For The Love Of Port

I know that Bordeaux is often sold via futures. Do the port houses do that for port as well? I’ve searched around and haven’t found any info about port futures, but I figure I’d ask the experts (that you guys). If so where do you find info about upcoming futures?

Yes, but don't count on being a winner out of it.

Some of the 2003's are being offered by merchants for less than their opening price, and some of the 2000's are selling at auction for less as well.

There's nothing wrong with the wine - both vintages are shaping up very well - but the opening prices have been running too high and need to come down to earth.

2004 is looking good, but 2005 may be better.

I'd put my money elsewhere right now!

Tom

John,
Vintage ports are sold en primeur rather than as futures. There's some difference between the two that I've never bothered with. Basically, once a vintage is declared, you can start looking out for wine merchants offering them en primeur -- from my cellar notes in 2002, it looks like I received notices in early June or possibly late May, ordered mid-June and took delivery in November.

It's a matter of your personal approach to buying wine as to whether it is a "good deal" to buy en primeur. I always buy en primeur (though I missed the 2003 because I was traveling). If you approach VP like gasoline for your car, then skip the offering and drive around for the next few years seeing if maybe there's a pumping station on the next block that has a better price. That might be called the "commodity" approach.

On the other hand, if you look at wine as a value purchase, then by all means buy en primeur. I buy vintage port because I wish to have whatever number of beautiful bottles of wine to lay down and drink at the appropriate time in the future. Why quibble about the auction prices going a few dollars one way or another for the next 10 years? It's a bit like asking the jeweler if your hopefully future wife's engagement ring is possibly going on sale next week. Not a worthy start to a relationship.

Over the long haul -- which is what vintage port is all about -- the purchase price you paid en primeur will provide you excellent value. You will have bought the wine you want at the time it is most available, you will have paid a very good price, and you will never have the slightest doubt as to provenance or proper cellaring. And there is nothing like a few cases of young port laying about to give you a proper appreciation of the prospect of growing old.

An excellent response by Tyler!

I started buying en primeur with the 1991 vintage and in retrospect, I have "won" some and "lost" some ... but I'd rather know that the VPs I have invested in, are ex-cellars purchased as infants and in my direct control thereafter. That is worth the asking price!

I have had too many bottles in the USA and while in other countries, where the quality was not consistent with what I have grown to know of a specific VP. Better safe than sorry, from a great young vintage. Others go the other route and look for good deals later on. That can be very effective ... but the quality is always a crapshoot, although with Port ... far less of a risk than with other styles of wine.

Thanks of all the info.

I'm thinking that I'd like to go the route of en primeur when they are offered, as I'm still fairly young and have must time to let my VPs age

Though I'm always looking for a good deal to suplement my inventory. Recently I came across 6 bottles of 95 Quinta do Crasto VP for $22 (each). Got all 6, but I havent opened one yet. I'm a bit nervous about their history, but I figure'd i'd take the chance.

JC,

If you bought all six, I'd pop one of those babies open, and put your mind at ease! It'll also give you a good indication of what you can look forward to in another ten years...

Mike.