Bottles of Chateau Petrus
An interesting reflection on the times, this time in the Financial Times (23 March 2009)
British wine merchants are selling fine wine back to merchants in Bordeaux and exporting it to Asia as domestic demand for the most expensive wine slumps and sterling weakens against the euro.
Tom Hudson, a director at Farr Vintners, the biggest Bordeaux specialist in the UK, said: “The trade within the UK has slowed down dramatically. . . we’re relying heavily on exports now.” He said Asia had replaced the US as a key export market.
For more see www.ft.com.
Of course the exchange rate between the Pound Sterling and the €uro has worsened considerably in recent months and this has a major impact on new imports of wine from France, Germany, Spain, Italy etc but keep a look out for older vintages and bargains – many merchants may have purchased wines from the EU at a pre-agreed exchange rate which is better than tourists can get, but it may not last long. Current rates are barely € 1.05 to the £ (March 2009).
Meantime Robert Parker and London’s Bordeaux Index are in praise of the 1990 vintage of Bordeaux:
BORDEAUX INDEX JOINS PARKER IN HIS LOVE OF 1990 VINTAGE
World renowned wine critic Robert Parker has revealed his love of the 1990 Bordeaux vintage, and Bordeaux Index has a cellar stocked with his top recommendations.
Parker praised the vintage on his new video blog on www.erobertparker.com, making it clear that he rates 1990 higher than any other vintage – except 1982 – in terms of those that have reached maturity.
Gleave added: “It’s one of our favourite vintages, and we’re delighted that Robert Parker has given his stamp of approval. We urge all wine lovers to listen to his new blog, and hear his thoughts on these great wines.”
Visit www.bordeauxindex.com for stock lists and more information on wine for drinking and investment.
People seem to have forgotten that the UK as home to major buyers of wines at the en-primeur stage has spend decades selling the wines back to the Far East, USA, Europe and Bordeaux negotiant in particular. The exchange rate is certainly helping the process but is not the cause.