Matthew Knight
06/11/2025
Few restaurants have achieved the near-mythical status of Locanda Locatelli
For more than two decades, it wasn’t simply a London restaurant, it was an institution. A home for refined Italian gastronomy, Michelin-starred consistency, and one of the most carefully assembled Italian wine lists anywhere in the world. So when Bonhams announced that it would bring Locanda Locatelli’s legendary cellar to auction, collectors and enthusiasts alike knew it would be something special. They weren’t disappointed.
Between the 1st –14th October, Bonhams’ “Locanda Locatelli: Iconic Italian Wines” sale achieved a remarkable 100% sell-through rate, underscoring not just the enduring reverence for the restaurant, but also the robust demand for blue-chip Italian wines even in a volatile market.
Among the highlights were bottles that represent the very essence of Italy’s fine wine identity:
Each of these names; Conterno, Masseto, Sassicaia carries enormous weight within the fine wine community. They also happen to be among the very producers driving Italy’s resilience in 2025, as highlighted in our Moncharm Italian Mid-Year Report.
While the broader fine wine market fell -4.4% in H1 2025 (Liv-Ex Fine Wine 100), Italian wines declined just -1.3%, with standout performances from Bruno Giacosa and Soldera Case Basse. That resilience is no accident, it reflects the same enduring qualities that made Locanda Locatelli’s wine list so revered: heritage, precision, and a deep understanding of terroir.
As Mick O’Connell MW, Bonhams’ Head of Wine for the UK & Continental Europe, explained:
“From rare vintages to iconic labels, every bottle told a story of passion, heritage, and impeccable taste.”
This sentiment captures exactly what makes Italian fine wine so appealing to investors. Unlike other asset classes, fine wine carries emotional capital, a sense of connection to culture, craftsmanship and history.
In Locanda Locatelli’s case, each bottle was a snapshot of Giorgio Locatelli’s philosophy: authenticity, generosity, and refinement. His wine list wasn’t built for speculation, it was curated to honour Italy’s extraordinary viticultural diversity, from Barolo to Bolgheri.
It’s telling that collectors responded so enthusiastically to the Bonhams sale. They weren’t just buying wine; they were acquiring pieces of a story, one rooted in trust, provenance, and reputation. These are the same principles that underpin the fine wine investment world, and why the Italian market continues to stand apart amid 2025’s broader corrections.
At Moncharm, our 2025 Mid-Year Fine Wine Market Report painted a cautious picture of the global landscape. Following tariff volatility, currency fluctuations, and the collapse of the Bordeaux 2024 En Primeur campaign, confidence dipped, particularly among U.S. buyers. The Liv-Ex Bordeaux 500 fell -5.6%, and the Burgundy 150 slipped nearly -3%.
By contrast, Italian wines held their ground. Tuscany’s broad appeal and Piedmont’s cult status created a “barbell effect”: Super Tuscans like Tignanello, Sassicaia, and Ornellaia offered accessible liquidity, while Barolo titans like Conterno and Giacosa delivered scarcity-driven value growth.
In fact, Bruno Giacosa’s Barolo Falletto Vigna Le Rocche Riserva 2014 rose +48.9% YTD. A staggering result in an otherwise cautious market. Such figures align perfectly with what Bonhams witnessed in October: renewed enthusiasm for benchmark Italian producers.
One of the defining characteristics of 2025’s wine market has been the return of provenance as a premium. After a decade of rapid secondary-market trading, buyers are again prioritising authenticity, condition, and storage history, precisely the hallmarks of collections like Locanda Locatelli’s.
A cellar sourced from a Michelin-starred restaurant carries built-in credibility. Collectors know that the bottles were purchased directly from official distributors, stored impeccably, and handled with care. This level of provenance can add 10–20% to realised prices at auction, particularly when the wines are from highly scored vintages such as Masseto 2001 or Monfortino 1997.
For investors, it’s a reminder that fine wine is not just about timing the market, it’s about owning the right bottles with the right history. That’s where working with trusted partners becomes invaluable.
The Bonhams sale serves as a timely reminder that even amid global uncertainty, the market rewards quality, provenance, and patience.
At Moncharm, our strategic advice remains consistent:
In short: 2025 is not a year to retreat, it’s a year to position.
As Bonhams’ Mick O’Connell reflected, every bottle from Locanda Locatelli told a story, one of “passion, heritage, and impeccable taste.” That same spirit defines the Italian fine wine market today. Despite global challenges, Italy’s greatest producers continue to inspire confidence, offering both emotional and financial value to those who appreciate them most.
Whether you’re a seasoned investor or simply exploring fine wine as a new asset class, the lesson is clear: heritage, integrity, and scarcity never go out of fashion.
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27 Nov 2025
