as Octavian or LCB, roughly two years after the campaign. 

At this point, you can choose to keep the wine in bond to preserve its investment potential, avoiding the immediate payment of VAT and excise duty. Unless you are able to cellar the wine properly yourself this is normally the best decision as it ensures the wine ages in benign conditions.  

Another less frequently mentioned benefit of in-bond storage is that the necessity of arranging to have a wine delivered to you means more intent is required before consumption. That is to say, you are less likely to drink on a whim and more likely to wait until the wines are at a point where they are truly ready to enjoy before pulling corks. 

Recommended wines for long-term cellaring

Almost any wine released En Primeur will be suitable for at least a few years of ageing. Even relatively humble estates like Chateau Laroque, Les Cruzelles, and Chateau Cantemerle will easily age and improve over the course of 10-20 years and provide excellent drinking pleasure. Top-tier estates, including the First Growths and their Right Bank peers, are built to allow 40 to 50 years of development in a good vintage although they can be enjoyed sooner.

FAQ: Bordeaux En Primeur

Can I buy En Primeur wines online with UK delivery? 

Yes, most UK merchants allow you to purchase online but it’s always a good idea to engage with your account manager ahead of time, especially if you have specific wines of formats in mind. Physical delivery to your home only occurs once the wine is bottled and the duty and VAT have been paid.

What is a negociant?

A negociant is a wine merchant that operates business-to-business offering wines for sale to retail partners operating business-to-consumer.  

When do new vintage En Primeur campaigns typically start? 

The main Bordeaux campaign begins in the spring, usually starting in mid-late April with the tasting week, with prices following in May and June. It is rare that a campaign goes beyond July, but it has been known to happen.

Which regions are most known for their wine futures offerings? 

Bordeaux is the pioneer and by far the best known, but Burgundy, the Rhone, and some producers in Tuscany and California also offer wines En Primeur.

Is buying En Primeur a guaranteed investment?

No, it is not a guaranteed return. Success depends on the quality of the vintage, the value of the release pricing compared to back vintages and market sentiment.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today

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Bordeaux 2025 En Primeur: Quality meets a market at the crossroads

Bordeaux 2025 En Primeur
  • Bordeaux 2025 is a low-yield, heat-shaped vintage delivering concentration, freshness, and a clear shift toward precision viticulture.
  • Early reports point to a high-quality vintage with the potential to rival benchmark years like 2010 and 2016.
  • Set against a cooling market, the En Primeur campaign represents a critical opportunity to reset expectations around pricing and value.

From April 20th to 23rd, 2026, Bordeaux welcomed thousands of merchants, critics, and collectors for the En Primeur tastings of the 2025 vintage. Shaped by intense heat and reduced yields, the new vintage reflects a growing emphasis on precision viticulture – an approach that could come to define Bordeaux’s modern identity.

Yet the usual energy surrounding En Primeur unfolds against a more cautious economic backdrop. Bordeaux finds itself in a period of recalibration. As the first in-barrel scores emerge and the campaign gathers momentum, attention turns not only to what sets the 2025 vintage apart, but also to whether this release can offer real value.

A note on Bordeaux En Primeur

Few moments in the fine wine calendar carry the weight of En Primeur week. Orchestrated by the Union des Grands Crus de Bordeaux (UGCB), the event sees chateaux open their doors to professionals eager to sample wines just months after they were harvested.

Unlike the bottled wines, the En Primeur wines are still unfinished, first presented while ageing in oak. Tasting from barrel requires an expert palate to see through the raw tannins and vibrant acidity to glimpse the potential for greatness years down the line. It is a period of masterclasses, technical presentations, and intense market discussion that signals the pricing direction for the entire year ahead.

The 2025 represents a fascinating stylistic shift. Despite the heat, alcohol levels are reportedly low to moderate. The wines have pronounced aromatics, silky tannins and brisk acidity – hallmarks of great ageing potential. 

Bordeaux 2025: What we know so far

Bordeaux weather and crop reports indicate that 2025 was a year of climatic extremes, resulting in high quality but notably low yields. In fact, production statistics show that 2025 is the smallest crop since the frost-bitten 1991, with yields across many top appellations falling 15-30% below the five-year average.

A season of heat and superb ripening

The growing season was defined by a warm spring and a blistering summer. June 2025 was recorded as one of the hottest in French history, second only to the infamous 2003. This heat, combined with a dry August, led to:

  • Smaller berries: The lack of water and high heat restricted grape size, leading to intense concentration and thick skins.
  • Exceptional phenolic ripeness: While the yields are small, the quality of the tannins is reportedly superb.
  • The “rain of relief”: Just as drought stress became critical, rain in late August and early September refreshed the vines, preserving essential acidity and preventing alcohol levels from spiralling out of control.

Regional highlights

  • The Left Bank (Médoc, Pauillac, St-Julien): The deep-rooted old Cabernet Sauvignon vines thrived, producing structured, age-worthy wines reminiscent of 2022 but with a touch more freshness.
  • The Right Bank (St-Émilion, Pomerol): Clay and limestone soils held onto moisture better than gravel, allowing Merlot to reach lush ripeness without excessive heat stress.
  • Dry whites: Harvested early in mid-August, these show vibrant acidity and tropical aromatics.

The Bordeaux market: The recalibration phase

While the 2025 quality is expected to be high once critic scores are released, the market mood is best described as unsettled. For decades, Bordeaux held an unchallenged dominance in the fine wine market. Recent years have seen a cooling of demand, especially for young releases.

The challenges

  • Increased competition: High-quality rivals from Burgundy, Tuscany, Napa Valley, and even emerging regions have eaten into Bordeaux’s traditional market share.
  • Pricing fatigue: Consistent price hikes in recent En Primeur campaigns – often regardless of the broader economic climate – have tested the loyalty of even the most dedicated collectors.
  • Stock overhang: Many merchants are currently carrying significant inventories of recent great years (2018, 2019, 2020), which has created a bottleneck in the secondary market.

The silver lining

Despite these headwinds, the appetite for older, physical vintages remains robust. There is a clear divergence in the market: while younger vintages (2021-2023) struggle for traction, back vintages from the mid-2000s and 2010s continue to see steady price appreciation. This suggests that the brand of Bordeaux is as strong as ever. The issue lies specifically with release pricing.

Buying wine En Primeur: The question of value

For decades, the “golden rule” of Bordeaux was that En Primeur represented the lowest price point for a wine’s entire lifespan. Today, that assumption is being challenged by data.

Looking at prices at release versus now, several recent vintages can be found on the secondary market for the same price or even less. This has shifted the focus from buying everything to selective acquisition based on specific brand value. Tools like Wine Track, which show the historic performance of specific wine brands, can help investors understand long-term trajectories.

Why data matters

In the 2025 campaign, savvy buyers will be looking for relative value. If a 2025 release is priced higher than a physical, high-scoring 2019 or 2020 vintage currently sitting in a merchant’s warehouse, the incentive to buy En Primeur diminishes. However, because the 2025 yields are so low, scarcity may drive demand for the top-tier “blue chip” estates (the First Growths and their Right Bank equivalents).

The 2025 Bordeaux En Primeur verdict

As critics release their first scores over the coming weeks, all eyes will be on the “price-to-quality ratio.” The 2025 vintage has all the hallmarks of a collector’s dream: scarcity, concentration, and classical structure. For the Bordeaux trade, the 2025 En Primeur is an opportunity for a reset. With early reports pointing towards a vintage that could rival the greats of 2010 or 2016, the quality is likely there.

If the châteaux can marry this quality with a pricing strategy that respects the current market reality, 2025 could mark the beginning of a vibrant new chapter for the world’s most famous wine region.

Bordeaux comment: UGCB President, François-Xavier Maroteaux speaks to WineCap

WineCap: The 2025 vintage promises high quality, yet it arrives as the secondary market has just started to recover from a five-year low, and growing geopolitical tensions discourage speculation and might isolate certain market segments. How do you intend to position the 2025 launch so it doesn’t just survive the current market, but actually revitalises the ‘Bordeaux Brand’ globally?

François-Xavier Maroteaux: The 2025 vintage is a genuine opportunity – but only if we use it wisely. First, pricing must be honest: release prices that ignore five years of secondary market correction damage trust more than they protect margins. A well-priced great vintage is far more powerful than an overpriced one. Second, the narrative must move beyond scores – 2025 has a compelling story of terroir and style that needs to reach consumers directly, not just through trade press. Third, our négociants are brand ambassadors, not just a distribution channel: the properties that genuinely invest in informing and equipping their partners will see it reflected in every market. Finally, the retreat of speculative demand is not a threat – it’s a rebalancing. Bordeaux built its reputation on wine people actually wanted to drink. Refocusing on that is not a concession to difficult times. It’s a return to what made the region great. 

WC: Where do you see the biggest interest in buying Bordeaux at release in the coming years?

FXM: The interest in buying Bordeaux at release remains genuinely global. The best proof of this is the En Primeur week itself: every year, wine professionals from more than 80 nationalities make the journey to taste and buy. That breadth of engagement, even in difficult market conditions, is a strong signal that the foundation is there. Beyond geography, there is another compelling reason to buy at release that we shouldn’t underestimate (and we should be communicating much more actively!): formats. En Primeur remains the best – often the only – window to secure large formats. Magnums, double magnums, imperials are allocated at release and rarely available later at any price. The opportunity is to refocus En Primeur on what it does uniquely well: access, formats, and relationship. That’s a proposition that holds regardless of geopolitics.

WC: Is the En Primeur system still going strong, in your personal view? Do you believe it still offers a genuine win-win? Has it become a luxury-only club for the top 50 estates?

FXM: Yes, I do believe the En Primeur system still works – but I think we need to be honest about what it has become. It works very well for a relatively narrow group of estates where brand strength and secondary market liquidity reinforce each other. For the broader Bordeaux pyramid, it is more complicated. That said, I don’t think the answer is to abandon the system. The answer is to make the win-win genuine again. That means pricing with discipline, communicating with transparency, and making sure négociants and merchants actually make money when they support a release. When that alignment exists, En Primeur is a unique and powerful tool. When it doesn’t, it becomes – as you say – a luxury club for the top names. 

FAQ: Everything you need to know about Bordeaux En Primeur

What does “En Primeur” mean?

En Primeur is a method of purchasing wine while it is still maturing in the barrel. This allows collectors and investors to secure highly sought-after wines before bottling and general market release. This typically happens two years after harvest.

When is the Bordeaux 2025 En Primeur week?

The official tasting week for the 2025 vintage takes place from April 20 to April 23, 2026. During this time, international critics and trade professionals sample the wine from barrel to determine early scores and quality ratings.

Is the 2025 Bordeaux vintage good?

Bordeaux 2025 is a high-quality vintage with intense concentration and bold fruit profiles.Yields are lower than average, which often results in wines with significant ageing potential and structural density.

Why are yields low for the 2025 vintage?

The 2025 growing season saw record-breaking heat and extended dry periods. While this led to exceptional grape ripeness and thick skins (tannin), it resulted in smaller berries and less juice. These lower yields often drive up demand due to the limited number of cases available globally.

Is buying En Primeur a good investment?

Buying En Primeur can be a strategic investment, particularly for top-tier estates (First Growths and “Super Seconds”). However, it is essential to use data-driven insights. While release prices were historically the lowest point of entry, current market fluctuations mean buyers should compare release prices against available physical back-vintages to ensure they are getting true value, as older vintages can often present better buying opportunities than En Primeur.

When is the delivery of the 2025 Bordeaux wines?

In the spring or summer of 2028, following their mandatory ageing period in the châteaux cellars.

What are the “big three” factors to watch in the 2025 campaign?

  1. Critic scores: Initial ratings from major publications will dictate immediate global demand.
  2. Release pricing: How châteaux price their wine in relation to the secondary market.
  3. Volume: With lower yields reported, the scarcity of specific labels will likely be a driver of demand.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.