Auction update: Uniquely Pepe

Emidio Pepe in Abruzzo is a favourite with collectors due to the complexity and ageing potential of its wines.

EMIDIO PEPE’S estate in the north of Abruzzo, just 10 minutes from the border with Le Marche and rising 240m above sea level, stands as a testament to traditional winemaking, defying industrial trends since its inception in 1964. Even then the vision was clear: to produce cellar-worthy wines in a region dominated by mass production, albeit for classic, food-friendly, well-rounded wines. Emidio carved out a success story single-handedly from a one-hectare parcel in 1964. Today, under the stewardship of his daughter Sofia and granddaughter Chiara, the estate has expanded and embraced biodynamic practices in all 27 hectares (17 of which are in vines, and the rest in diverse crops and greenery) and is increasingly sought after by collectors around the world.

There are many things that make Emidio Pepe wines stand out, but the method for selecting and releasing vintages to the market is truly unique. Every year, Sofia and Chiara taste from their cellar and decide the two wines that will be released to the market. Some vintages are aged for 20 years before release. The 2001 vintage for example, was decanted, labelled and released to the market in 2022.

IMPRESSIVE CELLAR

The winery now houses 350,000 bottles, preserving the integrity of past vintages in an incredible archive. The wines, prized by wine collectors all over the world for their complexity and ageing potential, reflect a meticulous approach to viticulture and a deep respect for the land. The estate’s commitment to biodynamics, formally certified since 2006, emphasises a holistic approach, integrating ancient wheat varieties, olives, and fruit trees alongside the vines. This polyculture model, rooted in Abruzzo tradition, enhances the vineyard’s resilience, particularly against challenges such as drought.

The dedication to traditional methods —like foot-crushing grapes and using concrete vats—coupled with unusual approaches like decanting aged wines into fresh bottles, underscore the producer’s commitment to preserving wine quality over decades and ensuring that every bottle is the embodiment of the enigmatic Emidio Pepe and the evolving character of the Abruzzo.

The wines reflect a meticulous approach to viticulture and a deep respect for the land

With such a vast back catalogue of mature vintages and a one-of-a-kind way of releasing them for sale, how do Emidio Pepe wines fare on the secondary market? Looking to online wine auctioneer iDealwine for data, it’s clear that a growing international clientele is increasingly captivated by Italian wines, with their focus expanding far beyond the traditional premium wine regions of Piedmont and Tuscany in search of more attractive prices. In a broader exploration of Italian fine wine beyond the two heavyweight regions, Abruzzo has emerged as a third and rising star, most notably through the region’s iconic estates: Francesco Valentini and of course, Emidio Pepe. Valentini’s boutique, biodynamic production is the flagship in the region and rouses the highest demand among collectors, especially in the Hong Kong and UK markets. Wine from this region, situated north-east of Rome, are seldom seen at auction and are hard to source for fans, of which there are many — Emidio Pepe sits at the top of many wine media rankings of most popular Abruzzo wineries, as well as the most expensive.

RARE BOTTLES

A rare bottle of Valentini 1994 Montepulciano d’Abruzzo fetched €473 at auction in 2023, the highest hammer price for the region on iDealwine. Looking at the latest figures, Emidio Pepe wines fetched an average of €193 per bottle in 2023 and have appreciated significantly in price in recent years, though remain well below hammer prices for top Barolos, Barbarescos and Super Tuscans. Recently, a collectable bottle of 1967 Montepulciano d’Abruzzo sold for €226. Price estimates float around the €300 mark for top vintages from the 1980s, but these bottles are so rare they only appear at auction every two to three years.

The crisp old-vine Trebbiano and discinct Pecorino make up the estate’s offering of whites — both are cellar worthy and can fetch around €60 to €100 at auction, depending on the vintage. Located ten minutes from the Adriatic but in a sea of easy-drinking red wines found on shelves all over the world, Emidio Pepe wines are coveted by discerning wine lovers for being singular, outstanding, and a masterclass in the art of winemaking.

auction update – in association with iDealwine