Sour grapes for vineyards as prices fall
Even with the smallest grape harvest since 1991 in Bordeaux, France's biggest wine-exporting region, producers of the most-prestigious bottles will see prices fall as buyers shift to cheaper alternatives.
Output of wine from Bordeaux will drop 23pc this year to 4.07 million hectolitres, or 543 million bottles, after grapes were damaged by hail and summer rot, government data show. Top-ranked vineyards, or chateaux, may cut prices for the 2013 vintage more than 25pc next year on weaker demand and perceived lower quality, said Allan Sichel, the head of Bordeaux's UMB union of wine merchants. The Liv-ex Fine Wine 50 Index of leading Bordeaux wines has tumbled 7.9pc from a peak in March, heading for a third annual decline.