A TALE OF TWO BORDEAUX
As I write, the Bordeaux 2022 “primeurs” campaign officially kicks into money-time with the earlyrelease of futures from Cheval Blanc and Angelus. Despite price rises of 20% and 32% respectively,commentators expect them to be oversubscribed rapidly. This is not just another example oframpant inflation, but a clear indicator of flourishing economic health at the top end of the Bordeauxwine industry. Cheval Blanc is being offered at 470 euros per bottle (trade price, before tax, finalcustomers will have to pay distinctly more), and with the aim of selling two thirds of their production,this operation should bring in at least 30 million euros in cashflow a year before the wine
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