The elevator pitch
These are the two vermouths your bar probably reaches for most when a guest orders a Negroni, a Manhattan, or something stirred and bitter. One carries 238 years of Italian history in a hand-blown glass bottle. The other carries the South London workshop in a matte black one. They are not in direct competition, exactly. But if you are stocking one premium sweet vermouth and wondering whether to spend £26.95 or £42.50, the question is worth asking.
Carpano Antica Formula was invented in Turin in 1786 by Antonio Benedetto Carpano, who effectively created the category as we know it. Asterley Bros ESTATE is an English sweet vermouth launched in the late 2010s, built on real English Pinot Noir red wine from Gusbourne in Kent rather than the white wine and caramel colouring that defines most commercial rosso vermouth. Both are 16% ABV. Both are taken seriously by people who know their drinks. Both make exceptional Negronis.
The honest answer to "which one should I buy?" is that it depends on your priorities. Here is the breakdown.
How they are made and what goes into them
The base wine
Antica Formula starts with white wines from selected Italian grape varieties grown in Romagna, Puglia and Sicily. These are processed within 24 hours of arrival to prevent oxidation, giving the finished vermouth a clean, fresh foundation. The grape variety is unspecified (Carpano keeps the exact bill close) but the sourcing from these warmer southern Italian regions gives Antica Formula its characteristically rich, raisined fruit base.
ESTATE takes a fundamentally different approach. The base is English Pinot Noir from Gusbourne in Appledore, Kent: a real red wine, not a white wine dressed with colouring. This is structurally unusual. Most commercial sweet vermouth uses neutral white wine as the base and relies on caramel added post-production for its amber colour and much of its sweetness. ESTATE uses no caramel. The colour comes from the wine itself, and so do the tannins and acidity that give it a more structured, drier finish than the category norm.
The botanicals
Antica Formula is built around a secret recipe of Alpine herbs, with three named signature ingredients: vanilla from Madagascar, Papua New Guinea and Tahiti (only the beans, no derivatives); saffron from Iran; and wormwood from the Alps of Piedmont and Aosta Valley. Beyond those, the full botanical recipe is held by three people at Fratelli Branca Distillerie. The production involves both hot and cold extraction methods, some ingredients processed for months, followed by a lengthy refining stage. The result is a vermouth with deep vanilla-led aromatics, a characteristic sweetness, and a long bittersweet finish.
ESTATE macerates 34 botanicals in organic grain neutral spirit cut to 75% ABV over 21 days, stirring three to four times daily. The spirit is then washed through the Gusbourne Pinot Noir, the botanicals are pressed, and the blend is sweetened with demerara sugar syrup before being fined with bentonite (vegan-friendly, portfolio-wide for Asterley). The botanical bill includes wormwood, fennel, English hops, thyme, orange, grapefruit, lime, sultanas, ginger, lemongrass, coriander, cardamom, gentian, devil's claw, rhubarb, chickweed, hyssop, milk thistle, liquorice, myrrh, angelica, cinnamon, burdock, germander, cascara, vanilla, apricots, raisins, dates, basil, yarrow, plus rosemary, wild cherry bark and dandelion root (the latter three added to the published 31-item bill per the corrected product recipe). A significant subset of these are British medicinal hedgerow botanicals drawn from the Culpeper tradition that underpins the Asterley brand philosophy.
Transparency
This is where the two brands diverge philosophically. Carpano keeps the full recipe secret. Only three people at Fratelli Branca Distillerie hold it, one of them the company president. That opacity is part of the Antica Formula mystique. It is a proprietary formula, guarded and authoritative. Asterley Bros operates differently. Rob Berry, co-founder, has said the brand's ethos is to share every process and every ingredient openly. ESTATE's full botanical bill is published on the product page; so is the Gusbourne relationship; so is the demerara sweetening approach. Whether you find that transparency persuasive or less romantic than the Carpano tradition is genuinely a matter of taste.
The product-match table
| Asterley Bros ESTATE | Carpano Antica Formula | |
|---|---|---|
| RRP | £26.95 (500ml) | £42.50 (1L) |
| ABV | 16% | 16.5% |
| Base wine | English Pinot Noir (Gusbourne, Kent) | Italian white wines (Romagna, Puglia, Sicily) |
| Colouring | From wine itself (no caramel) | Conventional (caramel-based) |
| Sweetener | Demerara sugar | Not disclosed |
| Botanicals | 34 published (house maceration) | Secret recipe; 3 named (vanilla, saffron, wormwood) |
| Key flavour notes | Orange, rosemary, wild cherry bark, wormwood; delicate tannins; drier than category norm | Vanilla, dried fig, saffron, bitter orange peel, caramel, raisin, cocoa |
| Vegan | Yes (bentonite-fined, portfolio-wide) | Unconfirmed |
| Bottle size | 500ml | 1L |
| Origin story | 2017+, South London; Gusbourne partnership | 1786, Turin; Fratelli Branca Distillerie |
| Awards | 4.9/5.0 from 52 verified reviews (Shopify); World Vermouth Awards Silver | 95 points, Wine Enthusiast |
Price and format
ESTATE is the less expensive bottle at £26.95 for 500ml, but the comparison is not quite straightforward. Antica Formula sells at £42.50 for 1 litre, which works out to roughly half the price per millilitre. If you are a home drinker who works through a bottle slowly, the Antica Formula size is a significant practical advantage. A 1-litre bottle is designed to be used up over a week or two of regular Negroni-making. ESTATE at 500ml suits both the home bar and the trade drawer where turnover is slower and freshness matters.
For a trade account, ESTATE's 500ml bottle maps to the way many bars actually work their vermouth programme, dosing Negronis and Manhattans by the dash and wanting smaller format to cycle through more quickly. The economics differ by channel.
Where Antica Formula has the advantage
Antica Formula is the reference point for a reason. It has been made to the same recipe since 1786 and it shows. The depth of flavour: that layered vanilla, saffron, dried fruit and bitter herb complexity is the result of centuries of refinement rather than a decade. For a bartender looking for the most universally recognised premium sweet vermouth, the one that reads as "the real thing" on any back bar in any city in the world, Antica Formula is extremely difficult to argue against. It is used as the benchmark in competition bars and it performs.
It is also far more available. Antica Formula is stocked by specialist wine and spirits retailers globally and has been for decades. ESTATE, while increasingly well-distributed in the UK premium on-trade and retail, is a younger product with a smaller distribution footprint.
Where Asterley Bros ESTATE earns its place
If Antica Formula is the reference, ESTATE is the argument. It is not trying to replicate the Carpano profile. It is doing something structurally different. Building sweet vermouth on real English Pinot Noir red wine, with no caramel added, produces a drier, more tannic profile that some palates prefer in a stirred drink with a heavy gin or bourbon. The British medicinal hedgerow botanicals give it a different aromatic character than the Alpine herbs and vanilla of the Italian original. It pairs differently with different spirits, and that is worth exploring.
For bars and drinkers who want to make a case for English produce, ESTATE also carries that story. The Gusbourne partnership, the transparency about ingredients, the bentonite fining (vegan-friendly across the entire Asterley range). These are specific differentiating facts that a bartender can use as a talking point in a way that a secret recipe held by three people cannot.
The Negroni test
Both vermouths perform in the Negroni. The conventional wisdom is that Antica Formula is the benchmark Negroni vermouth. Bourbon Nest's product page describes it as "the reference point every other premium sweet vermouth is measured against." The classic equal-parts Negroni with Antica Formula, Campari and London Dry Gin is one of the most widely cited cocktail constructions in the professional canon.
ESTATE has its own house Negroni spec: the South London Negroni: 25ml Hayman's Old Tom Gin, 25ml ESTATE, 25ml DISPENSE bitter amaro, and 5ml Asterley Original, stirred 60 seconds over ice in a tumbler, orange zest. It is a different drink from the classic equal-parts construction. The ESTATE base gives a drier, more tannic Negroni than the Antica Formula version, and the DISPENSE bitter amaro element changes the botanical picture substantially. If your Negroni run is typically equal-parts with a standard London Dry Gin, the South London spec offers a route to something that does not taste like the category norm.
FAQ
Is Antica Formula better than Asterley Bros ESTATE?
Not objectively. They are different products with different profiles and different philosophical approaches. Antica Formula is sweeter, deeper, and more universally recognised. ESTATE is drier, more tannic, and carries a different terroir story. "Better" depends entirely on what you are looking for and what you are mixing it with.
What is the main difference between them?
The base wine and the production philosophy. Antica Formula uses Italian white wine with caramel colouring and a secret botanical recipe. ESTATE uses real English Pinot Noir red wine with no caramel, a published 34-botanical bill, and full ingredient transparency.
Which one should I use for a Negroni?
Both work, and both are used in professional bars. Antica Formula is the classic choice and the more recognised reference point. ESTATE with its drier, more tannic profile produces a different Negroni. The house spec uses the South London Negroni construction (Hayman's Old Tom Gin, ESTATE, DISPENSE, Asterley Original) which is worth trying if you want to explore the ESTATE character beyond a standard equal-parts build.
Where can I buy each one?
Antica Formula is widely stocked by specialist spirits retailers including Soho Wine Supply in the UK, and is available internationally. ESTATE is available direct from Asterley Bros and from premium UK retailers including Fortnum & Mason, Harvey Nichols, Hedonism Wines, Master of Malt, and The Whisky Exchange.
How much do they cost?
As of mid-2026, ESTATE retails at £26.95 for 500ml. Antica Formula retails at approximately £42.50 for 1 litre (100cl), available from UK specialist retailers.
Does Antica Formula go off after opening?
Vermouth is fortified wine, not spirit. It oxidises. Refrigerated and tightly sealed, an opened bottle of Antica Formula stays at peak flavour for roughly four to six weeks. ESTATE's shelf life guidance follows the same principle. A refrigerated opened bottle should be used within a month or two for best quality.
Try Asterley Bros ESTATE
If the English Pinot Noir base, the published botanical bill, and the drier, more complex profile sound like what your bar has been looking for, explore ESTATE on the Asterley Bros website. It is available by the bottle and through the Negroni Society subscription if you want to work through seasonal variations and serves.