| In April, thousands of the world’s wine buyers and critics descended on Bordeaux for the annual spring ritual of en primeur, to taste the latest vintage while it’s still aging in the barrel. They assess quality and decide which châteaux’s wines they’ll buy and offer to their customers as futures. Days and nights are long and hectic, filled with tastings, stellar food, news and gossip. No one complains. This year, the dark storm clouds of economic and political uncertainty hung over the event: inflation, new (and shifting) US tariffs, declining global consumption, a weak US dollar, falling Bordeaux prices on Liv-ex, and little interest from China are all daunting challenges. And—let’s just say it—2024 is no fabulous, must-have “vintage of the century” the way, for example, 2016 was. The cold and rainy spring and harvest weather—with not enough sun, mildew pressure and more—might even have meant a wipeout in an earlier era. It’s a reminder that not every vintage in Bordeaux is exceptional. Nonetheless, the châteaux with expertise, a top terroir, loads of money, the wherewithal to select only the very best grapes and plenty of luck made good, even very good (though not great) wines in 2024. Whites are mostly excellent, and there are many more new ones, like Château d’Issan’s Rhone-style white. But the biggest question on everyone’s minds was: Will the châteaux release their wines at low enough prices to entice buyers? So far, some have. But for US buyers, the tariff problem remains. Let me refresh your memory about how futures works. The 2024 wines are still babies in barrel and won’t be bottled for another year and a half to two years. By selling them as futures to négociants (merchants and brokers), châteaux get cash up front to cover production costs. Négociants then sell the wines on (as futures) internationally to importers and retailers around the globe. They, in turn, sell to you. The justification for putting your money down now—and tying it up for two years—is the presumption that by the time it’s bottled, the wines will cost much, much more. Sadly, that scenario hasn’t worked for years. Many recent and better vintages can be bought now for less than their original futures prices. And 2024 comes with tariff uncertainty for US consumers, who will have to pay whatever tariff exists when the bottled wines arrive.  Vineyards near Château Cheval Blanc in Saint-Émilion, the heart of Bordeaux. Source: Getty Images Which is why, for the first time since their founding in 2006, California-based Bordeaux specialist retailer JJ Buckley is not officially offering an en primeur campaign, according to chief executive officer Shaun Bishop. “Our clients should know their final price at the time of purchase,” he said in an email. “So, we’re advising them to focus on in-bottle wines, such as 2022 or older.” They’re accommodating client requests, but, he says, have fielded only a handful for Château Lafite Rothschild. At Bay-Area based K & L Wine Merchants, Bordeaux buyer Ryan Moses pointed out that with the weakening of the US dollar, even a 30% price reduction isn’t as good as it sounds. In LA, the outpost of UK-based Bordeaux Index reports US interest in en primeur “is low to non-existent, but trade continues as usual in Europe and Asia.”  ICYMI: French wine investors like the billionaire Bouygues family, owner of powerhouse Bordeaux second growth Château Montrose, now see Virginia as a climate-safe Napa. Photographer: Jeff Mauritzen Jeff Zacharia, owner of major retail player Zachys, emailed a different view: “Yes, there’s interest from Americans this year,” he says. His approach is to offer a narrow selection, including wines that will be at the “sharpest price you’ve seen since 2014.” (In case you’re wondering: among his top hits are Les Carmes Haut-Brion, Château Montrose and Château Margaux, all stars in my book. For super value, he’s chosen Château Laroque.) If the tariffs are still high when the bottled wines are scheduled to arrive, Zachys also offers customers the chance to store their wines in Europe. The widest selections in the US will be at spots like Millesima, which is an outpost of a Bordeaux negociant. What about the wines? The best are fresh, lighter-weight and elegant, with a savory, juicy character, and for drinking sooner rather than later. Besides those below, whose prices have been released, top quality can be had in châteaux L’Eglise Clinet, Margaux, Lafleur, Canon, Figeac, Les Carmes Haut Brion, Ausone, Ducru Beaucaillou and Leoville Barton. Buy only if their prices are low enough. Look at Liv-ex for comparisons with other vintages. Here are four good Bordeaux futures deals  Source: Vendors Château Lafite Rothschild 2024 ($399) — Medium-bodied, floral, sophisticated, with its usual elegance—and it’s 27% cheaper than the 2023, and 15% cheaper than any vintage of Lafite in the market. Château Montrose 2024 ($116) — Spice and minerals, depth and concentration, with floral aromas, and only a third of the production went into the grand vin. The price is 30% lower than last year. Château Cheval Blanc ($369) — The purity of fruit and aromas of lilacs, peonies and lilies stand out. It’s subtle and mineral and oh so suave, and a 28% reduction on last year. Château Lynch Bages 2024 ($83) — Always popular, Lynch Bages is all about polished cassis fruit and fine tannins in 2024. The price is 10% below any vintage on the market. The next mega wine collection up for auction | Mention billionaire William Koch (the yachtsman) in the wine world and you’ll hear about his nearly decade-long campaign against counterfeit wines. He filed half a dozen lawsuits to hold auction houses, collectors and brokers responsible for fakes he’d purchased, spending millions in the process.  Koch’s wine cellar in Palm Beach, Florida. Photographer: William Jess Laird/Christie’s He settled or won bis cases; in one major suit, a jury in 2013 awarded him $12 million damages, though that was later reduced to quite a bit less. (Watch for my exclusive interview with him next month.) At a live auction on June 12 to 14, Koch is selling 8,000 bottles estimated at $15 million from his fabled collection at Christie’s in New York. As befits a billionaire, his showstopper list includes some of the rarest and most prestigious vino in the world: a Methuselah (6-liter) of 1999 Domaine de la Romanée-Conti Romanée-Conti estimated at $100,000 to $150,000; one bottle of historic 1900 Château Lafite Rothschild, estimated at $4,000 to $5,000; four bottles of rare 1945 Mouton Rothschild, estimated at $38,000 to $55,000. If you’re feeling flush, be there—or bid from around the world. Napa vintners are going beyond the tasting room to offer more intimate and personal experiences. Those at two newish estates in Rutherford, California want to host you at private dinners, starting this month. A word of caution: invitations don’t come cheap. First up: Bella Oaks, an estate owned since 2010 by art collector and historic preservationist Suzanne Deal Booth. The vineyard was originally planted in the early 1970s by Belle and Barney Rhodes. Rather than make wine themselves, they let Heitz Cellar use the grapes to create one of Napa’s first single-vineyard bottlings. Over the following decades, the pioneering couple helped cultivate the valley’s reputation as a food and entertaining destinations, and now dozens of journals of their menus and guests serve as inspiration for Bella Oaks Legacy Dinners. Cost: $695 per person for groups of four to eight people; contact martin@bellaoaks.com or 707-287-3319 to book.  An Annulus tasting at Wheeler Farms in St. Helena, California. Photographer: Bryan Meltz/Annulus Cellars For an urban take, Luke Evnin of MPM Capital and his wife Deann Wright, the owners of new cabernet estate Annulus, offer “Napa in New York” dinners, wining and dining you in their private Manhattan residence. The food, cooked by a private chef, will be inspired by famous regional classics like Mustard Grill’s Mongolian Pork Chop. Cost: $550 per person for eight guests; contact info@annuluscellars.com or 707-531-9462 to book. Best new wine of the month |  The Annulus range of cabernets. Photographer: Suzanne Becker Bronk/Annulus Cellars With the 2021 vintage last fall, Annulus, which means “ring,” launched three cabernets and a high-end sauvignon blanc. Coincidentally, the wines are made by the same duo, Nigel Kinsman and Bordeaux consultant Michel Rolland, that makes Bella Oaks. Leaving aside the question of whether Napa needs another $250 cabernet, my favorite of Annulus’ new wines is from a special part of the celebrated Vine Hill Ranch vineyard. Situated between Dominus and Harlan Estate, it comes with great terroir bonafides. The 2022 Annulus Vine Hill Ranch Cabernet is a wine for drinkers who love richly fruity reds with gorgeous aromas, exceptional balance, and bright notes of cherry, tobacco and cedar. It will be released in the fall; you might find a bottle or two of the equally delicious 2021 around now.  Vine Hill Ranch vineyard in Oakville, California. Source: Annulus Cellars | 
