The vintage is supposed to be good but not great.  It comes on the heels of the super-strong 2005 and the dramatic run-up of prices that was sustained through the solid 2006 and 2007 vintages.  Now it appears that the market for 2008 futures will not clear at these prices and the adjustment is not happening.  But there are no “menu costs” here.  One possible explanation is given here.

David Sokolin, a fine wine dealer in Bridgehampton, New York, notes another potential pitfall. “If the producers cut prices sufficiently for the 2008 en primeur to move their product, they could undermine the prices of the 2007 vintage,” he said. That would hurt merchants and investors holding the back vintage, because their stocks of those wines would lose value. All of the first-growth, or highest ranked, producers — Château Lafite Rothschild, Château Margaux, Château Latour, Château Haut-Brion and Château Mouton-Rothschild — declined interview requests, citing the press of business before the start of the tastings.

Sounds like 2008 Premier Cru is a toxic asset.