It just reads oddly and awkward.
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Oliver, with respect, the values that I am concerned with have nothing to do with winemaking. T_Williams captures the point precisely: “No way I’m leaving millions on the table just to preserve a way of life. The farm goes to the highest bidder.”
This reminds me of all the noise about Springsteen tix. For decades, scalpers reaped the profits that should have gone to the artist and promoter. Why should ownership sell cheap to someone that later sells for a big number? To make you feel good?
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I think in Burgundy there can be restrictions on who can buy the land in the first place. Priority is given to a French person over a foreigner. Also Burgundy seems pretty insular and difficult for someone not from the area to break in to.
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I wonder if they kept any of their historic vineyards or if Krause got everything? Wouldn’t be surprised if they start up a small label as soon as the non-compete expires…
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The farm goes to the highest bidder if they sell it, sure. Surely the interesting question is ‘sell or stay,’ not ‘how much’?I think it’s fair to say that any Barolo producer with substantial vineyard holdings could sell up, move to Tahiti, and drink Mai-tais for the rest of their lives. But they are Barolo producers, and that’s what they want to be doing, and that’s what they want their kids to be doing, for the most part.
I can’t imagine how much money the Oddero family (Poderi e Cantine Oddero) could make if they sold their holdings in Vigna Rionda, Brunate, Bussia, Rocche di Castiglione, Villero, Monvigliero, and Gallina, but it doesn’t matter.
(NB: I import Oddero for some markets.)
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Perhaps it will change with the prices paid by people like Krause, but the traditional family wineries have been purchasing vineyards left and right over the past 10 or 15 years.
Vajra bought the Baudana cantina and its vineyards circa 2008, and I think its Coste di Rose is a recent purchase. Scavino bought a plot in Monvigliero. Roberto Conterno bought additional Barolo land and the Nervi property in Gattinara.
Oliver may correct me, but I think Sergio Germano’s Vigna Rionda is a relatively new acquisition, too. I don’t recall tasting that when I visited in 2016.
Barolo and Barbaresco producers have had a great run the last 20 years. Many have built vast new cellars deep under the hills. As I said, maybe prices will go crazy with the Krauses of the world buying up land, but so far the locals who wanted to seem to have steadily expanded their holdings.
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My recollection is that Sergio Germano’s Vigna Rionda acquisition was from a somewhat convoluted inheritance, not a standard financial transaction. But would love to know more.
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I disagree with nothing you are saying here, but buying additional vineyard space is much much different than buying an entire business that has worldwide name recognition.
Similarly, we have an eye on our neighbors property. One day when it goes for sale we hope to buy the adjacent property. When the entire, now closed, private school was for sale it was a bit different story. Magnitudes different.
Im not saying Barolo producers aren’t doing well, but realistically how many have the means to buy Vietti?
I think Sergio bought the piece of Vigna Rionda from a distant cousin. It had to be replanted, though; I think the first wine from the new vines was a ‘Langhe Nebbiolo VR’ 2014.
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I believe this was Tommaso/Ester Canale’s plot that was passed along to Germano, Guido Porro and Giovanni Rosso after Tommaso’s sudden passing in 2010
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This is what I heard as well.
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Yes, that’s what I was thinking of.
You are correct.
Click this link and scroll down to Rionda to see all the details:
http://www.finewinegeek.com/giacosa/barolo/#notes
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Decanter article here: Fifth-generation winemaker and his wife part ways with Vietti - Decanter. Didn’t realize Luca was a consultant for Querciabella. Does anyone know for how long?
John, it is my hope that the “Krauses of the world” do not purchase any more vineyards in the Langhe. The Machine needs to be kept out of the Langhe.
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John, you are correct in identifying Prunotto and Borgogno/Fontanafredda as other iconic producers that have been sold. But I would point out that Oscar Farinetti is actually from Alba (although to some locals that would qualify as stranieri), and when Antinori purchased Prunotto from Beppe Colla, I don’t believe Colla owned any vineyards. He was making wine from purchased fruit.
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I’m not sure what the reputation is on Krause as an owner…but as a retailer, he was an occasional customer of mine long before his purchase of Vietti. His purchases were exclusively Italian wine geek stuff - Foradori, Vodopivec, etc. If it means anything, I took that to mean his acquisition of Vietti was at least driven partly by genuine affection for Italian wine.
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From the locals in the Langhe, I have heard nothing but good things about him personally. And he has cited in interviews his Sicilian heritage that has inspired him to invest in Italy. Vietti, Serie A soccer team in Parma, the new 5 star Casa Langa resort outside of Monforte. I know I am beating a dead horse here, but that sort of money being spent is disruptive. Sure, there are some positives, jobs being created, more tax revenues, etc. But at what cost? A region with centuries-old families, history, culture and traditions turned into Disney World? You can see the changes in the commune of Barolo now and I, for one, do not want to see it spread.
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