En Primeur
Buy the vintage before the market does.
What en primeur actually is.
En primeur, also called wine futures in the United States, is the system by which the Bordeaux châteaux sell their wine while it is still ageing in barrel, typically 18–24 months before bottling. You pay now; the wine arrives later. The price is set by the château, based on their view of the vintage quality and market demand.
The investment thesis is straightforward: if the châteaux prices a wine fairly and the vintage is genuinely outstanding, the secondary market price after bottling and release will be materially higher. The best campaigns (2005, 2009, 2010, 2016) have delivered 40–120% returns between release and 5-year post-vintage pricing.
The risk is also straightforward: not every campaign is priced fairly. Some vintages are launched at inflated prices that never recover on the secondary market. Our role is to advise you precisely which wines, in which vintages, represent genuine value at release pricing, and which to avoid.
The en primeur cycle.
March–April
Barrel tastings
Critics and trade visit châteaux to taste the previous year's vintage from barrel. Scores and reports are published, shaping market expectations before any wine is offered.
May–June
Châteaux releases
The major châteaux release their wines in tranches, typically starting with the most sought-after properties. Release prices are set by the estate. This is the only moment when the price is truly discovery-based.
June–August
Merchant confirmation
We confirm client allocations, collect payment, and place orders with the négociant network. Wines are recorded in your name at this point, though they are not yet bottled.
Year 2–3
Bottling and shipment
Typically 18–24 months after release, the wine is bottled and shipped from the château to bonded warehouse. Your wine moves into your LCB Eton Park account at this stage.
Year 3+
Hold or sell
Once in bond, you choose your holding strategy. Many en primeur wines appreciate materially between release and 5–7 years post-vintage, as bottles are consumed and secondary market scarcity emerges.
Where we participate.
Bordeaux
The original and most liquid en primeur market. Classified châteaux release annually in May–June for the previous vintage. The 2016, 2019, and 2022 campaigns produced wines now trading significantly above release pricing.
Burgundy
Burgundy en primeur is smaller and more relationship-driven. Not all domaines offer futures; those that do are typically oversubscribed at allocation. Our négociant relationships provide access to domaines that do not sell publicly.
Italy
Barolo and Brunello di Montalcino producers increasingly offer en primeur releases for top vintages. The market is less liquid than Bordeaux but allocation pricing can be compelling for patient investors.
Risk note
En primeur investment carries risks in addition to normal fine wine market risk. The wine does not yet exist in bottle; quality assessments are made from barrel samples. Châteaux can, in rare cases, experience production problems between barrel sample and bottling. Release pricing may not reflect fair value if the vintage is subsequently reassessed downward. We advise against allocating more than 30% of a portfolio to any single en primeur campaign.Market Report
Cellar Advisor En Primeur Report 2026
Our analysis of the latest Bordeaux en primeur campaign — vintages, producers, and value opportunities.
Receive our next en primeur campaign briefing.
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