China’s interest in Bordeaux wine evens out

The French CVBG group and the wine trade company Vintex, both of which have their headquarters in Bordeaux, confirm an increased, and at the moment even high interest on the Chinese wine market in Bordeaux drops at about 20 euros. “The Chinese are asking quite explicitly for wines of our low level Bordeaux estates”, says Mathieu Chadronnier, CEO at CVBG, “at the same time, the amounts commanded are increasing. We noticed the same as early as during the en primeur sales in 2009 and 2010 - there the quota for Asia, in particular those for China, were quickly sold out.”

And indeed, the decreasing demand for wine rarities and for top level wines of certain years is not considered to be a drop. “Now we are changing to a period of reason”, Chadronnier says, “it is only a market correction, which is necessary as well because the prices for top wines cannot increase endlessly. Moreover, Asians can meanwhile judge the wine qualities themselves, so the good value quality wines have their chance.”

This tendency is confirmed by a line of business, which accompanies the wine market and which is settled in the top wine area. Serena Sutcliffe, responsible director for wines at Sotheby’s, estimates the change in the wine market as a “healthy stabilization”. She says: “The Chinese sold much of fine wines, which are now stored in Chinese wine cellars. They know that the rare top wines are not available unlimitedly - now they have not only discovered a different playing field, but they turn to the good qualities, which they want to drink immediately.”

Some other wine experts in the auction line of business say that the demand for fine drops from Château Lafite, Mouton Rothschild, Margaux to Romanée-Conti will not collapse; they do agree with the wine counselor at Sotheby’s for the Asian market, Simon Tam, who says: “There is no bladder. What we notice is that the market is just relaxing. Those Asian wine lovers with their particular interest in Grand Cru wines have now their durable wines in their cellars, they do no longer need to collect them.”

In Bordeaux, they are confident to be able to serve China’s wine market with top wines of the Grand Cru in the future as well. Philippe Larché, who has been the responsible partner for the Vintex company’s wine fund for China, resumes: The Chinese know that we do not only have Grand Cru in France. The marked has grown riper, what doesn’t make me anxious at all. I’m rather optimistic and I believe that our Grand Crus will find customers, and that their prices will stay stable or even increase in the future as well. (red.yoopress)