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2009 En Primeur - important information

21/05/2010
UK wine merchants face an unprecedented practical problem with this year's EP campaign:  Demand is higher than for any previous vintage (by multiples!) but first tranche allocations will be considerably reduced - the châteaux are expected to release in twelve tranches as opposed to the usual three in order to capitalise on the expected rally in prices.  In short, demand will outstrip supply many times over.
 
Merchants across London reported that they were unable to satisfy demand for Duhart Milon, released this week, from buyers of previous Duhart EP offers - who automatically receive priority - due to the meagre first tranche allocations.  We can only expect this effect to intensify when the Bordeaux 'Big Eight' release in June & July.
 
In practical terms this means that most buyers, even those who have submitted wish lists or placed themselves on priority lists, are very unlikely indeed to secure stock at the opening prices and it will ne necessary to pay a premium in the secondary market.
 
What this year's campaign will all about for most of us, then, is securing stock as close to the opening price as possible.  With this in mind we have a few suggestions:
  • Make sure you're on the radar: By now you should be in close contact with your chosen merchant / broker(s) - you should at least be receiving emails and phone updates.  Make sure you know the name of somebody there, and that they know you.  Ensure they know how to get hold of you at a moment's notice!
     
  • Decide your budget now: When the offers come they will come fast - and you will be expected to make decisions quickly.  Remember: there will be a big queue of buyers behind you ready to snap up the offers....
     
  • Watch the back vintages: This campaign is expected to have a significant knock-on effect to bottled vintages, some of which may very quickly show better value (and therefore investment potential) than the 09s as prices rally.  If the 09s get too rich for you, look for value in older offerings. Keep an ear to the ground - good merchants & brokers will advice you on this
     
  • Expect disappointment: Despite best intentions, there will be many broken promises in this campaign, and many red faces.  Firms without a long pedigree of delivering on EP campaigns are going to struggle with securing stock and are likely to fail to fulfil orders
     
  • Maintain healthy levels of scepticism: If you are offered a First Growth at opening price from someone you haven't bought EP from for at least the last three years, ask yourself how on earth you have managed to jump the long queue of buyers who have a pedigree in EP yet are struggling themselves to secure stock. Speak to any major London merchant and they will tell you that they could sell the entire first tranche for Lafite et al 20 or 30 times over. Make sure you know who you're dealing with - remember, you are in effect buying a future from them and you will not take delivery of your purchase for two years during which time a lot can happen!

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