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between January and December). O’Connell shares with me his instinct that Burgundy could end up on top again in 2023, based on the minute availability for the 2021 vintage, as well as ongoing demand satisfied by any and all recent back vintages collectors can snap up on the secondary market. Linden Wilkie, founder of Hong Kong-based merchant and Burgundy specialist The Fine Wine Experience agrees, and offers evidence that demand for Burgundy is crystallizing beyond the top icons. “I’d say the Burgundy craze started with people deciding they couldn’t drink DRC or Rousseau anymore due to the price, and therefore moving downward,” he explains. “But now, with a new generation of buyers and the influence of social media, the adventure of discovering a new producer overshadows the purchases by default of not having access to the top rung.”
Back to basics (and Bordeaux) The same argument is made from a drinker’s angle by Giles Cooper, buying director of Chelsea Vintners. While he’s also convinced that Burgundy prices will hold in 2023, he’s expecting demand to pick up for Bordeaux. “Burgundy allows
us to brag about what we’ve tasted that others haven’t,” he tells me. “But Bordeaux is a conversation, usually about a château we’ve all tasted many times, where we share which vintages we’ve preferred at what times—it’s more inclusive.” While the Liv-ex Bordeaux 500 and Bordeaux Legends 50 indices rose only 5 and 7 percent in 2022 (versus 9 and 12 percent respectively in 2021), the region remains a constant staple, and one that continues to appear exceedingly good value relative to other fine wines regions. As Cooper puts it, “Bordeaux is the absolute cornerstone of wine appreciation.” With a strong vintage 2022 set for en primeur release in late spring, it’s likely that much of the trade will be backing the historically reliable horse, amid a potentially volatile year.
Sun rising (in the East) Geographically, Wilkie is cautiously optimistic about his own market. He explains, “The end of last year was very quiet for Asia, with a lot of Hong Kongers focused on traveling again.” His hopes are higher for 2023, as many mainland Chinese return to Hong Kong, and the effects of China’s post-Covid freedom finally kick in. O’Connell
echoes this, expressing a “trade paralysis” from China in Q4 2022, but equally sharing Wilkie’s confidence in Asia’s return to vinous activity this year. And if this particular sun does rise in the East, it could light up the entire market, bringing “strong trade tailwinds to Bordeaux and Burgundy,” he adds. Elsewhere in the world, the major
challenge for wine markets globally this year will simply be a battle against collectors’ own cautiousness. Following a frenzied few years, wherein many merchants registered consecutive annual revenue records, it’s possible wine lovers may intend to calm their acquisitions in 2023. Cooper doesn’t buy it, however. “I think these intensions will end up differing from reality,” he tells me, as he reels off a series of specific regions he’s excited about this year: “South Africa, Sonoma, so many different areas of Spain…” He clarifies: “I do think people will tell themselves to be more selective, but given how many high-quality wines are being made today, they could easily do so and still end up buying more than in previous years.”
Below: Bordeaux "remains a constant staple": Lot 647, Le Pin, at Christie's, London sale, December 1–2, 2022.
42 | THE WORLD OF FINE WINE | ISSUE 79 | 2023
Photography © Christie's Images
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