Bordeaux over a barrel

British importers are threatening to turn their backs on Bordeaux blue chip claret this year following the "biggest impasse on pricing" in living memory.

As the 2008 en primeur campaign kicks off in the world's biggest fine wine region, there are signs the speculative fine wine market is in meltdown.

Frantic negotiations are happening in Bordeaux's chateaux over when and at what level to release prices for the 2008 vintage - which is released en primeur for tasting at the end of March before it is bottled a year later.

Simon Staples, of Berry Brothers, said: "From talking to a dozen or so top properties and leading negociants I can conclude we have the biggest impasse on timings and pricings that I can recall." He said the top producers were considering bringing down prices by 10-15%, and were willing to hold on to stock until the economy improves.

Tom Mann, of Bordeaux Index, said prices would need to come down by half on the 2007 vintage (around £1,400 for a case of First Growth) for there to be an en primeur market this year. "If they don't price it right the campaign is dead", he said.

While the top producers can afford to hold on to stock, the impact for those negociants and producers lower down the food chain could be dire.

The row comes as the fine wine stock exchange, Liv-ex, releases a controversial new grading system for Bordeaux's classed growths.

Liv-ex has updated the 1855 Classification using the same criteria that was used at the time to rate wines for an exhibition in Paris - current prices.

Under the proposed reclassification, there is a new First Growth - Mission Haut Brion - and Château Palmer moves up a rank to become a Second Growth.

Château Lynch-Bages is the biggest climber, moving from the Fifths to Seconds. Based on pricing alone, 10 wines drop out of the classification and 9 wines join.

To see the full reclassification, log on to www.liv-ex.com

• Sommeliers