Futures Process

Wines are sometimes sold through a futures system which generally starts one to two months after the debut of the vintage. As soon as the wines are tasted by the press and the wine trade, the properties begin their pricing, distribution, and quantity allocation. This is how the Bordeaux region, for example, markets their product. However in other regions of the world this practice is not as prevalent, as many properties promote their wine at the time of bottling. The futures system allows for the majority of wines to be sold up to two years before the wine’s quality can be ascertained. Generally, as a rule of thumb, I recommend that buyers make their purchase as soon as the retailer allows the wine to be bought. The reason for this recommendation is that retailers often increase their price as the supply decreases. This is especially true in the case of prestigious and rare wines.

RETAILERS

Pricing

Retailers will change their prices as the quality of the wine is revealed. By buying early you lock in the price and are not subject to any adjustments in the cost of the wine. More times than not the wines of quality increase in price in the first two years.

Use of tasting notes:

Retailers use tasting notes as a vehicle to sell the wine. They are often posted on the display rack along with the bottle. It serves the purpose of giving an unbiased view of the quality of the wine by independent critics who ideally separate themselves from the wine trade and the properties. However consumers should pay close attention to the written material because retailers will often use quotes out of context that do not accurately reflect the wine as a whole, or they sometimes use expired tasting notes that do not critique the current quality of the wine. Up to date critiques are important as wines sometimes change significantly between the barreling and bottling stages. It is the responsibility of the retailer to accurately communicate that change to the consumer in the store. While some retailers update the critiques responsibly, others are not that eager to do so.

I recommend subscribing to various publications to keep yourself updated on the most recent tasting notes, and the scoring of wines that you are considering for purchase.

Once you have purchased the wine:

Once the wines have been released the majority of collectors and connoisseurs stow them away in their cellar. I routinely tell people that once the wines have been delivered they should consume one bottle for each case that has been bought. This will uncover any fraudulence that has taken place and will serve as a confirmation that the wine has not gone bad.

Once when checking up on the delivery of a case of wine that had been bought some time before and still had not been delivered, I explained to the retailer that I was anxious to receive the wine and was a bit impatient with the delay in delivery. He said to me “what does it matter if you get the wines now or later, you cannot drink them anyway, they’re too young and not ready.” I informed him that I always drink one bottle for every case I buy upon delivery to ensure its quality, and also because I am not going to wait a two years or more to consume one bottle of wine, after all I will still have eleven bottles left. His attitude about futures was typical but a bit misguided. These days, because of fraudulent bottles, collectors need to use every check and balance when purchasing wine, this includes testing futures purchases.

Wine is meant to be consumed! Buyers should not feel bad about consuming a great wine early on. It is an education process to experience them gradually as they grow. Drink and enjoy!