Santorini's Disappearing Vineyards
IN THE HEADLINES
High Bordeaux En Primeur prices causing hesitancy amongst buyers. According to Liv-ex, these price hikes have put the “sustainability of the campaign in question”, with the majority of releases not reflecting a “compelling proposition to buyers”. Read more at The Drinks Business. Château Lafite Rothschild 2022 released en primeur at €580 per bottle ex cellar, a 23.4% increase upon last year and 2020. Mouton Rothschild’s release came out this morning, at €516 per bottle ex cellar, up nearly 23% on the 2021 vintage release last year.
Ferrari scoops up the Chef de Caves from Champagne Charles Heidsieck. This marks “the first time a Chef de Caves has come from Champagne to join an Italian winery as full-time enologist”. Brun received the IWC Sparkling Winemaker of the Year in 2019 and 2022.
Australian Vintage, owner of McGuigan Wines and Tempus Two brands, plans to cut operational costs in response to a “challenging” trading environment, citing an estimate of $26 million in “hyper-inflationary costs”.
India, Mexico and Brazil are set to become the largest alcohol markets by volume, according to Harpers. In terms of sales by value, the US and China remain essential to the industry’s growth.
WORLD VINEYARD AREA
Santorini's disappearing vineyards
Santorini is losing its volcanic vineyards to hotel developers and wine tourism.
Adam Lechmere reports that the volcanic Island was once “covered in vines, and as late as the 1960s there were more than 4,000ha of Assyrtiko and other indigenous varieties. In 1980, there was half that hectarage; today there is some 1,100ha of vineyard supplying 21 wineries".
Tiny (!) when compared to the 450+ wineries on an island like Sicily.
Lechmere calls this "the dilemma of tourism... You long for visitors to keep your economy afloat but then they come in their millions and wreck your only asset: the natural beauty of the land"
Regretably, Dimitris Kekas, from esteemed estate, Argyros, “reckons that there will be no more than six wineries on Santorini in 10 years’ time".
CULTURE
Monetising heritage
Ever wondered why France enjoys so much success in the luxury sector? Globally, French wines are the most important in value terms. Pauline Vicard gives an insightful explanation, evoking the country’s aristocratic roots: "French vision of excellence is still very much imbued by aristocratic values. The French equivalent of fine wine is Grand Vin. It’s a very revealing choice of words. The adjective Grand (great, tall), when placed before cuisine, transforms food from the everyday into something exceptional."
She emphasises that the French have "harnessed" heritage, beginning with the rise of the Bourgeoisie class, who found freedom in the idea that status could be bought rather than inherited.
The success of French luxury comes from valuing "a strong cultural heritage" while crucially, "seeking financial sustainability".
EVENTS
The event everyone’s talking about
Rioja Residency, taking place on June 21st in a luxury London hotel, is the first of its kind. Instead of the regular tasting format, “there will be a walkaround tasting featuring 20 winemakers laid out in their geographical zones”, with live music and canapés on the rooftop terrace, says Harpers. “This is a new-look Rioja event that will deliver long-term impact with the aim of increasing the value of Rioja across the board”.