Doestheitalianloveaffairhaveafuture?

Saturday 21 November / Sunday 22 November 2015 FT SPECIAL REPORT FT Wine Buying & Investing Bad bottles Extreme vines James Suckling China is cracking down Chilean winemakers Now is a good time to on fake wines look further afield get the 2005 Bordeaux MARKET ANALYSIS Page 3 COUNTRY IN DEPTH Page 4 BUYING TIP Page 5 Does the Italian love affair have a future? Perhaps some of the current interest Pricing Tuscany in Barolo is spurred from the disap- pointmentinrareBurgundy.Thisispar- has benefited from ticularlysoinHongKong,wherethetop wine collectors and investors are disappointment obsessed with Burgundy. The frustra- tion is not because of the quality. The with France, says best producers of Burgundy,both white and red, make excellent wines even in James Suckling suchdifficultvintagessuchas2013. However, many of the most collecta- ble wines are very difficult to find and ine investment appears what is available can be extremely to be back in the minds expensive. Prices seem always to be on of high-end consumers, theincrease. but they have been “Burgundy has all the necessary W turning away from requirements: rarity, immense quality France in favour of Italy. Top names in and a touch of romance,” adds Fine & Italy such as Brunello and Barolo have Rare Wine’sMr Brewster.“Demand will been usurping the long-established always outstrip supply for the best on estatesofBordeauxorhard-to-findBur- release and you’d expect this to be gundies. heightenedfurtherasthewinesbecome “For the past six to 12 months, the scarcer and more desirable as they words ‘wine investment’ have resur- mature. That said, where the upsides faced,andIbelievethecollapseofprices will be is harder to predict as the vol- for blue-chip wines with the weakening umestradedaresolow.” of the euro are getting people excited The big question for 2016 is whether about wine again,” says Paulo Pong, demand for fine Italian wines will con- managing director of the Altaya Group, tinue. Improved quality and collectabil- awine merchant in Hong Kong with ity are not the only factors driving new almostadozenwineshops. interest in Italy from the wine trade and “ThingslikeBrunello2010areourhot consumers.Italyhasalsobeenthebene- picks. They rank as some of the best ficiary of a string of disappointing years ever produced in their respective in Bordeaux that has sent wine buyers regions.” lookingforpasturesnew. Indeed, the 2010 Brunello di Montal- “Whenever vintages in Bordeaux are cinoswerethebestwineseverproduced not terribly exciting, people seem to in Italy’s famous region of Tuscany. look elsewhere,” says Patricio de la Theseboldredsareproducedusingonly FuenteSaez,managingdirectorofLinks the Italian Sangiovese grape and aged Concept, the Hong Kong-based wine for five years before release. The 2010 merchants. “Italy has embraced the vintage produced reds that are rich and internationalwinetastes . winessuch powerful, yet fresh and refined owing to as Tignanello and Solaia are not expen- a longer than usual grape-growing sea- Artisanal Santa Caterina d’Oro Riserva, Renieri don, says: “Super Tuscans, which Clair, Italian wine buyer for K&L Wine ‘Bordeaux sive compared to similar quality wines son. producers: Italy Riserva, San Filippo Le Lucére Riserva, accountedfor75percentofItaliantrade Merchants in San Francisco and Los from other countries. They age fantasti- “2010 was a stellar year for Brunello has captured and Valdicava Madonna del Piano Ris- on Liv-ex over the past year, attract the Angeles. “You need to know more, so looks prime callyandwillalwaysappreciateinvalue di Montalcino, with most estates pro- the imagination erva. mostsecondarymarketactivity. the wines are generally for very savvy for a aheadofthedemand.” ducing their best wines ever,”says Gary of wine “Brunello 2010 has been spectacu- “They are producing large volumes — consumers.” This love affair with Italy, however, Boom, managing director of London- investors larly successful,” says Simon Brewster, similar to Bordeaux classified growths But that is part of the interest for con- comeback. might all change next year. The 2015 based Bordeaux Index, a fine wine mer- Franco Origlia/Getty Images senior private client sales manager at — and while Bordeaux has been out of sumers with all Italian wines. “I have There is vintage is expected to be outstanding in chantwithclientsworldwide. Fine & Rare Wines in London. “A great favour,theyhavelookedattractive.” been buying Burgundy and Bordeaux Bordeaux and it has been five years “Again, we had enormous demand vintage,ithasbeenbackedbythecritics Xavier Hornblow, general manager of for years,” says London-based private potentially since the global market welcomed a hereandsoldover20,000bottlesacross across the board and comes from a Jeroboams wine stores in London, equity manager Philip Renaud and an a top en young vintage from France’s premier variousproducers.” region that’s easy to understand. More thinks Italy’s novelty may have been active wine collector. “But Italy is fasci- wineregion. I rated almost 400 different 2010 importantly, prices are reasonable and working in its favour. “The UK wine nating, especially Super Tuscans, primeur “Bordeaux looks prime for a come- Brunellos over the past 12 months. offerfantasticvalueformoney.” investor is characteristically well edu- Brunellos and Barolos. And you can vintage in back,” concludes Liv-ex’s Mr Maxwell. Some are regular bottlings that are on Reasonable pricing compared to cated on the wines of Bordeaux, Bur- drinkmostofthemonrelease.” (see Tips Page 5) “There is potentially a the market and others are riserva and othertopcollectibles,however,suggests gundy and Champagne,” he says. “So, Barolo has had a string of excellent the pipeline top en primeur [futures market] vin- single vineyard reds that will be that Brunello may not be the best wine with its plethora of artisanal producers, vintages, most recently 2011, 2010, with the tageinthepipelinewiththe2015,which releasedinJanuary2016.Somanyofthe investment from Italy. Super Tuscan Italy feels like relatively undiscovered 2008 and 2007. Sought-after producers traditionally boosts the wider Bordeaux wines are superb quality. That is why I wines such as Sassicaia, Masseto, Ornel- territory.Ithascapturedpeoples’imagi- include Giacomo Conterno, Roberto 2015’ market and brings interest and focus gave the following wines perfect ratings laia,Tignanello,andSolaiaaretradedin nation.” Voerzio, Bruno Giacosa and Aldo backtoBordeaux—ifthepriceisright.” (100 points) including: Luce della Vite, greater volume on the secondary mar- Key wine merchants concur that Conterno. Production can be small for Livio Sassetti, Siro Pacenti, Le Ragnaie ket and have a history of better price Barolo wines from the Piedmont region these producers because most make JamesSucklingisawinecriticlivingin VV, San Polino Helichrysum, Casanova appreciation. is another Italian wine category not to single vineyard bottlings similar to HongKongandchiefexecutiveof di Neri Cerretalto, Assunto Riserva, Anthony Maxwell, director of Liv-ex, overlook at the moment. “Piedmont is Burgundy. Some may only number 200 JamesSuckling.com. CiacciPiccolominid’Aragona,Pianrosso theonlinewinetradingplatforminLon- the Burgundy of Italy,” says Greg St or300cases. HeisalsowineeditorofAsiaTatler..

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