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Issue 710 - December 2nd - 6th 2024 - Expressly created for 4872 wine lovers,
professionals and opinion leaders from all over the world | |
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| | | A black November, that of 2024, dampens hopes of a turnaround among investors in fine wines, after the faint positive signs recorded in October. With further declines around -2%, month-on-month, for all leading indicators, the Liv-Ex indices, the benchmark for monitoring the secondary market for fine wines, have all been in double-digit losses, or slightly less, since the beginning of the year. The Liv-Ex 100, the platform’s flagship, makes -9.2% since the beginning of the year. Even worse does the Liv-Ex 1000, the broadest, which scores -11.1%. Less worse, but definitely bad, is also the Italy 100, now at -6% since the beginning of the year. | |
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| | In a 2024 of great difficulty for the fine wines market, Italy, which does not fly but defends itself better than others, gains prestige and authority with its most prestigious labels. Testifying to this is the “Liv-Ex Power 100” 2024. Because if at No. 1 there is Vega Sicilia, one of the most celebrated wine brands of Spain and the world, at No. 2 there is Gaja, icon of Langhe and first Italian brand in the ranking, once again (in 2023 it was at No. 7) and, at No. 3, Tenuta San Guido, the cradle of “Sassicaia”, of the Incisa della Rocchetta family, the most renowned expression of Bolgheri. San Guido climbing 54 positions. And if level of territories, Burgundy continues to be the leader with 30 labels but loses 7 compared to twelve months ago, Bordeaux has 25 (-5) while Italy, in third position, seals its own record with 22 labels, 9 more than 2023. Behind Gaja and Tenuta San Guido, among the top Italian brands, there is Roagna, one of the most quoted and reference names of Langhe, at No. 15, ahead of another Barolo griffe, Giuseppe Rinaldi (No. 18), while Giacomo Conterno “the house of Barolo Monfortino” climbs to No. 20. Going up again is Biondi Santi, the cradle of Brunello di Montalcino and now of the Descours Family’s Epi Group, at No. 23, as well as Masseto, Frescobaldi’s jewel, at No. 26, and Bruno Giacosa, another spearhead of Piedmont oenology, at No. 33. At No. 39, there is Tignanello, one of the jewels of the Antinori house, in the year in which it celebrates 50 years since its first release on the market (with the 1971 vintage, in 1974), and already in the top positions of international “Top 100” such as that of “Wine Spectator” and that of “Vinous” by Antonio Galloni. Again, position No. 43 for Ornellaia of the Frescobaldi Group, and sensational climb for Soldera Case Basse, one of the highest and most “sought-after” expressions by collectors of Montalcino wines, which goes from No. 199 to No. 45, the biggest “jump” among Italian producers. And again, the “Top 100”, Stella di Campalto (No. 49), Produttori del Barbaresco (55), Giuseppe Quintarelli, (64), Bartolo Mascarello (67), Vietti (71), Antinori’s Solaia (80), Fontodi (86), Casanova di Neri (88), Castello dei Rampolla (90), Poggio di Sotto (ColleMassari Group, No. 95) and Valdicava (97). | |
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| | Turnover grows (that of the parent company, to 224.7 million euros, +8.3% ), as does shareholders’ equity (120 million, +6.1%), while consolidated net income remains stable (4.9 million euros), albeit in an evidently complicated economic context, and in the context of overall turnover slightly down on the previous year, implied substantially by an internal reorganization, in particular due to the divestment of Casa Girelli’s non-strategic activities. This is the reading of the financial statements of Cavit (in more detail), one of the giants of Trentino, and Italian, cooperation, of which it covers 60% of the vineyard area, with 6,350 hectares managed by 5,250 winegrowers, and a cooperative reality among the most virtuous in Italy, approved, in recent days, at the assembly, in Trento, which reconfirmed Lorenzo Libera as president of the group, led by managing director Enrico Zanoni.
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| | | The ship of Italian wine sails a sea, that of the market, in great storm, especially in the deep waters of exports. Economic difficulties holding back consumption, international crises, wars, health, climate and competition from other beverages, especially among young people, but also the risk of duties in the U.S., which has become decidedly concrete after President Donald Trump’s election victory. From WineNews’ survey on the closing of 2024 and the prospects for the near future, with the vision of 20 top Italian wine realities, which put together an aggregate turnover of more than 2 billion euros (representing more than 14% of the entire turnover, at production, of the sector), with a diverse sample made up of small wineries of great blazon, large structured groups with wineries and brands of great prestige, and cooperatives, looking at the close of the year, in particular, if the majority of wineries (40%) expect to close in line with 2023, 35% expect a negative balance in turnover, against 25% who, instead, expect a growth in turnover. An expectation, that for the end of the year substantially in line with what was seen in the first 9 months 2024 (in more detail). | |
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| | | The first glass in the world for Orange Wines, the macerated wines toward which the interest of critics and markets is growing, and whose territory of choice in Italy is a hill, Oslavia, in Gorizia, the “kingdom” of Ribolla Gialla, is the “T-made 95 Oslavia”, signed by the Friulian Italesse, with the “Senses Project,” for the “magnificent seven” vignerons of Apro - Association of Ribolla Producers of Oslavia, Dario Princic, Fiegl, Gravner, Il Carpino, La Castellada, Primosic and Radikon, who unveiled it in recent days. | |
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| | Denomination wine, with a value of 11 billion euros of bottled wine, despite a decline in both quantity (-0.7%) and value (-2.3%) in 2023 over 2022, continues to be the driving force behind the Italian PDO Economy. Which last year saw the production value of Italian PDO and PGI products reach 20.2 billion euros in 2023 (+0.2% year-on-year), for a growth of +52% in ten years and a 19% contribution to the overall turnover of Italian agribusiness. Exports are doing well, with PDO and PGI products confirming a value of 11.6 billion euros (of which 6.89 can be attributed to wine) with a positive trend in EU countries. This is certified by data from the Ismea-Qualivita Report No. 22 (in more detail), presented in Rome.
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| | Over £147,700, with 40 lots, the most valuable of which was the 225-liter barrique from the 2024 vintage, which will see the buyer receive an unprecedented 15-liter Nabuchodonosor, the only one ever made by the winery, awarded for 47,500 pounds: these are the high lights of the Tignanello lots that, directly “ex cellar”, for the first time in history, with all the vintages produced, to celebrate 50 years since the first release on the market, in 1974 (with the 1971 vintage) of Antinori’s legendary wine, went under the gavel at Christie’s, in London. | |
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