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Trading in fine wine: Institutionalized efficiency in the Place de Bordeaux system

2018; Wiley; Volume: 37; Issue: 5 Linguagem: Inglês

10.1002/joe.21872

1932-2062

Stéphane Ouvrard, Ian M. Taplin,

French Urban and Social Studies

Under the centuries‐old Place de Bordeaux system for selling the finest wines, winemakers do not sell directly to final consumers or to distributors. Rather, they rely on expert brokers to negotiate with merchants who have a strong knowledge of international markets. Modified in the 1980s with a process to encourage advance sales of wines still in the barrel, this complex arrangement appears decidedly out of step with growing international demand for Bordeaux wine and trends toward direct consumer contact. Yet, interviews with winemakers, brokers, and merchants reveal that wineries remain reluctant to change despite the possibility of increased profits. Respect for tradition, the bonds of trust nurtured over time, and the legitimacy of the Place de Bordeaux—coupled with the fear of not being allowed to re‐enter the market should an experiment with independence fail—continues to lead the region's wine professionals to adhere to the status quo. Assuming a cultural and normative identity that transcends its various components, the market confers intangible benefits to those who take part in it, discouraging their exit.