Those who forget the past are doomed to buy expensive wine.

[JimHow]

Oldwinenut (Jon) emailed me a copy of an article this week from the March 29, 1989 edition of the New York Daily News.
Unfortunately, I can't seem to attach it here on BWE. But it is pretty funny.
The article is written by Barbara Ensrud, and it is titled: "Bordeaux remains world standard for red wine."
It is a little scary how some things never change.
Here is the first paragraph of the article:

Bordeaux sales are on the rise again, after a period of resistance to hefty price increases for the 1985 and 1986 vintages -- both of which are quite good. But American Bordeaux lovers got hit with a double whammy two years ago: Chateau owners raised prices and the dollar fell.

Other highlights of the article:

The Bordelais have pretty much taken for granted their position of preeminence. In recent years, however, interesting Bordeaux-style wines, fine Cabernets in particular, have emerged in other places -- California, italy, Spain. But the Bordelais are not about to let wine drinkers forget that their reds are the prototype for claret.

She discusses the quality of the 1985 and 1986 vintages, and says the '87 are "quite attractive," with an "appealing spicy character that should make them drinkable young."

She bemoans the price increases following the explosive buying of the 1982 vintage, when the top names of Bordeaux were offered from $11 to $30 a bottle.

Today, first growths like Lafite-Rothschild, Margaux, Haut-Brion cost $60 a bottle for the 1985 vintage -- the 40 to 50 wines of the second growth level range from $16 to $40 a bottle, depending how hot the label is and where you buy.

Not once in the article do we find the word "Asia."

Thanks for forwarding that article to me, Jon, if I ever figure out how to post it here I will.

[oldwinenut]

Jim:
Thanks for trying to post the article. I had trouble scanning it to send to you. It is amazing how the Bordelais's tune has not changed. As you point out, there was no mention of the Chinese, but they were still playing the game with pricing. The only difference is a zero or two. When you can get it up on the site I think that the membership will enjoy the read.
Thanks for trying to post it.

[Claret]

At the time 1989 raised the pricebar to a new record level. I still bought somewhat aggressively in those early days of stocking the Bordeaux cellar, with no regrets today.

[Bacchus]

Well, why should they change their story if it continues to work?

[DavidG]

I honestly don't know how much of this expensive wine is sitting in negociant or chateau cellars, or how much is sitting with importers/distributors/retailers, or how much is being cellared for investment, or how much will actually be drunk up. As long as the negociants can either sell the wine on or sit on it without going bankrupt, and as long as they are willing to pony up for the next vintage, pricing will continue to increase.

Past experience clearly shows that, with only occasional big dips (early '70s, 2008), prices rise inexorably. We're at higher prices now than we were before the big bust in '08. No it can't go on forever, and I suspect we are ripe for another correction, especially if there is more financial turmoil in the world. But when exactly? And after the next big drop, prices will rise again.

So the reasoning Bordeaux lover will keep his powder dry, waiting for the next big drop, realizing that even if a couple of vintages of the century are missed, another one will come along, and at some point there will be good wine at less than today's prices. And the Bordeaux lover whose passion exceeds his reason will tie up money for 2 years at the top of the market, 'cuz he's just gotta have it now.

[Nicklasss]

Common Jim.

As a future ''rock star'' with your CD and ''celebrity author'' with your novel, we hope on you to buy enough 2009 and 2010 to do many tastings with your BWEers friends, in the near future.

Nic