Fraud alert over Bordeaux wine futures(1)
Concerns are growing in some wine industry circles that a few rogue Chinese wine traders may be mounting a wine scam, just as the 2009 Bordeaux futures sales are poised to begin, experts fear.
Fine wine merchant Bordeaux Index alleged that unscrupulous traders in Shanghai had hoodwinked private customers into ordering and paying for the 2009 vintage of legendary wines.
Among the top wine names concerned were Chateau Lafite and its popular second wine, Carruades de Lafite, when there is little possibility that the wines will be delivered.
The top Bordeaux wines this year are widely expected to be of particularly good quality.
"We've long had concerns that a vintage like the 2009 Bordeaux could result in fraudulent futures trading," said Sam Gleave, Hong Kong sales director for Bordeaux Index.
Simon Staples, sales director at Berry Bros & Rudd in London, told AFP that he did not want to be a "scaremonger" but felt caution was necessary, especially in a market that has not traditionally bought en primeur.
"I would not be surprised if three times more 2009 Lafite will be sold than has been made," he said.
The alleged problem is not limited to Shanghai.
BBR's representative in Mainland China sent Hong Kong managing director Nicholas Pegna an Internet link, also provided to AFP, to a Chinese wine shop selling Carruades 2009 at 580 yuan (85 dollars, 64 euros). The wine has not been released for sale, so there is no legitimate price.
"On contact, these people said that the prices were for reference only'," wrote Pegna to AFP, but past experience leaves him dubious.
"We saw companies setting up to offer the 2005 Bordeaux and a number of them didn't deliver, so I do expect it to be happening again with the 2009s," wrote Pegna.
"The concern is always that the primeur system becomes tainted by a few rogue traders and consumers have a very tough lesson in the need to research who they buy from."
In a unique, often poorly understood system called en primeurs, Bordeaux's most exclusive wines, the grands crus classés, are sold as a futures commodity 12-18 months prior to bottling.
