Bordeaux 2023 market analysis: Haut-Brion down nearly 40%

Three headline Bordeaux 2023 releases in recent days: Haut-Brion 2023 | 98pts (100pt potential) | Ex-négociant price (€ per bottle) down 39.5% versus 2022 Cheval Blanc 2023 | 97pts | Ex-négociant price down 18.3% vs 2022 Lafleur 2023 | 97pts | Ex-négociant price flat vs 2022 Haut-Brion and La Mission Haut-Brion releases Château Haut-Brion 2023 was released this morning (14 May) alongside other wines from the Domaine Clarence Dillon portfolio.

It was released €312 per bottle ex-négociant, down 39.5% on the en primeur release price of Haut-Brion 2022, according to Liv-ex , a global marketplace for the trade.

See Decanter's full verdict on the Bordeaux 2023 vintage, plus ratings and tasting notes on the top-scoring wines [subscriber-content] UK merchants were offering Haut-Brion 2023 at £3,780 per 12-bottle case in bond (IB), which made the wine cheaper than fellow first growth Mouton Rothschild 2023 , released last week.

Haut-Brion 2023 is one of the top wines of the vintage, said Decanter’s Georgie Hindle, who gave it an initial score bracket of 98-100 points. ‘A stand out wine from Haut-Brion this year and one of the most charming en primeur samples,’ she wrote.

That score is up on the 96-point Haut-Brion 2022 , and puts it on a similar level to Haut-Brion 2019 , which Hindle scored 98-points in her most recent assessment.

This year’s en primeur campaign has been marked by heavy year-on-year price discounts, commonly between 20% to 40% on top-tier estates – although it varies, as shown by Cheval Blanc and Lafleur below.

Many 2022 vintage wines were released at relatively high prices, but price cuts also reflect a challenging market environment, and widespread reports of buyer caution in recent months.

La Mission Haut-Brion 2023 was also released today, at €180 per bottle ex-négociant and £2,220 (12x75cl IB) – which represents an ex-négociant price drop of nearly 32% versus the 2022. Consultant and analyst group Wine Lister said: 'Like its first growth cousin, La Mission Haut-Brion enters the marker below all recent back vintages apart from the 2017 and 2014.' Cheval Blanc 2023 released On the Right Bank, Cheval Blanc 2023 was released at the start of this week at €384 per bottle ex-négociant, down 18.3% on the 2022-vintage release last year, and offered at £4,680 (12x75cl IB), according to Liv-ex .

Cheval Blanc has a reputation as a top performer on the secondary market, but Liv-ex said the 2023 vintage was more expensive than several back-vintages.

Cheval Blanc 2023 was rated 97-points by Decanter , one point lower than the prestigious St-Émilion estate’s 2022 vintage . ‘Fresh, clean, precise with style and finesse and this packs more power than some,’ said Hindle, noting yields were the biggest on record, at 40 hectolitres per hectare.

Merchant reaction UK merchant Armit Wines told Decanter this morning: ‘ The campaign continues to be mixed; more aggressive pricing on estates like Cheval Blanc would have generated greater demand, but the Domaine Clarence Dillon pricing [Haut-Brion stable] looks sensible and is driving great interest.

‘We are also finding price cuts in excess of 30% are being well received as this likely makes 2023 less expensive than other vintages available on the market.’

Matthew O’Connell, CEO of the LiveTrade online trading platform at Bordeaux Index, said: ‘ The Cheval Blanc and Haut Brion pricing have both seen – like many wines in this campaign – large headline discounts versus 2022, but [with] release pricing sitting near or even above recent strong vintages (for example: 2020 for Cheval Blanc and 2019 and even the feted 2015 for Haut-Brion).

‘There has been demand for both wines as compelling examples, but this has been balanced and usually from focused collectors.’

Value options In a different price bracket to Haut-Brion and Cheval Blanc, UK merchant Farr Vintners highlighted the potential value offered by Château Léoville Barton 2023 , also released this week.

‘At £672 per dozen [12x75cl IB], we doubt very much that there will be a better wine released at a lower price in this vintage,’ said Farr in its release notes.

It also commented on the ‘brilliant value for money once again’ offered by Langoa Barton 2023 , at £354 (12x75cl IB).

Lafleur 2023 'sells out' At the end of last week, the 2023 vintage from vaunted Pomerol producer Lafleur sold out to customers who pre-ordered it, Farr Vintners added.

Decanter’s Hindle gave Lafleur 2023 97-points . ‘T his has refinement and is a really “classic” example,’ she said, although she also noted that the en primeur sample perhaps lacked a bit of star power.

Lafleur 2023 was released on Friday (10 May) and was offered by UK merchants at £7,240 (12x75cl IB). Its ex-négociant price was €610 per bottle, which is flat on the 2022-vintage release.

Liv-ex said in its analysis, 'It was once again noted in the release that the aim of the château is to be transparent and give the market confidence with a stable pricing model. In Euro terms, prices are flat on last year, which results in small discounts in Sterling terms.'

While Lafleur 2023 bucks the trend for discounts in this year’s campaign, it is produced in relatively small volumes and has seen strong market demand in recent years.

Prior to this year’s campaign, analyst and consultancy group Wine Lister said Lafleur has seen bigger price increases post-en-primeur-release than any other producer.

Across vintages 2018 to 2022, Lafleur’s market price was double its release price, on average, Wine Lister said in a Bordeaux report published this April.

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