In a programme focused on wealth management, wine – as a pleasure investment – naturally has its place. Right now in Bordeaux, the En Primeur campaign is in full swing. Is this a relevant option for wine lovers looking to diversify their portfolio? Angélique de Lencquesaing, Deputy Managing Director at iDealwine, shared her insights recently on the French news channel BFM in the show Tout pour investir. She was interviewed by Antoine Larigauderie.

Angélique, can you briefly explain what the En Primeur system is?

For almost fifty years, Bordeaux’s grand crus have been selling the fruits of their latest harvest – in this case, 2024 – before the wines are even bottled. The 2024 wines are currently still in the process of ageing.
Buyers can purchase these bottles – a type of futures product – now, reserving them for when the wine is ready to be released. They will receive their orders once the wines have been bottled – typically 18 to 24 months after having placed their order (or more for some sweet wines).

Browse Bordeaux En Primeur wines

What’s the point of buying En Primeur?

There are three main benefits:

1. The guarantee of securing a rare wine when it’s still available, which, as we’ll see, isn’t always the case once bottled.
2. A short supply chain, straight from the estate to your cellar. The wines are shipped from the château’s cellar to our warehouses, then to your home or your storage location.
3. And the key argument is price. The En Primeur system helps estates finance their stock during the ageing process. In return, buyers get the wine at a lower price than when the wine is properly released by the château after bottling. This is the founding principle of the En Primeur model.

Buying unfinished wine En Primeur is a gamble. How can buyers stack the odds in their favour?

Three things can guide your choice:

• Vintage notes,
• Critics’ tasting notes,
• and price, of course.

I’d add that En Primeur is a rather unique type of purchase because you’ll need to wait several years before you can actually enjoy the wine. It’s a patient purchase, tied to the pleasure of building a cellar and creating a collection over time.

On that point, is the current market still suited to this type of purchase?

Patience isn’t exactly the strong suit of an increasing number of consumers, that’s for sure! And many enthusiasts don’t have the space or proper storage conditions to store wine suitably to preserve it. This is especially true in Asia. That said, there are solutions, such as dedicated wine storage services, for example.  And many wine lovers still enjoy taking their time, gradually building a collection filled with bottles they can enjoy at peak maturity.

Let’s get back to Bordeaux. Is 2024 a good vintage?

The year leading up to the harvest is always crucial. After a milder than average winter, a cool, wet spring brought disease pressure and threats like mildew and other types of rot. Thankfully, summer was more favourable, even if the harvest itself was stressful for winegrowers due to unpredictable weather. So 2024 wasn’t exactly a calm vintage, but it delivered a wine style more in line with current consumer preferences: fresh with delicate textures, some of them are already close to being ready to drink. This profile with less extraction, less oak, lower alcohol, and often below 14% ABV all align with today’s market trends and consumer expectations.

Did some appellations or areas fare better than others this year?

Not especially. Sometimes, weather patterns favour a particular region or grape variety, but this year growers across the board had to contend with the same challenges. The decisions made by technical managers, the choices in terms of harvest dates and crop selections – yields were very low at some estates – were the main variables determining the success of the wines.

Next point to consider, critics’ tasting scores. Any standout stars or icons in 2024?

There’s no longer a single authority figure like Robert Parker, and that’s unlikely to change. This year, consensus formed around a few estates, but no unanimous favourites. Different tastes and styles appreciated by one critic or another now prevents that. That said, we noted that Château Montrose in Saint-Estèphe, Château Lafite in Pauillac, Rauzan-Ségla in Margaux, and Les Carmes Haut-Brion in Pessac Léognan all attracted strong interest. On the Right Bank, Cheval Blanc and Figeac in Saint-Emilion, Pavie-Macquin, and in Pomerol, La Conseillante and Château Clinet were all highly praised.

And now to the third point of consideration and sensitive topic: prices. Does the 2024 vintage have attractive price tags?

Price falls have been impressive, and some wines saw steep drops, as much as 40% less compared to 2023 En Primeur prices in the case of Château Pavie. For many estates, prices have fallen around 30% compared to the 2023 vintage, which were themselves 20% lower than 2022’s prices. Châteaux Mouton Rothschild (-22%), Lafite Rothschild (-29%) and Angélus (-30%) led the way, as did Figeac (-36%), Cheval Blanc (-28%), Chevalier (-30%), Gruaud Larose (-29%) and Larcis Ducasse (-26%). These are real efforts to reconnect with the market and consumers, reminiscent of what we saw with the 2019 En Primeur vintage during the COVID pandemic.

Have these price cuts been deemed sufficient?

Take Château Lafite, for example, on the secondary market tracked closely by iDealwine, we haven’t seen prices below €400 since 1991!

The campaign got off to a slow start. Buyers have realised they can wait for all releases to be announced before making their final decisions. Once all the wines will be available for purchase, they’ll be able to place consolidated orders. It’s worth noting that the context is particularly challenging right now. While European buyers remain key to the En Primeur system, the US market, typically a major buyers of En Primeur, faces uncertainties over import tariffs and an unfavourable dollar exchange rate. As for Asian buyers, they’re not interested in En Primeur wine, it’s culturally less appealing. Add all this to the tendency towards immediacy, as we pointed out earlier, and there are plenty enough reasons for producers to make significant efforts.

Should buyers focus on star names, or are entry-level wines also worth considering from an investment point of view?

For collections built on investments, top-rated wines with good ageing potential definitely offer solid prospects for appreciation in value. And there’s another advantage to En Primeur purchases, you can request large formats like magnums or even bigger. Your bottles will quickly become rarer, and therefore likely to appreciate in value. Château Lafite (€405), Montrose (€118), Les Carmes Haut-Brion (€84.50, -20%), and Rauzan-Ségla in Margaux (€67.20), are all very safe bets. And on the Right Bank, Cheval Blanc (€390), Figeac (€134.40) in Saint-Emilion, La Conseillante and Clinet in Pomerol are equally attractive.

And beyond the stars of the 2024 vintage, there are also plenty of safe bets worth considering on account of their global reputation. This category of top-tier wines includes Château Haut-Bailly, Léoville Barton, Clos Fourtet, Larcis Ducasse, as well as Phélan Ségur and Lagrange. Let’s also highlight the great value for money offered this year by estates like Gruaud Larose (€50), Brane-Cantenac (€50), or Talbot (€45).

Still a bit pricey?

You can opt to acquire some remarkable wines at softer price points during the En Primeur campaign, but more with drinking than investing in mind. Among the standouts of the 2024 vintage in this category, you’ll find Château Taillefer in Pomerol (€26), Laroque (€23.80), Ferrand (€29.20). Then, in the Médoc, there’s Siran (€27), Poujeaux (€20.20), Chasse-Spleen (€25), and for just a few euros more, Branaire-Ducru (€37)…

So, should we go for it?

This region, known the world over for its wines, has faced increasing competition in recent years. And yet, Bordeaux has never produced wines as good, or as aligned with consumer expectations, as it does today. For those willing to be selective, 2024 Bordeaux deserves serious consideration. These wines meet all the key criteria for investment: quality, ageing potential, and reputation. these first three criteria guarantee future resale potential.

There’s also a fourth factor to keep in mind which is rarity. Even though 2024 yields were low due to challenging weather, not all grands crus are inherently rare. Rarity, then, can also be created through the format of the bottles. Choosing large formats increases desirability on the secondary market. If all these boxes are ticked, then yes, it’s time to pay attention to the 2024 En Primeur wines!

Five tips for smart buying:

1. Don’t buy blind. Prepare your purchases by reading and comparing the scores and reviews to draw up a list of preferred wines
2. Prioritise the rarest wines on your list (small estates, hard to find wines, those unlikely to appear in your average 2026 wine fair).
3. Set up alerts for the wines you’re after, so you’re notified as soon as they hit the market.
4. Don’t hesitate to ask for a special bottle sizes, especially for wines from bigger estates (in the Médoc in particular.) Whether magnums or double magnums are concerned, these wines will quickly become rare and difficult to find on the secondary market, which contributes to their value.
5. The key thing to remember is that Bordeaux remains a global brand with unmatched prestige, even if today’s buyers need to exercise a little more discernment when making investment cellar choices.

Happy buying! You’re in for a treat with these 2024s. And best of all, you won’t have to wait too long to start enjoying them!

Buy 2024 En Primeur Wines