Wine Investment-2025年波尔多期酒报告-BORDEAUX EN PRIMEUR REPORT

BORDEAUX

ENPRIMEURREPORT

2025VINTAGE

CONTENTS

INTRODUCTION3

THEVINTAGE:QUALITYDELIVERED5

INSIGHTSFROMEPTASTINGWEEK8

PRICEWATCH:THECAMPAIGN25

THATDECIDESEVERYTHING

ENPRIMEURSTRATEGY27

CATEGORYANALYSIS29

WINEANALYSIS31

THEINVESTMENTCASE35

BYAPPELLATION

COLLECTOR’SPICKS38

GROWTHWINES40

APPENDIX42

BORDEAUXEP-2025VINTAGE:INTRODUCTION

ANOTEFROMTOMGEARING

THEVINTAGETHATHASEVERYTHINGTOPROVE

AsCultWineInvestmentembarksonits17thBordeauxEnPrimeurcampaign,wedosowithadegreeofanticipationthathasbeenabsentfromthesepagesforseveralyears.2025isnotavintageweareapproachingwithcautious

optimismorcarefullyhedgedlanguage.Itisavintageofgenuine,documented,extraordinaryquality,anditarrivesatpreciselythemomentthemarketneededitmost.

Thepastthreeyearshavebeenaperiod

ofrecalibration.Elevatedreleasepricing

followingthecelebrated2022vintage

dampenedcollectorappetite.Thebroaderfinewinemarketenteredaprolongedcorrection,withtheLiv-ex100downapproximately25to30percentfromits2022peak.Buyersgrew

moreselective,morepatient,andconsiderablymoredemandingofvalue.Thefundamental

propositionofenprimeur,buyearly,ata

fairprice,forawinethatrewardspatience,hadquietlystoppedmakingsensefora

growingnumberofparticipants,whofoundcomparablebackvintagesavailableatmoreattractivepricesonthesecondarymarket.

“INTOTHISCONTEXTARRIVES2025FEWERTHANSIXVINTAGEINTHE

PAST25YEARSHAVEEARNEDA

FIVE-STARASSESSMENTFROM

OURTEAM.THISISONEOFTHEM.”

Intothiscontextarrives2025.Fewerthan

sixvintagesinthepast25yearshaveearnedafive-starassessmentfromourteam.Thisisoneofthem.Afterfourdaysacrossbothbanks,eightappellationsandvisitstomorethanfortyproperties,thepicturewas

unambiguous:thisisavintageofexceptional,consistent,andincertainrespects

unprecedentedquality.Thelate-Augustrain

thatappearedinvirtuallyeveryproducer’s

accountwastheturningpointofthegrowingseason,ahot,drysummerresolvedatexactlytherightmoment,preservingthefreshnessandaromaticprecisionthebestvintages

require.

Theresultisavintagebuiltdifferently

fromanythingBordeauxhasproducedin

recentmemory.Structuredandage-worthy,yetapproachableatafarearlierstage

thantheclassicsthatsurrounditinthe

pantheon.Loweralcohols,polishedtannins,extraordinaryaromaticlift,andacollectivewinemakingintentacrossbothbanksthatisworthnotinginitsownright.Thisis

notmerelyagreatgrowingseason.Itisagreatgrowingseasonmetbyawinemakingcommunityattheheightofitscraft.

Themarketcontextisequallyimportant.

Bordeauxhascorrected.Valuesacrossbackvintageshavesettledatmorerationallevels.Theargumentforfutures,overphysicalwinealreadyavailableontheshelf,dependsalmostentirelyonwhatthechâteauxdonextwith

theirpricing.Thewinesarespectacular.

Spectacularisnot,onitsown,sufficient.Forthosebuyingforpleasure,2025demands

seriousattention.Forthosebuyingfor

performance,thewatchwordisselectivity.

Thisreportisdesignedtohelpyounavigatebothobjectives.Itcombinesthetasting

intelligencegatheredacrossourfour-dayvisitwitharigorouspricinganalysisbuiltonlivesecondarymarketdata,historical

EPperformance,andadisciplinedreturn

framework.Thequalityisthere.Thecritics

willalmostcertainlyconfirmit.Whathappensnextisinthehandsofthechâteaux.

CULTWINES|WINEINVESTMENT.COM3

BORDEAUXEP-2025VINTAGE:INTRODUCTION

CULTWINES|WINEINVESTMENT.COM4

ATAGLANCE

VINTAGERATING

Fivestars.Fewerthansixvintagesthiscenturyhavereachedthisthreshold.2025isdefinedbyauniquecombinationofgrowingseasonconditions,winemakingprecision,andconsistencyacrossbothbanks

andalleightappellations.

THEOPPORTUNITY

Qualitycomparableto2022,atpricingexpectedtoreflectthecorrectedmarket.Forselectivebuyerswithclearpricetargets,thisisthemostcompellingenprimeurentrypointsincethe2019campaign.

THERISK

Pricingdisciplinefromthechâteauxisnotguaranteed.Buyerswhocommitwithoutcarefulreferencetosecondarymarketcomparablesriskrepeatingthemistakesofrecentcampaigns.Thedisciplineisentirelyintheselection.

OURAPPROACH

Value-ledandselective.Usingourpricingmodels,secondarymarketdata,andon-the-groundtasting

intelligence,weidentifythewinesthatoffergenuineopportunity,bothforinvestorsandcollectors,anddistinguishthemfromthenamesthatdonot.

Weseeaclearsetofreasonswhythe2025

campaignhasthepotentialtodeliverstrongerreturnsthananysince2019:

VINTAGEQUALITY:2025isagenuinefive-star

vintage,thecombinationoflate-Augustrainfall,

earlierpickingacrossbothbanks,andagenerationofwinemakingrefinementhasproducedwinesof

extraordinarybalance,concentrationandaromaticprecision.

APPROACHABILITY:UnlikemanygreatBordeauxvintages,2025isbuilttobeenjoyedrelatively

young.Thisaddressesoneofthemostpersistentobjectionstofuturesbuying.

CORRECTEDMARKET:Withsecondarymarket

pricesforcomparablevintageshavingalready

resettorationallevels,thereisagenuinefloor

supportingentrypricesacrossmostappellations.

LOWYIELDS:Productionissharplydownatmanyestates,insomecasesthelowestinlivingmemory.Genuinescarcity,ifpricedwithdiscipline,createstheconditionsforappreciation.

Wealsoseetheobstacles:

PRICINGRISK:Ifchâteauxpriceaggressivelyonvintagequalityalone,withoutreferencetothecorrectedsecondarymarket,evenoutstandingwineswillfailtodeliverinvestorreturns.

EXCHANGERATES:USDanddollar-pegged

currencieshaveexperiencedvolatility,whichmayaffectpurchasingpowerforasignificantsegmentoftheglobalbuyerbase.

BACKVINTAGECOMPETITION:The2018,2019and2020vintagesfrommanyofthesesameestates

areavailablephysically,atpricesthatrepresentcompellingalternativestofutures.

BORDEAUXEP-2025VINTAGE:THEVINTAGE

THEVINTAGE:

QUALITYDELIVERED

AGrowingSeasonShapedbyOneDecisiveMoment

ThestoryoftheBordeaux2025vintage

is,intheend,astoryaboutrain.More

specifically,aboutrainarrivingatexactly

therightmoment.Ahot,drysummer,thekindthatinrecentyearshasproduced

powerful,high-alcoholwinesthatdivide

opinion,wasquietlyresolvedinlate

Augustbysignificantrainfallthatrestoredbalancetoberriesthathadbeenshrinking,preservedaromaticsthatwouldotherwisehavebeencompromised,andallowed

estatestobeginharvestingatamomentofgenuine,completephysiologicalreadiness.

AtMontrose,theteamrecordedcloseto70mmoverafewdaysinlateAugust.Cosd’Estournelbeganpickingonthe3rdof

September,theearliestintheirhistory.

PichonComtessestartedonthe28thof

August.Ducru-Beaucaillou’sharvestwas

theirearliestsince1945.ChevalBlanc

producedaGrandVinat12.7%alcohol,thelowestsince1979.Thesearenotisolated

datapoints.Theyareaconsistentvintage-widepattern,repeatedacrossbothbanksandalleightappellations.

Whatthegraphofthe2025growing

seasonshows,ateveryestateandineveryconversation,isaseasonthatbuiltheat

andconcentrationthroughalong,dry

summerbeforealate-Augustinflection

pointdeliveredfreshnessandbalance.

Theresultingwinescarrythestructure

anddepthofawarmvintagealongsidean

aromaticprecisionandapproachabilitythatisnormallyassociatedwithcooleryears.

ItisacombinationBordeauxhasrarely

achieved,andhasneverachievedquitesoconsistently.

AWinemakingCommunityattheHeightofItsCraft

Whatdistinguishes2025fromother

exceptionalgrowingseasonsistheclarityandconsistencyofthewinemaking

response.Conversationafterconversationacrosstheweek,thesameapproachwas

described:pump-oversastheprimary

technique,verylittlepunchingdown,

lowerfermentationtemperatures,carefulandgentleextraction.Newoakusagefell

meaningfullyatestatesacrossbothbanks.AtMontrose,ithasdroppedbelow50%,

withlarge-formatStockingerfoudres

introducedtopreservefruitexpression.AtClinet,60%newoakandgravity-fedjuice.AtSmithHautLafitte,extractiondialled

backdeliberatelytoletthevintagespeak.

Thegoal,statedrepeatedlyandwith

obviousconviction,waswinesthataremoreexpressiveandmoreapproachableata

youngerage,withoutsacrificingthedepththatrewardskeeping.Whetherthisshiftreflectsaresponsetoyoungerdrinkers

withsmallercellars,orsimplyaclear-eyedreadingofwhattoday’sbuyerswant,itisclearlyacoordinatedrethinkingofwhatBordeauxshouldtastelikefrombarrel.

Severalestateswentfurther.ChevalBlancandAusonebothproducedGrandVin-onlybottlings,thefruitqualitysouniformly

exceptionalthattherewasnocasefora

secondwine.Itisaremarkablestatement,

CULTWINES|WINEINVESTMENT.COM5

andausefulone:2025isnotavintagewherequalitytaperedoffasyoumoveddownthevinerows.

BORDEAUXEP-2025VINTAGE:THEVINTAGE

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LEFTBANK

InPauillacandSaint-Estèphe,thecombinationoflate-Augustrain,earlierpicking

andgentlerextractionhasproducedwinesofextraordinarybalance.Alcoholslanded

consistentlybetween13.2%and13.6%acrosstheday,noticeablylowerthanrecent

warmvintages.LafiteRothschilddeliveredsilky,unusuallyapproachabletannins.Moutonshoweddensedarkfruit,refreshingacidityandapolishedtexturewithrealdepth.

PichonBaronwasthestandoutoftheday:yieldsdownnearlyathirdat24hl/ha,coffeeandcedarrichness,monumentaltanninstructureheldtogetherwithprecision.Cos

d’Estournelwasagenuineblockbuster,extraordinaryfloralcharacter,creamyrichnessandasalinezingofacidity.

Saint-Juliencontinuedthestory.Ducru-Beaucaillouwasoneofthewinesofthetrip:

deepcolour,hugedenseattack,andthenanimmediatelyapproachablecoreofsoft

fruitandjuicyacidity.Léoville-Las-Casesshowedsupplebutenormoustanninstructureandaverylongfinish.Beychevellewasexpressiveanddark,withastepupinpolishoverrecentvintages.InMargaux,Palmerproducedwinesofincrediblefinesseat20hl/ha.

ChâteauMargauxitself,havingwaitedintolateSeptemberforcompletetanninripeness,deliveredawineofrealstructureandintensity.

InPessac-Léognan,Haut-Brionshowedpurefruit,beautifullybalancedacidityandhugeroundedtannins.LaMissionwasthebiggest,mostpowerfulwineofthevisitatthat

point,perfumed,well-integratedoak,denseandsimultaneouslyexpressive.Haut-BaillywasthehighlightofthePessacday:whattheteamcallstheir‘Holistique’vintage,withbeautifulminerality,fragrantnoseandsilkytannins.SmithHautLafittewasverywellcomposed,withbalance,freshnessandgoodaciditythroughout.

RIGHTBANK

Acrosstheriver,thevintagetookonadistinctcharacter,addingfloralfinesseto

theripenessandconcentrationalreadyevidentontheLeftBank.Angéluslabelled

theirGrandVin‘Irresistible’earlyintheyear,andthewinejustifiedit:complexfloralaromatics,signatureCabernetFrancspiciness,alongvelvetyfinish.Beau-Séjour

Bécotwastherevelationoftheday,yieldsdown25%,withagorgeousperfumednose,impeccablyintegratedoak,andrealtensiononthepalate.

ChevalBlancproducedwhatmaybethewineofthevintage.Yieldsat15hl/ha,thelowestinlivingmemory.Alcoholat12.7%.Thewineitselfisremarkable:oneofthemostcomplex,floralnosesoftheentiretrip,cedar,violet,amixofredanddarkfruit,focusedand

concentratedwithoutheaviness,velvetytannins,andalongaromaticfinish.InPomerol,VieuxChâteauCertanwasthestandout:AlexandreThienpontplacing2025alongside

2018asadefiningyearforCabernetFranc.LaConseillanteshowedfloralaromatics,highacidityandultra-finetannins.Figeaccameinat13%alcohol,perfumedandviolet-driven,withextraordinaryfine-grainedtanninstructure.

BORDEAUXEP-2025VINTAGE:THEVINTAGE

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THESECONDWINES

Athemethatbecameclearerastheweekprogressed:thesecondwinesaregenuinely

excellentacrosstheboard.2024’ssecondswere,inseveralplaces,disappointing.2025isadifferentstoryentirely.RéservedelaComtesse,PagodesdeCos,ClosduMarquis,Carillond’Angélus,LaCroixdeBeaucaillouandJoaninBécotalldeliveredrealquality,fruit-forward,balanced,withintegratedtanninsandproperdepth.Atentrylevel,PauillacdeLatour,HautBatailleyandChâteaudePezwerequietlyexcellent.Ifpricedsensibly,theserepresent

exactlythekindofaccessible,high-qualityBordeauxthathasbeenmissingfromthelowerendofthemarketforsometime.

VINTAGECOMPARATORS

Withoutformalcriticscoresatthetimeofwriting,thevintageassessmentrestsontradeconsensusandgrowingseasondata.Thatconsensusis,atpresent,unusuallycoherent.

Thereferencepointsmostcommonlyofferedbyproducerswere2016(forbalanceand

structuraldepth)and2022(forconcentrationandoverallqualitylevel).Mostestates,

notably,preferredtoletthewinesspeakforthemselvesratherthandrawcomparisons.

Theapproachabilityargument,wineswiththeconcentrationof2022butaccessibleatafarearlierstage,isthedefiningcommercialpropositionofthevintage.

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BORDEAUXEP-2025VINTAGE:TASTINGWEEK

OURINSIGHTSAT

ENPRIMEURTASTINGWEEK

Therearevintagesthataregood.Therearevintagesthataregreat.Andthen,occasionally,therearevintagesthatarriveatpreciselytherightmomentandchangethetermsoftheconversationentirely.2025isoneofthose.

Wedonotusethephrasefive-starlightly.In25yearsofthiscentury,fewerthansix

vintageshaveearnedit.2025isoneofthem.Afterfourdaysacrossbothbanks,eight

appellationsandvisitstomorethanfortyproperties,thepictureisunambiguous:thisisavintageofexceptional,consistent,andsomewhatunprecedentedquality.

Bordeauxhasenduredadifficultfewyears.Elevatedreleasepricingfollowingthe

celebrated2022vintagedampenedcollectorappetite,andthebroaderfinewinemarketenteredaprolongedperiodofrecalibration.Valuessoftened,volumescontracted,and

enthusiasmcooled.Thefundamentalpropositionofenprimeur,buyearlyatafairpriceforawinethatrewardspatience,hadquietlystoppedmakingsenseforagrowingnumberofbuyers,whofoundcomparablebackvintagessittingontheshelf,physicalandapproachingtheirdrinkingwindows,atmoreattractivepricesthananythingbeingofferedasfutures.Thatcorrection,however,appearstoberunningitscourse.Bordeauxremainsthe

world’smostliquidfinewineregion,globallyrecognised,deeplytraded,andnowofferingcompellingvaluerelativetoBurgundy,BaroloandNapaatcomparablequalitytiers.Thefundamentalshavenotchanged.Theentrypointhas.

Intothiscontextarrives2025.

Thegrowingseasondeliveredcircumstancesthatcouldhavegoneeitherway.Ahot,dry

summerthreatenedanotherpowerful,high-alcoholvintagebeforelate-Augustrainfall

restoredbalanceacrossbothbanks,preservedaromaticsandallowedestatestopick

earlierthanmanyhaveeverdone,withfruitthatwasgenuinely,completelyready.What

makesthevintagegenuinelydifferentfromitspeersisnotjustwhathappenedonthevine,butthedecisionsmadeinresponsetoit.

Awinemakingcommunitythathasspentagenerationrefiningitscraftmetasingular

growingseasonwithsingulardiscipline.TheresultisanewkindofBordeaux:structured

andage-worthybutbuilttobeenjoyedfarsoonerthantheclassicsthatsurrounditinthepantheon.Loweralcohols,polishedtannins,aromaticprecision,andanapproachabilitythatmayyetbringbacktheadmirerswhodriftedawayduringtheeraofextraction,oakand

eye-wateringreleaseprices.

Thosewhofollowtheruleoffiveswillnotethatvintagesendingin5carryadistinguishedtrackrecordinBordeaux.2025appearsintentonhonouringthatlegacy.Thescenario

worthwatchingisstraightforward:2022qualityatmeaningfullymoreconsideredpricing.Yieldsaredownsignificantly,atsomeestatesthelowestinlivingmemory,andwhether

thatbecomesajustificationforoverpricing,oradriverofrealscarcityvalueinawell-pricedcampaign,timewillsoontell.

BORDEAUXEP-2025VINTAGE:TASTINGWEEK

CULTWINES|WINEINVESTMENT.COM9

Anoteonperspective:thisisnotapieceaboutwhetherenprimeurisbroken,whether

Bordeauxisfinished,orwhether2025willmakeyoumoney.Thoseareseparate

conversations,andonesweengagewithrigorouslythroughourownpricingmethodologyandEPanalysistool,whereparticipantscanassessvalueforthemselvesagainst

comparablevintagesandcurrentmarketlevels.Whatthisis,isanhonestaccountoffourdaysoftastingbyateamthathasbeendoingthisfornearlytwodecades,andwhatwe

foundwasavintageofgenuine,consistent,extraordinaryquality.Whetherthattranslatesintoacompellinginvestmentdependsentirelyonwhatthechâteauxdonextwiththeir

pricing.Bordeauxhascorrected.

Thewinesarespectacular.Butspectacularisnotsufficientonitsown.Forthosebuyingforpleasure,2025demandsseriousattention.Forthosebuyingforperformance,the

watchwordisselectivity.Thegreatestvintagesdonotautomaticallymakethegreatestinvestments.Thebestopportunitiesin2025willrewardthosewhoarediscerning,notthosewhoaresweptupintheexcitement,howeverjustifiedthatexcitementmaybe.

DAY1-BORDEAUXEP2025:

PAUILLAC&SAINT-ESTÈPHE

Ourfirstdaytastingthe2025vintagetookusthroughthenorthernMédoc,startingat

LafiteRothschild,workingsouththroughSaint-EstèpheandPauillac,andfinishingatPichonComtesseasthesunwentdown.Alongday,alotofwine,andbytheendofit,afairlyclearpictureofwhattheLeftBankhasproducedthisyear.

ADry,HotVintageShapedbyRainattheRightMoment

Thestoryof2025ontheLeftBankisreallyaboutwhathappenedattheendofAugust.

Almosteveryproducerwevisitedtoldaversionofthesamething:awarm,drysummer

thatlookedlikeitwasheadingtowardsanotherextreme,concentratedandpotentially

high-alcoholvintage,rescuedbysignificantrainfalljustbeforeharvest.AtMontrose,theyrecordedcloseto70mmoverafewdaysinlateAugust,whichrestoredbalancetoberriesthathadbeenshrinkingandallowedpickingtohappenwhenphenolicripenessalignedwithsugarlevelsratherthanchasingoneortheother.

Severalestatestoldusthiswastheearliestharvesttheyhadeverrecorded.Cos

d’Estournelbeganpickingonthe3rdofSeptember,theearliestintheirhistory.Pichon

Comtessestartedonthe28thofAugustwiththeiryoungestMerlotplots.Whatwas

strikingwasthatthiswasnotearlypickingforcedbypanic,butearlypickingbecausethegrapesweregenuinelyready,withripetanninsandcompleteandfullydevelopedaromatics.

Alcoholsacrossthedaylandedconsistentlybetween13.2%and13.6%,noticeablylowerthanwehaveseeninrecentwarmvintages.PichonBaroncameinat13.3%,Cosat13.2%.Everyestatereferencedthisloweralcoholprofilewithobvioussatisfaction.

BORDEAUXEP-2025VINTAGE:TASTINGWEEK

ARemarkable

ConsistencyofIntent

Perhapsthemoststrikingobservationofthedaywasnotabouttheweatherbutabout

winemakingchoices.Conversationafter

conversation,weheardthesameapproachdescribed:pump-oversastheprimary

technique,verylittle,ifany,punchingdown,lowerfermentationtemperatures,carefulandgentleextraction.

Thegoal,repeatedbyteamsacrossboth

appellationsandconsistentwiththe

broaderrhetoricofrecentyears,wasto

producewinesthataremoreapproachableatayoungerage.

ThiswascertainlyemphasisedatPichon

Baron,withthesamephilosophyevidentatMontrose,wheretheteamtalkedopenly

aboutwantingtobreaktheclassicidea

thatBordeauxneedstenorfifteenyears

beforeitbecomesenjoyable.Theydescribedtargetingtheyoungergenerationasagoalfortheentireindustry,andtheiruseofnewoakhasdroppedtounder50%,withmore

large-formatStockingerfoudrescomingintopreservefruitexpressionratherthanovertoakflavours.

Whetherthisshiftisaresponsetoshrinkinghomecellarstorageamongyoungerdrinkers,adesiretoreducespeculativelong-term

storage,orsimplyareadingofwhattoday’sbuyerswant,itisclearlyacoordinated

rethinkingofwhatBordeauxshouldtaste

likefrombarrel.Anotherchangewenoticed:

producerswerefarlessinclinedthaninpreviousyearstocompare2025topastvintages.

Whenpressed,themostcommonreferenceseemstobe2016forbalanceanddepth,

butmostestatespreferredtoletthewinesspeakforthemselves.

TheHighlights

Atthetopend,thevintageisproducingwinesofrealquality.

LafiteRothschildhadthesilkiesttanninsof

anythingwetasted,unusuallyapproachableforayoungLafite,moreelegantthanpowerful.Theoakintegrationwasbeautiful,anditfeltlikeawinethatwoulddrinkwellrelativelyyoungbyfirst-growthstandards.

MoutonRothschildshoweddensedarkfruit,chocolateyoak,refreshingacidityandaveryrefined,cleantexture.Acharming,polishedwinewithrealdepth.

PichonBaronwasastandoutoftheday.Deepcolour,seriousconcentration,coffeeandcedarrichness,anenormoustanninstructure,yetallheldtogetherwithprecision.Yieldsweredownbyclosetoathirdversustheirnorm,at24hl/ha,andtheconcentrationshowed.Pontet-

Canetwassimilarlyimpressive,arguablytheirbestshowinginseveralvintages,withapureblue-andblack-fruitprofile,zippyacidity,andlayersoftanninthatunfoldslowly.

Cosd’Estournelwasagenuineblockbuster,

oneofthebiggestwinesoftheday,with

extraordinaryfloralcharacter,creamyrichnessandasalinezingofacidity.Theteamdescribedthisasoneofthelowestalcoholvintagestheyhaveevermade,alongsidethebestbalanceofacidityandtannin,andthewinereflectsthat

combinationofpowerandpoise.

PichonComtesse,ourfinalvisitoftheday,

wasworthsavingtolast.Restrainedonthe

nose,itpunchedthroughonthepalatewith

floraldelicacy,blackberryfruit,eucalyptusandtanninsthatweresimultaneouslyenormous

andsilky.Anoutstandingwine.

Montrosegaveuspurityandintensitywithwhattheteamdescribedasanironfistin

avelvetglove.LynchBageswentagainst

theday’sgrainbyproducingabolder,morestructuredandchewywinethatisclearly

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builttobecellaredratherthandrunkyoung,areminderthatnoteveryestateisrushingtowardearlyapproachability.

BORDEAUXEP-2025VINTAGE:TASTINGWEEK

CULTWINES|WINEINVESTMENT.COM11

Anoteonperspective:thisisnotapieceaboutwhetherenprimeurisbroken,whether

Bordeauxisfinished,orwhether2025willmakeyoumoney.Thoseareseparate

conversations,andonesweengagewithrigorouslythroughourownpricingmethodologyandEPanalysistool,whereparticipantscanassessvalueforthemselvesagainst

comparablevintagesandcurrentmarketlevels.Whatthisis,isanhonestaccountoffourdaysoftastingbyateamthathasbeendoingthisfornearlytwodecades,andwhatwe

foundwasavintageofgenuine,consistent,extraordinaryquality.Whetherthattranslatesintoacompellinginvestmentdependsentirelyonwhatthechâteauxdonextwiththeir

pricing.Bordeauxhascorrected.

Thewinesarespectacular.Butspectacularisnotsufficientonitsown.Forthosebuyingforpleasure,2025demandsseriousattention.Forthosebuyingforperformance,the

watchwordisselectivity.Thegreatestvintagesdonotautomaticallymakethegreatestinvestments.Thebestopportunitiesin2025willrewardthosewhoarediscerning,notthosewhoaresweptupintheexcitement,howeverjustifiedthatexcitementmaybe.

DAY1-BORDEAUXEP2025:

PAUILLAC&SAINT-ESTÈPHE

Ourfirstdaytastingthe2025vintagetookusthroughthenorthernMédoc,startingat

LafiteRothschild,workingsouththroughSaint-EstèpheandPauillac,andfinishingatPichonComtesseasthesunwentdown.Alongday,alotofwine,andbytheendofit,afairlyclearpictureofwhattheLeftBankhasproducedthisyear.

ADry,HotVintageShapedbyRainattheRightMoment

Thestoryof2025ontheLeftBankisreallyaboutwhathappenedattheendofAugust.

Almosteveryproducerwevisitedtoldaversionofthesamething:awarm,drysummer

thatlookedlikeitwasheadingtowardsanotherextreme,concentratedandpotentially

high-alcoholvintage,rescuedbysignificantrainfalljustbeforeharvest.AtMontrose,theyrecordedcloseto70mmoverafewdaysinlateAugust,whichrestoredbalancetoberriesthathadbeenshrinkingandallowedpickingtohappenwhenphenolicripenessalignedwithsugarlevelsratherthanchasingoneortheother.

Severalestatestoldusthiswastheearliestharvesttheyhadeverrecorded.Cos

d’Estournelbeganpickingonthe3rdofSeptember,theearliestintheirhistory.Pichon

Comtessestartedonthe28thofAugustwiththeiryoungestMerlotplots.Whatwas

strikingwasthatthiswasnotearlypickingforcedbypanic,butearlypickingbecausethegrapesweregenuinelyready,withripetanninsandcompleteandfullydevelopedaromatics.

Alcoholsacrossthedaylandedconsistentlybetween13.2%and13.6%,noticeablylowerthanwehaveseeninrecentwarmvintages.PichonBaroncameinat13.3%,Cosat13.2%.Everyestatereferencedthisloweralcoholprofilewithobvioussatisfaction.

BORDEAUXEP-2024VINTAGE:PRICINGWATCH

Palmer

Upthelongroa