The escalation of future prices have to do more with the mainland Chinese willing to pay crazy prices to corner the market for the best Bordeaux:
http://winecrushblog.com/?p=1871
Just like markets for other commodities, escalating current market prices drive up future contract prices.
To an extent this may be true. 2006, 2007, and 2008 weren't that expensive at all compared to 2009. Not even 1st growths touched the sky high prices of 2009. That has nothing to do with the Chinese. The Chinese I'm sure have been buying wine for more than 2-3 years, because most of all these 2009 Bordeauxs haven't hit the market to this day. So if they are buying up that much wine then the 2006-2008 futures would have been much higher. The only reasons these years didn't do as well is all do to pre-release ratings from critics. If Parker hadn't already said that 2009 would be the greatest vintage ever, trust me, no one would be paying these prices.
It is all speculation, like the oil market. If Robert Parker dips into a bunch of barrels in Bordeaux before the wine has even reached the bottle and calls it those wines of that vintage "legendary", then that is what drives up pricing. Robert Parker's word has become waaayyy too powerful in the wine world when it comes to speculative pricing. And many wineries, including 1st growths, take advantage of this. But all the other chateau's benefit from it as well, so it is a win-win for everybody except the consumer. Have you ever noticed how many of the 1st, 2nd, 3rd, 4th, and 5th growths have changed their vinification styles to meet the palate of Robert Parker? Mix one part good merlot, one part cabernet franc, a lot of oak, and overextraction and Parker will be all over it.
Oh and by the way,.........2009 is very good! I had the pleasure of drinking several bottles and even the cheaper wines are packing a punch worthy of age.