Some of the biggest names in wine are making a splash this month. Bordeaux’s top châteaus have begun releasing futures of their 2022 wines, giving wine lovers and collectors their first chance to grab hold of what is looking like the best vintage in several years.
But is anyone buying?
The en primeur system allows wine lovers to secure bottles of top classified growths while the wines are still aging in château cellars. Château owners get their money up front. Ideally, consumers get the wine at a cheaper price than when it’s released two years later. But that isn’t always the case, and recent vintages of many wines have not appreciated in value.
James Molesworth, Wine Spectator senior editor and lead taster for the wines of Bordeaux, recently visited the region and tasted nearly 200 wines from dozens of châteaus. He found that 2022 is a fantastic vintage in the making and should easily surpass recent years. The weather was hot, but consistent, and all the major varieties – Cabernet Sauvignon, Merlot, Cabernet Franc and the late ripening Petit Verdot—performed well. Yields were low.
All of those factors point to higher prices, and négociants tell Wine Spectator they expect prices to rise 15 to 25 percent at top estates.
But there is little consumer appetite for price hikes. Europe is facing hard financial times, China is enduring a post-Covid slowdown, and while the U.S. dollar is strong, America is battling inflation and a possible recession. Plus, wines from the 2018, 2019 and 2020 vintages are still available for purchase now.
Over the coming weeks, we will track the latest releases, compare them to the prices of other vintages and analyze whether they offer good value. How far producers push prices will determine whether 2022 futures are a good buy for consumers.
May 11: Leoville Leads
The Barton family, known for setting reasonable prices, released their futures on May 11. Château Léoville Barton’s 2022 futures debuted at €64.20 per bottle ex-négociant, meaning before wholesaler and retailer markup is added, up 15.1 percent on the 2021 release. U.S. retailers are offering the wine at $89 per bottle, or $1,068 per case. That’s cheaper than many recent past vintages of the St.-Julien estate, including the 2016, which was Wine Spectator’s 2019 Wine of the Year.
May 9: Cheval-Blanc Starts the Race
Two top estates of St.-Emilion kickstarted the campaign and went big. Château Cheval-Blanc released a tranche, or portion, of 2022 futures at €470 per bottle ex-négociant, up 20.5 percent on the 2021 opening price of €390. That price is below the 2019 price, but above the other four recent vintages. Leading U.S. retailers are offering the futures for $667 a bottle, or $8,004 per case. That’s slightly higher than the current retail price of the 2020, but well below current retail prices of the 2018 and 2019. The team at Cheval-Blanc says they are releasing about two-thirds of the 2022s as futures and holding back the remaining inventory until it’s “drinkable”.
Château Angélus released its 2022 futures at €350 per bottle ex-négociant, up a whopping 32 percent on 2021’s opening price of €265 per bottle. The wine is available at top U.S. retailers for $451 a bottle, $5,412 a case, above current retail prices for the past four vintages. The 2022 release price is also the most expensive Angélus release of the past 22 vintages, but the owners have been consistently working to shift the winery into an elite price range in recent years.
2022 Futures Prices
These estates represent a selection of leading wineries. Retail prices are an average of trusted retailers we follow. Prices for the 2022s are listed alongside the current prevailing retail price for Bordeaux’s recent vintages, so you can measure where the wines are vis-à-vis those currently on retail shelves.
Data compiled by Cassia Schifter
| Château | 2022 initial futures offering at U.S. retail | 2021 initial futures offering at U.S. retail | 2021-2022 retail change | Current 2020 price at U.S. retail | Current 2019 price at U.S. retail | Current 2018 price at U.S. retail |
|---|---|---|---|---|---|---|
| Angélus | $451 | $340 | +33% | $408 | $401 | $460 |
| Beychevelle | $NA | $89 | -% | $115 | $133 | $144 |
| Brainaire-Ducru | $NA | $45 | -% | $55 | $72 | $79 |
| Calon-Ségur | $NA | $120 | -% | $136 | $148 | $200 |
| Canon | $NA | $123 | -% | $224 | $201 | $198 |
| Canon-La Gaffelière | $NA | $74 | -% | $89 | $96 | $116 |
| Cheval-Blanc | $667 | $532 | +25% | $649 | $958 | $935 |
| Clos Fourtet | $NA | $104 | -% | $130 | $133 | $156 |
| Cos-d’Estournel | $NA | $216 | -% | $235 | $221 | $237 |
| Ducru-Beaucaillou | $NA | $207 | -% | $262 | $252 | $250 |
| Figeac | $NA | $234 | -% | $265 | $325 | $325 |
| Giscours | $NA | $57 | -% | $72 | $69 | $90 |
| Grand-Puy-Lacoste | $NA | $69 | -% | $84 | $86 | $98 |
| Haut-Brion | $NA | $562 | -% | $688 | $736 | $786 |
| Hosanna | $NA | $140 | -% | $150 | $169 | $186 |
| La Fleur-Pétrus | $NA | $235 | -% | $273 | $228 | $271 |
| La Mission Haut-Brion | $NA | $298 | -% | $436 | $475 | $452 |
| Lafite Rothschild | $NA | $613 | -% | $848 | $1,172 | $1,288 |
| Léoville Barton | $89 | $77 | +16% | $104 | $131 | $128 |
| Léoville Las Cases | $NA | $218 | -% | $323 | $286 | $343 |
| Léoville Poyferré | $NA | $105 | -% | $123 | $131 | $170 |
| Les Carmes Haut-Brion | $NA | $118 | -% | $186 | $182 | $224 |
| Lynch Bages | $NA | $121 | -% | $150 | $202 | $167 |
| Malescot-St.-Exupéry | $NA | $56 | -% | $69 | $76 | $83 |
| Margaux | $NA | $564 | -% | $729 | $916 | $936 |
| Mouton-Rothschild | $NA | $563 | -% | $749 | $936 | $885 |
| Palmer | $NA | $316 | -% | $373 | $365 | $520 |
| Pape Clément | $NA | $88 | -% | $107 | $111 | $121 |
| Pavie | $NA | $301 | -% | $370 | $387 | $452 |
| Pavie-Macquin | $NA | $85 | -% | $120 | $93 | $105 |
| Pétrus | $NA | $NA | -% | $NA | $NA | $4,700 |
| Pichon Baron | $NA | $144 | -% | $177 | $218 | $223 |
| Pichon Lalande | $NA | $176 | -% | $219 | $277 | $268 |
| Pontet-Canet | $NA | $100 | -% | $123 | $158 | $166 |
| Rauzan-Ségla | $NA | $82 | -% | $120 | $125 | $184 |
| Smith-Haut-Lafite | $NA | $118 | -% | $165 | $146 | $162 |
| Talbot | $NA | $54 | -% | $67 | $89 | $91 |
| Troplong Mondot | $NA | $98 | -% | $120 | $128 | $131 |
| Trotanoy | $NA | $NA | -% | $410 | $377 | $396 |
| Valandraud | $NA | $132 | -% | $179 | $175 | $209 |
| Vieux Château Certan | $NA | $333 | -% | $429 | $371 | $399 |
$NA means a wine has not been released or is not sold in sufficient quantities by U.S. retailers yet to determine an average price.