2018 Carema, Etichetta Bianca from Ferrando: 'The leading producer of this tiny appellation' - AG
2018 Carema, Etichetta Bianca, Ferrando
'The leading producer of this tiny appellation' - AG
£225 per 6 bottle case in bond
I visited Alto Piemonte for the first time in November after having been fascinated by this region for some time. I was really keen to visit the small zone of Carema, as I had been seriously impressed by the refinement of the wines from the Produttori di Carema and wanted to visit the other producer of a great note, Ferrando. The journey was well worth it. It may be way off the normal tourist track, it may seem like a quiet backwater and Ivrea, where Ferrando are based, nothing more than a pass-through town, but the wines from this tiny region speak for themselves.
Carema essentially marks the divide between Piemonte and the Aosta Valley, about 50km north of Turin. This village, which appears lost in a time-warp, is surrounded by terraced vineyards that cover the rocky slopes up to an altitude of 600 metres. It is Nebbiolo that is planted on these terraces, trained over pergolas supported by the traditional pillars known as ‘pilun’, which are made of stone and lime. These vineyards have been cultivated in this manner for hundreds of years. The wines of Carema have received notable mention over the centuries; the bottler for Pope Paul III commented in 1539 that it was ‘an excellent drink, perfect for princes and lords’. In the same century it was mentioned as being served at the table of Popes, to the Dukes of Savoy and to French Royals. I think you get the picture – Carema has an illustrious history and was better known in the past than it is today.
What fascinates me about the wines from Carema is the sheer refinement that they reveal. This is a different interpretation of Nebbiolo – far softer, rounder in nature. The wines do not lack character or intensity, but they certainly aren’t bold and imposing. A friend in the trade refers to Carema as the Chambolle-Musigny of Piemonte and the reference makes sense. This character can be ascribed to the climate of the region which still permits harvest in the latter half of October, providing Nebbiolo with a long hang-time, and also what is referred to a glacial till or moraine, essentially the material, soil and rock, left behind by a moving glacier.
Talking with Roberto Ferrando, it is clear that climate change has elevated the fortunes of this area. Ripeness was previously hard won, now it is a common feature. In years where Piemonte proper might struggle for sufficient rainfall, Carema receives enough, whereas historically too much precipitation was more of an issue. Frankly, a changing climate has brought a level of consistency to Carema, and particularly to the wines of skilled producers like Ferrando. Antonio Galloni once commented on vinous.com that ‘Ferrando has long been the leading producer in the tiny appellation of Carema. The Etichetta Bianca and Etichetta Nera are reference-points.’
Production in Carema is dominated by a cooperative that boasts over 100 members and makes very good wines. Ferrando is one of the few producers to stand outside the cooperative – the family has been making wine for five generations and was founded by Giuseppe Ferrando in 1890. Production in Carema is by no means vast with a total of 16 hectares in production – the Ferrandos own 2.5 hectares, producing on average around 10,000 bottles each vintage. They make two different Carema – a white label (Etichetta Bianca) and, in the best years, a black label (Etichetta Nera).
It is worth noting that the pattern of vintages does not necessarily follow with those regions further south, such as Barolo and Barbaresco. If you visit the region, you can see a different topography, a different altitude and learn about different soils – it should come as no surprise that vintage conditions are different.
The 2018s in various communes of Alto Piemonte have impressed me greatly.
2018 Carema, Etichetta Biana, Ferrando £225 per 6 bottle case in bond
Aged for 36 months before release, of which 30 months were in oak. With a garnet hue and orangey, brick rim in the glass, the 2018 offers scented, floral notes allied to notes of sweet cherry, autumnal leaf, mint and spice. The palate gently builds in concentration, gradually filling out to reveal a rounded fruit, softly layered with mellow melange of red plum, cherry, hedgerow fruits too, tobacco and gamey, distinctly savoury notes. It is so finessed, with a very silky, textural aspect and a long, persistent finish that captures a subtle orangey tang. Such a beautiful, expressive example with a fresh, vibrant accent. (SL) Drink 2023 -3032.
Examples such as this Carema give a completely different interpretation of Nebbiolo and allow for much earlier drinking, so it would be no crime to open a bottle or two in the next six months or so. If you haven’t encountered them before, you will be pleasantly surprised.
In our latest market discussion, Atlas' Simon Larkin MW and Richard O'Mahony sit down to reflect on the current state of fine wine market.
The market has clearly softened over the last twelve to eighteen months, and Simon and Richard discuss reasons as well as the outlook for the next six months. They reflect on the recent Bordeaux En Primeur campaign – and indeed the future of Bordeaux – while also highlighting the specific points of weakness and the motivations behind price reductions. As Simon comments, when there is turbulence in the market, there is also opportunity.
See above for the full discussion on YouTube.
If you would like to speak to one of our team regarding your portfolio or market opportunities, please reach out to us at info@atlasfinewines.com. If you do not have an Atlas portfolio but would be interested in starting one, please do not hesitate to get in touch; we would happily share our market knowledge.
Yesterday evening, we were delighted to host a special tasting and dinner at Enoteca Turi in Sloane Square with Santiago Marone Cinzano, winemaker at Col d'Orcia, showcasing a range of vintages of their highly regarded single vineyard wine, the Poggio Al Vento Brunello di Montalcino Riserva.
Atlas' Managing Director Simon Larkin MW comments, 'yesterday’s Poggio Al Vento tasting and dinner highlighted just how impressive Col d’Orcia’s single vineyard Brunello di Montalcino Riserva is. We were fortunate to be joined by Santiago Marone Cinzano, the 10th generation of winemaker, and were guided through a vertical tasting of vintages spanning 2012 to 1995. While each vintage impressed in different ways, the overall consistency was outstanding. Some vintages showed greater capacity for ageing than others, but the consensus suggested that in a great vintage, this wine is capable of ageing for 20-30 years with ease. Indeed, the 1995 and 1999 showed no signs of fading and continued to blossom in the glass long after being first poured from a double decanted bottle – quite astonishing from a couple of wines aged 29 and 25 years of age respectively.
The 2004 and 2006 vintages were certainly drinking beautifully, showing stunning ripe fruit, complex tertiary notes but equally a fine freshness that belies their age. These two vintages promise to deliver even greater complexity over time. The 2012 was comfortably the most forward drinking of the flight, showing a redder fruit character and appealing silkiness on its supple palate. The 2008, an altogether more dense and powerful wine with darker, liquorice nuances in the fruit profile, was well into its drinking window yet showed no signs of fading soon. The entire range underlined the fact that Col d’Orcia craft outstanding, traditional Brunello with a great potential for ageing.
As I commented at the tasting, much is made of early pronouncements of greatness these days, but proof of true greatness is only confirmed with bottle age. A number of the wines we showed yesterday easily justified the term ‘great’; it was fascinating to taste a vertical of such a fine Brunello. While Poggio al Vento may not be as well-known as some Riservas, it is our opinion that it ranks alongside the very best examples from Montalcino.'
The tasting featured a line-up of the following wines:
Tenuta Col d’Orcia Rosso di Montalcino 2013 (en magnum)
Tenuta Col d’Orcia Poggio al Vento, Brunello di Montalcino Riserva DOCG 2012
Tenuta Col d’Orcia Poggio al Vento, Brunello di Montalcino Riserva DOCG 2008
Tenuta Col d’Orcia Poggio al Vento, Brunello di Montalcino Riserva DOCG 2006
Tenuta Col d’Orcia Poggio al Vento, Brunello di Montalcino Riserva DOCG 2004
Tenuta Col d’Orcia Poggio al Vento, Brunello di Montalcino Riserva DOCG 1999
Tenuta Col d’Orcia Poggio al Vento, Brunello di Montalcino Riserva DOCG 1995
The Bordeaux en Primeur campaign is underway, and has started in quick form this year. I was still slurping my way through a range of samples at a negociant’s offices in Bordeaux when the first releases were made. Making it a snappier, quicker campaign will be welcomed by the entire trade.
Another welcome sign has been the reductions in price over last year. In recent years, Bordeaux pricing has escalated to such a level that it is invariably more expensive to buy en Primeur than it is to pick up a back vintage from a merchant’s list. You might recall my first write up on Bordeaux this year, where I commented that the aim of en Primeur is to provide beneficial cash flow for the châteaux, a margin for both the negociants and their wine merchant clients, and an appealing price to the end consumer. This doesn’t always transpire, and often wines are priced right on the cusp of fair value, or just over. Invariably, when prices are dropped, the accompanying volume is often restrained by the Châteaux, who hold it back to release at a higher price once it is bottled. This allows the masses of journalists to write about headline price reductions but doesn’t ‘cost’ that much. Fortunately, this year, the volumes released seem to be reasonably good, so the economic backdrop is shaping decisions. We have seen estates like Léoville-Las Cases reduce their price by 47% over the 2022, for example. But as one contact of mine put it, you need to have increased your price fairly dramatically over a period of years to countenance such a move. That said, reductions of 20-40% have been welcomed and at least have generated some interest from consumers, who perhaps were feeling like they were on a treadmill of ever-increasing prices. Obviously, Châteaux that are already more moderately priced, or those that hadn’t pushed hard to elevate their prices, will not have the same scope to cut by 40%, but some of the bigger players have. It has been commented in the wine press that Bordeaux is at some form of crossroads; the appeal of en Primeur doesn’t entirely resonate with a younger audience and there is a lot of wine ‘stuck’ in the system, whether it be burgeoning stock levels with merchants or with negociants. The wine market in general needs to draw in younger consumers, and the traditional approach of en Primeur – buying early and storing for a decade or more even when the price is not necessarily advantageous – doesn’t have a lot to offer as an attraction. Acknowledging this backdrop, Bordeaux could have done more this vintage to make it a complete success, but perhaps lessons are learned in phases rather than in one rather sobering hit.
As ever, much has been written about the new vintage. Reading through and comparing the write-ups of different critics has been particularly interesting this year as they are more divergent on the merits of individual wines than we have noted in a while. One may be championing the qualities of a specific wine, while another’s words suggest they were relatively non-plussed, or are, at least, nowhere near as effusive. I think this speaks to the nature of the 2023 vintage; to my mind there is a raft of good to very good wines, wines with which it is difficult to find obvious fault, but where it is equally tricky to focus on outstanding qualities. That is not to do this vintage down, as I found many appealing wines, but I do not believe that it is an homogenous success nor do I believe it has delivered many epic or potentially legendary wines outside of 10-12 significant successes. I don’t score wines, but I would expect a good number to fall in the 93-96 category on anyone’s 100 points scale.
So, should you buy? We have dealt with the issue of fair value already, but in terms of the qualities of the vintage, the conditions in 2023 have delivered fresh, well-balanced wines with lower alcohol levels than we have witnessed in many recent ‘solar’ Bordeaux vintages. They have a supple appeal; my notes are littered with words like ‘fluidity’, ‘lithe’, ‘mineral drive’, ‘streamlined’, ‘agile’, ‘graceful’ and ‘supple’. This isn’t a vintage that has delivered bold, concentrated wines with a tight block of fruit that will need 15 years to unfurl. It lends itself to being broached earlier than most recent vintages, yet the best of the wines, and the majority, aren’t diffuse either. Despite the well-documented heat in 2023, it was not a solar vintage – that is a handy way to categorise it; it was not a year of continuous blazing sunshine. In recent years we have grown accustomed to hot, dry Bordeaux vintages where the vines suffer to a lesser or greater extent from hydric stress – think 2022, 2020, 2018 for example. We have had very few vintages in the last decade where the growing season has been punctuated by periods of regular rain. Invariably the model has been that winter should replenish the groundwater levels sufficiently to equip the vine with the ability to survive a hot, dry summer. 2023 was different. Equally, when needed, 2023 provided periods when the temperature spiked, which served to build greater ripeness and concentration. These could not be considered heatwaves, as they were not that prolonged, but they served to accelerate the berries towards full phenolic ripeness, giving the resultant wines a touch more density than you might expect in a ‘fluid’ vintage. I talked to a lot of winemakers about crop and berry size; yields were higher than the norm on account both of more berries, due to a very homogenous, efficient flowering, and of greater berry size, meaning more juice in each berry, on account of the more readily available moisture. A couple of commentators have talked about acidity, and yet I do not find the acidities in 2023 to be notably elevated above the levels encountered last year, though they are not offset by the same density of fruit. In many instances, the pHs in 2023 are almost identical to those of 2022. The key point of difference, and the one that has shaped the vintage and reduced the alcohol levels, is dilution. This word need not be pejorative; in many wine regions that I visit the question of yield is being debated. In a bygone age when sunny, hot vintages did not dominate, leaf plucking (exposing the fruit to the sun) and green harvest (reducing the crop so the vine focuses on ripening a lower volume) were de rigueur. Now, with markedly different conditions, there is a broader recognition that higher yields and a higher juice to skin ratio ease the density of the wine, can lead to lower alcohol and allow the winemaker to achieve balance in the wine more easily. The skins today are so rich in phenolics and fruit compounds that the presence of more juice allows you to extend the period of maceration (some winemakers cited this in the 2023 approach). This does not mean that diffuse wines result. If you had a much lower level of ripeness, with thinner skins, then dilution would be an issue in a negative sense and weedy wines would result. In 2023, there is more wine, yields are more generous and that attribute that I looked to describe with a whole host of synonyms in my tasting notes is key to the vintage.
Many merchants and critics have commented on the ‘transparency’ of the vintage. That is a fair comment, but it once more relates to the point on dilution. When you have a densely ripe wine like a number of the 2022s, the signatures of an individual vineyard’s terroir are very often masked in its youth. Terroir then starts to assert as the puppy fat falls away with maturity. Think 1989 or 2009 – both these years showed less evident sense of terroir in their youth and, in fact, many 2009s still have some way to go in their evolution before these signatures start to appear more clearly. In contrast, a vintage like 2014 had this clarity at an early stage. Such vintages were easier to taste young; the fruit was less copious and the vineyard character traits were more easy to read from one wine to the next. I think 2023 is far more successful than 2014, as the latter has a perkier acidity that may take some time to tame, and certainly that vintage did not benefit from the same boost to density that was brought about by the heat spikes in the run up to the 2023 harvest. Comparing such a vintage to previous years is really a mug’s game. I am not trying to argue that 2023 is like this vintage or that, but do believe it is worth highlighting that it has traits of cooler years, even though it was by no means a cool year, and traits of bolder vintages without being bold. All of this, coupled with that supple accent, render it a very appealing vintage and one which should chime with the canny buyer, who simply buys for future consumption as opposed to investment. Of course, speculators will be drawn to several outstanding wines that register as notable high points in this vintage and whose qualities can readily be compared to outstanding young vintages of the past, but I see 2023 as a vintage for the drinker, and I do not believe that the usual patience will be required to quite the same extent before the charms of the 2023 vintage can be enjoyed from bottle.
As ever, the trade is keen to make this vintage work. It is completely understandable given that the fine wine market has lacked direction for this last 12 months. It has been a quiet period for the market on the back of high interest rates and the general global economic backdrop. This has given rise to the usual hyperbole and we have seen some bizarre comments and scores. My advice to anyone interested in buying Bordeaux 2023 is simple: cut through the nonsense, consider whether the style of the vintage that I have described is one that appeals, and do not hesitate to ask us any questions about specific wines that catch your eye. I do think there are a number of bargains to be had this year if you are looking for Bordeaux that you could drink earlier and that represent more of a classically-balanced style, even if the conditions that brought that style about are markedly different. The trade will no doubt debate the reductions witnessed on various wines, and whether the reductions are enough to bring about easy sales and to add some form of a draw to the slightly flagging en Primeur market. We will see how these things play out. In the meantime, at Atlas, we will continue to highlight wines that impressed us and where we believe the price is favourable. The decision is yours, but we remain on hand to advise as and when you need it.
I opened by saying that the 2023 Bordeaux en Primeur campaign started quickly. It is now taking a pause for French May Bank Holidays and will resume in earnest next week with the goal of releasing most wines before Bordeaux decamps to Hong Kong for Vinexpo Asia from 28th to 30th May.
