Piedmont

Barolo (about 2,200 ha) and Barbaresco (about 750 ha) are the collectible core of Piedmont. Since the official delimitation of vineyard areas (menzioni geografiche aggiuntive) in 2010, the region has moved toward a Burgundy-style cru economy: single-vineyard bottlings, small production, and land prices for the famous crus reported at over a million euros a hectare.

How the economics work

Nebbiolo ripens late and the wines require years of aging before release (Barolo a minimum of 38 months, riserva 62), so working capital is high. The top producers — Giacomo Conterno, Gaja, Bruno Giacosa, Bartolo Mascarello, Roagna — make their flagship wines in a few thousand to a few tens of thousands of bottles. Land in Cannubi, Rocche dell'Annunziata or Gaja's Barbaresco crus has been reported to trade at prices approaching a Burgundy premier cru, having been ordinary farmland within living memory.