Just received an email from a CA merchant and apparently they are already taking deposits on the latest money losing proposition/vintage of the century in Bordeaux, 2009. What an incredible concept to create some needed cash flow. Take deposits on the next legendary vintage (like there is never going to be another one) about 7 months before prices are released and even the first few words from “The Savior” are uttered. Wow…nice set of balls there. At the same time, some (supposedly) top 2008s are being dumped. Wait, I thought 2008 was cheap and according to “The Savior” another great vintage. So why are they being discounted? I am confused, please help!
You don’t understand. You are not buying a wine. You are simply paying for the privilege of being able to buy the wines later once they are available (if and when they are). Of course, if you don’t like the prices once the wines are released, you can cancel the order that never was and you will probably be refunded your deposit… minus a re-stocking fee of course… In the end, it’s a totally interest free loan for at least eight months. In this wonderful economic climate of ours, it is just refreshing to see business entities coming up with this type of innovating and wonderful ideas to take people’s money.
I have done this with Broadley for 10 years. They are selling futures on 09 vintage now. It’s a great deal, I save about 50% off what it will eventually retail for.
Looks like Gene and I might have to joust for the bridge. I’ve been buying Witness Tree futures for the past six or seven vintages and will, in all likelyhood, buy for the '09 vintage also.
I know it sounds silly, but how different is that from someone who decides to buy bottles of this year’s bad vintage mail order offering for fear that they will be dropped from the list and won’t be able to get it next year? And Max - tell me you’ve never bought a wine from a distributor that you thought was not very good just to make sure he gave you an allocation of the good stuff? At least if you are only reserving a place in line for futures, you are not buying wine you expect to dislike just to make sure you get a chance to buy some other wine next year.
By buying last year’s bad vintage, you are actually buying something.
Here, you are just supporting a store, that appears to be in trouble financially and is selling a product that they do not own. When you buy futures from a winery, the winery actually owns something.
When I started in this business, many UK brokers used to take your requests for BDX futures months in advance, but no money ever changed hands.