In this guide, Rachael Ryan walks through the K&L portfolio of collectible Spanish wine—from a 1961 López de Heredia Gran Reserva released directly from the bodega in 2026, to current-vintage Vega Sicilia Pintia and Muga Aro—making the case for why Spain is the smartest buy in fine wine right now.

The Case for Collecting Spanish Wine

For wine collectors seeking exceptional quality and value, Spain remains one of the most compelling—and often overlooked—categories in the fine wine world. While regions such as Bordeaux, Burgundy, and Napa Valley command increasingly high prices, Spain continues to offer world-class wines with remarkable aging potential at just a fraction of the cost, and many of the country's most iconic labels remain undervalued relative to their international peers. Spain’s finest estates combine centuries of winemaking tradition with some of Europe's oldest vineyards, often ungrafted and over a hundred years old, with many planted to low-yielding bush vines that produce wines of extraordinary concentration and character that can evolve gracefully for decades. Many producers also choose to release wines after extensive cellar aging, allowing collectors to acquire mature wines that are ready to enjoy while still having years of potential future development—a rarity in today’s world, where most wine is pushed onto the market just a year or two after bottling. For collectors building a cellar focused on both pleasure and investment, Spain offers an unmatched combination of heritage, authenticity, and pure drinking pleasure.

López de Heredia

Few wineries in the world embody tradition quite like López de Heredia. Founded in 1877, the estate remains one of Rioja's most iconic producers, crafting wines according to methods that have changed little over the last century. The Viña Tondonia Reserva is celebrated for its graceful evolution, developing complex aromas of tobacco, cedar, leather, and spice over decades in bottle. Equally legendary is the Viña Tondonia Blanco Reserva, one of the world's most age-worthy white wines, capable of evolving for 30 years or more while gaining remarkable layers of honey, nuts, dried citrus, and savory complexity. For collectors, Tondonia represents a living link to wine history.

One of the most extraordinary things about López de Heredia is that they simply refuse to release a wine before they believe it is ready—and they mean it. These bottles have been quietly aging in the historic Tondonia cellar in Haro since they were made, and were released directly from the bodega earlier this year. There is no shortcut to what is in these bottles. The time has already been served.

A wine from 1961, released from the bodega in 2026. There is nothing else like it.

2014 Lopez de Heredia "Viña Tondonia" Blanco Reserva Rioja $199.99 96JS 96WA 96VN

2013 López de Heredia "Viña Tondonia" Reserva Rioja $59.99 97VN 96TA 95WA

2004 López de Heredia "Viña Tondonia" Reserva Rioja (Ex-Bodega 2026) $119.99 94JG 94WA 93VN

2004 López de Heredia "Viña Tondonia" Reserva Rioja (1.5L) (Ex-Bodega 2026) $274.99 94JG 94WA 93VN

2001 López de Heredia "Viña Tondonia" Reserva Rioja (Ex-Bodega 2026) $149.99 96WA 95JS 94JG 93W&S

2001 López de Heredia "Viña Tondonia" Reserva Rioja (1.5L) (Ex-Bodega 2026) $284.99 96WA 95JS 94JG 93W&S

1961 Lopez de Heredia "Vina Tondonia" Gran Reserva Rioja (Ex-Bodega 2026) $1,694.99 94VN

Muga

Founded in 1932, Muga has become one of Rioja's benchmark estates, balancing tradition with innovation. Prado Enea is widely regarded as one of Rioja's great Gran Reservas, produced only in exceptional vintages and renowned for its ability to age gracefully for thirty years or more. Torre Muga offers a more powerful and modern interpretation, delivering bold concentration, structure, and depth while maintaining Rioja's elegance. At the pinnacle sits Aro, a rare and highly sought-after wine crafted from old-vine Tempranillo and Graciano, produced in very limited quantities. Together they have helped establish Muga as one of Spain's most collectible and respected family-owned wineries.

2016 Bodegas Muga "Prado Enea" Gran Reserva Rioja $94.99 97JD 97JS 97WA 97WE 96TA 96VN

2020 Bodegas Muga "Torre Muga" Rioja $124.99 98TA 97JD 96JS 95WA 94VN

2021 Bodegas Muga "Aro" Rioja $334.99 100JD 98TA 97WA 96VN

La Rioja Alta

Since its founding in 1890, La Rioja Alta has been synonymous with traditional Rioja excellence. The Gran Reserva 904 is arguably the estate's signature wine, named in honor of the winery's historic merger in 1904. Produced only in outstanding vintages, 904 is renowned for its elegance, balance, and extraordinary longevity. Over time, the wine develops nuanced aromas of dried red fruit, cigar box, sandalwood, and baking spice while retaining remarkable freshness, and many vintages continue to perform beautifully after forty years or more in the cellar.

2016 La Rioja Alta "904" Gran Reserva Rioja $114.99 97JS 97VN 96WA 95TA

2016 La Rioja Alta "904" Gran Reserva Rioja (1.5L) $249.99 97JS 97VN 96WA 95TA

1997 La Rioja Alta "904" Gran Reserva Rioja $174.99 96VN 95DC 94WA

CVNE

Founded in 1879, CVNE is one of Rioja's most historic and influential producers. The “Imperial” Gran Reserva has long been considered one of Spain's most traditional Riojas, earning international acclaim for its elegance, longevity, and remarkable consistency across vintages. The wine is capable of aging for several decades, gradually revealing layers of cedar, tobacco, spice, and refined fruit. Real de Asúa, named after the winery's founders, represents a more modern and concentrated expression while maintaining the estate's commitment to balance and longevity. Together these wines showcase CVNE's ability to honor Rioja's traditions while evolving with contemporary tastes.

2020 CVNE "Real de Asúa - Carromaza" Rioja $84.99 97DC 97JS 96WA 96TA 95JA 95VN

2017 CVNE "Imperial" Gran Reserva Rioja $89.99 97JS 96DC 96JD 94WA 94VN 94WS

2012 CVNE "Imperial" Gran Reserva Rioja $119.99 97TA 96DC 95WA 94JS 94VN

Clos Mogador

Founded by the pioneering winemaker René Barbier, Clos Mogador played a transformative role in reviving Priorat and introducing the region to the global fine wine community. Produced from steep slate-covered vineyards known as llicorella, the wine combines power and minerality in a way that has become emblematic of the region. Clos Mogador's old-vine fruit and low yields create wines of exceptional concentration, while careful élevage allows them to develop complexity for decades.

2023 Clos Mogador "Gratallops" Priorat $124.99 98WA 97TA 95JD 94VN

Telmo Rodríguez

Few figures have had a greater impact on modern Spanish wine than Telmo Rodríguez. Through his work restoring historic vineyards across Spain, Rodríguez has become a leading advocate for terroir-driven winemaking. Yjar, sourced from the celebrated Remelluri estate in Rioja, represents one of Spain's most ambitious single-vineyard wines. Produced in extremely limited quantities, it combines elegance, complexity, and structure capable of supporting decades of aging. Matallana, from Ribera del Duero, captures the region's power while emphasizing freshness and vineyard character rather than sheer extraction.

2021 Telmo Rodriguez "Matallana" Ribera del Duero $64.99 97JA 97WA 96JS 95VN

2022 Telmo Rodriguez "Matallana" Ribera del Duero $74.99 97JA 96DC 96JS 96WA

2021 Telmo Rodriguez Yjar Rioja $179.99 100JA 100JS 98WA 96DC 96VN

Vega Sicilia

No discussion of collectible Spanish wine is complete without Vega Sicilia, the country's most prestigious and internationally recognized estate. Established in 1864, Vega Sicilia has built a reputation for producing some of the world's most ageworthy wines, with top vintages often thriving for half a century or more. While Unico is of course the flagship wine, Alión, a neighboring estate founded in the 1990s, offers a contemporary expression of Ribera del Duero, combining richness and polish with the structure necessary for long-term aging. Pintia, the estate's flagship project in Toro, showcases the region's powerful Tempranillo while maintaining the refinement and balance associated with the Vega Sicilia name. Both wines benefit from the estate's uncompromising standards and meticulous vineyard management.

2020 Vega Sicilia "Pintia" Toro $99.99 95JS 94DC 94WA 94VN The 2020 Pintia is a wine that the critics have been effusive about — 95 James Suckling, 94 Decanter, 94 Wine Advocate, 94 Vinous—and the consensus tells a consistent story: this is Toro at its most refined. The vintage was warm and powerful, but the winemaking team at Vega Sicilia made deliberate choices to preserve freshness—careful harvest timing, softer extraction, and the introduction of amphorae into the élevage—and it shows. What you get is the dark, brooding intensity Toro is known for, blackberry, graphite, dark chocolate, dried olive and cocoa, but with an unusually smooth texture and a nervy, chalky backbone that keeps everything in check. For a wine from one of the world's great estates at under $100, it's hard to argue with.

2022 Alión (Vega Sicilia) Ribera del Duero $114.99 (Pre-Arrival) 95WA 94TA 93JS The 2022 Alión arrives as a pre-arrival—estimated delivery July 2027—but the scores make a compelling case for patience: 95 Wine Advocate, 94 Tim Atkin, 93 James Suckling. Like the Pintia, 2022 was a warm, challenging vintage, and the winemaking team responded the same way they did in Toro—softer extraction, reduced new oak, and the introduction of concrete to preserve freshness and tame the vintage's natural power. The result is a wine that Tim Atkin describes as "appealingly refined and floral," with subtle aromatic spices, bramble and summer berry and a focused finish—not the brooding, extracted Ribera del Duero that the region can sometimes produce, but something more elegant and measured. James Suckling calls it "profound and floral at the same time" and suggests giving it two or three more years. At $114.99 for a wine bearing the Vega Sicilia name and standards, that wait seems entirely worth it.

- Rachael Ryan, K&L Spanish and Portuguese Wine Buyer

The Case for Collecting Spanish Wine: World-Class Quality at a Fraction of the Price