Burgundy wine prices have “plateaued”, according to Laurent Delaunay, president of the BIVB and winemaker at Edouard Delaunay. As the 2023 en primeur campaign gets underway, this leveling of prices suggests a more balanced period ahead for Burgundy following years of volatility and inflation in the fine wine market.

Speaking to the drinks business, Delaunay noted that while the most prestigious domains and crus may still see gradual changes, overall pricing has largely stabilized. “We have reached a plateau,” he said. “For the next few years, maybe three to five, prices are not going to increase. My guess is they’re going to remain stable.”

This sentiment was echoed at the Corney & Barrow tasting event, where head of fine wine Guy Seddon highlighted that most producers had kept their prices the same as in 2022, with a few reducing them. Only in specific cases, where there was clear justification, were prices raised. The goal, Seddon added, was to ensure prices remained “palatable to our customers”.

A generous 2023 vintage supports price stability

Much of this newfound stability stems from the generous 2023 harvest, which has provided much-needed supply to a market previously stretched by smaller vintages like 2021. With ample volume to release, producers have felt less pressure to raise prices, and in some cases, have lowered them—especially for regional and entry-level appellations.

Delaunay acknowledged that these tiers had been a key concern for the BIVB, particularly as pricing in recent years pushed many consumers toward other wine regions. The 2023 campaign, with its accessible pricing, is being seen as a corrective move that could revitalize interest in Burgundy across all market levels.

He added that even top-tier domaines, some with long waiting lists, had refrained from raising prices. In fact, several are now opening up their allocations to new buyers and investors—an encouraging sign of a market seeking to expand its base rather than capitalize on exclusivity.

Impact of recent vintages and shifting market dynamics

The contrast between the 2021 and 2024 vintages also plays into current pricing trends. The 2021 vintage was Burgundy’s smallest in four decades, creating a supply crunch that drove prices up. In contrast, the 2024 vintage is around 13% larger, though regional disparities exist. Chablis and the Côte de Nuits were hit by hail and mildew, while the Mâconnais saw more typical yields.

This overall rebound in volume has helped ease pressure on the supply chain and brought down grape prices, which had spiked between 2020 and 2021. Prices for Pinot Noir and Chardonnay grapes have now largely returned to 2020 levels, with only modest increases of around 5% following the 2024 harvest.

To mitigate future volatility, Delaunay emphasized the importance of maintaining reserve stocks—similar to Champagne’s model—to smooth out the extremes caused by climatic challenges. “It is already happening in some appellations, but it’s the only solution to soften the extreme production conditions we are facing,” he said.

Secondary market cools as investment trends shift

Another sign of change in the Burgundy market is the cooling of the secondary wine market. With bonded warehouses in key trading hubs like the UK, Geneva, and Hong Kong full of Burgundy vintages, many investors are looking to offload stock. As a result, prices on the secondary market are dipping, further reinforcing the idea that growth has paused—for now.

Delaunay views this cooling as a healthy development. “All the signs are not in favour of a price increase, which is a good thing,” he said, noting that this period of consolidation can benefit long-term consumer engagement.

Uncertainty around global economic conditions and the potential return of U.S. tariffs also weigh heavily on producers’ minds. Given that all major markets are now feeling the strain of inflation and geopolitical instability, there is strong incentive to keep prices in check.

A turning point for Burgundy

While the fine wine world has watched Burgundy’s rapid rise over the past decade with both admiration and concern, 2024 may mark a turning point. The combination of generous harvests, producer restraint, and global market pressures has brought about a moment of equilibrium. For collectors, merchants, and wine lovers alike, this could be a welcome reset—making Burgundy more accessible without compromising its prestige.

With stability in sight and a focus on long-term sustainability, Burgundy seems poised to maintain its iconic status while broadening its reach. The 2023 en primeur campaign may well be remembered as the year the region found its footing again.