Understanding Wine Futures: En Primeur Explained

Wine futures, also known as en primeur, offer you the opportunity to purchase wines early. The wine from a specific vintage is still in the barrel when you buy. This method allows you to invest in a wine before bottling. Payment typically falls a year or 18 months prior to the official release of the vintage. A potential advantage of buying wines en primeur is that they "may be considerably cheaper during the en primeur period than they will be once bottled and released to the market,". However, this price advantage is "not guaranteed,". Some wines "may lose value over time." This approach can also secure wines with "very limited quantities and will most likely not be available when they are released," as advised by wine expert Tom Stevenson in "The Sotheby's Wine Encyclopedia."

What is en primeur and how does it work?

En primeur is a method of purchasing wines early while the wine from a vintage is still in the barrel. It offers the customer an opportunity to invest before bottling. Payment for these wines is made at an early stage, "a year or 18 months prior to the official release of a vintage,".

The process begins with barrel samples of the wines, tasted when they are "between 6 and 8 months old." That tasting then influences the en primeur price with a preliminary score or rating. In regions like Bordeaux, the final wine is often a blend. Winemakers there craft an approximate blend for sampling. The "composition of the final wine may differ from the sample depending on how each barrel matures during the aging process." Once the producer has completed the maturing phase, the owner of an en primeur wine receives the respective bottles. Those bottles often go directly into "custom-free storage holding, 'in bond',".

Bordeaux is the region most commonly associated with en primeur. Burgundy, the Rhône Valley, and Port also adopt the practice. Other areas like Piedmont, Tuscany, Ribera del Duero, and Rioja occasionally use this concept. For example, the Bordeaux 2016 vintage sold en primeur. That allowed buyers to secure wines from that specific year early.

What are the potential benefits of buying wine futures?

Purchasing wine futures can offer several advantages. It suits those looking to secure specific wines or potentially benefit from price appreciation. One primary benefit is the possibility that wines "may be considerably cheaper during the en primeur period than they will be once bottled and released to the market,". This is not a guarantee, but it presents a potential for value.

Another significant benefit is the opportunity to "secure wines that may have very limited quantities and be difficult to buy after they are released." This is especially true for highly sought-after wines, where "some classified Bordeaux estates can have nearly all of the year's inventory allocated or purchased before the wine is released" in favorable vintages.

Historical examples illustrate this potential. The 1982 vintage of Château Latour, for instance, "was sold at £250 a case en primeur in 1983, while valued in 2007 at £9,000." The same entry adds that "the major part of this price increase occurred after bottling." More recently, those who bought into top wines of the 2014 vintage were "reporting average ROI of +13.4% with the wines soon to be released in bottle," as of a Liv-ex Insights report cited. Monitoring the fine wine market index can provide broader context for such returns.

What are the risks and considerations?

Wine futures offer potential benefits. They also come with inherent risks and important considerations you should be aware of. The potential for wines to be cheaper en primeur "is not guaranteed and some wines may lose value over time." This was evident with the 2009 and 2010 Bordeaux vintages. There, "many who bought into the 2009s and 10s were facing losses during the following four years" due to record release prices and subsequent market readjustment failures.

Another significant concern is the "incidents of fraud in the "en primeur" market" which "have been significant both in the US and in the UK and in the wine investment sector in general." The source also notes that "many have queried the (lack of) requirements to set up an investment firm" in the wine investment sector. As with all investments, the consumer is "advised to use caution." For further guidance on navigating the fine wine market, consider reviewing our fine wine investment guide.

How do auction houses handle en primeur wine?

Auction houses often facilitate the sale and storage of en primeur wines, particularly those offered "in bond." Wines bought en primeur are frequently placed into "custom-free storage holding, 'in bond',".

Christie's, for example, identifies wines offered "in bond" with a '‡' symbol in their catalogue. Their London Conditions of Sale, Wine details that marking. If you choose to purchase these lots "in bond" through Christie's, "no excise duty or clearance VAT will be charged on the hammer price," though "VAT will be charged on the hammer price," according to Christie's: London Conditions of Sale, Wine. In this scenario, you are "responsible for arranging collection by a shipper with a bond movement guarantee or by a warehouse with a customs bond/suspense regime and for any fees charged by the shipper or warehouse," Christie's: London Conditions of Sale, Wine specifies. Be aware that "if you take your purchases out of bond at a future date excise duty and clearance charges will become payable," Christie's: London Conditions of Sale, Wine cautions.

Alternatively, if you choose to buy the wine "duty paid" from Christie's, "excise duty at current rates will be added to the hammer price and clearance VAT will be added to the duty inclusive hammer price on your invoice," Christie's: London Conditions of Sale, Wine explains. These charges "cannot be cancelled or refunded by Christie’s."

HMRC sets the rates for alcohol duty. For wine (including sparkling wine) with an alcohol by volume (ABV) between 8.5% and 22%, the duty is £30.62 for each litre of pure alcohol in the product. That rate comes from HMRC: alcohol duty rates, updated 1 February 2026. Understanding these storage and duty implications is crucial for managing your wine collection. You can find more information in our guide to storing wine.

What are the typical fees and taxes?

When acquiring wine, especially through auction, you will encounter various fees and taxes beyond the hammer price. A "buyer’s premium is added to the hammer price of each lot offered and is payable by the buyer," as stated by Sotheby's: what is a buyer's premium. This premium is a standard charge across auction houses.

Here is a comparison of buyer's premium rates for wine from several auction houses:

Auction House	Buyer's Premium for Wine	Additional Notes
Christie's	25% of the hammer price	VAT payable on the premium
Sotheby's	24% plus 1% Overhead Premium on all hammer prices	Excludes local taxes and any applicable artist resale rates
Bonhams	24% of the hammer price	VAT at 20% added to the Buyer's Premium
Zachys	25% Buyer’s Premium	Unless otherwise indicated; credit card payments incur a 2% processing fee
WineBid	17% buyer’s premium	For auction purchases; items available to Buy Now do not receive this premium

In addition to the buyer's premium, you are responsible for applicable taxes. Christie's states that "VAT is payable on the premium at," and for some lots, "VAT is payable on the premium at," according to Christie's: London Conditions of Sale, Wine. For lots Christie's ships to the United States, "sales or use tax may be due on the hammer price, buyer’s premium and/or any other charges related to the lot," Christie's: London Conditions of Sale, Wine notes.

For New York Live Auctions and New York Internet Auctions, "Zachys is required to charge and collect New York sales tax," Zachys: conditions of sale states. Title and ownership pass in New York. For Delaware Live Auctions and Delaware Internet Auctions, however, "the State of Delaware does not impose sales tax on tangible personal property sold within the State," Zachys: conditions of sale explains. That means Zachys is "not required to charge or collect sales tax" for sales within Delaware. WineBid confirms that "sales tax is calculated as a percentage of the entire price paid, including the hammer price and the buyer’s premium for auction purchases," according to WineBid: frequently asked questions.

Furthermore, "many of the wines and goods offered for sale are imported from outside the United States and may be subject to tariffs, duties, taxes, or other governmental charges imposed or adjusted after the time of purchase," Zachys: conditions of sale warns. Buyers are responsible for these costs, which "may change between the date of sale and the date of delivery," Zachys: conditions of sale adds. Christie's also states that you are "responsible for any applicable taxes, tariffs or other government-imposed charges relating to the export or import of the lot," Christie's: London Conditions of Sale, Wine notes. To accurately estimate your total cost, our landed cost calculator can be a valuable tool.

How does buying en primeur compare to buying bottled wine at auction?

Buying en primeur and purchasing bottled wine at auction differ in several ways. Understanding them is key to making informed decisions for your collection. Here is a comparison of the two methods:

Feature	En Primeur (Wine Futures)	Bottled Wine at Auction
Purchase Timing	Wine is still in the barrel, typically 12-18 months before bottling and release.	Wine is already bottled and often has some age.
Condition Assessment	Based on barrel samples and preliminary scores; final composition may differ.	Physical inspection of bottles, labels, fill levels, and corks is possible.
Price Certainty	Potential for lower prices than bottled release, but not guaranteed; prices can lose value.	Prices reflect current market value for mature, bottled wine; subject to auction dynamics.
Storage	Often placed directly into "in bond" storage; buyer responsible for future storage costs.	Buyer responsible for collection and storage immediately after purchase.
Fraud Risk	"incidents of fraud in the "en primeur" market have been significant."	Risk of counterfeit wines exists; reputable auction houses conduct inspections.
Immediate Availability	Not immediately available; delivery occurs after bottling and release.	Available for collection or shipping shortly after the auction.

When buying en primeur, you are securing a future asset. The initial assessment relies on barrel samples, which "often only 6-8 months old," we point out. The same entry adds that the "composition of the final wine may differ from the sample." This contrasts with buying bottled wine at auction. There you can often assess the physical condition of the wine, including ullage levels. Those are "the amount by which level of wine is short of being full," according to Christie's: London Conditions of Sale, Wine. Our guide to wine ullage levels provides more detail on this.

For those interested in the broader market for fine wines from specific regions, a producer atlas by region is worth exploring. It offers valuable insights into the origins of many en primeur offerings. Whether you choose en primeur or auction, familiarize yourself with how to buy wine at auction. That preparation will help you navigate the process effectively.

To ensure you never miss an opportunity to acquire the wines you desire, set up price alerts on your watchlist. You will receive notifications when wines you are tracking become available or reach your target price. That helps you make timely decisions for your collection.