Interesting and well argued points from Mike; it’s also worth working your way through the comments too.
Mike has spent a few years in the ‘old world’ and it shows: It’s relatively rare to have somebody ‘US-based’ that can see the wider picture – the US market of middle-men and middle-middle-men is an island of profit potential that does service to neither the producer or buyer.
Of-course it is easy to make fun of the Bordeaux ‘circus’. I did it myself yesterday having seen the EP 2010 price of Le Petit Cheval; in due deference I opened my last bottle of the 1998, bought for about a fifth of the new offer price – it’s my last bottle, and clearly I won’t be re-stocking.
It was good by the way!