The market for Italian wine is broadening beyond Tuscany and Piedmont with the number of other Italian wines trading rising 2,566% in the past decade.
Italy is the third-most traded fine wine region, having taken 16% of secondary market trade by value so far this year, surpassed only by Bordeaux (40.5%) and Burgundy (20.4%).
Historical dominance
Historically, Tuscany has accounted for the majority of Italian trade. The greater liquidity of its wines, combined with brand strength and steady volumes, have led to its secondary market dominance, taking on average 72% of Italy’s share over the last 20 years.
Tuscany accounted for a record 95% of Italy’s total share in 2010 but has been in gradual decline since, as the Italian fine wine market has broadened. Year-to-date, Tuscany has taken just 58% of Italian trade.
Piedmont gains ground
Piedmont has been the obvious winner. The region has given rise to some of Italy’s best price performers yet the rarity of its wines has meant volumes traded on the market have been much lower compared to its southern counterpart.
But interest in the region has boomed and has been best reflected in the number of trades recorded. These have risen 11,000% over the past decade. Year-to-date, the number of Piedmont trades has already surpassed the whole of 2020 by 3%, while the region has taken 39% of Italy’s trade share by value.
Italy’s underdogs
The number of Italian wines that are now trading on the secondary market is 2,566% higher than it was 10 years ago – though admittedly from a very small base. Many of these come from regions such as Veneto, Abruzzo, Umbria, Puglia, Sicily and Campania, which are increasingly in the eyes of critics and trade.
Indeed, recent years have seen the rise of these “other” regions, which have accounted for 5% of Italy’s trade by volume and 3% of trade by value so far in 2021.
Their full potential and their evolution on the secondary market will be explored in our upcoming short Italian report, which will be, for a time, exclusive to Liv-ex members.
In the meantime, take a look back at our extensive 2019 report, “The fine wines of Italy: past, present, and future”. Use the form below to claim your complimentary copy of the report.
