Bordeaux “en primeur” 2025: high quality, fluctuating prices, (currently) weak market

A few days after the “Semaine des Primeurs” 2026, organized by the Union des Grands Crus de Bordeaux at the end of April, the châteaux have begun to reveal their cards, offering a picture in which, after two campaigns marked by sharply declining release prices, the situation now appears less defined. Some continue to edge prices slightly lower, while others are aiming for increases, even significant ones, driven by a 2025 vintage that early assessments consider to be of excellent quality, though not abundant in quantity. In theory, according to the law of supply and demand, this scenario would favor rising prices given the quality and reduced availability of product. However, enthusiasm around Bordeaux has cooled somewhat in recent years and is not easy to rekindle. Moreover, relatively recent vintages are still available on the market at competitive prices, and the en primeur system, long in crisis, no longer promises, as it once did, major financial advantages in terms of price and bottle availability. This is especially true given the significant capital lock-up involved, which no longer aligns with current market conditions or the strategies of négociants and distributors, including Italian ones - from Meregalli to Sagna, from Pellegrini to Heres, from Sarzi Amadè to Partesa to Proposta Vini, as reported by WineNews - which for some time have shown limited interest in en primeur, in some cases not participating at all or only marginally.
In any case, starting from the initial release prices, the situation appears varied. Among the “big names”, or at least among the most well-known, the first major player to speak in recent hours was Cheval Blanc, which set an ex-négociant bottle price at 366 euros, +20% compared to 2024. For now, however, this level of increase seems to be an exception. Others are also moving upward, including La Fleur-Petrus, priced at 1,450 pounds per case in London (+7%), and Pontet-Canet, among the very first to release prices already at the end of April, with a recommended international retail price of 756 pounds (+5%). Meanwhile, Château Batailley, for example, set its London case price at 289 pounds, dropping by -3.4% from the previous campaign, while Haut-Batailley raised its ex-négociant price by 10% to 363 pounds per case, roughly in line with Château du Tertre at 288 pounds per case. In short, a mixed picture, pending further releases from other “bigs”.
But, more broadly, while awaiting a clearer overview in the coming days, sentiment toward Bordeaux, despite a generally highly rated vintage, it remains somewhat lukewarm, as Tom Burchfield, head of Market Intelligence at the UK platform Liv-Ex, explains to WineNews: “there is still a great deal of reluctance toward Bordeaux en primeur, with Liv-Ex members expecting further declines in sales this year. What can be said is that Bordeaux remains the most important wine region in the world, but its share of Liv-Ex trading value, for example, has fallen from 85% 15 years ago to 35% today. It remains a fundamental pillar in the cellars of most international collectors and in the fine wine market as a whole. However, conditions are also very different compared to 12 months ago. Over the past 8 months, prices have shown a trend toward stabilization, particularly for the 2021 and earlier vintages. The 2025 vintage is better than 2024. Therefore, there is a higher probability that this campaign may achieve some success”. In general, Bordeaux and the en primeur system have long set the tone for the global fine red wine market, making it particularly interesting to understand what to expect from this campaign after the sharp declines seen in 2024 and 2023, which in many cases brought Bordeaux wine prices back to levels of ten years ago. “Early critical assessments of the 2025 vintage have been very positive. On the other hand, yields have been very low, and production has been costly. Initial indications from the few releases so far show that pricing will be crucial in generating demand. While many commentators compare release prices with those of previous vintages, we need to look at release prices relative to current market prices of comparable vintages already available. It appears that if release prices allow the 2025 vintage to be offered to end collectors at a significant discount compared to comparable earlier vintages, then we may see good results”, explains Burchfield.
He also emphasized that the Bordeaux crisis and the large-scale vineyard uprooting plans, thousands of hectares, as repeatedly discussed, could have a future impact on prices due to reduced production, “but not in the short term. It should also be noted that this uprooting trend has not yet significantly affected the very top of Bordeaux pyramid. What we are observing among the Grands Crus Classés is rather a tendency to reduce quantities sold en primeur and to allocate more grapes to second wines. Both factors increase scarcity, but they have not protected prices. Moreover, both 2024 and 2025 are very small vintages with low yields. For a good vintage like 2025, low yields may generate demand and perhaps support prices. However, release pricing must still be attractive. It is unlikely that end collectors will buy 2025 wines simply because they are produced in limited quantities”, still explains Burchfield. Regarding price trends for Bordeaux wines, he also pointed out that much depends on individual vintages. “Older vintages are showing stability. Recent vintages that corrected quickly (such as 2021) are also stable. The 2022s, and probably also the 2023s and 2024s, still appear to have downside potential”.
In short, the picture is still unclear and difficult to decode, as also noted by some of the most prestigious wine distributors in Italy. “The sentiment is the same that currently runs through the global wine market - comments Cesare Turini of Heres - namely great quality, but also a great deal of caution. From a strictly qualitative point of view, the 2025 vintage is shaping up to be one of Bordeaux great historical vintages. Never before has the average technical level of Bordeaux wines been so high: production expertise, precision in both vineyard and cellar, and the ability to interpret terroir have led to extraordinary results across virtually all quality levels. At the same time, however, we find ourselves in a very particular and contradictory historical moment. The central issue is liquidity: the en primeur system implies tying up capital for two or three years before the wine becomes available on the market, and in a complex global economic phase many operators prefer to invest in wines which are already ready to drink and immediately marketable. This is an understandable attitude - underlines Turini - a reflection of the current context: geopolitical tensions, wars, currency fluctuations, a slowdown in some export markets, and greater financial caution among trade players. Despite this, there are always exceptions: some wines continue to perform very well even en primeur, especially when high quality is combined with limited production. A striking example is Cheval Blanc, which in 2025 produced half the volume of a standard vintage and is already considered by many to be one of the emblematic wines of the harvest. The feeling is that the market is entering a much more selective phase compared to previous years. Today, the “Bordeaux name” alone is no longer enough to guarantee automatic buying dynamics in en primeur. The trade looks very carefully at the financial sustainability of the operation and, above all, at actual margins. For mid-range wines - roughly between 15 and 50 euros - the situation could become more complicated. In that segment, distributors mainly work on volumes - still underlines Turini - and tying up liquidity for years without particularly attractive margins is less appealing compared to the past. Many operators therefore prefer to focus on already available vintages, such as 2018 or 2019, which today offer very high quality, immediate enjoyment, and often very competitive prices. In fact, we see three very clear elements: 2025 is recognized as a historically significant vintage from a qualitative standpoint; despite this, the en primeur market remains lukewarm due to the international economic and geopolitical context; and the Place de Bordeaux currently holds very interesting stocks of ready-to-drink vintages toward which both the trade and part of the end clientele are turning. In other words, en primeur retains its symbolic and strategic value, but real investments today are shifting more toward wines ready to drink”. In any case, still explains Turini, despite all the difficulties it is facing, “Bordeaux remains an absolute benchmark for the global wine market, especially from a cultural, production, and technical perspective. It is hard to imagine it losing this role entirely, because it continues to be one of the regions capable of influencing the language, styles, and commercial dynamics of fine wine at an international level. What is changing, however, is the way the market relates to Bordeaux. Today, consumers and the trade are far more pragmatic than in the past: they seek accessibility, immediate pleasure, turnover, and economic sustainability of purchases. This also applies to great Italian red wines. It is clearly visible, for example, in the difficulties currently being experienced by two historic denominations such as Barolo and Brunello di Montalcino, where both sell-in and sell-out are slowing. The market is instead shifting toward denominations perceived as more accessible and with a better value-for-money ratio, such as Rosso di Montalcino or Nebbiolo d’Alba.
At the same time, for almost a decade now, there has been a steady growth in consumption linked to sparkling wines and white wines, at the expense of great red wines. This is a structural trend, no longer episodic, which continues to consolidate year after year and reflects a change in consumption habits: wines which are more immediate, more versatile, more convivial, and often better suited to frequent and informal occasions. So yes, Bordeaux remains a beacon, but it is no longer immune to the logic of the contemporary market. Today even prestige must contend with very concrete economic dynamics”.
“The sentiment toward Bordeaux is the same as in recent years, namely that the system in its current form no longer works: en primeur sales have collapsed - adds Marcello Meregalli, head of the Meregalli Group - and will continue to do so. It no longer makes sense to buy en primeur, to risk advancing purchases by two years given everything which is happening in the market, even if this year prices seem reasonable. Generally speaking, they will probably continue to decline somewhat, as has been happening for several years, to get bottles moving again in restaurants, after they had reached sky-high prices, somewhat “inflated” by the boom in Asian markets, which had partially driven away buyers from Europe and America. But, then the Asian market slowed, and Bordeaux had to lower prices. In any case, in some restaurants or luxury hotels, as well as among private buyers, with more attractive prices there is a certain return to Bordeaux consumption, even at the expense of Burgundy, whose prices have also risen significantly, perhaps too much in recent years”.
“Even in Bordeaux there is a certain sense of tension due to the difficulties facing global markets - comments Alessandro Sarzi of Sarzi Amadè - which is leading to a contraction in consumption. The quality of the vintage, objectively high, is being strongly emphasized by everyone. The same applies to highlighting the very low yields of a vintage that has been scarce in quantity. All of this is being used to justify a slight increase in prices compared to 2024. I believe that, in the short term, only the most prestigious crus and the most firmly established names will find a good market response; for second-tier châteaux, this will be a rather subdued en primeur campaign. I am absolutely convinced - still adds Sarzi adds - that Bordeaux remains the global benchmark for red wines. We can’t deny a period of difficulty, but the Bordelais are reacting with great skill. From stylistic changes in the wines to strong market dynamism, supported by substantial financial capacity, I am certain that the region will return to being a global beacon”.
“I was not in Bordeaux this year, but from what I have been told and what I have read, feedback on quality is more than positive - explains Carlo Alberto Sagna, head of Sagna - although today high quality is no longer found only in Bordeaux but in many other places. Therefore, it is no longer sufficient: quality must be paired with price consistency, and this must be structural and continuous, not opportunistic depending on the vintage. The main issue with en primeur, at least from my perspective - and I believe this sentiment is widely shared - is that it no longer represents an advantage for us distributors. It is very often possible to purchase wines at release at a price which is not identical but extremely close to the en primeur price, without having to tie up capital for two years in advance. Personally, I think that the entire “route-to-market” for Bordeaux wines should be structurally reconsidered”.
“At the 2026 “Semaine des Primeurs di Bordeaux”, the atmosphere was very different compared to the more euphoric years of the past. There was more caution, greater commercial attention, and above all a strong awareness that the en primeur system is undergoing a phase of transformation”, confirms Alessandro Rossi, National Category Manager Wine at Partesa. Who adds: “the central theme was not only the quality of the wines, but the need to restore balance between châteaux, négociants, distributors, and the end market. Many operators openly talked about more sustainable pricing, less speculation, and the need to rebuild trust after years in which some wines were released at values too high compared to real demand. There was a clear desire to bring Bordeaux back to a more credible and commercially sound model, where selling well and creating market continuity matters more than pursuing automatic price increases. The general feeling was that of a Bordeaux still extremely strong in terms of image and international prestige, but now entering a new era, much more pragmatic, selective, and aligned with the real dynamics of the global wine market. And from the first releases - still explains Rossi - it is clear that the situation is far more nuanced than in the past. There is no longer any automatic pricing mechanism as there was during the years of speculative booms. Many châteaux have understood that today the market rewards commercial credibility above all: hence we see some estates opting for significant price reductions, others aiming for greater stability, and only a few attempting to maintain very aggressive positioning. In my view, the trend will move toward an increasingly selective and pragmatic Bordeaux. Wines which offer real value compared to the secondary market will receive positive responses, while those perceived as overly ambitious risk slowing down immediately. The feeling is that the market wants to return to recognizing a tangible advantage in buying en primeur. This will likely lead, at least over the next few years, to more careful, more sustainable pricing policies that are much more closely linked to real international demand”. Despite everything, according to the Partesa manager, “Bordeaux inevitably remains a global beacon for red wine. We are talking about history, culture, and probably the system that more than any other has built the modern concept of great international wine. And, this value, especially for the great châteaux and collectible wines, will continue to exist. That said, the market is changing deeply, and Bordeaux will also have to evolve, especially in the entry-level segment”.
For years, many “basic” Bordeaux wines have suffered from a certain stylistic uniformity: wines often lacking a strong identity, with limited territorial distinctiveness and positioned in a price range that today can confuse consumers. Because when a Bordeaux costs less than wines that may be less well-known but more distinctive and characterful, the risk is weakening the very perception of the Bordeaux brand.
I therefore believe that the future will involve fewer Bordeaux wines driven by volume alone, and greater focus on quality, recognizability, and the real value of the wine in the glass. At the same time, we will likely see a commercial revolution: less automatic speculation, more selection, and a more sustainable market. This doesn’t mean losing the world of collecting. On the contrary, I believe that the great Bordeaux wines will continue to play a central role for collectors and investors, as they remain one of the few global symbols of wine capable of combining history, prestige, and international market appeal”.
A more positive sentiment is expressed, though from a particular perspective, by Gianluca Telloli (Proposta Vini), who has chosen to focus on small producers and rarities, even outside the classic Bordeaux circuits. “Let’s say that, after a season of dissatisfaction and concern, the issue of vine uprooting and so on, there is now a bit of a return to genuine consumption, tied to a commercial positioning that has changed and is more balanced than in the past. In general, I believe we are entering a phase of relative stability, without further sharp declines. Among the trends, we are seeing growing interest in Bordeaux white wines. This is a region which, as mentioned, we approach from a particular perspective, but which has nonetheless written some of the rules of the wine market and remains a symbol, even if it is rethinking itself in terms of volumes, with vine uprooting, and working on wines which are more accessible both stylistically and in terms of price positioning. In short, Bordeaux remains a classic that is working to modernize itself”.
“We have confirmed a couple of purchases at an extremely attractive quality/price ratio - comments concisely Pietro Pellegrini, head of Pellegrini Spa - and we are waiting to see what happens, because so far very little has been released”.
The testimony of Gennaro Iorio, head of the renowned cellars of the Hôtel de Paris in Monte Carlo, one of the benchmarks of global luxury, is also notworthy: “compared to last year, there was a bit more enthusiasm, although that doesn’t necessarily mean that enthusiasm will translate into business. As for prices, I think that if anyone has the courage to increase them even slightly, it is a strategic mistake, because this is a very difficult moment. For example, Bordeaux had an underrated 2023 vintage which today offers outstanding value for money, and I would invest in those wines that are already available for delivery. In any case, Bordeaux remains a market benchmark, and I think that, overall, the quality of Bordeaux wines has never been as high as it is today”.