Is Now The Best Time to Buy Bordeaux?
The fine wine market has always been dynamic, but there is a compelling case to be made for buying Bordeaux right now. Despite market fluctuations, Bordeaux continues to reign as the most traded fine wine region globally by a significant margin. However, the prices of top Bordeaux wines have notably declined from their 2022 highs—a peak driven by a combination of low interest rates, increased disposable income, and surging demand from international markets, particularly in Asia. This surge in prices made Bordeaux largely inaccessible to traditional collectors.
Today, while Bordeaux still dominates trading volumes, the extraordinary gains seen during the pandemic have mostly been erased. Prices have corrected to levels last observed between 2016 and 2018. When adjusted for inflation, this decline appears even more significant, making current prices especially attractive.
Have we reached the bottom of the market?
The quality of Bordeaux wines remains undisputed, and recent trends suggest a potential buying opportunity.
Recent en primeur campaigns have faced significant challenges. The 2022 en primeur prices were raised substantially, leaving many châteaux with unsold inventory as buyers balked at paying a massive premium for wines they wouldn’t receive for several years. Traditionally, en primeur offered collectors a chance to purchase wines at a discount before their public release. However, in recent years, some châteaux have pushed prices higher than what the secondary market was willing to bear. This disconnect led many consumers to question the value proposition, especially when back-vintage, ready-to-drink wines were available at the same or even lower prices. As a result, the 2022 campaign was disappointing, leading to price reductions in 2023—though these adjustments still fell short of market expectations.
For collectors and investors, this presents a unique opportunity: back vintages and ready-to-drink bottles from top producers are now more affordable than they have been in years. Additionally, these wines continue to receive high scores from top critics.
Consider the trendline for the 2016 Château Lafite Rothschild, a wine that received 100-point scores from three major critics. Between 2018 and 2020, it traded at relatively stable prices. However, during the pandemic, it experienced a significant surge, with prices soaring by roughly 40%. Starting in June of last year, prices declined sharply. This pattern is consistent across many top Bordeaux estates and vintages. With the holiday season approaching, demand is likely to increase as consumers purchase gifts, suggesting that now may be an ideal time to start acquiring great Bordeaux.
"Super Second"
Accordingly, we find that another value lies in the Super Second category, where it’s now possible to buy the best vintages, some with multiple 100-point scores, for under $250. When examining legendary vintages like 2005, 2009, and 2010, there are several top Second Growths that received multiple 100-point scores yet present a Ready to Drink wine, while collecting, investing or gifting the coveted First Growth Bordeaux.