Wine producers in France’s Bordeaux region have enjoyed some fat years. Vintages from 34 top labels were fabulous enough to command average price hikes of 204 percent and 12 percent in 2009 and 2010, respectively. Chinese demand sustained the momentum.
The vintages of 2011 and 2012, though, were not so fabulous: British wine critic Jancis Robinson calls 2011 “a forgettable year,” and says most Bordeaux from 2012 “have a lack of depth and persistence.”
Prices have dropped some, but not nearly enough to please customers who are still paying 30 percent more than in 2008, before the great takeoff. Demand has fallen, and the middlemen and châteaux have been stuck with unsold stock from 2011 and 2012.