Bordeaux 2023: Time for a Reset?

After a difficult year for the fine wine market, all eyes are now on Bordeaux and the 2023 En Primeur campaign. The big question is whether Bordeaux can win back the confidence of collectors and reassert its relevance in today’s landscape.

In 2010, Bordeaux made up more than 80% of the secondary market by value. Fast forward to 2023, and that share has dropped to 35.7%, according to Liv-ex. Global buyers have been looking elsewhere: Burgundy, Champagne, Napa — but Bordeaux still offers unmatched pedigree, scale, and liquidity. For many collectors, it remains the gateway to fine wine.

Recent En Primeur campaigns, however, have left buyers underwhelmed. Last year’s 2022 vintage was a prime example: excellent wines, but offered at punchy prices in a cautious market. As a result, many releases traded down in value once they hit the market.

The current backdrop tells a different story. Global fine wine prices are down. The Liv-ex Fine Wine 1000 dropped 14.1% in 2023, its worst calendar year since 2008. But for us and our clients, this represents a rare opportunity.

Exceptional wines are now changing hands on the secondary market at serious discounts. For collectors who know what they’re looking for, or who work with someone who does, this is an ideal moment to secure top estates at prices that haven't been seen for years.

As we prepare for the 2023 En Primeur campaign, there’s cautious optimism that châteaux will respond with realistic pricing and a more buyer-friendly approach. If they do, Bordeaux could find itself back in favour, not just for the romance of the region, but because it makes solid collecting and investment sense.

At Bacchus, we help our clients navigate both En Primeur and the secondary market, sourcing wines with long-term potential and ensuring you’re buying with confidence — not just FOMO.

If you're looking to take advantage of the current pricing reset or want to talk through the 2023 campaign as it unfolds, we’d love to chat.