The futures campaign is almost over, and as any speculative futures campaign, trade relations can take a wrong path, one accusing the other of bad faith when he cannot get what he wants to buy. The wholesaler blames the property, which the wine is in demand, not to have enough bottles to sell, forgetting that in the meantime they were less demanding in 2007 and 2008. Criticizing them, only in thought, to be too expensive, when they would rather have a 15% margin on 1000 Euros than 15% margin on 50!
The client does the same vis-à-vis the Bordeaux merchant distributor, and so on throughout the supply chain all the way to the end customer.
At the end of this campaign, I was called by the name of some famous birds from the financial world: in the street, I was called Mister “Kerviel”, or even almost Maddoff, and certain customers of “I was told that you were a speculator”, etc. ...
I am forced to justify myself.
Fortunately 95% of customers know the “Bordeaux” system and many have a good memory, and not just selective ones: indeed my business only sells 1st growths from the right bank, for those on the left bank, I do like my buddies and buy every year in London, Zurich and even in Bordeaux these 1st growths much sought-after.
If a kind of coherence is possible when one has the privilege of getting a first tranche allocation, how can you get a “good price” when you buy from someone?
This year, if you add to the already high price of the first tranche, with lower quantities voluntarily sold, the prices for 2nd and 3rd tranche, the average prices, the captain's age, my handicap in golf and the beaches of Cap Ferret, you can understand why I am considered incompetent!
Fortunately there are also great properties, owners who like me, or who simply enjoy my business, some of them even - and very famous ones – increased, this year, my 1st tranche allocations, or gave me 2nd, even 3rd tranche allocations as a gateway to the future.
A novel could be written about all this. In the meantime I suggest you go to the bookstore to buy this new book published by Feret: “The market for reputations, a sociology of the world of Bordeaux wines” written by Pierre-Marie Chauvin.
The timing is to read this book in the evening to relieve the stress of this campaign is perfect.