by Hervé Lalau

Alain-Dominique Perrin , chief executive officer the luxury group Richemont, but also a winemaker at Château Lagrézette in Cahors, is critical of the 2007 vintage in Bordeaux, even at the finest estates. "It was a poor vintage", he said to journalists of the Revue du Vin de France. "I saw the harvest. I know. Do the First Growths expect us to buy their products at €500 a bottle? If there is any hint of morality in this wine business, then all of the fine estates, even the best, need to drop their prices below €100."

He may not be far from the mark. As the en primeur season approaches, little is looking good for the market in Bordeaux. The dollar has taken a beating, the pound is weak and even the Swiss franc has lost strength against the euro.

Although the producers have their war chests full after several successful campaigns, most of the merchants in Bordeaux - remembering the dire straits they were in only two years ago - are more sanguine about the state of the market. Many are nonetheless buying back wines from markets where prices are lower to insure that no damage is done to regions reputation.

The presentation of the 2007 vintage through the Union des Grands Crus begin in April. Based on experience, the trade expects this to be a long, slow campaign.