Bordeaux En Primeur 2022 & Secondary Market Analysis

Bordeaux, Wine Investment, News, En Primeur, Critic Scores, Analysis



Greetings readers,

This document looks at some of the release prices of Bordeaux wines relative to last years 2021 vintage at en-primeur. We have then provided some analysis provided independently from Liv-Ex with regards to wines over the last 10 years on the secondary market. Remember, it was 2009 onwards that the chateau hiked prices north and the contours for the consumers changed in price terms. At Veblen we are bias towards the secondary market for wines that are older than 10 years, that said there are some opportunities available in younger wines that we will touch upon in this circular.

If you have any wines of interest that are mentioned here or any other wine simply let us know and we will endeavour to assist you accordingly.

As we enter in to the final stages of the Bordeaux En-Primeur campaign for the 2022 vintage, we will review the pricing that has been placed to market and a look at some more recent vintages that have gained interest amongst the trade and consumers/ collectors. It is noteworthy to factor the rise in interest rates over the last 16 months, as borrowing money is now more expensive this may be a strong factor on the release prices for the 2022 en primeur campaign coming out at premiums.

If you would like to see the individual releases that we have provided some information on please follow the link below;

https://www.veblenwine.com/wineinvestmentreport/tags/ep22

Typically, we see the En-Primeur release run from May through to the back end of June each year, and it normally resides with the higher priced wines that are last out the gate. This year has seen prices coming out on average 20-25% above the 2021 vintage release prices. Some wines that we will highlight have been released at 40, even 50% premiums. Some chateau have lower levels of production and this could be a factor to consider when reviewing prices that have been provided by Liv-Ex, the leading benchmark for the fine wine industry. Please note Neal Martin is one of the most influential critics when it comes to en primeur and so we will reference this critic more than most.



At the start of May (9th May), Chateau Cheval-Blanc and Chateau Angelus from Saint-Emilion released prices at a premium of 21% and 30% respectively to the 2021 release prices. The co-owners LVMH have coined the move as a step change in price.

Cheval Blanc is releasing around two thirds of the total production at en-primeur, the residue will then be released ex-chateau when it is ready to drink.

Neal Martin has awarded Cheval Blanc 98-100 points.

Chateau Angelus has now represented the highest release price in the last 22 vintages. The only wines from the estate to be higher in value from the secondary market according to Liv-ex are the 2000, 2005 and 2012 which all have 97 points awarded by Neal Martin.

Neal Martin has awarded Angelus 95-97 points.

Chateau Langoa Barton & Leoville Barton released at a premium of 15.6% and 15.1% respectively. These wines are both from Saint-Julien and production for Langoa Barton was down by 30% this year.

Neal Martin has awarded Langoa Barton 92-94 points.

Neal Martin has awarded Leoville Barton 96-98 points.

For Langoa Barton, when considering the release price, back vintages will offer stronger value, and for more recent years you may want to consider the 2019 & 2020 vintages.

Again, for Leoville Barton when considering this release price, some back vintages seem to offer better value, such as the 2017 or 2020.

On the 12th of May 2023, we have seen the release of Chateau Climens from Barsac, in Sauternes. It is worth noting here that no wine was produced for the 2017 and 2021 vintages as a result of the frost and mildew brought about by challenging elements for each said harvest. This absence of releases may also go some way in explaining the high release price of the 2022 vintage at £1,340.00 per case of 12x75cl. Buyers looking for other options might find better value in the 2013 and 2015 vintage.

Neal Martin has awarded Climens 93-96 points.

On the 16th of May 2023, we have seen the release of Carruades de Lafite, the second wine of Chateau Lafite Rothschild.

The ex negociant price is 180.00 Euro a bottle and the price is up 12.5% on last years release. Despite the year-on-year price increases, the new release is the best value wine on the market.

According to the Liv-ex ‘Fair Value’ methodology, Carruades de Lafite’s best correlation is with age (94%) rather than score. This means that vintages of Carruades de Lafite rise in value with age, making younger vintages a good buying opportunity. Those looking for other opportunities might want to consider the 2015 and 2018 vintages.

Neal Martin has awarded Carruades de Lafite 90-92 points.

On the 19th May 2023, we now see the release of the neighbouring property to Petrus from Pomerol otherwise known as Lafleur, and the price is up 8.9% on last years release. It is noted that the chateau aims to bring a stable pricing model to the market and give confidence through transparency.

Using Liv-ex’s ‘Fair Value’ methodology, prices for Château Lafleur are 89% correlated to Neal Martin scores. For those unable to get their hands on today’s release, there are several other options among back vintages.

The 97-point 2017 vintage falls below the ‘Fair Value’ line and is available for a small premium to today’s release.

The 2015, 2016 and 2020 vintages are also interesting options, each holding a score of 98 and available at premiums of 75.3%, 74.7% and 81.5% respectively.

Neal Martin has awarded Lafleur 97-99 points.

On the 1st June 2023, we now see the release of the wine from Saint-Julien named Talbot. The ex negociant price is 48.00 Euro a bottle, up 21.2% on the 2021 release.

The 2019 looks attractive, boasting a score of 94 points from Neal Martin (Vinous), the highest in the last decade. He calls it ‘one of the best recent vintages’ that will ‘age with style’. It is available at a discount of 15.5% to today’s release. The 2020 vintage, which is available at a 17.4% discount to today’s release, also offers relative value for money and was rated 93 points by Neal Martin.

Neal Martin has awarded Talbot 92-94 points.

On the 5th June 2023, we now see the release of the fifth growth wine from Saint-Emilion named Ausone, and the price is up 13.0% on last years release. The ex negociant price is 565.00 Euro a bottle.

The 2018 and 2019 vintages look better value in relation to today’s release.

Neal Martin (Vinous) awarded the wine a barrel range of 95-97.5 points, calling it ‘intellectual and persistent in the mouth.’ He expresses some hesitation, though, wondering if he ‘had witnessed this Saint-Émilion demonstrate its full potential’ – hence the atypical barrel range score.

James Suckling gave it a barrel range of 97-98 points, describing this ‘young Ausone’ unlike any other he remembers and calling it ‘full-bodied with flamboyant fruit and energy’.

Neal Martin has awarded Ausone 95-97+ points.

On the 8th June 2023, we now see the release of the second growth wine from Pauillac named Pichon Longueville Comtesse de Lalande, and the price is up 28.8% on last years release. The ex negociant price is 170 Euro a bottle.

Buyers looking for value in back vintages might want to consider the 2019and 2020 vintages. The wines received 98 points from Neal Martin (Vinous) and are available at discounts of 9.9% and 16.9% respectively to today’s release. The 97-point 2018 might also be of interest, and is available at a discount of 16.9% to today’s release.

Neal Martin (Vinous) awarded the wine a barrel rating of 96-98, calling it a ‘very suave’ Pichon Comtesse that will ‘age with style.’ He underscores the ‘subtle bouquet’ that ‘unfurls in the glass,’ highlighting the achievement of the winemakers despite losing one-third of the harvest to drought.

Neal Martin has awarded Pichon Lalande 96-98 points.

On the 13th June 2023, we now see the release of the fifth growth wine from Pauillac named Lynch Bages, and the price is up 17.3% on last years release. The ex negociant price is 105.60 Euro a bottle.

At this price, the 2019, 2020 and 2021 vintages look better value in relation to today’s release.

Neal Martin (Vinous) gave the wine a score of 95-97 points. He notes that the wine ‘will need its barrel maturation to fully knit together and it is going to be a Pauillac for the long haul’.

James Suckling gave it a barrel range of 98-99 points. In his tasting note, he said it was ‘full-bodied with beautifully integrated tannins that melt into the wine’. He added that it is ‘a fantastic wine for the cellar’.

Neal Martin has awarded Lynch Bages 95-97 points

On the 14th June 2023, we now see the release of the second growth wine from Saint-Estephe named Cos d'Estournel, and the price is up 29.2% on last years release. The ex negociant price is 186 Euro a bottle.

At this price, buyers looking for value may want to consider back vintages such as the 2016, 2019 and 2020 vintages. The 2022 Cos d’Estournel has been awarded two potential 100-point scores, alongside a 100-point score from Jean-Marc Quarin.

Neal Martin has awarded Cos d'estournel 95-97 points

On the 16th June 2023, we now see the release of the first growth wine from Pauillac named Lafite Rothschild, and the price is up 23.4% on last years release. The ex negociant price is 580 Euro a bottle.

The new release is one of the most expensive vintages on the market. Buyers looking for value might be interested in the 2017, 2019, 2020 and 2021.

Liv-ex members ranked Lafite the second-best wine of the vintage in this year’s En Primeur Survey, coming in behind Cheval Blanc.

Neal Martin (Vinous) scored the wine 96-98 points and said ‘perpetually the most deceptive of First Growth, one should not doubt its long-term potential’.

Several critics were quick to compare 2022 to Lafite’s greatest vintages. James Suckling awarded the wine a barrel range of 99-100, celebrating this vintage’s similarity to 1986 and its ‘purity and precision.’ In his words: ‘It’s really about being Lafite here.’ Similarly, Lisa Perrotti-Brown scored this vintage 98-100, calling it an ‘intellectual triumph’ that is ‘classic great Lafite.’

Neal Martin has awarded Lafite 99-98 points

On the 16th June 2023, we now see the release of the second growth wine from Saint-Estephe named Montrose, and the price is up 26.3% on last years release. The ex negociant price is 144 Euro a bottle.

Liv-ex members ranked this year’s Montrose among the top ten wines of the 2022 vintage in Liv-ex’s En Primeur Survey.

Neal Martin (Vinous) awarded the wine a barrel range of 97-99 points, lauding the ‘focused, superb concentration’ in Montrose’s ‘trademark sense of symmetry.’ He notes that ‘this could be the finest Saint- Estèphe in 2022.’

‘Unrolls to show the depth and class of Montrose,’ writes Jane Anson (Inside Bordeaux) who scored it 97 points. She goes on to praise the ‘intensity’ and ‘depth of expression,’ praising its ability to have ‘density without shouting.’

Lisa Perrotti-Brown (Wine Independent) gave it a range of 98-100 points. She highlights the ‘vibrant and shimmery’ finish alongside the palate, which she describes as ‘a firework display’ of flavour.

On the 19th June 2023, we now see the release of the first growth wine from Margaux named Margaux, and the price is up 22.9% on last years release. The ex negociant price is 420 Euro a bottle.

On the 19th June 2023, we now see the release of the first growth wine from Margaux named Margaux, and the price is up 22.9% on last years release. The ex negociant price is 420 Euro a bottle.

Neal Martin (Vinous) awarded the wine a barrel range of 96-98 points, calling it ‘almost swaggering in style’. He differentiates this year’s Margaux as ‘not a subtle or nuanced’ blend as usual, but instead a ‘First Growth that is dressed to kill’.

‘Stunning in its density and construction’, wrote Jane Anson (Inside Bordeaux), who scored the wine 98-100 points. She highlights the ‘gorgeous balance’ achieved here despite unprecedented levels of alcohol in the estate’s Cabernet Sauvignon.

On the 19th June 2023, we now see the release of the Premier Grand Cru Classe A wine from Saint-Emilion named Pavie, and the price is up 28.2% on last years release. The ex negociant price is 300 Euro a bottle.

The 2022 vintage is being released with a special engraved bottle to celebrate 25 years of the Perse family at Château Pavie. The volume released is also 70% down year-on-year, which may go some way to explaining the price increase.

At this price, the 2016, 2018 and 2020 vintages look better value in relation to today’s release.

Neal Martin (Vinous) awarded the wine a barrel range of 93-95 points, describing the ‘undoubtedly decadent and rich’ profile that is balanced against texture and tannins. He mentions that he is ‘intrigued to revisit this after bottling’.

‘Like an unpolished diamond’, noted James Suckling who scored the wine at 95-96 points. He highlights the wine’s profile, calling it ‘full and layered without being heavy’, and full of ‘velvety, edgy tannins.

On the 20th June 2023, we now see the release of the 2nd Cru wine from Saint-Julien named Leoville las Cases, and the price is up 36.1% on last years release. The ex negociant price is 169 Euro a bottle.

At this price, the 2015, 2019 and 2020 look good value in relation to today’s release. This year’s wine has received critical acclaim, earning 18 potential 100-point scores from critics including Neal Martin. Several have nominated the 2022 Las-Cases as a prime candidate for wine of the vintage.

Critics have been full of praise for this year’s Las-Cases. Neal Martin (Vinous) gave the wine a score of 98-100 points. In his tasting note he said ‘there is something lavish and audacious about this Saint-Julien’. He adds ‘this surpasses the 2018-2020 trio and to use that clichéd expression, is a “tour de force”’.

James Suckling gave it a barrel range of 99-100 points. In his tasting note he said ‘the tannins are totally melted in the wine and give it fantastic structure, but the texture is so fresh and vivid.’ He added that it was ‘thought-provoking’ and ‘endless’.

On the 20th June 2023, we now see the release of the first growth wine from Pauillac named Mouton Rothschild, and the price is up 22.9% on last years release. The ex negociant price is 420 Euro a bottle.

At this price, the 2016, 2014 and 2019 look better value in relation to today’s release.

Neal Martin (Vinous) awarded the wine a barrel range of 96-98, calling it ‘a Mouton-Rothschild determined to make a statement’. He makes note of the ‘powerful, almost burly’ profile, saying it ‘feels a bit like tasting Thor’s hammer at the moment’. He is overall optimistic, though: ‘It is, perhaps, how the 1986 tasted in its youth’.

‘A legend in the making’, writes Lisa Perrotti-Brown (Wine Independent) who scored the wine at 98-100 points. She highlights its ‘explosive, intense’ flavours, adding that ‘it is amazing how classical this Mouton is.

On the 20th June 2023, we now see the release of the second growth wine from Saint-Julien named Ducru Beaucaillou, and the price is up 19.2% on last years release. The ex negociant price is 186 Euro a bottle.

At this price, the 2016, 2018 and 2020 vintages look better value in relation to today’s release.

Neal Martin (Vinous) awarded the wine a barrel range of 95-97 points, calling it ‘one of the most dense and muscular’ of the Château’s history. He added that the 2022 Ducru-Beaucaillou ‘threatens to overwhelm the senses’ while still young, noting that the bottle tasting will be particularly important.

On the 21st June 2023, we now see the release of the Premier Cru wine from Pessac named Haut-Brion, and the price is up 22.9% on last years release. The ex negociant price is 516 Euro a bottle.

At this price, the 2019 and 2020 vintages look better value in relation to today’s release.

Neal Martin (Vinous) awarded it a barrel range of 96-98 points, praising its medium-bodied palate that is ‘blessed with unerring symmetry’. He noted the 2022 Haut-Brion’s ‘bewitching’ texture and a finish that is ‘almost pixelated’. In his words: ‘magnificent, but not necessarily the best wine that Delmas oversaw in this vintage’.

‘A classic, breath-taking expression of Haut-Brion’, noted Lisa Perrotti-Brown (Wine Independent) who rated it at 97-99+ points. After the first ten years in the bottle, she expects to ‘watch it soar’.

James Suckling scored the wine at 98-99 points, underscoring the ‘fascinating aromas’ of currants and cedar with sandalwood and peaches. He highlights the ‘interesting’ merlot majority in this year’s blend (53.6%), an anomaly for Haut-Brion.

On the 21st June 2023, we now see the release of the Premier Cru wine from Pessac-Leognan named La Mission Haut-Brion, and the price is up 17.3% on last years release. The ex negociant price is 264 Euro a bottle.

At this price, the 2015, 2016, 2019 and 2020 vintages look better value in relation to today’s release.

Neal Martin (Vinous) awarded the wine a barrel range of 97-99, predicting that it will be ‘one of the standouts of the 2022 vintage’. He praised the ‘very refined bouquet’, even going so far as to say the 2022 La Mission has ‘its nose just in front of its First Growth sibling’.

‘An exceptional feeling of walking the line between excess and restraint’, noted Jane Anson (Inside Bordeaux) who rated the wine at 97 points. She deems it ‘one of the most intense Missions’ regarding colour, but balances that against aromatics with ‘clear grip and fierce concentration’.

On the 21st June 2023, we now see the release of the Premier Cru Classe A wine from Saint-Emilion named Figeac, and the price is up 55.6% on last years release. The ex negociant price is 102 Euro a bottle.

The 2019, 2016 and 2014 vintages look better value in relation to today’s release.

The volume released was 20% down year-on-year, which may go some way in explaining the price hike. Additionally, Château Figeac was promoted to Premier Grand Cru Classé A in the latest revision of the Saint-Émilion Classification in September 2022.

Liv-ex members ranked Figeac the third-best wine of the vintage in this year’s En Primeur Survey, coming in behind Cheval Blanc and Lafite Rothschild, respectively.

Neal Martin (Vinous) gave the wine a score of 97-99 points, making it a potential contender for the highest scoring Figeac vintage. In his tasting notes, he describes how ‘the palate is beautifully balanced with a lightly spiced entry, fine depth and with plenty of concentration counterbalanced by finesse towards the graphite-infused finish’.

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