Investment Tips - Italy - 25. July 2023

98 Points For Barolo Pioneer: 2019 Chiara Boschis

Sublime benchmark vintage in Barolo offers exciting investment opportunity. E. Pira & Figli represents high quality, very low supply, and attractive, low pricing.

“Chiara Boschis made some of the most thrilling wines of the vintage” -  
Antonio Galloni on the 2019 vintage.

Although we are currently looking at some exciting vintages in Barolo, producers are worried about how future climate change will affect quality and quantity. One thing is sure, however: The quality of the 2019 vintage in Barolo is sky-high, and E. Pira & Figli Chiara Boschis perfectly represents that fact. She is also a perfect representative of low-yield and organic viticulture - a modern pioneer in Barolo, and the results speak for themselves. Dive into the investment potential of Barolo and two wines from E. Pira & Figli here.

Chiara Boschis - The Grande Dame of Piedmont

When Chiara Boschis took over E. Pira & Figli from her parents in the 1980s, it was not long before her name became synonymous with the winery - and today, her name has, in many aspects, trumped that of the house. This is because, since taking over, she has fought an exemplary battle in a male-dominated and conservative wine arena, resulting in a modern victory and a fully respected and deserved place among the recognized Barolo Boys. Everyone in Piedmont knows her name, although she is known as The Grande Dame of Piedmont. Chiara Boschis was the first female winemaker in all of Barolo, paving the way for a new generation of female winemakers.

Chiara Boschis approaches the difficult art of winemaking with great determination, confidence, and hard work. Her fierce belief in her vision resulted in E. Pira & Figli being the first producer in the legendary Cannubi vineyard to convert to organic farming - no chemicals allowed - and she represents the modernists of Barolo. Since then, she has worked tirelessly to get other producers in the area to do the same, which is why the Cannubi vineyard is now 100% organically farmed.

Since 2022, E.Pira & Figli has had the "Robert Parker Green Emblem", which is only awarded to those committed to sustainability, long-term environmental protection, and biodiversity. All the wines from Chiara Boschis, therefore, today carry the coveted "Green Emblem." Only 36 wineries have received the recognizable emblem, putting E.Pira & Figli in the distinguished company of Cheval Blanc, Louis Roederer, and Domaine Leroy, among others.

Chiara has revolutionized Piedmont in many ways, and she is not done yet. For nearly 20 years, she worked alone, but in 2010 she was assisted by her brother Giorgio, his wife Daniella, and their three daughters, Beatrice, Elena, and Vittoria, who are helping to ensure quality for the next generation.

RareWine has visited E. Pira & Figli. Get a rare insight into the winery in Meet The Winemaker below and discover how the next generation is ready to carry on the legacy.

2019 Chiara Boschis: Mosconi + Via Nuova

In this investment tip are two different Chiara Boschis wines for investment - both from the highly acclaimed 2019 vintage. Neither Wine Advocate nor James Suckling has rated them yet, but at Vinous, only one point separates them. The 2019 Barolo Mosconi scores 98 Vinous points, making it the best Vinous-rated Mosconi ever. The 2019 Barolo Via Nuova scores 97 Vinous points and is only surpassed by the 2016 Nuova, which scores the maximum 100 points from Vinous.

The chart below illustrates that the last ten vintages of the two wines also rank close to each other in terms of average score. Around 9,000 bottles of Mosconi are produced annually, while the figure is around 13,000 for Via Nuova. These are two high-quality micro-productions.

And while we do not yet know what scores James Suckling or Wine Advocate will assign to the two wines, the 2019 vintage in Barolo speaks for a potentially high score, and the Vinous score has already underlined the greatness of the vintage. Add to this the fact that according to Wine Advocate's vintage chart, Barolo was "extraordinary" in 2019, which is by far the best rating.

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2019 Barolo: A sublime Vintage

According to Antonio Galloni, the 2019 vintage in Barolo may well represent the beginning of a new cycle of solid and excellent vintages. The vintage places itself in the category with the benchmark vintages of 2016, 2005, and 1999. Galloni also points out that producers and vines seem to have adapted to a "new normal" in relation to extreme heat, for instance - a new and modern normal that appeals to a large segment, meaning increased turnover and increased consumption.

And the world has already seen the beginning of this:

"According to the UK wine exchange Liv-ex, Piedmont wines have historically been the best performers in terms of price performance, with wines such as Monfortino Barolo and Rinaldi Barolo. However, the share of Piedmont trade at Liv-ex compared to the trade of Tuscany wines has been relatively moderate, partly due to the much smaller volumes produced. With a combination of high quality, significant volume, and a strong brand, the Supertuscans have been considered the mainstay of the Italian category in the secondary market.

But this pattern is changing. According to Liv-ex, Piedmont's share (Barolo and Barbaresco) of total Italian wine sales by value increased from 11.4% in 2015 to 43.4% in spring 2021*, while the number of unique Piedmontese wines traded has risen by 653% to over 700 (in 2020) in just five years.  (in 2020) in just five years. Barolo is the biggest driver here, accounting for the vast majority of the trade - still measured by value."

The above quote is from our recently released article Barolo Analysis: 2019, And The Subsequent Vintages Mark A New Era For Wine Investors

*more recent figures not available

Italian On The Menu: Luxury In Difficult Times?

When the world is in turmoil, and no one can predict what tomorrow's economy will look like, it is natural to take a retrospective perspective. During the 2001 recession, Leonard Lauder noticed that sales of luxury cosmetics were on the rise. He realized that there was a correlation between falling sales of expensive luxury products like bags and shoes and rising sales of luxury cosmetics like lipstick: So the Lipstick Index was born. (watch our video explainer of the Lipstick index on YouTube by clicking here)

In the meantime, the index has become a respected indicator, and it has been proven that consumers indulge in a bit of luxury - even in difficult times. 20% of consumers remain in the expensive luxury category, but 80% seek affordable luxury.

Applying this perspective to the world of wine, the great wines of Burgundy and Bordeaux can be called luxury products. In contrast, Italian wines can be considered affordable luxury from the above perspective. And even if the world were not in economic turmoil, very few would notice if either Via Nuova or Mosconi went up 10%. They would still offer affordable luxury to the consumer.

Giorgio and Beatrice in the wine cellar at E.Pira & Figli Giorgio and Beatrice in the wine cellar at E.Pira & Figli

RareWine Invest's Opinion

It is not news that our investment focus is increasingly directed towards Italy, where plenty of high-quality wines are not yet priced to reflect that fact. According to Vinous, such a case is E. Pira & Figli Chiara Boschis, whose wines are among the most exciting of the vintage.

And Chiara Boschis does indeed represent the modernists in Barolo. She is also a pioneer of organic winemaking, and her vision has inspired innovation among many of Barolo's winemakers. And while she is not a new face in Barolo, she is attracting more and more attention - most recently with the green emblem.

2019 Via Nuova and Mosconi represent high Barolo quality in meager yields. And they represent a Barolo vintage described as the new benchmark vintage. Meanwhile, wine connoisseurs are turning their attention to Barolo, which also offers affordable luxury while the world's economy is imbalanced.

If you believe in the future of Barolo, you get great value for money here. Put it in your portfolio and let wine lovers consume the rest. We do not recommend one wine over the other; as always, it is first come, first served.

Invest In 2019 E.Pira & Figli Chiara Boschis

Contact us via the contact form at the bottom of the page if you want to know more about your investment options or order the wines directly through the form.

2019E.Pira & Figli Chiara Boschis Mosconi750OC6€ 75
2019E.Pira & Figli Chiara Boschis Via Nuova750OC6€ 65
*All prices are in EUR ex. customs duty, tax, and VAT for delivery to a bonded warehouse. Prices including customs duty, tax and VAT can be sent on request. The wines are only sold in whole cases unless otherwise specified and the price is per bottle. Minimum order size € 2,500. Assumes a total minimum investment of € 10,000. Prices may have changed since release of this article. Reservations are made for errors.

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