If you follow the wine trade at all, you probably noticed that the 2005 Bordeaux vintage is headlining nearly every wine publication.  This vintage is being heralded as the best vintage since…ever. Accordingly, there is significant hype surrounding the launch of these much-vaunted wines. This means that we should all be in for a real treat if we are lucky to get to taste these wines either upon release or later on in their lives. It also means that their initial price offerings are staggering; wines that had previously sold in the double-digits are now offered at triple-digits.

These wines, made from the grapes harvested in 2005, still have to mature before they are bottled and released in 2008. However, they are now available as futures, which entails placing your order today for receipt of the wines later. This provides the chateaux with much needed cash flow while the "merchandise" sits in their cellars. Purchasing futures can be a good way to acquire Bordeaux wines, but similarly to investment in other futures (i.e. stocks, hogs, gold) it is not without risk.

First and foremost, make sure that you are dealing with a reputable wine merchant. You are giving someone your money upfront and won’t take delivery until several years later, so you want to be certain that the someone will still be around to deliver on their promise. I have always trusted Sherry-Lehmann in this regard. They have been in the futures game for over 50 years, so they have both longevity and experience. But, they are certainly not the only trustworthy merchant around.

Another important point to consider is the price paid. When buying futures, you are betting that the initial price will be less expensive than the price offered upon release. Yet, there is no guarantee that this will be true. A wine might rate an impressive score today (all of the wines were tasted as barrel samples by the trade several months ago), but the same critic may feel differently about the wine when they taste it a few years hence, which could cause the price to fall.

The advantage to buying futures is that you can ensure that you will have access to the wines you want before they are sold out. Presumably, with the high regard for these wines, they will be difficult to procure in 2008 if you didn’t purchase them as futures. Again, there is no guarantee that this will be true either.

Personally, as a Bordeaux lover, I can’t help, but get caught up in all of the hoopla. My first forray into futures was with the 2000 vintage, which was another successful year for Bordeaux, now overshadowed by 2005. I haven’t finalized my selection yet, but I know that I’ll need to make room in my cellar for the new lot. Fortunately, I have a few years in which to drink through all those bottles in the way.