Barolo 2019 Vintage – Could a great vintage ignite regional performance?

But can this praise translate into strong regional performance? The 2018 vintage met with a more mixed reception among wine critics, and high-level perceptions can impact global demand, especially in Italy which doesn’t have the same ‘must-have’ reputation as each Burgundy vintage.  

The divided opinions about the 2018 vintage may have limited regional performance. Cult Wines Italy Index posted a healthy 9.22% gain last year^[1] but this fell short of the pace seen in other regions (e.g. Cult Wines Burgundy Index +31.31%, Cult Wines USA Index +15.99%).

The question becomes can these 2019s unlock the region’s potential across new and back vintages alike. For us, the answer doesn’t necessarily rest in the near term. The 2019 headlines may spur a regional rally, but the macro backdrop could also form a mitigating factor. Instead, the strength of top Barolos is their quality and relative value, which means their investment potential should manifest in the long term.

The recent underperformance means the new 2019s could form an appealing entry point. Many Barolos show even more accessible prices compared to global peers than they did one or two years ago. This underpins their long-term investment potential, with the high quality 2019s hopefully forming a catalyst to generate increased attention.

For those seeking a comprehensive overview of Burgundy's best vintages and comparisons between legendary years, we recommend visiting Cult's Guide to The Best Burgundy Vintage Years, which includes a detailed Burgundy vintage chart.

Barolo’s global value

Price of select Barolo and Burgundy Grand Crus

Source: Pricing data from Wine-Searcher as of 31 January 2023. Scores from Robertparker.com.

Although the above chart doesn’t represent the entirety of either the Burgundy or Barolo market, it illustrates the value gap for wines with similar or higher scores (Wine Advocate) from a high-quality 2016 vintage, that some are starting to compare to the new 2019s.

Hot, dry growing seasons have become increasingly regular in Piedmont (and elsewhere) as the climate changes. 2019 is the start of a string of years with warm temperatures continuing up until this past year. However, the 2019 wines aren’t typical ‘hot vintage’ wines. That’s because the growing season offered up conditions that kept the wines in balance, such as:

• Periods of rain typically followed the summer heatwaves, meaning the grapes didn’t get ‘cooked’ during extended periods of intense sun or drought.
  
  
• Diurnal shifts, which means a large difference between day and night temperatures, kept the grapes from becoming overripe. When grapes get overripe, sugar levels soar, which translates to excessively high alcohol levels when sugars ferment. The 2019 wines have lower final alcohol levels than the 2018s for the most part. The cooler night temperatures also helped preserve acidity levels, which should provide a refreshing balance in the end wines and extend their lifespans.
  
  
• A “late” harvest in mid-October meant the grapes had plenty of time on the vine for the tannic elements to develop, reducing any astringent flavours in the famously high-tannin Nebbiolo wines. Traditionally, a mid-October harvest was considered normal but recent years have seen harvest times creeping forward, meaning 2019 appears to have hit the sweet spot of balancing a hot summer without shortening the growing season.

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