Various wine professionals returning to Australia after the Bordeaux En Primeur tasting of the 2011 vintage have commented on the changed atmosphere from one of unbridled enthusiasm to one of concern. Following the recovery from a major crash between 1972 and 1974, prices have continued to increase on a yearly basis, with only minimal adjustments for lesser quality vintages. A stock market chartist would show an unbroken trendline upwards, and it may be that this will continue. But never in the history of Bordeaux has there been more than 10 years of rising prices without a major correction. (Some low-life has made off with my copy of Nicholas Faith’s history of the Bordeaux wine trade in which he makes this point). This year’s campaign realised only 20% of the value of the 2010 campaign, which is a very sharp contraction. Is it a hiccup, or a more sinister portent?