Italy Investment Report 2020

Our updated two-part CW 2020 Italy investment report offers the best of our research and insight into investing in Italian wines across producers, locations and vintages. This report is comprised of two parts, an investment analysis section followed by a detailed producer profile section.

  • Italy has performed well despite a broader slow-down in the fine wine market.
  • Italy trade share has almost doubled in the past year, from 9% to 15%.
  • CW Italy Index has outperformed Liv-ex Italy 100 by 450bps since 2012.
  • CW Piedmont Index has more than doubled over 5y (up 115%).
  • The most recent vintages of Barolo (2016) and Brunello (2015) have received universal critic praise and increased investors’ appetite for the region.
  • Exclusion from the 25% US tariffs increased demand from an already captive US market.
  • Last month saw a huge uptick in trading activity and new price levels being set for Barolo 2016 after Monica Larner awarded five 100pts scores.

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In 2019, most of the wine region indices finished the year in negative territory, with Liv-ex Burgundy 150 (-8.8%) dropping the most. Market data from early 2020 have indicated a broader-based slowdown in the fine wine market, exacerbated by the Coronavirus-led economic shock. Despite these challenges, Italy continued its growth at a steady pace (Figure 1). Notably, the Liv-ex Italy 100 gained 4.7% in 2019, when the broader Liv-ex 1000 dropped 4.2% during the same period. This trend continued in 2020 with the benchmark Italy index adding another 1.6% YTD, making it the best-performing region bar Champagne.

Moreover, Italy’s trade share of the secondary market has more than doubled in the past five years, while the number of different Italian wines trading has quadrupled, according to Liv-ex. Finally, quality is increasingly being recognised by mainstream critics and the relative value with more established wine regions offers unique opportunities. Collectively, these developments have attracted investors who have traditionally concentrated their positions in one or two regions.