A wine merchant friend was staying with me for a few days, and I was curious to hear that he was receiving, via his Blackberry, offers for big bottles of rare and expensive 2005 Bordeaux like Pétrus and Le Pin….double magnums, jeroboams and the works.
It seemed sort of early for the global wine trade to be using a secondary market for these wines. That usually doesn’t start until next year, or even after the wines are in bottle.
This could mean one of two things, or both. First, wine traders bought these wines on serious speculation without real clients in mind, or second, some clients have already told them that they are not taking their allocations of mega-buck 2005s, so now the merchants are scrambling to find homes for the wines. These very expensive 2005 futures have become the proverbial hot potato for some wine merchants.
The other curious thing about the Blackberry action on 2005 Bordeaux is why a merchant would be offering big bottles, or any size of bottle. I always thought that a customer buying Bordeaux futures could stipulate what size bottles they wanted used, from halves to imperials.
Another thing these Blackberry messages were telling me is that some wine merchants are already dumping what they have in 2004 Bordeaux to get cash flow to pay for 2005s. Even though the top names in 2004 will not be delivered until early next year, some wine merchants are sending out offers with relatively good prices for some big names, from Cheval-Blanc to Lafite. Some prices, in fact, looked less than cost.
David A Zajac — August 14, 2006 10:38am ET
Paul Wright — August 15, 2006 9:39am ET
Dan Jaworek — Chicago — August 15, 2006 9:54am ET
Chris Lavin — Long Beach, CA — August 15, 2006 2:29pm ET
Jeff Banyas — Ellicott City, MD — August 15, 2006 7:39pm ET
Matthew Lo — Zurich, Switzerland — August 15, 2006 7:47pm ET
Richard J Habeeb — staten island, new york — August 16, 2006 10:07am ET
Albert Jochems — The Netherlands — August 16, 2006 6:15pm ET
James Suckling — — August 17, 2006 6:22am ET
Richard J Habeeb — staten island, new york — August 17, 2006 1:36pm ET
James Suckling — — August 17, 2006 1:51pm ET
Apj Powers — Dallas, TX — August 18, 2006 12:38am ET
Apj Powers — Dallas, TX — August 18, 2006 12:59am ET
David A Zajac — August 19, 2006 2:25pm ET
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