I was thinking about 2007 Bordeaux futures this morning after reading the well-researched article on this site that addresses the failure of France’s premier wine region’s most recent campaign. It seems to me that the top names in Bordeaux were still too greedy with their pricing, even though a number of them decreased their prices significantly compared to 2006. They should have used the market price for 2004s as a benchmark. Oh well ...
The fact is, the top wines in 2007 are too expensive, particularly when it's a good-but-nothing-special vintage. I already knew the vintage was not going to sell as futures when I tasted the wines from barrel in March. Here's what I wrote then:
“It's clear that this will not be a vintage for consumers to buy as futures. However, if producers are reasonable with prices, 2007 will deliver some pretty wines for early drinking that can be enjoyed while waiting for the 2005s, '03s and '00s to mature. The early indication, however, was that châteaus would not be lowering prices much for their wines.”
It’s a shame the top names are not less expensive. Look at the chart in the online news story. Margaux is $435. Pavie goes for $209 and Pichon Lalande sells for $101. That’s too much money for 2007. Sorry. We're not talking about Rolex watches, Porsche cars or Hermès bags. It’s wine that is supposed to be drunk. And a vintage like 2007 is not a year for investment or speculation.
I've heard that most merchants sold or are selling their 2007s at tiny mark-up, or none at all. I suspect that many of the wines will one day sell for less than their opening prices. That’s what happened with the average quality, overpriced 1997s when they came out in the market in bottle.
It’s funny how history repeats itself – even with fine wine.
Dr J Rosenblatt — Montreal, Canada — July 9, 2008 11:28am ET
John Osgood — New York, NY — July 9, 2008 11:45am ET
Matt Scott — Honolulu HI — July 9, 2008 1:05pm ET
Don Noone — July 9, 2008 1:56pm ET
Karl Mark — Geneva, IL. — July 9, 2008 2:15pm ET
David A Zajac — July 9, 2008 2:42pm ET
Meritage Wine Market — July 9, 2008 2:43pm ET
James Mccusker — Okemos, MI — July 9, 2008 2:52pm ET
Brian — costa mesa, ca — July 9, 2008 3:23pm ET
Matthew Weiler — Los Angeles, CA — July 9, 2008 3:28pm ET
Sandy Fitzgerald — Centennial, CO — July 9, 2008 5:01pm ET
Joshua Sun — Mountain View, CA — July 9, 2008 5:28pm ET
James Mccusker — Okemos, MI — July 9, 2008 5:51pm ET
Steven Balavender — Tampa, Fl — July 9, 2008 9:20pm ET
Conor Twomey — Ireland — July 10, 2008 3:31am ET
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David A Zajac — July 10, 2008 12:25pm ET
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