Piemonte Wines Barolo Barbaresco - Cru
By Jeremy Howard, CEO & Co-Founder

Piemonte Wines Barolo Barbaresco - Cru

  • The Piemonte region in Italy (Barolo, Barbaresco and Alto Piemonte) is perhaps the last great ‘undiscovered’ heritage wine region.
  • Piemonte has a lot in common with Burgundy – but has yet to attract the same level of international collector/investor interest.
  • Prices are now rising, however, as collectors focus more on its relative price discount to other regions. Italy has outperformed the fine wine index by +26% over the past 5 years.
  • We identify the top producers who are performing now, and also look at the most promising or ‘rising stars’.
  • Cru has made a massive commitment to this region, acquiring one of the world’s largest collections of inventory (and allocations) in Barolo, Barbaresco and Alto Piemonte. 

Piemonte – A Historic, but Underappreciated, Region

Barolo and Barbaresco are two of the most historically important, but (relatively) ‘undiscovered’, fine wine regions in the world. They have much in common with Burgundy - but have not benefited from nearly so much international attention. This means that prices are still affordable, and opportunities abound.

In this note we explain why we believe that all long-term collectors / investors should be allocating money to Piemonte. We look at the recent price performance, analyse some of the ‘big names’ – many of which have already seen prices spike upwards - and pick out the best ‘rising stars’ for the future.

Piemonte is Still Relatively Inexpensive

Considering their heritage and pedigree, Barolo and Barbaresco are undervalued. The average price of a 95pts+ points wine from Barolo is US$1,230 per (6x75cl) - in Barbaresco it is US$1,530. Equivalently scored wines in Burgundy are 193% more expensive (despite the obvious similarities between the two regions). Bordeaux, Napa Valley and Champagne are all much more expensive, on a like-for-like basis, than Barolo or Barbaresco.

Italy – Serious Price Momentum Today

How much longer will the ‘Piemonte discount’ persist? The gap is already closing, and Italy has great price momentum right now. Over the past five years, Italy as a whole has outperformed the broad fine wine index by an impressive +25.7%, and much of that performance has been driven by Barolo and Barbaresco. 

Piemonte – Top Producers are on a Charge 

A number of Piemonte producers have achieved Burgundian-like price performance in the last two years. Comm. G.B. Burlotto Monvigliero Barolo 2016 was trading at US$ 1,700 (6x75cl) in mid-2020. Today, it is at US$ 5,100 (6x75cl), a rise of around +200% in less than two years:

The past two years have seen significant upwards moves for other iconic wine producers of the region such as Giacomo Conterno, Giuseppe Rinaldi, and Bruno Giacosa. Let’s look first at the ‘top dogs’ of Piemonte, and see what makes them so special:

The ‘Rising Stars’ of Piemonte

We saw above the Piemonte equivalents of Armand Rousseau, Domaine Leroy, and Domaine de la Romanée-Conti. But our job is also to identify the next tier of lessor known producers who are poised to increase popularity (and hence price) in the next few years. Based on our research on the ground, conducted by our Italian specialist who is based in the region, our list of the most promising ‘Rising Stars’ is: 

Piemonte - A ‘Heritage’ Wine Region - Similar to Burgundy

California aside, all of the world’s most prestigious and valuable wines come from areas which we call “heritage regions”. These all have: 

  • A long history and traditional of wine-making.
  • Strict controls on what can be produced, and where.
  • A system of vineyard classification to demark the highest quality terroirs.
  • An established ecosystem of highly skilled wine-makers.
  • Recognised as a ‘brand’ across the world. 

Barolo and Barbaresco certainly qualify as heritage regions, and as such they are only likely to grow in appeal as more people across the world fall in love with the mystique of fine wine and want to discover its authentic ‘birthplaces’ in Europe. 

Barolo and Barbaresco are actually most similar to Burgundy, sharing many common traits with their French neighboour:

  • Single varietal wines are the norm.
  • One grape is dominant – Nebbiolo in Piemonte / Pinot Noir in Burgundy.
  • A history of family ownership of producers (which are usually small).
  • The name of the wine-maker is critically important in determining price. • The terroirs are tightly (and officially) defined, with individual vineyards varying greatly in price.
  • Vine position on the slope of a hill is often vital. 

So, it is clear the Piemonte has a great deal in common with Burgundy.

Does this mean that we will prices of the top Barolo and Barbaresco wines will rise to those of Armand Rousseau, Domaine Leroy, and DRC? It is impossible to say, but many of the ingredients that have driven prices to stratospheric levels in Burgundy are also present in Piemonte. 

Cru’s Commitment to Piemonte

Cru took a strategic decision in 2013 to start acquiring inventory (and hence allocations) across Barolo and Barbaresco in significant quantities.

We took this decision because we believe that Piemonte is the last great undervalued ‘heritage’ region, which will evolve much as Burgundy has done over the past couple of decades.

We have acquired one of the worlds’ largest collections of inventory in Barolo and Barbaresco, and we have also put in place a team of dedicated buyers and marketeers.

Critically for Cru clients, we have now secured annual allocations of many of the region’s most sought after producers, as well as acquiring an enticing stable of ‘rising star’ producers who are poised to make the headlines of the future. 

Alto Piemonte – Is the Past also the Future?

Just over a hundred years ago, Alto Piemonte was a collection of small sub regions in the hills and mountains to the north of the Langhe region (home to Barolo and Barbaresco). The prestige of these villages rivalled the best of Piemonte, and the area under vine was in the thousands of hectares.

That acreage under vine shrank dramatically over the years, to the point where today hectares are measures in tens of hectares (or hundreds at most).

But the open secret amongst true connoisseurs of Piemonte is that the old Alto Piemonte wines that one can still sometimes find on restaurant lists of the region are often amongst the finest examples of Nebbiolo-based wines ever, frequently surpassing the great names of Barolo and Barbaresco.

The effects of climate change and the new emphasis on freshness and elegance in wine has led to a rejuvenation of interest in Alto Piemonte, and to the handful of producers that remain. The problem is that the area of production is now much too small to satisfy demand.

A good example is the region of Carema, which was recently described as the Chambolle Musigny of Piemonte. Today there are only about 24 hectares in production, with only a handful of independent producers making only Cru has acquired one the world’s largest collections of Piemonte wines a few thousand bottles a year. Having got in early, Cru has established allocations of many of these now foughtover wines to share with clients.

The renaissance of Alto Piemonte is only just getting started, and you should expect to hear more and more about this emerging region in the coming months and years. 

Guide to Communes and Vineyards

The DOCG of Barolo consists of 11 villages or “communes”. These are: Barolo, Castiglione Falletto, Serralunga d’Alba, Cherasco, Diano d’Alba, Grinzane Cavour, La Morra, Monforte d’Alba, Novello, Roddi and Verduno. We summarise the seven most important below: 

The Barbaresco DOCG is smaller, with only four communes: 


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