Ryan Moses (left) and Co-owner Trey Beffa in front of Château Margaux on their 2023 trip to Bordeaux.

This has been a fascinating year for Bordeaux, one that could stand to reshape the market for a long time to come. At the heart of it was the 2022 En Primeur campaign, which not only offered a truly unique (and often “surprising”) expression of some of the region’s finest wines, but also served as a major inflection point for demand and supply. Early in the year, we saw pricing that was riding the tail end of the inflationary wave, often at levels that weren’t meeting the actual demand of the market. Top marks for the 2020 vintage in bottle just added to the momentum, putting another great vintage in the books. The 2022s then pressed the point even further, setting a new bar for many properties. While you can argue whether or not this was deserved, it’s almost beside the point. The reality is that adding 2022 to a roster of great one-after-another vintages left customers with too many great options, and little means to differentiate the newest releases from the old releases, especially when they carried the same price tag. Perhaps it’s too much of a good thing, but then again, that’s also one of the reasons we adore Bordeaux—there’s so much great wine to be found.

As the dust settled on En Primeur, we started seeing prices dropping to meet demand, creating one of the best environments for collectors since the 2019s were released at the beginning of the pandemic. The second half of the year saw one deal after another, from First Growths to Super Seconds and beyond. A lot of these deals were focused on recent vintages where supply is still plentiful (2018, 2019, 2020), but overall prices trended down in a meaningful way. As the harvest for the 2023s started to settle out, the supply issue settled in even further—while there will be some great wines in 2023, it will also be a vintage of quantity, meaning a further price correction will be necessary to incentivize early purchases for collectors. The other wildcard is the international market—while there is still solid demand in the U.S. and U.K., declining sales in Asia have left one of the biggest global players off the map.

Pricing aside, I still adore what I’m tasting in the bottle from Bordeaux. We recently hosted a tasting that included 2019 Lynch Bages (We have this available in magnum: 2019 Lynch-Bages, Pauillac (1.5L) (Pre-Arrival) $299.99), 2020 Canon, St-Emilion (Pre-Arrival) $209.99, 2020 Pichon-Baron, Pauillac (Pre-Arrival) $179.99, and both the 2019 Rauzan-Ségla, Margaux (Pre-Arrival, Elsewhere $150) $99.99 and 2020 Rauzan-Ségla, Margaux $119.99. All of them were spectacular examples of their respective properties, carry a signature that could be from nowhere else, and undoubtedly deliver a world-class experience for a price that would be hard to accomplish anywhere else in the world. More and more I adore the 2019s, especially for Cabernet, and where they’re at the top of their game, they should compete with some of the renowned 2016s. The 2020s can often deliver at that level too, while favoring Pessac and St-Emilion a bit more. While I’ll admit that a few of the 2022s pushed the limits, there are also some mesmerizing wines in the mix, a few of which have the potential to be new standard bearers for their respective properties.

In 2024, I’m hoping that we see properties connect with their customers a bit more, something we’ll be working hard to do starting with the UGC. But beyond that, there are some amazing wines that are going through a generational change and producing their best-ever renditions, and I worry that not enough people have first-hand experience of them. For everyone I tell that Figeac and Les Carmes Haut-Brion are on the cutting edge of collectible wine, there are many who don’t have a reference point for them.

I also hope that there’s some serious concessions during the En Primeur season. Prices like what we saw in 2019 provided incredible buy-early incentive, allowed people to truly invest in the wines, and captured the attention of many generations of wine collectors. I don’t think we’ll ever see the volume of a 2009 campaign again, but there’s so much inherent opportunity in these campaigns that are singular to Bordeaux.

And, of course, I want to taste more great wine in 2024! I’ll certainly have the opportunity, and have to give great thanks to our négociant partners in France, the properties that have been generous enough to host us, and of course Clyde Beffa for making this all happen and being all-too-generous in sharing the next great bottle.

Top Sellers of 2023

All of these happened to notch perfect scores, but are remarkable for their own reasons. Poyferré and Lynch-Bages have quickly become reference points for their respective properties. The same can be said for a 2016 Cos d’Estournel, which is a modern-era marvel and continues to be the banner vintage of the past decade. And it has become clearer with each passing year that 2016 Mouton is an absolute monument to the estate, and a top wine even among the First Growths.

2018 Léoville-Poyferré, St-Julien (Pre-Arrival) $134.99
2019 Lynch-Bages, Pauillac (1.5L) (Pre-Arrival) $299.99
2010 Smith Haut Lafitte, Pessac-Léognan (Pre-Arrival, Elsewhere $200) $179.99
2016 Cos d'Estournel, St-Estèphe (Pre-Arrival) $269.99
2009 Pontet-Canet, Pauillac (Pre-Arrival) $279.99
2009 Ducru-Beaucaillou, St-Julien (Pre-Arrival) $375.00
2020 La Mission Haut-Brion, Pessac-Léognan (Pre-Arrival) $379.99
2016 Mouton Rothschild, Pauillac (Pre-Arrival, Elsewhere $900+) $799.99
2022 Lafite Rothschild, Pauillac (Pre-Arrival) $839.99

Top Experiences of 2023

All of these are indelible examples that really spoke to me. I’ll call out a few in particular, but can’t recommend these enough. The two Léovilles from 2019 are stunning, with the Poyferré being irresistible even at this young age, while the Barton shows all the hallmarks of their greatest vintages (with a price tag that doesn’t quite match the epic stature!). The 2009 Montrose was a big special occasion wine for me, and while I was worried the acclaim would outshine the wine itself, it delivered on its promise and then some.