Like so many good things, Bordeaux's en primeur program was ruined when it got too popular. It was great for consumers up until a few years ago and it was possible to make genuine and sometimes substantial savings on very fine wines. Now, the chateaux of Bordeux charge pretty much standard retail price, only three years in advance. Who needs that? That said, there are still some good reasons to consider an en primeur investment.
En primeur worked for many years as an insurance policy/cash flow thing for the chateaux. They would agree to sell loyal customers X number of bottles at a low price in order to get the cash up front and deliver the wines in the future. This way, the chateaux got money regardless of how the wine turned out. All through the 1990s, however, people who bought in advance made a lot of money: retail prices were often double or more the en primeur price by the time they hit the shelves three years later. In the UK, the secondary market for fine Bordeaux became so developed, there was an index that went up and down like the stock market.
Key reasons for this include the boom at the top end of the market, so more wealthy buyers were chasing the same small number of well-known labels, and improvements in winemaking technique. Bordeaux never actually has a really "bad" year anymore - some years are less good than others, that's all. The chateaux have now realized this and are charging top dollar from the word go. To get a flavour of how it used to be (and to see how much you could've made/saved in the 90s), read my article on the subject in 2003.
The principal benefit now is to get hold of sought-after wines at more or less retail prices. This is worth doing as there's a good chance they'll sell out within days of being released on the market. Most of the mid and lower range bottles will be available at the same price retail in 3-4 years - so let the chateau take care of both the cost and the risk until then. But if you must have the Lafite or you're collecting a particular chateau and don't want to take a chance on missing out on a small retail allotment in a few years, then en primeur would work for you.
Vintages runs a Bordeux Futures program every year and will be releasing a catalogue later this year. Have a look, be appalled at the prices, but bear in mind that for certain sought-after chateaux, this may be your best bet for securing some product.
To help you with your research, the talented team at Decanter magazine are blogging Bordeaux. Follow them as they barrel taste the latest Bordeaux vintage and get a jump on what's "hot" in the 07 vintage. It's all about the wine of course, but market perception is important, and what London thinks is particularly important.
