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$PCES
2015 Pio Cesare, Barolo, Ornato
Bottle size (ML)
Current price
$491
Start Your Wine Collection with 2015 Pio Cesare, Barolo, Ornato
Begin your portfolio with a prestigious wine that has a history of growth.- Enjoy fully managed, secure storage facilities with insurance coverage.
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Critics Scores
Jeb Dunnuck
Gorgeous all the way, the 2015 Barolo Ornato is flawlessly balanced and elegant, with medium to full-bodied aromas and flavors of caramelized cherries, toasted spices, dried flowers, and licorice. As with many 2015s, it has lots of upfront appeal with its sweet Nebbiolo fruit, but this has the depth, balance, and length to evolve for 20-25 years or more. It’s beautifully done and well worth seeking out.
Wine Spectator
Piercing scents of cherry, currant, eucalyptus and licorice signal this tightly wound red. Fluid, with a supple texture that dissolves into a matrix of dense tannins. The ample sweet fruit lingers nicely. Best from 2022 through 2040.
Robert Parker's Wine Advocate
With powerful fruit from Serralunga d'Alba, the 2015 Barolo Ornato is a plush and dense red wine with a contemporary feel that prizes richness and overall accessibility. There is a level of softness here that permeates the entire wine and adds to the already-intense aromas of red fruit, blackberry, spice, tar, asphalt and candied orange peel. This structured Barolo is best tasted with a platter of Alpine cheeses and jellied honey.
Wine Enthusiast
Balsamic aromas of eucalyptus mingle with enticing scents of wild berry, rose, espresso and tobacco. On the full-bodied, elegant palate, smooth, fine-grained tannins lithely support Marasca cherry, cranberry, star anise and exotic spice while fresh acidity keeps it balanced. One of the best showings I’ve had of Ornato so far. Drink 2021–2030.
Region Summary
Critics and collectors have anointed Piedmont (or Piemonte locally) the “Burgundy of Italy,” and with good reason. The region shares a border with France and has adopted many of its neighbor’s more modern winemaking philosophies. Today, local winemakers display a borderline-obsessive focus on small-batch, artisanal wines such as Barolo and Barbaresco.
Why We're Investing
There’s a not-so-secret recipe to produce highly collectible wine. It’s called the law of supply and demand. Piedmont is one of the few regions to have mastered it. Let’s start with supply. Piedmont has earned comparisons to Burgundy for its rarity and exclusivity. Estates primarily produce single-grape wines in minuscule quantities from specialized vineyards. Nebbiolo is the grape of choice in Piedmont, whereas Burgundy favors pinot noir. Take Barolo, for example, an ultra-age-worthy nebbiolo known as the ‘wine of kings and king of wines.’ The sub-region, which produces a wine of the same name, spans fewer than 5,000 acres. That is roughly the size of Burgundy’s Côte de Nuit. Barbaresco is even smaller at one-third the size. Because of the compact geographic area and estates’ commitment to small-scale winemaking, even the most popular Barolo and Barbaresco are constantly in limited supply. The second factor is demand. Like Burgundy, Piedmont has strung together multiple outstanding vintages, most notably in 2010, 2013, 2015, and 2016. Critics have taken note, too. In an interview with Liv-ex, Antonio Galloni said, “interest for Barolo and Piedmont has never been higher.” Glowing critic scores have led to a swell in demand for Piedmontese wine, especially for internationally renowned names like Gaja and Giacomo Conterno. Now, here is where the similarities between Burgundy and Piedmont end. While Burgundy dominates any list of the most expensive wines, Piedmont remains relatively affordable and under the radar. That’s despite the two regions’ comparable critic scores, wine quality, and centuries of tradition. Top Barolo and Barbaresco are roughly a quarter of the price of red Burgundy and half the price of first-growth Bordeaux. The reason? Most of the vineyards in Piedmont are family-owned. Meanwhile, other prominent wine regions, like Napa Valley and Tuscany, have grown through corporate investments that have resulted in corresponding price surges. This dichotomy makes Piedmont an enigma. Even though the region has some of the world’s top cult estates, most of its wines have relatively affordable price tags and attractive value. As a result, anyone looking to access the fine wine market without spending a fortune can take solace in Piedmont.
What's the Latest
Tuscany has long been the bellwether of the Italian fine wine market. That’s changing. Piedmont continues to gain market share thanks to its brand strength and consummate quality. According to Liv-ex, Piedmont accounts for 43.4 of Italy’s total trade, a figure that was a mere 11.4 in 2015. The surge in interest has corresponded with a rise in prices for top Piedmontese wine. The Liv-ex Italy 100 index recorded 9.2 growth in 2022, the third-best market among all indices last year. That’s no fluke, either. The Italy 100 has grown 303 in its first 19 years, which translates to an average annualized return of 7.58.
Looking Forward
Piedmont may be small, but it is mighty. It has all the hallmarks of an investment-worthy region, including brand equity, consistent quality, and low volume. Each year, more critics and collectors recognize that Piedmont’s top wines are on par with elite ones in France and California, and the prices have followed. Collectors would be wise to add Piedmontese wines while prices remain accessible. Piedmont has made impressive strides in the last decade and should benefit from technological innovations like transparent marketplaces and automated trading. This modernization would bring more attention to the region and improve liquidity. If volume and value continue their upward trend, look for Piedmont to close the gap on Tuscany in trade share in the coming years.