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En primeur facing a 'phoney war' as chateaux hold back on prices

Published:  16 April, 2015

Prices for en primeur 2015 are widely anticipated to be released in the next two weeks - but châteaux owners seem to be wary of committing themselves, a leading fine wine investment expert has warned.

Prices for en primeur 2015 are widely anticipated to be released in the next two weeks - but châteaux owners seem to be wary of committing themselves, a leading fine wine investment expert has warned.

Peter Shakeshalf, founder and CEO of fine wine investment specialists Vin-X told Harpers the situation was that of a "phoney war" in which châteaux owners in Bordeaux were reluctant to be the first to announce their prices.

"They all seem to be waiting for each other to move the prices," he told Harpers.co.uk. 

Last year Pontet-Canet in Pauillac was widely "slated" for releasing the price ahead of the trade tastings and Shakeshaft suggested few châteaux were willing to risk this happening again, despite the 2014 vintage being superior to 2012 and 2013.

He said châteaux owners were denying the hesitancy was caused by the absence of Robert Parker in the en primeur campaign or because they simply couldn't price the wine - but said he suspected both might be contributing factors to the current stalemate.

"They are very aware of prices and no-one want to show their hand," he said. "They are speaking to courtiers and aware it is a very delicate pricing."

He said the French market was anticipating prices would be released in the next two week, but he said it was likely someone would break ranks in the next ten days.

"A few scores have been released now, and then I think we will see a haemorrhaging of prices," he said. 

Shakeshaft said his hunch was that pricing overall would be 4-7% above last year's figures.

"I'd say that it was likely to go up around 4-7% above 2013 prices, but that will be negated by the increase in the Euro against Sterling. So the British can buy. Any more than that and I'd be wary for my clients, but this is fine with us. In Sterling terms, that would be no real change. "

Châteaux owners were aware that the US and British markets were strong. "The US market is coming back and all of them are talk to the Bordelais," he said. "A lot of the big merchants have come for en-primeur tasting, but the big wigs are here now for to negotiate," he added.

Will Hargrove, head of fine wine at Corney & Barrow told Harpers last week  the campaign was likely to start early and be concluded quickly, saying it was "in everyone's interests" to have it up and running and done by the end the May. "There is no interest it dragging it out - we need good price and good pacing on the wines and to get it into people's cellars," he said.

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