Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Uproar After NC State Agent 'Fixes' Girl's Lunch Preschooler has to eat chicken nuggets instead of mom's meal »

In Wine Market, a Bubble Has Burst

Futures sales in trouble after years of spiraling prices

By Jason Farago,  Newser Staff

Posted Mar 31, 2009 8:08 AM CDT

(Newser) – The most serious wine collectors buy their bottles "en primeur"—paying vineyards for futures of wines that haven't been produced yet. Futures prices for wine had spiraled higher and higher in recent years, even for inferior vintages, as a new class of big spenders moved into the market. But many buyers are staying away from this week's tastings of the 2008 vintages in Bordeaux, writes the New York Times, as a protest at unreasonably high prices.

Merchants say that the vineyards refuse to accept that current market conditions mean prices for bottles must come down, while producers, especially smaller ones, say they can't afford to slash prices. Some of the region's top chateaux will cut prices by 15% from last year's en primeur, but one leading wine merchant said that "cutting the price by 50% to 60% is the only way it’s going to work."

Many leading wine buyers are staying away from this week's primeur tastings in Bordeaux in protest at overpricing by top chateaux.
Many leading wine buyers are staying away from this week's primeur tastings in Bordeaux in protest at overpricing by top chateaux.   (©atl10trader)
Some wine buyers think prices for top bottles of French red should come down by as much as 60%.
Some wine buyers think prices for top bottles of French red should come down by as much as 60%.   (©GoodWineUnder20)
Tastings of the 2008 vintages of Bordeaux for en primeur sales take place this week.
Tastings of the 2008 vintages of Bordeaux for en primeur sales take place this week.   (©filtran)
Some wine buyers think prices for top bottles of French red should come down by as much as 60%.
Some wine buyers think prices for top bottles of French red should come down by as much as 60%.   (©PhillipC)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Forget Snobbery: Drink Cheap Wine

For 1st Time, US Drinks More Wine Than France

12 Little-Known Wines Worth Trying

Take the Mystery Out of the Wine List

France Urges Schools to Hold Wine Tastings


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne