For Bordeaux-aficionados, market investors, and industry professionals alike, spring is as important as autumn – the latter for vendange (grape harvest), the former for en primeur (wine futures). Major decisions are made during this period, when the wines are still in their infancy, and it is no exaggeration to say that this is the touchstone of the experience, knowledge, and skills of vintners. Last month, CLOSER spoke with Mr Martin Lea, General Manager of Bordeaux Wine Investments, who recently returned from Bordeaux, where he visits yearly prior to the en primeur campaign.
Macau CLOSER: The concept of en primeur is less well known here in Asia than in Europe. Can you explain what it actually means?
Martin Lea: Otherwise known as ‘wine futures’, it is a method of purchasing wines ‘in bond’ while they are still maturing in barrels. The en primeur campaign in Bordeaux usually begins in early April. Since this is 12 to 18 months before the vintage is actually bottled and released, buyers have the opportunity to invest while the wines are usually at their least expensive.
No futures or financial instrument are risk-free, so surely this is the case for en primeur as well? What are the risks and benefits involved?
There have been instances where post-launch market prices dropped below the level of pre-launch en primeur prices, such as in 1997 and some wines from the 2011 vintage. Historically, however, such occurrences are but exceptions. More often than not, market prices do exceed en primeur prices, sometimes very handsomely. Many clients are still of the opinion that the affordable en primeur prices, as well as their potential to appreciate, offer values greater than the associated risks.
So, what is the 2012 vintage like?
It is a challenging vintage, due to changeable weather conditions during the growing season. The effect of this was to indicate that certain grape varieties did better than others. If 2011 was a Cabernet Franc year, 2012 would be a Merlot year.
The en primeur campaign in Bordeaux is a trade-focused event, so how can consumers decide on which to buy?
That is precisely the raison d’être of a good vintner; that is, we do not simply buy and sell wine, that is the job of supermarkets. We provide professional advice and personalised services.
Due to costs and time commitment, most wine merchants do not visit Bordeaux personally – we do. Also, we are one of the extremely few vintners that actually owns a wine-producing château in Bordeaux – Château Carignan.
Technically, what characteristics must a worthy en primeur wine embody?
The presence of fine tannins, fruit flavours, a correct proportion of residual sugar and alcohol. It is having these elements in the correct balance that demonstrates ageing potential. These elements must form a harmonious whole.
Regarding the 2012 vintage, which are the wines that particularly caught your attention?
For premier grand cru level, Mouton-Rothschild is majestic. In terms of individual communes, Pomerol is outstanding, shining with Gazin, Pétrus, Lafleur, and Vieux Château Certan. Meanwhile, from Saint-Émilion, Larcis Ducasse, I Évangile and Troplong Mondot are equally formidable. Shrewd consumers would notice that the price of deuxième grand cru Rauzan-Ségla is 33 percent lower than in 2011, and so are Canon, making them a very realistic addition to your cellar.
With its head office in the UK, BWI established its Hong Kong business offices in late 2011 in grand style, hosting a Château Margaux tasting soirée at the British Consulate General, with the attendance of Thibault and Guillaume Pontalier, sons of the legendary winemaker of the premier grand cru château, Paul Pontalier.
With an impressive portfolio and allocation of the most sought-after Bordeaux wines – indeed their ‘home turf’ since the acquisition of Château Carignan – BWI is equally adept in other fine wines from around the world. BWI provides one-stop comprehensive services, from en primeur to investment, cellaring and an extensive range of drinking wines.
Friday five@five
Organised roughly monthly, General Manager of BWI Martin Lea carefully selects five interesting wines on a Friday at 5pm, hence the name. Clients and potential clients alike are invited to this free event. In one of the previous editions, the prima donna was no less than a Château d’Yquem 1996.