History of En Primeur
The practice of offering unfinished wines for sale dates back to the 17th or 18th century
The concept of en primeur, also known as wine futures, dates back several centuries and has evolved over time. Here's a brief history of en primeur:
Origins in Bordeaux: The en primeur system originated in Bordeaux, France, where it has been practiced for centuries. Historically, Bordeaux winemakers would offer a small quantity of their unfinished wines for sale shortly after the harvest. This allowed merchants, or négociants, to secure future allocations and provided cash flow to the winemakers for production costs.
Development of the Bordeaux Wine Trade: In the 18th and 19th centuries, Bordeaux became an important hub for wine trading. Merchants began to play a crucial role in the distribution and export of Bordeaux wines, and the en primeur system expanded to accommodate the growing trade. It allowed merchants to establish relationships with wineries, secure allocations, and assess the quality of the vintage before the wines were fully matured and bottled.
Growth and Global Reach: As Bordeaux wines gained international recognition and demand, the en primeur system expanded beyond the local market. Fine wine merchants and enthusiasts from around the world started participating in the en primeur campaign, which typically takes place in the spring following the harvest. This allowed buyers to secure allocations of highly sought-after Bordeaux wines before they were released to the general market.
Adoption in Other Regions: Over time, the en primeur concept has been adopted by other wine regions globally, although to varying degrees. Examples include regions like Burgundy, Rhône Valley, Italy's Piedmont (Barolo and Barbaresco), and some New World regions. However, the scale and structure of en primeur campaigns may differ, depending on the region and the specific winemaking practices.
Benefits and Risks: En primeur offers benefits for both winemakers and buyers. Winemakers secure early sales and revenue, allowing them to invest in vineyard management and winemaking processes. Buyers have the opportunity to purchase wines at potentially lower prices compared to post-bottling prices and secure highly sought-after vintages. However, en primeur also carries some risks, such as uncertainty about the final quality of the wine, market speculation, and potential price fluctuations.
Today, the en primeur system continues to be an important part of the fine wine market, particularly in Bordeaux. It provides a platform for wineries to showcase their wines to an eager audience and allows wine enthusiasts and collectors to access highly anticipated vintages before they are released into the general market.