Those who bought 1997 futures in 1998, for a vintage considered by many to be overpriced, would have been just as well off waiting for the wine to arrive in stores. Bordeaux futures basically work like other market-traded commodities. Of course, Bordeaux differs from pork bellies in that when futures are offered, the wine is still in the barrels, unbottled, and won't be released for 12 to 18 months. Futures, in other words, are an extreme form of delayed gratification. Once past this phase, the importers take over, where the U.S. market is concerned.
Some importers offer futures for sale directly to individual consumers.
Others simply sell their futures allocation to wholesalers, retailers and restaurants. Merchants are the final part of the process. Through them, most consumers purchase futures. Their goal is to obtain firsthand knowledge of the new wines. Then the percentages kick in.