The Bordeaux 2012 En
campaign got underway today with Gazin. Released at €39 per bottle ex-negociant, it is offered 7% below 2011’s price of €42, and 35.4% above 2008, which was released at €28.8.

Is this low
enough to attract a market? Current prices for other recent Gazin vintages
would suggest not. As shown in the chart below, the London release is more
expensive than comparable vintages such as the 2004, 2008 and 2011. When such wines
that have been in bottle for several years can be purchased at a discount,
there is little incentive to buy the new release.

Gazin does not represent all of Bordeaux. But if it is an
indication of the campaign to come, this early starter does not offer much reassurance.