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Following good results in the 2008 en primeur campaign, Asia is
expected to invest even more in 2009 but will expectation lead to
results?
 Nick Pegna, managing director of Berry Brothers & Rudd (BBR) in Hong Kong, said: “Asia will be important for the '09s, certainly.”
Bordeaux is potentially staking a lot on the assumption that Asia will snap up its en primeur offerings, especially as it is older, ready-to-drink vintages that tend to attract the most attention.
Pegna told the drinks business: “In general, Asia isn’t in the habit of buying primeurs; it is a relatively new phenomenon and even mature Asian markets such as Japan haven’t embraced the concept of primeurs fully.
“However, it is certain that there is a greater demand for primeurs this vintage, especially amongst those wines which are impossible to find in good quantities or provenance for older vintages, for example Pétrus.”
Nevertheless, recent years had seen positive indications of greater interest in en primeur wine among Asian investors.
“Last year, in the 2008 Bordeaux vintage campaign, BBR’s Asian sales of 2008 Bordeaux exceeded those of BBR in the UK for the first time ever,” said Pegna.
“Newer buyers of Bordeaux are less inclined to feel the upward pressure on prices as those who have been buying since prices for first growths was below £1,000 per case at release.”
However, although Asia might have recovered strongly from the latest recession, more traditional markets had not and the danger of pricing them out of the market for an unknown one is a potential minefield.
“I think that if prices come out above the 2005 Bordeaux release level, it will mean that there will be a great deal of slack to pick up, as Europe and the US won’t have customers for the top wines. If, however, prices are sub-2005 level, then both will come back into the fray,” Pegna stated.
Prices have been trickling in from the smaller châteaux over the weeks since the merchants and critics descended on Bordeaux for the first tastings.
The impressions were almost universally positive but it is expected that it will not be until Robert Parker has released his final points or even after Vinexpo Asia-Pacific that bigger names will start announcing their prices.
The current crop of figures may be no real indication of things to come but Liv-ex recently posted the prices for four estates, which show rises of anywhere between 6% and 20% on 2008 and 3% to 9% on 2005.
If that translates to the first growths the Bordelais will have to hope Asia takes the bait.
Rupert Millar, 22.04.2010
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