09 January 2025 / Borbála Kalmár
The en primeur system in Bordeaux is based on producers showing their wines while still in barrel to négociants, who, as forward-thinking, multi-talented professionals, buy up their stocks. Their primary role is to use their commercial relationships to sell on these globally sought-after wines - from exceptionally good vintages and exceptionally big names, often through allocation. Of course, the wines don't hit the shelves immediately, but a good négociant knows that the years will work in his favour, and these exceptionally good vintages and exceptionally big names can bring in many times the original price. The en primeur system itself is in fact a wine exchange: supply and demand, including of course the final consumer, who will then drink the wine.
Originally, en primeur sales were prompted by the threat of indebtedness of the big châteaux: the négociants pulled local producers out of their mess, so to speak. And it’s nothing new, as in the 1740s this was already the way of trading in one of France's most famous wine regions - a fact that is easy to grasp now, at a time when wine consumption is certainly in crisis.
The system is not necessarily something that only works in Bordeaux; and especially for wines where the ageing time is regulated by law, it should be considered as a minimum. Of course, you need a product that will stand the test of time - and you don't have to go far to find one: Tokaji Aszú is just the right wine for an investment - and not only for individuals.
Tokaji Aszú as an investment
In Hungary, Dániel Kézdy's name is inextricably linked with the Tokaj wine region: he has organised events such as Furmint February and Hárslevelű Night and written a book about the region entitled Vineyards and Stories. He is also a passionate wine collector. Of course, his collection also includes Aszú: he says that in his view, this is the only category in Hungary that is truly timeless and can retain its value for decades - although he is quick to add that this is not a criticism of Villány red wines, but simply that he sees less room for error with Aszú in the long run. At first, he laid down wines specifically from great Aszú years; but time has proven that even a wet vintage like 2014 produced some beautifully age worthy wines. “It's all about the acidity,” he says. Of course, to be able to make such a statement, he tastes the wines from time to time. The miracle Coravin system, which uses a needle to coax the wine into the glass without needing to open the bottle, so that it is not exposed to damaging oxygen, is a good way of doing this.
Dani often sells on the Aszú he buys. Most of his customers are private individuals who buy wines directly from him for birthdays, anniversaries or even for their own wine collections. As he says, the wine law currently does not allow him to sell to restaurants as a private individual, even though such an investment could greatly improve the reputation of a restaurant trying to compete in a higher category. However, a restaurant does not necessarily need to turn to a private individual to put a rare wine on its wine list: if the sommelier or merchant is forward-thinking, it may even be possible to buy up an entire vintage from a winery and differentiate itself a little from the competition.
The Tokaj wine auction, which was held regularly until a few years ago, was exactly that - true, not only Aszú but also Samorodni came under the hammer; but still, it could be a workable model, like the Bordeaux en primeur. Dani himself bought up the entire stock of a wine from one winery, which he later resold as Aszú Prime: it's not his wine, but both he and the producer and benefited from the collaboration.
Not for the top of the cupboard
Of course, there is much more to Tokaj Aszú than just thinking of it as an investment product, and Dani emphasises this. “It's not a gold bar; it's made primarily for its enjoyment value; it's worth opening sometimes - and if it's a gift, try to resist the temptation to give it to someone else.” With time, the Aszú’s aromas develop, becoming honeyed, full-bodied and rich in dried fruit; it develops wonderful flavours - all it needs is the right storage conditions and a good dose of patience. Or maybe not even that.
Older vintage Aszú sales are not just the domain of Dani or collectors or wine brokers like him, but also of wineries who consciously lay down large quantities of older wines every year. Stéphanie Berecz (Tokaj Kikelet Cellar) and this year's Winemaker of the Winemakers, Sarolta Bárdos (Tokaj Nobilis), have already held tastings of library wines this year, while Grand Tokaj has launched a whole collection of older vintage Aszú. The oldest wine they have is from 1940, and although they can’t show such a rare wine from every vintage, they cover the 20th century quite nicely. In their case, quality is guaranteed by the fact that these wines have recently been opened and tasted by winemaker Károly Áts, and the flawless ones have been repackaged using their modern equipment. Buying an old wine direct from the winery is also worthwhile because you can be sure that the wine has been stored in the most ideal conditions.
Aszú berry
If you're looking for something special for yourself, or if you’d like to lay down a Tokaji Aszú to add a special touch to a celebration in 10-20-30 years' time, you might want to look for special labels. Not all wineries do this, but some produce numbered bottles too - Dani knows some people who make a sport out of owning a bottle boasting a single digit. The value of such an Aszú can literally be worth its weight in gold decades from now - but probably the best think you can do is open it for yourself. Not only will the taste experience be unique, but also the knowledge that you are actually sipping a piece of wine history - and there is hardly a more worthy accompaniment to a celebration.
Photo: Boldogkő Castle in Tokaj
Photos: Hungarian Wine Marketing agency
