Just spoke to a couple of Bordeaux traders and they said that they were not sure how to price their 2005 Haut-Brion. Apparently the chateau only released a small quantity of the 2005 on the market yesterday, and the lion’s share is going to be sold in a new bid system, whereby merchants send their bids to negociants. “I hope it’s not a simple question of the highest bid winning,” said one merchant.
The problem is that merchants need to average what they paid for Haut-Brion to come up with a final price for their customers. And they have not finished buying it yet. And now there is this bidding system.
In addition, wines such as Pichon-Baron and Palmer came out today and they are priced higher than 2000 and 2003. It all makes me very nervous. It reminds me of the dotcom stock bust.
I am not sure it makes sense buying 2005 futures with such high prices at the outset, especially with the weak US dollar. Overpriced super seconds are definitely a NO BUY for the moment.
Neil Oconnor — June 13, 2006 12:29pm ET
Eric Kim — Prince William — June 13, 2006 12:38pm ET
Jeffrey Ghi — New York — June 13, 2006 2:21pm ET
Guus Hateboer — Netherlands — June 13, 2006 2:49pm ET
Thomas Parker — Huntington Beach, CA — June 13, 2006 3:49pm ET
Katy Law — NY — June 13, 2006 5:19pm ET
William Delaney — Arlington VA — June 13, 2006 5:28pm ET
James Suckling — — June 13, 2006 5:38pm ET
Thomas Parker — Huntington Beach, CA — June 13, 2006 6:15pm ET
Jeffrey Fitzgerald — Chicago — June 13, 2006 11:08pm ET
Thomas Parker — Huntington Beach, CA — June 14, 2006 2:17am ET
Karl Mark — Geneva, IL. — June 14, 2006 3:33am ET
Guus Hateboer — Netherlands — June 14, 2006 4:19am ET
David A Zajac — June 14, 2006 3:23pm ET
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