Red Obsession Page #3
which is not yet bottled, not yet ready,
means you are selling
a piece of excitement,
of anticipation, of magic,
and there must be some
hype and hope around this.
So, clearly, it's part of the deal
and that's why Bordeaux is
because Bordeaux is very good
at creating that excitement.
With the 2009 vintage,
the hype matched the
quality of the wines.
This time around, we've
got an awful lot of hype.
wines will actually deliver,
and the proof, of course,
will be in the pudding.
But behind all the excitement
about whether the 2010
will be another 'vintage of the century'
is the commercial reality
that En Primeur is
all about... business.
In the past 10 years,
prices of the top Bordeaux wines
have risen by more than 1,000%.
As the price of these
wines continues to escalate,
the inevitable has happened -
they've become too valuable to drink.
15 years ago, when
I started the company,
I said that at some point in
the future, within 25 years,
half of all the top wines bought
will be bought for investment,
Now, you go and look at
all the traditional
kind of wine companies
and they've all got investment teams.
What are you paying on those?
Close to four grand.
Close to four grand?
Are you having a laugh?
En Primeur is a calculated investment.
You're buying, essentially, the wine
because you think you're
getting it cheaper now
and you're taking a credit risk
and a price risk on the future
but, essentially, an En Primeur purchase
is an investment purchase,
and once you understand that
then you start treating
it slightly differently.
Didn't he say he's got a few million
he's gotta sell today or tomorrow?
He's got a couple million.
It's coming on to the market.
Because those guys have got
a deadline on that stuff,
so he's got 3 million to 5 million,
he's got to sell it.
Wine has outperformed the stock
markets, all the major markets -
the Dow Jones, the FTSE, gold -
all these markets, since 1982.
We were looking for some Margaux,
vintages from the '90s,
those sort of lesser vintages,
as the market might call them.
You want nine and a half?
That's interesting, OK.
That gives me 100
profit for my sale price.
I mean, what do I
need...? Yeah, exactly...
People will buy,
and they'll spend half a
million or a million pounds,
and buy, you know, 25 cases of Lafite
and 25 cases of Latour,
and four or five years
time, they sell it.
They've never seen the wine.
They don't even know what
Here we've got X
number of thousand cases.
Average value of each bottle
would be approximately
400 or 500 euros a bottle,
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