En Primeur: Here We Go Again

Whilst I think ‘En Primeur’ is an integral part of the way wine is and has been sold, tasted, rated and priced over the last few decades (actually, I have no real idea when it started) and is also something that people all around the world look forward to in earnest, I am at a quandary as to whether or not I think it is on any benefit to the real wine drinker and, in fact, to whom other than a few devoted wine critics and investors in fine wine it is directed at.

Although En Primeur (EP) is an event that is generally not sponsored by the wineries and travelers, drinkers, journalists and aficionados have to pay for and support themselves throughout the weeks of EP, it often comes across as rather ‘elitist’ where in these days of social media it’s more about getting the status and photo on line to show people where you are, rather than actually going there with any intention of buying the wines themselves.

As we all (maybe all of us) know, EP is however a chance to taste the wines when they are still young and under-developed, still in barrel and from the vintage prior to the year you are attending. So, this week, hundreds of wine lovers will be descending on Bordeaux to taste the potential of the 2012 vintage and assessing whether or not it will either be another great vintage or another vintage of the century.

Chateau d’Yquem, now owned by LVMH, had never done EP under its previous owners the Lur Saluces family and last year declined to release its 2011 vintage early and this year will not be releasing a 2012 vintage at all. Although I have read much about them not making a 2012 vintage, I have heard some social media folk talking about tasting d’Yquem 2012 at EP – something I am sure is either an April Fool’s joke or just ignorance!

Last year, at the end of the EP tasting of its 2011 vintage, Chateau Latour announced it was quitting the EP system and, in a letter to its negociants and merchants said it would be selling the wines “when they are considered ready to drink”. Whether this means 20 years or a few years, we are yet to find out, but it’s interesting that a winery as prominent as Latour should pull out so spectacularly.

Asking around I wanted to find out what others thoughts were on the EP system and, talking with an Italian wine merchant here over the weekend he told me that it was a good way for the wineries to cash in a percentage of their wines so ensure the cash flow for the vintage until the wines are bottled and ready to go on general sale. I argued that these wineries should have enough money anyway as many have been in business for hundreds of years. We both agreed however that it seems funny that only the French seem to need to satisfy their desire for cash flow before bottling as opposed to Italian Barolo makers who just wait patiently until the wines are bottled and ready to be sold.

Last year, while reading a local wine magazine I saw one of my fellow writers describe EP as “silly season” - obviously he too is not a big fan of it. Asking a few of my peers last week some described EP as “an antiquated system” and argued that the top end wines will be sold regardless. Many questioned to whom it benefits and the general consensus was that the only real beneficiaries are the producers at the end of the day.

The main problem I have (as do many) is that EP breeds speculation on wine, something I think is deplorable anyway as, like our prices for oil, pork and almost everything else we buy, the price is determined by some twit sitting in an office gambling on prices rising or falling. EP is a chance for investors to make some cash in the short term as, generally, not the entire stock is released by the bigger houses and upon the second and third releases the prices have (on the whole) risen from the original EP price. A good example of people getting burned was the 2008 Lafite (the commercial one with the Chinese symbol for 8 on it). Prices were determined by the sudden boom in Chinese buyers for wine, although no one actually bought it and it’s now worth around 40 per cent less than it was upon release.

Whilst I cannot disagree that some wines taste great out of the barrel – some tell me that Pomerol and Pessac Leognan are looking good, as is Cos D’Estournel for 2012 – I would counter that with saying that so does the grape juice before it has started fermentation. I must say that 2010 Cos also tasted incredible as a barrel sample and so do many others, but I think a little patience is needed in the wine trade and that wines should be bought, sold and speculated on when they are bottled and ready to drink.

EP is a time of the year that, at the end of the day, is a great social event. It’s a time to chin wag and wine and dine at the chateaux – dinners that are usually highlighted by drinking vintages that are ready to be consumed. I doubt it will ever stop but what I think would be much better would be to have a system that, not unlike EP itself, had parties and tastings of the wines when they are completed, bottled and ready for consumption. This would stop a lot of the speculation and manipulation of prices and, with the general lack of bad vintages these days would mean a much fairer system for the end buyer which is, essentially, us – the consumer.