Over 75% of Bordeaux sells for under €1,000 /cask

Mardi 26 novembre 2019 par Vitisphere

 Although there are no red 2018 Bordeaux contracts below €700 a barrel, very few are trading at €1,500, the average price for the 2017 crop.
Although there are no red 2018 Bordeaux contracts below €700 a barrel, very few are trading at €1,500, the average price for the 2017 crop. - crédit photo : DR

“If it weren’t for a few remaining transactions of medal-winning or organically certified batches, the data would be much worse”, sighed a Bordeaux broker, referring to the latest bulk transaction statements issued by the Bordeaux wine marketing board CIVB. Dated 4 to 15 November, the figures indicate that the average price per barrel of red 2018 Bordeaux is just slightly in excess of 900 euros. Fewer than 40 contracts and 10,000 hectolitres were traded, which represents small but significant volumes according to the new communication methods of the CIVB’s economic department.

The latest statement, which Vitisphere has been privy to, shows that 75% of volumes from the 2018 vintage change hands at between €700 and €1,000 per barrel. One third of the way through the 2019-2020 marketing season contract volumes are admittedly up on the low 2018-2019 season, but they remain well below those recorded over the past decade. With prices falling below psychological thresholds, sales cannot recover. With the decline in supermarket sales – as confirmed by the in-store wine festivals this autumn – and uncertainties in export markets, including the United States and Hong Kong, the prospects of a recovery seem increasingly doubtful for the Bordeaux wine industry.

Saint-Vincent

Not wishing to comment before the CIVB’s next AGM on December 16, the region’s industry representatives are aiming to kick-start sales by rallying stakeholders around forthcoming collective promotion thrusts, particularly Bordeaux’s first Saint-Vincent festival on 24-25 January 2020.

 

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