Wine merchants in Hong Kong and China have declared the Bordeaux 2014 en primeur campaign to be a success. As reported in The Drinks Business, demand was especially strong for the First Growths of the Left Bank, in particular Lafite Rothschild and Mouton Rothschild, and also Pomerol Icon, Pétrus.
Particularly encouraging is the sense that the demand within Hong Kong and China is of a far more sustainable nature than during the boom of 2010-2011. During that time, fine wine was a new and exciting product and prices shot up to historic highs only to experience a correction from mid-2011. This was in part due to a crackdown on spending by government officials who had been significant buyers of luxury drinks such as fine Bordeaux to give as gifts.
But in positive news, merchants are now confirming that the market has ‘matured’ and ‘balanced’ with buyers focussing on wine from the classic ‘blue-chip’ châteaux, namely top First Growths, for personal consumption rather than gifting. Says Eric Desgouttes of Kerry Wines, buyers are ‘staying loyal to the châteaux they love and trust’.
These reports from the Far East are especially encouraging in light of the strength of North American sales of en primeur as reported in our earlier blog this week. That two major markets for Fine Wine are reaffirming their demand for First Growth Bordeaux is vindication of our belief that the global fine wine market is stabilising. It also supports our strategy of cherry-picking only a few of the finest names from the 2014 vintage where the pricing made sense, such as Lafite Rothschild, where there is good potential for the price to appreciate.
For more information on Chateau Lafite Rothschild 2014 and our view on the vintages top picks contact us now on 0203 384 2262