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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!
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