Pinot Noir offers an ideal setting to examine how markets price typicity and elegance. Its finest expressions rely less on concentration and power than on aromatic complexity, balance, and the clear expression of regional identity. This paper analyzes how these attributes are reflected in expert ratings and prices across major Pinot Noir regions. Using 9,129 reviews published by Wine Enthusiast between 2017 and 2020, we extract aromatic and structural attributes from tasting notes and estimate rating and hedonic price models. The results show that aromatic complexity and structural balance are key drivers of perceived quality: a one-standard-deviation increase in aromatic complexity is associated with an increase of about 0.6 rating points. Prices reflect similar patterns, with wines closer to their regional profile selling at an 8-10% premium, ceteris paribus. The findings underscore that elegance and typicity are core economic determinants of value in Pinot Noir markets.
