Bordeaux’s futures campaign for the 2023 vintage has begun. Will the wines (and their prices) be tempting enough to attract consumers? In coming weeks, Wine Spectator will report and analyze the latest releases from Bordeaux, compare them to past vintages available now and see how sincere the châteaus are in their plans to woo back wine consumers. Check back for prices and analyses.
2023 Futures Prices
These estates represent a selection of leading wineries. Retail prices are an average of trusted retailers we follow. Prices for the 2023s are listed alongside the current prevailing retail price for Bordeaux's recent vintages, so you can measure where the wines are vis-à-vis those currently on retail shelves.
Data compiled by Cassia Schifter
| Château | 2023 initial futures offering at U.S. retail | 2022 initial futures offering at U.S. retail | 2022-2023 retail change | Current 2020 price at U.S. retail | Current 2019 price at U.S. retail | Current 2018 price at U.S. retail |
|---|---|---|---|---|---|---|
| Angélus | $352 | $455 | -23% | $408 | $401 | $460 |
| Beychevelle | $84 | $96 | -13% | $115 | $133 | $144 |
| Brainaire-Ducru | $47 | $57 | -17% | $55 | $72 | $79 |
| Calon-Ségur | $112 | $147 | -24% | $136 | $148 | $200 |
| Canon | $125 | $161 | -22% | $224 | $201 | $198 |
| Canon-La Gaffelière | $71 | $91 | -22% | $89 | $96 | $116 |
| Cheval Blanc | $531 | $668 | -20% | $649 | $958 | $935 |
| Clos Fourtet | $98 | $127 | -23% | $130 | $133 | $156 |
| Cos-d'Estournel | $157 | $281 | -44% | $235 | $221 | $237 |
| Ducru-Beaucaillou | $165 | $246 | -33% | $262 | $252 | $250 |
| Figeac | $NA | $350 | -% | $265 | $325 | $325 |
| Giscours | $58 | $71 | -18% | $72 | $69 | $90 |
| Grand-Puy-Lacoste | $64 | $81 | -21% | $84 | $86 | $98 |
| Haut-Batailley | $51 | $62 | -18% | $68 | $67 | $80 |
| Haut-Brion | $427 | $707 | -40% | $688 | $736 | $786 |
| La Fleur-Pétrus | $202 | $287 | -30% | $273 | $228 | $271 |
| La Mission Haut-Brion | $245 | $363 | -32% | $436 | $475 | $452 |
| Lafite Rothschild | $531 | $772 | -31% | $848 | $1,172 | $1,288 |
| Léoville Barton | $80 | $90 | -11% | $104 | $131 | $128 |
| Léoville Las Cases | $184 | $360 | -49% | $323 | $286 | $343 |
| Léoville Poyferré | $80 | $116 | -31% | $123 | $131 | $170 |
| Lynch Bages | $99 | $142 | -30% | $150 | $202 | $167 |
| Malescot-St.-Exupéry | $48 | $64 | -26% | $69 | $76 | $83 |
| Margaux | $491 | $709 | -31% | $729 | $916 | $936 |
| Montrose | $161 | $209 | -23% | $221 | $203 | $233 |
| Mouton-Rothschild | $443 | $695 | -36% | $749 | $936 | $885 |
| Palmer | $311 | $389 | -20% | $373 | $365 | $520 |
| Pape Clément | $82 | $87 | -6% | $107 | $111 | $121 |
| Pavie | $314 | $407 | -23% | $370 | $387 | $452 |
| Pavie-Macquin | $65 | $91 | -29% | $120 | $93 | $105 |
| Pichon Baron | $136 | $181 | -25% | $177 | $218 | $223 |
| Pichon Lalande | $153 | $239 | -36% | $219 | $277 | $268 |
| Pontet-Canet | $93 | $125 | -25% | $123 | $158 | $166 |
| Rauzan-Ségla | $84 | $114 | -26% | $120 | $125 | $184 |
| Smith-Haut-Lafite | $123 | $151 | -%18 | $165 | $146 | $162 |
| Talbot | $50 | $66 | -24% | $67 | $89 | $91 |
| Troplong Mondot | $124 | $140 | -12% | $120 | $128 | $131 |
| Trotanoy | $240 | $413 | -42% | $410 | $377 | $396 |
| Vieux Château Certan | $245 | $365 | -33% | $429 | $371 | $399 |
$NA means a wine has not been released or is not sold in sufficient quantities by U.S. retailers yet to determine an average price.
May 17: Cos-d'Estournel, Ducru Beaucaillou and Malescot St. Exupéry Continue a Busy Week of Releases
Bordeaux winemakers had quietly promised négociants that this year’s campaign would be focused, with releases well-paced to maintain buyers’ interest. That has certainly been true this week as each day has brought futures from several top wineries.
On May 16, Château Cos-d’Estournel released its first tranche of 2023 futures at €114 per bottle ex-négociant, down 38.7 percent compared to the 2022 release price of €186 per bottle. Top U.S. retailers are selling it for $157 per bottle, which is 44 percent less than the 2022 futures and well below most recent vintages on the market.
Château Pape Clément released its futures the same day at a price of €58.20 per bottle ex-négociant, down 6.7 percent on the 2022 release price of €62.40. Top retailers are offering it for $82 per bottle, just 6 percent less than the 2022 price of $87. Yes, the 2023 is priced below most recent vintages, but based on James Molesworth’s impressions of the overall vintage, it could still be overpriced.
On May 15, Ducru Beaucaillou released its 2023 futures at €120 per bottle ex-négociant, down 35.5 percent on the 2022 release price of €186 per bottle. U.S. retailers are offering it for $165 per bottle, down 33 percent from the 2022 price of $246 and below recent vintages currently on shelves.
Château Malescot St. Exupéry released its 2023 futures at €32.50 per bottle ex-négociant, down 27.8 percent on the 2022 release price of €45. Top retailers are offering it for $48 per bottle, down 26 percent from the 2022 futures price and $20 to $30 less than recent vintages in bottle. This continues to be a good Bordeaux value.
May 14: Haut-Brion, La Mission and Lynch Bages Bring The Savings
The big Bordeaux savings are back. Château Haut-Brion joined the campaign, releasing its first trancheof 2023 futures at €312 per bottle ex-négociant, down 39.5 percent on the 2022 release price of €516 per bottle. Top American retailers are selling 2023 futures for $429 per bottle, $5,148 per case. That’s 39 percent less than the 2022 futures on release and well below the current prices of the 2020, 2019 and 2018 vintages. The château also released its white wine, Haut-Brion Blanc, pricing futures at €540 per bottle, down 10 percent on the 2022 futures.
Haut-Brion’s owners also released La Mission Haut-Brion, pricing its 2023 futures at €180 per bottle ex-négociant, down 31.8 percent on the 2022 release price of €264 per bottle. American retailers are offering it for $244 a bottle, down 33 percent from 2022 futures. That’s less than half the current price of the 2019 vintage.
Château Lynch Bages also released, pricing its 2023 futures at €72 per bottle ex-négociant, down 31.8 percent on the 2022 release price of €105.60 per bottle. Top U.S. retailers are selling it for $98 a bottle, $1,176 per case, 31 percent below 2022 futures and well below recent vintages available in the bottle. Lynch Bages regularly offers excellent quality and value, making a price below $100 very attractive.
May 13: Cheval Blanc and Léoville Barton Release and Price Reductions Are Rapidly Shrinking
After a few holidays in France, Bordeaux wineries have restarted the campaign with several notable releases. Château Cheval Blanc released its first tranche of 2023 futures at €384 per bottle ex-négociant, down 18.3 percent compared to the 2022 futures price of €470 per bottle.
Leading U.S. retailers are offering the 2023 futures at $529 per bottle, or $6,348 per case, 21 percent less than the 2022 futures. That’s lower than the current prices of Cheval Blanc’s 2021 and more than 40 percent lower than the 2018 and 2019 vintages. It’s not as big a price drop as Left Bank first-growths Lafite Rothschild and Mouton-Rothschild, however. What’s more concerning is that as the campaign enters its third week, the price reductions are getting steadily smaller.
Château Léoville Barton and Langoa Barton, owned by the same family, also released their first tranche of 2023 futures. Léoville Barton released at €55.80 per bottle ex-négociant, down 13.1 percent on the 2022 release price of €64.2 per bottle. American retailers are offering the 2023s for $79 per bottle, down 12 percent on 2022. That’s below the current retail price of the 2020 vintage and well below prices for the 2018s and 2019s. While the reduction is smaller, Léoville Barton offers consistently excellent quality at its price.
May 7: Even Angélus Has Reduced Prices (Though Less than Others)
Bordeaux continued its focused campaign today, as several top names released their first tranches of 2023. And while the price drops from last year continued, they were not as impressive today. Château Angélus released its 2023 futures at €260 per bottle ex-négociant, down 25.7 percent on 2022’s opening price of €350 per bottle. Leading U.S. retailers are offering the wine for an average of $353 per bottle, down 22 percent from last year's price of $455.
The futures are less than all recent vintages on the market. Angélus has not been shy about raising its prices since it was promoted in the 2012 St.-Emilion classification. While this year it has reduced them, the drop is much less than the major names that have already released.
Château Haut-Batailley also opted for a lesser discount, releasing its 2023 futures at €36 per bottle ex-négociant, down 16 percent from the 2022 release price of €43.20. American retailers are offering the 2023 for $51 per bottle, an 18 percent reduction from 2022. That puts it well below all recent vintages on the market. However, this winery is on a different path. The Cazes family of Lynch Bages bought it in 2017, and the wine quality has been on an upward trajectory since.
May 6: Mouton-Rothschild Continues the Trend of Lower Prices
The second week of the Bordeaux futures campaign has brought another first growth to the party, and prices are continuing to fall from last year. Mouton-Rothschild released its first tranche of futures on May 6 at at €330 per bottle ex-négociant, a 36 percent decrease on the 2022 release price of €516. Leading U.S. retailers are offering the 2023 futures for $442 per bottle, or $5,304 a case, a 36% decline from the 2022 futures.
At that price, the 2023 futures cost less than half the price of the 2019 vintage currently in bottle. While the 2023 may not proved a benchmark vintage, the price is certainly attractive for regular collectors of Mouton.
On May 3, Château Talbot released its 2023 futures at at €36 per bottle ex-négociant, down 25 percent on the 2022 release price of €48. American retailers are offering it for $50 a bottle, down 24 percent from the 2022s. The winery has offered consistent quality and value for a decade now. The 2020 earned 95 points and is available now for only slightly more than the 2023 futures.
May 2: Château Lafite Rothschild Becomes the First First-Growth to Hit the Market
Château Lafite Rothschild has joined the futures campaign, releasing its 2023 at €396 per bottle ex-négociant, a 31.7 percent decrease on the 2022 release price of €580. Leading U.S. retailers are offering 2023 futures for $530 per bottle, or $6,360 per case, a 31 percent decrease on the 2022. That’s below the price of the past four vintages on the market.
Unlike many top Bordeauxs in recent vintages, Lafite appreciates almost every year. The 2019, which scored 98 points, was released at a similar initial price of $536 and now sells for $1,172 per bottle. While the 2023 has not been reviewed yet, senior editor James Molesworth reports that the overall 2023 vintage in Bordeaux is promising, but not as good as 2019.
Is this a sign of a serious effort by Bordeaux to offer value? That depends on whether other top names follow suit.
April 30: Léoville Las Cases and Pontet-Canet Start the Campaign
The campaign entered like a lion bearing discounts—Château Léoville Las Cases released its 2023 futures at €138 per bottle ex-négociant, a 40 percent decrease on the 2022 release price of €230 per bottle. Leading U.S. retailers are offering the 2023 for $181 a bottle, $2,172 a case, a 50 percent decrease from the 2022. That puts the wine, which has not been reviewed yet, well below recent vintages on the market.
Château Pontet-Canet has been aggressive on pricing in recent years, but the winery released its futures at €66 per bottle ex-négociant, down 26.7 percent on the 2022 release of €90. Leading retailers are offering 2023 futures at $91 a bottle, or $1,092 per case, a 27 percent decrease from the 2022s.
Recent Futures Campaigns Haven’t Paid Off for Wine Consumers
The premise of Bordeaux en primeurs is fairly simple: The top wineries of the region sell futures the spring after harvest, while the wines are still aging in barrels. They get cash up front to help them cover production costs. The négociants—as well as the retailers, restaurants and consumers they sell the futures to—get first dibs on the wine, theoretically at a lower price than when it’s bottled and released two years later.
There are five numbers that shatter this concept however—2022, 2021, 2020, 2018 and 2017. According to Liv-Ex, a London-based marketplace that tracks collectible wines, the current prices of the top 500 Bordeaux estates from those five vintages are all below their futures prices. Only the 2019 vintage has proven a worthwhile investment for Bordeaux consumers.
So do the châteaus need to change their approach if they hope for the 2023 vintage campaign to succeed? And will they?
Bordeaux May Not Need Futures Anymore
For several years now, there has been growing evidence the top names in Bordeaux see futures less as a sales campaign and more as a marketing opportunity that allows them to set their price benchmarks. Prices have continued to climb, despite the ups and downs of the global economy. At the same time, château owners are reducing the amount of wine they release as futures. Once they were desperate for cash flow—now they have enough money to age the wine and sell most of it years later, when demand is higher. Château Latour left the futures process entirely in 2012.
Despite the rising prices and diminishing returns, the négociants have continued to buy futures each year. Their motivation has been to hold on to their allotments from the top wineries.
But the négociants may not be able to play that game any longer. Their inventory is at record levels. The pandemic and its aftermath have hurt their bottom lines. And château owners seem to have finally realized this. “The négociants don’t have the money,” one prominent estate director in the Médoc told Wine Spectator. “They are not going to buy their allotments to hold stock this year. That is absolutely clear.”
James Molesworth, Wine Spectator senior editor and lead taster for Bordeaux, weighs in on the wisdom of buying futures.
Do Consumers Need Bordeaux Futures Anymore?
The early buzz from Bordeaux is that the 2023 wines are potentially outstanding, but also heterogeneous. It's another mixed bag of a vintage. There’s also word that this year’s campaign will be efficient and prices will come down. Will they drop enough to entice American consumers who no longer need to buy Bordeaux, when there are hundreds of outstanding luxury wines available from regions like Burgundy, Barolo, the Rhône and California? That’s the big question.
While some industry insiders suggested prices could fall dramatically, others offered a word of caution. "For Château Beychevelle, the primeur price is always, and will remain, the cheapest the market can get. So in 2023 our price will be lower than 2022," said Philippe Blanc, general manager of Beychevelle. "But what it will not be is 30 to 35 percent lower, as expected by some of the trade. We have a fair idea of a price that is absolutely acceptable and that our clients would not reject."
With reporting by Suzanne Mustacich.
Learn more about the 2023 vintage with Wine Spectator senior editor James Molesworth's tastings of barrel samples at leading châteaus.
