Rioja

Rioja is a large region (about 65,000 ha) with a small collectible tier built on long-aged gran reservas — Castillo Ygay, La Rioja Alta's 890 and 904, López de Heredia's Tondonia. Land and grape prices are low by French standards, which is the economic reason Rioja's top wines are inexpensive relative to their scarcity and age.

Economics in brief

The Consejo Regulador caps yields and sets aging rules (gran reserva: at least five years, two in barrel). Grape prices are reported regionally and have been in the low euros per kilo. Because the classic bodegas release gran reservas after a decade or more, the estates carry very large aging inventories relative to sales — the defining financial feature of the region.