▻ Who Buys Bordeaux En Primeur

Let's Talk About

5 Apr

Written By Sarah Kemp

In conversation with David Thomas of Bordeaux Index

Episode Summary:-

As part of our Bordeaux 2024 coverage, Sarah Kemp talks to David Thomas, the Sales Director of Bordeaux Index – the man who is responsible for millions of pounds of Bordeaux En Primeur sales. Bordeaux Index is one of the world’s largest traders of Bordeaux En Primeur, and David is the person in charge of selling the wine to the end consumer. He declares that he is a huge fan of Bordeaux, and affirms its extraordinary quality; he has worked several vintages there, has many friends there, and firmly believes it is one of the world’s greatest wine region.

In this episode, he discusses how Bordeaux dictates the feel of the fine wine market. and why it is still crucially important. He arrived at Bordeaux Index in 2010, in time for the excitement of the 2009 vintage. He relates how he and his team used to get into the office at 7.30am abuzz with excitement, and how they sold around £240-million of En Primeur (recently, that has fallen back to £60-million pounds). David believes that En Primeur has lost its lustre, and explains who the Bordeaux buyer is today (spoiler alert– it is not the corduroy-trousered gentleman with a tweed jacket). It’s now an eclectic mix, and many of the new buyers have not tasted the expensive châteaux, nor are they looking to lay down a cellar when they can buy great vintages which are already 15 years old and drink them straight away. The new Bordeaux buyers are also price-savvy, looking at the historical pricing and the global market.

David discusses the current market and states, “I wouldn’t want to be a château owner in 2024.” He confides, “It is a really hard position for the château to be in to work out the price at which they feel their product should be recognised at versus the price the market will accept.”

He also believes the Bordeaux châteaux need to be more welcoming to the end consumer, as it is still hard to manage to taste in Bordeaux unless you are in the trade. Another problem he sees for the Bordeaux En Primeur campaign is that today there are too many releases coming onto the market from negociants, with prestige producers from South America, South Africa and California releasing new vintages or wines on a regular basis, which is detrimental to the focus on Bordeaux.

“We have to be honest and truthful to both sides, and at times it is terribly difficult,” he notes, but adds that he hopes the châteaux will realise that 2024 is a critical vintage for Bordeaux, and get their pricing policy correct. There is a lot at stake, he concludes.

Running Order:-

0.00 – 10.27

"It is a really hard position for the châteaux to be in, to work out the price at which they feel their product should be recognised at versus the price the market will accept.” – David Thomas

– Why Bordeaux is important to the fine-wine market.
– The importance of linking the producer to the end consumer.
– Bordeaux Index’s customers’ reactions to En Primeur over the last 14 years.
10.28 – 21.34

“As soon as you get a link between the end consumer and a producer, there is a huge amount of loyalty there.” – David Thomas

– Who is buying top Bordeaux today.
– Why Bordeaux needs to open its doors to consumers.
– The impact on Bordeaux of numerous non-Bodeaux releases from negociants.