Why Collectors and Investors Are Obsessed With Monfortino 2019

Something remarkable is happening right now that’s catching the attention of anyone seriously tracking wine markets.

Giacomo Conterno’s Monfortino 2019 has hit the top spot on Liv-ex’s weekly trade-by-value table and refuses to leave, sitting in the top five for three straight weeks through early November.

No Barolo has ever pulled that off, and it’s not happening during some quiet period either. This wine is outgunning Bordeaux First Growths, Burgundy Grand Crus, and Super Tuscans in actual trading volume while the broader fine wine market still nurses wounds from the 2022 correction.

The wait made this release that much more intense. Roberto Conterno hasn’t made Monfortino since 2015, skipping 2016, 2017, and 2018 entirely because nothing met his standards. That’s a four-year gap where collectors who’d been positioning for the next bottle just had to sit tight and hope.

The critical response has been overwhelming. Monica Larner at Wine Advocate gave it 100 points. Audrey Frick at Jeb Dunnuck gave it 100 points. Michaela Morris at Decanter gave it 100 points. James Suckling came in at 98.

That kind of unanimity almost never happens with Italian wine, where critics usually find something to disagree about. When everyone agrees something is genuinely exceptional, markets respond with real money rather than just collector chatter.

What Makes Monfortino 2019 Exceptional Beyond the Scores

The 2019 Barolo vintage delivered exactly what serious collectors look for: tension, energy, and balance that separate great years from merely good ones.

Roberto himself compared it to 2013, which has become legendary in its own right.

Berry Bros. & Rudd and other UK merchants picked up that comparison in their release notes because it tells experienced buyers everything they need to know.

The blend itself tells you how serious Roberto was about 2019. He included roughly 27% Arione for finesse alongside the Cascina Francia that typically dominates Monfortino, providing the power and age-worthy structure the wine is known for. This marks the first time significant Arione fruit made it into Monfortino rather than being bottled separately, which meant Roberto saw something in blending that year that he’d never seen before.

What makes that blend decision even more telling is what he didn’t do. There were no separate Francia or Arione bottlings in 2019. Roberto took all the fruit from both of his best vineyard sites and directed everything into a single wine.

When a producer of his stature foregoes two potential luxury bottlings to concentrate everything into Monfortino, you’re watching someone make a statement about quality that goes beyond commercial considerations.

At the same time, Monfortino spends six to seven years aging in massive old oak casks that have been in the cellar for decades. There’s no new wood adding vanilla or toast, no modern tricks to speed things along or smooth out rough edges. The wine evolves slowly in neutral vessels that let terroir and vintage speak without interference.

This patience costs Roberto years of tied-up capital before bottles ever reach market, but it’s exactly this approach that creates the complexity collectors pay for.

What’s in the glass reflects all of that. Critics describe layers of earth, strawberries, dried cherries, orange peel, dried violets, potpourri, and licorice root, with graphite running through the palate alongside thick dusty tannins and bright acidity.

This isn’t the kind of wine that charms you immediately with ripe fruit. It’s built for the long game, revealing itself gradually to people who understand that great wine rewards patience rather than instant gratification.

The aging potential stretches across decades rather than years. Monica Larner projects a drinking window from 2028 all the way to 2060, based on how previous Monfortinos have evolved over 30 to 50-plus years. This extreme longevity matters for anyone thinking about wine as investment because it means the bottle will still be improving when you’re ready to sell, providing the kind of sustained demand that shorter-lived wines can’t match.

Investment Data and Market Performance Analysis

Release pricing landed between $900 and $1,150 per bottle across U.S. and European retailers in October 2025, with most serious merchants clustering around $935 to $1,150. That’s a meaningful step up from what previous releases commanded, reflecting both the vintage quality and the market’s willingness to absorb higher prices when scarcity and critical scores align.

The 2015 Monfortino trades around $1,500 now. So does 2013. If 2019 follows the typical path where prices compound steadily over the first decade, that gap between $1,000 at release and $1,500 in the secondary market represents exactly what wine investors are targeting.

The Monfortino Index that Liv-ex tracks historically crushed broader Italian benchmarks, posting 14.1% appreciation over two years in data running through 2020. But the index broke below its long-term trend during 2024 and 2025 as the broader fine wine correction played out.

That pullback is actually what’s sharpened interest now, with buyers recognizing that blue-chip names trading below trend represent value rather than risk.

The trading activity through October and November 2025 reveals something more substantial than just hype. Liv-ex data shows Monfortino 2019 holding the top spot or staying in the top five week after week, with prices ticking upward from roughly £6,100 to £6,300 per case. That sequential appreciation during heavy trading volume tells you there’s genuine buying depth absorbing supply rather than one or two collectors creating artificial activity.

Moreover, production of just 600 to 700 cases means finding a buyer during market stress could get difficult. But it’s precisely that scarcity that justifies the premium pricing and creates the long-term appreciation potential. This isn’t a position you can exit on a whim, which means it only makes sense for capital that can afford to sit still for years.

The timeline needs to match the wine’s evolution. A five to ten-year minimum hold aligns with how Monfortino has historically appreciated and with the cellaring the wine needs before it really opens up. Both the critic drinking windows and Liv-ex’s historical data support thinking in multi-cycle terms rather than expecting to flip this for quick profit.

Conservative projections suggest 8% to 12% annual appreciation if the vintage performs like its predecessors, though obviously past results don’t guarantee anything. The risks include that extended aging period before bottles hit the market, release pricing that already bakes in some anticipated appreciation, and the reality that past vintages like 2010 and 2013 showed muted returns when people bought at peak hype rather than on release or during corrections.

Why This Vintage Deserves Portfolio Consideration Despite Challenges

The scarcity carries more weight with Monfortino than almost anything else because Roberto’s selectivity runs so deep. That four-year gap since 2015 wasn’t planned marketing but the simple fact that nothing met his standards.

The unpredictability of future releases creates genuine rarity that regions cranking out wine every single year can’t replicate.

You’re not just buying a great vintage but one of the few times this decade Monfortino even exists.

The Conterno name opens doors when it’s time to sell. Giacomo Conterno sits at the apex of Italian wine in collector consciousness, and Monfortino occupies the ultimate position within that hierarchy alongside maybe Masseto or Soldera. That brand recognition translates directly into buyers showing up when you’re ready to exit, which lesser-known producers can’t promise even when their wines might be just as good.

At the same time, the collector base for Italian wine has broadened dramatically. Asian buyers who once focused exclusively on Bordeaux and Burgundy are discovering Barolo. Younger collectors are skipping straight to Piedmont rather than working their way through Burgundy’s impossible allocations.

Institutions that ignored Italian wine for decades are adding serious positions. All of this creates sustained demand that didn’t exist when only a small group of insiders cared about these bottles.

Compared to alternatives, the value proposition looks compelling even at four figures. Entry-level DRC costs $3,000-plus. Top Burgundy Grand Crus clear $2,000 without breaking a sweat. Monfortino at $1,000 to $1,150 delivers comparable aging potential, similar critical validation, and real prestige among collectors who know what they’re drinking. You’re paying a third to half as much for wine that will evolve just as long.

What you’re looking at with Monfortino 2019 is a blue-chip Italian wine investment that checks every box: proven producer, exceptional vintage, critical validation, long-term appreciation history.

It makes sense for patient capital with a ten-year-plus horizon where both financial returns and collecting prestige matter. The illiquidity and high entry price mean you shouldn’t overdo it—something like 5% to 10% of wine investment capital in a single label this scarce prevents concentration risk while still capturing meaningful upside if the thesis plays out.

But if you’re building a serious wine portfolio and can afford to be patient, this represents one of those moments where everything aligns in ways that don’t happen often.