THE CRISIS HAS NOT TOUCHED THE VALUE OF VINEYARD TUSCANY- MONTALCINO AT TOP PRICE AND BOLGHERI RIGHT ON BRUNELLO’S HEELS, REVEAL WINENEWS ESTIMATES, JUST BEFORE PREMIERES OF TUSCANY

Montalcino is at the top, where quotes reach 350.000 euros per hectare, and Bolgheri is right behind Brunello at 320.000 euros; so it seems the crisis does not affect the value of "Vineyard Tuscany". The total asset value of the vineyards, given the 33.000 hectares of DOC and DOCG in the Region (data from Federdoc 2011), has been calculated between 3 and 3.3 billion euros. These are the estimates from WineNews, just before the event "Previews of Tuscany," to be held in Florence from February 15 to 22, 2014 promoted by Tuscany Region and Tuscany Promotion. It is not simple to be precise on how much a hectare of vineyard costs, because of the many variables ranging from the cost of planting rights, exposure, the geological nature of the soil, the age of the vines planted, classification and specific sub-areas and, of course, certain denominations.

To further complicate the picture of estimating the price of a hectare of vineyard in Tuscany, there is also the general economic situation, which obviously weighs heavily on the calculation. It can increase or decrease the value of that hectare of vineyard positively or negatively, while still holding the overall national figure average value of a hectare of vineyard at 36.000 euros, which is much higher than that of other crops at 19.400 euros (INEA - national Institute of Agricultural Economics, which estimates the value Italian vineyards has grown 2% since, the beginning of the new millennium, despite prices decreasing starting from 2008). 

According to the Knight Frank Global Vineyard Index (as of 2013), Tuscan Chianti and Brunello vineyards are worth between 135 and 200.000 US dollars per hectare, up 20% over 2012. This evaluation might be slightly underestimated since it "clashes" with the latest Assoenologi, Italian Winemakers association figures, that are perhaps a bit optimistic, as at the beginning of 2014, they estimated a hectare of Brunello di Montalcino vineyard between 400 and 500.000 euros, the same as 2012. Finally, there is INEA that at the end of 2013 fixed the price of a hectare of Brunello di Montalcino vineyard at 380.000 euros.

WineNews surveys of several professional opinions reveal one hectare of Brunello vineyard in Montalcino costs between 250.000-350.000 euros, and is definitely the most valuable territory. However, Bolgheri is running a very close second at 300.000-320.000 euros per hectare, but the buying market in Bolgheri territory has virtually stopped even though a hectare of vineyard could reach Montalcino prices. In Montepulciano a hectare of Vino Nobile vineyard is valued between 150.000-200.00 euros, which is interesting in that it is high due to the lack of planting rights.

One hectare of vineyard in Chianti Classico is worth 120.000-130.000 euros, peaking at 150.000 euros for the best vineyards in the historic "sub zones" especially on the Siena side. A hectare of Morellino di Scansano vineyard, which has recently been enjoying a positive trend, is estimated at around 100.000 euros.
One hectare of vineyard in Chianti is estimated at 80.000 euros including the sub zones like the Arezzo hills, Colli Fiorentini, Colli Senesi, Colli Pisane, Montalbano and Montespertoli, except for Rufina, where a vineyard is estimated at 100.000 euros. The picture reflects, especially for the historic areas, more or less what happens on the real estate market, where sellers do not want to lower the assessed value of the vineyard, while buyers try to find more affordable prices, playing also and perhaps above all, on the general tension of the Italian economy.


For the younger Tuscan denominations, or at least the ones less in the spotlight, like Orcia DOC Montecucco, Valdarno di Sopra Doc, Carmignano, Terratico Bibbona, Elba, Val di Cornia and Cortona, just to name a few, the assessments are even more difficult to evaluate. Just to get an idea - in some cases, the estimate comes from the average cost of an acre of cultivatable land (9.000 euros) plus the costs of planting, which may vary depending on the nature of the land. But one day, in the wake of a potential success of their wines (as has happened in the past to the most famous names), they could see their land values increase. Meanwhile, to taste and learn about all these Tuscan wines, the appointment is "Preview of Tuscany", in Florence, with "Buy Wine" (Fortezza da Basso, February 15th -17th, and info:
www.toscanapromozione.it),
international workshop dedicated to emerging names, and territories of the historic denominations, Chianti Classico, Brunello di Montalcino, Nobile di Montepulciano and Vernaccia di San Gimignano.