The New York Times has filed a gloomy report on the launch of the 2008 vintage in Bordeaux. Each spring, wine royalty like Jancis Robinson and Robert Parker, along with heavyweight buyers, descend on Bordeaux to taste barrel samples of the previous year's vintage. Once the verdicts are in, "futures" prices are set. Bordeaux futures allow buyers to reserve a number of bottles or cases from a chateau and then have them delivered about three years later.

Futures used to be a very good idea - they really offered great savings over the initial retail price. However ever since the blockbuster 2000 vintage, the Bordeaux wineries have been charging prices so high that the only benefit is that buyers will be certain of receiving wine from a particular chateau. 

While prices are tipped to come down this year, David Jolly in the New York Times suggests the price drops will be not nearly steep enough. Registration required, but it's free, takes a minute, and means you can click on any NYT article link  in the future without having to fuss.