In the film, Back to the Future, Marty McFly heads to the past (1955 to be exact), but must travel back to the future (1985) to avoid tampering with history. Conversely, the Bordelais winemakers constantly look to the future – the future of their wine – on the open market. Like other commodities, understanding wine futures can be somewhat complicated, so we endeavor to explain the annual en primeur campaign, as it is known, which kicks off this month.

Firmly rooted in the present, Grand Cru Classes has just returned from a fabulous trip to Oregon’s Willamette Valley. It was a wonderful weekend of Pinot Noir, with visits to a number of wineries, most notably Willakenzie Estate and Anne Amie. If you have the opportunity to visit this wine region, we highly recommend it.

However, if you are staying closer to home these days, why not visit the wineries out on the North Fork of Long Island, stopping by to take a class with us before hitting the tasting rooms? Our Long Island Wines: From Potatoes to Parker Points is a terrific overview to the region’s history, while our From Vine to Wine class serves as a solid foundation of wine knowledge. Please visit our website for a full schedule of public classes. Alternately, let us bring our Personal Wine Party or other wine event to your home, office or other venue of your choosing.

And, for wine updates in between our monthly newsletters, sign up for email alerts for Tracy’s NY Wine Shopping Examiner column on Examiner.com.

Drink wisely and well,

Tracy Ellen Kamens, Ed.D., DWS, CWE
CEO: Chief Education Officer

and

Jared Michael Skolnick
COO: Cork Opening Officer

BACK TO THE FUTURES

Would a clothing manufacturer create a new fashion line and then hold it in a warehouse for over a year, taking up costly space and not producing revenue? Of course not. It seems like such a foolish business model, but that is exactly what happens with most wineries. Grapes are harvested in Year X, but many wines, especially reds, aren’t bottled and released until Year X+2 (or even longer in some cases). Accordingly, wineries must wait several years before they can realize income on a given vintage.

In an effort to increase cash flow during this waiting period while the wines mature in barrel, France’s Bordeaux region adopted the practice of selling futures. Wine merchants are invited to taste barrel samples, a full year before release and then purchase them ahead of time. Like any investment, it is not without some inherent risks – the wines will change over the course of the year, prices may go down, currencies fluctuate, etc. Yet, the potential rewards are securing highly coveted wines before they are sold out and possibly at a lower price than when they are released.

Each April, merchants and journalists descend upon Bordeaux to taste the wines, with prices set by the producers (aka the chateaux) several months later. In the meantime, the critics make their pronouncement on the overall quality of the vintage and publish tasting notes and scores on individual wines. As with other wine ratings, these can often make or break a futures campaign and will also impact pricing. The “blue chip” wines are generally those that were classified (Grand Cru Classé) in 1855, but many other producers have established reputations as well and consequently command high prices for their wines.

The Bordeaux futures campaign kicks off sales to consumers in June, with some of the large retail stores offering a selection of wines from the vintage – in this case 2008, which has been well regarded by wine journalists (but not extolled). Wines ordered now will be delivered in the latter half of 2011. While some have suggested that there is no need to buy futures this year, if you do choose to purchase Bordeaux futures, it is extremely important to find a reputable merchant to ensure that you will indeed receive your wines; scams in this arena are not uncommon. And, unless you are Marty McFly, you will have difficulty going back to 2009 to undo your purchase.

Tasting Notes

Château Bonnet, Bordeaux Blanc 2007, Entre-Deux-Mers, France, $10.00
A blend of Sauvignon Blanc, Semillon and Muscadelle (50%, 40% and 10%, respectively), this wine provides youthful aromas of lemon, hay, apple and slight yeast. With vibrant acidity, the palate has flavors of lime, grapefruit and stone.

Château Bellevue, Bordeaux, 2005, Médoc, France, $15.00
From the much-hyped 2005 vintage, this is an affordable option. On the nose, the wine displays youthful aromas of black currant, tobacco leaf and eucalyptus. Its medium+ tannins are ripe and balance well with flavors of blackberry, currant, oak and graphite, ending with very long length.

Château Moulin de Lagnet 2004, Saint Emilion Grand Cru, France, $30.00
Overshadowed by the great 2000 and 2005 vintages, 2004 provides good value. This wine hails from St. Emilion on the right bank of Bordeaux. Consequently, it is heavily dominated by Merlot with aromas and flavors of plum, cherry and some herbal/earthy notes. 

Château Longueville au Baron de Pichon-Longueville 2003, Pauillac, France, $85.00
The 2003 vintage was the year of the summer heat wave that swept across Europe, hitting record highs. Despite the unusual climatic conditions, this wine has developed nicely, showing concentrated red and black fruits and heavy, but ripe, tannins. 

Château Montrose 1971, St. Estephe, France, $90.00
With a complex nose showing aromas of currant, raspberry and strawberry, joined by notes of floral, grass and dried herbs, this wine has aged beautifully. On the palate, there is dried plum, strawberry, black currant and some slight oak and spice.
NB: This chateau’s second wine is La Dame de Montrose, which retails for about $25.00 for the 2007 vintage.