If only we could see into the future. In wine, it seems, we can. Or at least we can buy into the future.

Buying wine en primeur, or in futures, is the practice of purchasing a wine that is still in the barrel. The system is usually found in Bordeaux, where the first en primeur offerings come to market in the spring after the harvest.

The wine itself isn't bottled and released for another two years, which means you buy an unfinished product, based on barrel tastings and critic speculations on how that wine may turn out.

Why buy this way? "The simple answer is price," says Ron Warshawsky, Bordeaux specialist for Southern Wine & Spirits of Florida. "If you are lucky enough to purchase one of your favorite wines on the first tranche (or first offering of the wine), you are assured the best price. Number two is availability. Depending on the wine, if you don't purchase on futures you may have a very difficult time finding it."

But recent price increases have made the value in futures less clear. In a decade with four "vintages of the century" (2000, '05, '09 and '10) and increased demand from an affluent Chinese market just entering the world of fine wine, Bordeaux futures have skyrocketed. "It's been astronomical," says Virginia Philip, master sommelier of The Breakers and owner of Virginia Philip Wine Shop & Academy on Clematis Street. "Pricing between futures in 2000 and 2009 has tripled and, in some cases, quadrupled."

While the vintages of '09 and '10 are considered exemplary, high prices led to slower futures campaigns, especially in 2010.

"When the 2009 futures came out, originally it scared a lot of people away because the price was very high," said Warshawsky.

"Then 2010 future offerings come out and prices were about the same. It's a rare occasion to have back-to-back vintages that command that pricing. And it's a basic premise of supply and demand. China was coming into the market and the Bordelaise expected them to buy."

Big price drops ahead The Chinese may have bought from specific houses, but the inventory of 2010 futures still on the market suggests a less-than-successful campaign. And dubious weather conditions in 2011 have many in the industry calling for drastic price slashing.

"The Chinese market has cooled off and the 2011 vintage is considered good but not on the level of 2009 and 2010," said Warshawsky. "Only a handful of chateaux have released pricing, but I anticipate a 30 to 40 percent reduction. They have to do something. You just can't continue to increase."

Philip agrees prices must drop, perhaps even further. "Fifty percent is fair. Anything less than 30 percent is not. We will pass on futures in 2010 and again in 2011. We have too much in the cellar."

In a move that caused ripples throughout the wine world, Chateau Latour announced last month that the 2011 vintage will be its last on the futures market. The property intends to hold off on releasing its wine until it's deemed ready to drink. It's unclear at this point if any other chateaux will follow suit. If so, it could mean the end to the futures system.

"From a sommelier perspective, we get it," says Philip. "They have a good point. Maybe the market has to change because the pricing has gotten out of control. This approach makes more sense, drinking wine that is ready. But I don't know that all the houses will follow. Why sit on something you can sell now?"

So far, just a few chateaux have released 2011 offerings with significant price drops from 2010. The question that remains is whether these discounts are enough to court us back to Bordeaux and the futures market.

The picture for the '11 vintage Here are tips for purchasing 2011 futures:

• Price-check futures pricing against previous releases: When considering buying 2011 futures, don't forget to look for older bottles still on the market, paying close attention to other "non-classic" or overlooked vintages such as '01, '04, '06, '07 and '08. There's still a fair amount of inventory available and values to be found, especially from more recent years.

For example, the first offering of 2011 Cos d'Estournel ($160/bottle at J.J. Buckley) is almost a 50 percent drop from 2010 pricing (currently $295 at J.J. Buckley).

But older "non-classic" vintages are still available at a similar and sometimes less expensive price. These wines ship immediately and are much closer to their drinking window. That said, make sure to buy from a trusted source with optimal storage conditions.

• Do your homework: "A great vintage means great weather conditions," says Warshawsky, "and that doesn't just mean the first growths, that means across the board. 2009 and 2010 - the weather conditions were perfect. If you didn't make a good wine, you were really doing something wrong."

Translated to the consumer, it was hard to buy a bad wine from the '09 or '10 vintage in Bordeaux. You could practically close your eyes, point at a catalog and feel fairly confident that the wine your finger touched upon would be at least good, or in many cases, great.

Not so with 2011. The growing season was difficult with early heat and drought, then late rain and even hail. Generally, Left Bank, cabernet-based wines fared better than Right Bank merlot, and the cab blends from Pauillac and Saint-Julien were more consistent than those from Saint-Estèphe, where hail destroyed some crops.

Chateaux that could afford to rent or buy optical sorting machines ensured only the best grapes got into the bottle. Others did not. In short, there's more chance of buying a lesser wine in 2011, and so educating yourself on the specifics becomes more important.

• When in doubt, go white and go sweet: The same weather conditions that wreaked havoc on red Bordeaux were less problematic for dry whites and optimal for dessert wines. A cool, late summer resulted in fresh, high-acid white wines.

Conditions were also perfect for the development of Botrytis cinerea, or noble rot, a fungus that is necessary in the production of Sauternes and Barsac dessert wines.

If the dry white and dessert wines of Bordeaux follow suit with reds on slashing 2010 prices, they could be a great value.

You can get a taste of a great vintage

Want a chance to try the classic 2009 Bordeaux vintage?

Save your space at a special wine tasting at Virginia Philip Wine Shop & Academy in downtown West Palm Beach.

The shop will be pouring two dozen wines from the 2009 vintage May 19 from 2-4 p.m.

Tickets are $50 per person. Space is limited. Call (561) 721-6000 to reserve your spot.