What you need to know to invest in Bordeaux 2024 En Primeurs

Will Bordeaux price the 2024 En Primeurs for global disruption? What do you need to know before investing in this vintage?

The global economic and political environment ahead of the latest Bordeaux vintage release has echoes of Spring 2020 when Covid hit. Financial markets are see-sawing billion-dollar swings of loss and fragile lift with little predictability. Whilst Trump has provided a 90-day delay in 20% tariffs the market still has to ride a 10% hit.

Given these pressures will Bordeaux adopt a similar approach to pricing the 2024 vintage release to that of 2019 wines in 2020? I.e. deliver a significant discount which made the 2019 campaign one of the best priced in recent years for investors.

There is notable expectation from global merchants and key agents within the supply chain that Bordeaux will have to be pragmatic and realistic with its pricing strategy to engage the market in the 2024 campaign. The price correction since the peak of the fine wine bull-run in October 2022 means that these embryonic Bordeaux wines will be launched at a time when some mature investment wines, in their drinking windows, are available at prices below their original release prices.

The rationale to acquire wine futures, i.e. En Primeur, was to buy wines at their likely lowest ever price and to secure supply of rare fine wine. Bordeaux must keep this in mind given the current conditions.

The stages of the En Primeur campaign

The Bordeaux annual En Primeur campaign is still one of the most highly anticipated events in the wine calendar and comprises three stages.

1. Stage 1 In-barrel tastings of the vintage wines by critics and trade buyers
2. Stage 2 Publication of the key critics’ quality scores
3. Stage 3 The initial Release Price confirmation as allocations of the en primeur wines are placed onto the secondary market and trading commences.

The Bordeaux 2024 wines have been sampled by some of the key critics ahead of the official trade tastings taking place in the region in the week 14 - 17  April 2025. The Union de Grand Crus de Bordeaux (UGC) represents 131 affiliated chateaux and will host around 6,000 journalists and trade buyers from around the world that week.

However, the exclusive very first tastings of the embryonic 2024 produced by the legendary First Growths, Right Bank icons and key investment wines, are strictly managed by the Chateaux and are the hottest wine-tickets in town.

Of course, we will be sharing our thoughts and those of the key critics in the coming days.

What do we know about Bordeaux 2024?

2024 was the wettest year in Bordeaux since 1992 and consequently this, combined with reduced vineyard acreage, led to one of the lowest yields in the last decade. March and September were particularly hard hit as you can see from the average rainfall figures. Notably, the level of rainfall during the harvest period was particularly challenging.

Rainfall in recent vintages compared with 2024

Source: Liv-ex.com / Gavin Quinney . Rainfall measured in mm ,* 10-year average 2014 – 2023, ** 30-year average 1981 - 2010

Average temperatures in the summer months of 2024 were in line with those recorded in 5, 10 and 30 year samples and nearer those of 2023 than the very hot 2022. There was a marked differential in the preceding winter month of December 2023 with an average cold temperature  of 4.4 degrees, around half the 5-year average and well down on preceding years and longer term 10 and 30-year records.

Temperature in recent vintages compared with 2024

Source: Liv-ex.com / Gavin Quinney. Temperature measured in degrees C, *5-year average 2019 – 2023, ** 10-year average 2014 – 2023, ***30-year average 1981 - 2010

Yield and 2024 investment wine supply

The key outcomes of these weather influences are quality and supply. 2024 was the smallest harvest since 1991 and another in a series of small crops since 2020. Bordeaux production has reduced from the 10-year average 775million bottles (75cl) between 2001 – 2010, to 376million in the 5-year period 2021 – 2024. This level is closer to current market demand and due to the reduction in vineyard areas as well as climate pressures.

Bordeaux 2024 vintage yield compared to recent vintages

Source: Liv-ex Report: 'Bordeaux 2024 – A factory reset?', 8^th April 2025

Good levels of production are measured as being above 40 hectolitres per hectare (hl / ha) and low productivity less than 36 hl / ha. The most important appellations for investment wines harvested up to 30% below the 20-year average in the 2024 vintage. Pauillac hasn’t hit this low level in 20 years, except for the extremely challenging 2013 vintage.

Bordeaux 2024 yields for key appellations

Source Liv-ex.com, Gavin Quinney / Customs /CIVB, March 2025

What kind of returns can you get from investing in En Primeurs?

The original rationale for buying En Primeur was to buy at the lowest ever price on first release.

Historically, Bordeaux used to price wines sold ‘in-barrel’ at a discount to anticipated future in-bottle prices to a small number of loyal customers happy to buy the wines very young.

Pricing, however, has evolved and the discount has either disappeared in most cases or become marginal. Identifying those wines with the potential for growth from release prices is key for investors and their advisors. We appraise the campaign very carefully to ensure we select those wines with excellent quality scores and that are priced for growth.

Top Returning En Primeur campaigns in the last 20 years

Source: Liv-ex Report: 'Bordeaux 2024 – A factory reset?', 8^th April 2025

Generally, fine wine prices should grow over the long term whether acquired in barrel or bottle. Recent vintages where release prices have proved to be unsustainable and further hampered by the market correction will take longer for investors to feel the benefit. Over-pricing of Bordeaux En Primeur wines has created some wariness to investing at this early stage.

The release of the 2019 vintage in Spring 2020 was a period again of extreme uncertainty and volatility in all markets due to the Covid pandemic. The average returns from this campaign are currently the best since 2017. An excellent quality vintage priced well has rewarded across the supply chain. Will Bordeaux adopt the same approach with 2024?

Investors need to appraise pricing data, supply and quality scores carefully to invest smartly in the 2024 En Primeurs and we are here to help guide you.

Can the wine critics’ scores influence En Primeur prices?

More than any other region, the scores of the most influential critics guide markets. This may be due to the prolific choice in investment wines the region offers. Also, the tradition of quality scores is perhaps more firmly set with Bordeaux than any other region and there is simply more critics rating the region’s great wines.

The 2024 quality scores will be published during April. See which key critics are important for wine investors to follow. 

Our view ahead of the 2024 campaign

The need for Bordeaux to get the pricing right for this En Primeur campaign is pivotal and will impact on the wider market. The negociants are at the sharp end of the process and where they reportedly broke even in 2022, they averaged a loss in 2023.

The Chateaux need to bear this in mind when setting their primary price level at ex-chateau. Where the En Primeur sales mechanism once provided these producers with necessary cash flow, it is now deemed as more of a marketing function. However, the negociants provide a vital distribution route for most chateaux and the pricing this year needs to recognise that.

The added pressures of the newly applied US tariffs and a weakening US dollar are key considerations. The current 90-day suspension on the full 20% hit on US buyers is likely to mean that the chateaux will release at a pace this campaign. The fact that the 2024 wines remain off-shore whilst maturing in barrel in the chateaux cellars until 2027 at the earliest is an important incentive for US buyers seeking to dodge the current Trump levy. Tariffs may have returned to more ‘normal’ levels by then.

There will be lower supply released at En Primeur given the highly unpredictable global market conditions and the much lower production levels in 2024. Given this tighter supply and the significant volatility in financial markets this has to be the year for a lower-priced campaign. Those chateaux that recognise this will put themselves in the best position for a successful 2024 release and build loyalty with the market.

Get the Bordeaux 2024 En Primeur campaign investment pointers

Our team are attending the 2024 tastings in Bordeaux, and we will provide our view through our social media channels, newsletter and blog over the campaign period. You can also find out more about investing in En Primeurs by speaking to our expert portfolio managers on 0203 384 2262.