Oh dear. All the pre-release whispers that the proprietors were aware of market sensitivities and would price sensibly were only half right, and so were completely wrong.

We suggested loudly to anyone listening that if pragmatic rationale was applied prices should be at a (possibly substantial) discount to the current 2008 market. The economics are simple enough: the lower the price, the more customer interest, the more sales, the possibility of a secondary market - something on the table for everyone.

But no. With extraordinarily few exceptions, wines are being priced to the hilt, or (ludicrously) beyond! Regular customers are staying away because they have cellars full of the wondrous 2009's and 10's, let alone 'bargain' 2008's (at release prices). Their allocations for the top wines have gone to new buyers of which there are some, but not enough to create any heat.

Truth is, F+R is over 20 times the size it was with better allocations and many. many more customers, but we've never seen such dismal levels of demand in our 19 year history!

Mark Bedini 
Executive Chairman