En Primeur, also known as Wine Futures, is a fascinating and unique process in the world of wine. It involves the purchase of wines directly from the producer before they are bottled and released onto the market. This practice originated in the Bordeaux region of France but has now gained popularity in other wine regions as well.
The term “En Primeur” translates to “first” or “in its prime” in English, which perfectly captures the essence of this concept. It allows wine enthusiasts and collectors to secure wines from exceptional vintages and prestigious estates before they become widely available. This anticipation and excitement of acquiring wines before they are even bottled is what makes En Primeur so intriguing.
One of the main reasons for buying wines En Primeur is the potential for price appreciation. In exceptional vintages, demand for these wines can be extremely high, and as a result, the prices tend to increase as they age. By purchasing wines En Primeur, collectors and investors can benefit from potentially lower prices compared to the retail market once the wines are released.
Another significant advantage of purchasing En Primeur is the access to limited production wines. Some of the most sought-after wines are produced in limited quantities, and they can be difficult to find once they are released. By participating in En Primeur, buyers have the opportunity to secure allocations of these highly coveted wines.
The En Primeur process typically begins shortly after the harvest, when wine critics and journalists are invited to taste and assess the young wines. Their evaluations and scores play a crucial role in determining the demand and potential value of the wines. Wine merchants and brokers then offer these wines to their clients, who can purchase them based on the critics' assessments and their own personal preferences.
One of the key aspects of En Primeur is that the wines are purchased exclusive of Duty and VAT. This means that buyers are only required to pay for the cost of the wine itself, without the additional taxes and duties that would be incurred if they were purchased at a later stage. This can result in significant savings for buyers, especially in countries with high taxes on alcohol.
After the wines are purchased En Primeur, they are typically stored in bonded warehouses or cellars under optimal conditions until they are ready for delivery. This period of aging allows the wines to develop and mature, enhancing their complexity and character. Depending on the vintage and producer, the wines are usually shipped 2-3 years after the initial purchase.
Participating in En Primeur can be an exciting and rewarding experience for wine enthusiasts. However, it is important to note that it also carries some risks. The quality of the wines can vary from vintage to vintage, and there is always a degree of uncertainty involved in purchasing wines before they are bottled. It requires a certain level of knowledge and trust in the producer and the critics' assessments.
En Primeur is a unique and intriguing practice in the world of wine. It allows buyers to secure wines from exceptional vintages and prestigious estates before they are released onto the market. The potential for price appreciation, access to limited production wines, and the opportunity to experience the development of the wines over time are some of the key reasons why En Primeur is highly valued by wine collectors and enthusiasts.