Langton's - Market Reports

The current wine investment market is influenced by many factors, including brand definition, economic conditions, vintage variation, past market performance and buyer confidence. Langton’s regular quarterly Market Reports distil these factors into leading-edge market opinion and analysis.

Market Report 2007

Langton’s Top 500 list of Australia’s highest wine auction prices – set against a backdrop of a strong and buoyant market in 2007 – potently illustrates the sentiment of the secondary fine and rare wine market. The top 500 list, compiled from over 123,000 sales, reveals a vibrant market propelled by history, heritage, uniqueness, beauty, reputation, influential reviews and track record.

While Penfolds Grange predictably dominates the list, the overall placings show a remarkable level of positive trading sentiment with momentum occurring in three clear market subsets: Rare and Special Vintages, Langton’s Classification of Australian Wine and Cult & Emerging Stars. Interestingly Barossa Shiraz is the strongest regional performer.

Rare and Special Vintages

1951 Penfolds Grange – the Australian Wine Industry’s equivalent to powered flight – heads the list at $50,584 a bottle. This wine, barely drinkable today, is a collector's item of important historical value. Other rare, fragile Grange vintages also take precedence. While Penfolds Bin 60A – arguably Australia’s greatest wine of that era – took 11th position, the market for old and interesting bottles strengthened.

1973 Moss Wood Cabernet Sauvignon (Ranked No.14/$2301) was the highest price ever paid for a single 750ml bottle of Australian wine post 1970. 1955 Wynn’s Coonawarra Estate Michael Shiraz (No. 20/$1588) and 1965 Lindemans Bin 3100 (No.24/$1398) – arguably the greatest Hunter wine ever made – saw meteoric price rises in 2007, illustrating a dwindling supply of great old vintages and increasing interest in Australia’s wine heritage. These wines have increased seven-fold in value over the last ten years. While the rare Grange and Seppelt Centenary Liqueur Port market is narrow and sluggish, the volume and velocity of bidding for unique old Australian bottles is expected to increase in 2008.

Rare but more recent special vintages include 1996 Penfolds Block 42 Cabernet Sauvignon (No.74/$507) 2002 Henschke Hill of Roses (No.197/$248) and 1999 Rockford SVS Helbig Shiraz (No.214/$239) are peppered through the list, illustrating strong buyer interest in great one-off vintages.

Langton’s Classification of Australian Wine

The micro-cuvee Three Rivers/Chris Ringland Shiraz performed consistently behind Grange debuting at 23rd position (1998 vintage/$1277). This important wine, which was first endorsed by Robert Parker Jr., entered life as a cult wine during the late 1990s. It was classified Outstanding by Langton’s in 2005. Despite its extreme short supply, it has a remarkable presence on the secondary market. Prices reflect rarity value, but even so the performance is impressive.

The fabled single vineyard Henschke Hill of Grace Shiraz – classified Exceptional – has performed reliably well; its position only pushed down because of the sheer numbers of Penfolds rare vintages. It has enjoyed a strong season in 2007. The pigeon-paired Greenock Creek Roennfeldt Road Shiraz and Cabernet Sauvignon first appearing at No. 59 ($564) command impressive prices but the volume of demand and clearance rates are slow.

Moss Wood Cabernet Sauvignon, Mount Mary Quintet Cabernets, Rockford Basket Press Shiraz, Wendouree Shiraz, Bass Phillip Reserve Pinot Noir, Penfolds Bin 707 Cabernet Sauvignon – all performed well with multiple entries.

1986 Brokenwood Graveyard Shiraz (No.96/$434) performed marvellously well, showing the class of this vintage and the potential of the wine. Superstars Torbreck Run Rig Shiraz and Clarendon Hills Astralis are shot through the list with convincing overall presence and colour. Bass Phillip Reserve Pinot Noir, Jim Barry The Armagh Shiraz, Penfolds St Henri, Veritas Hanisch Vineyard Shiraz and Wynns Coonawarra Estate John Riddoch Cabernet Sauvignon all deserve mention. Grant Burge Meshach and Yalumba Octavius Shiraz both just scrape in but they still belong to a rarified club.

Cult and Emerging Stars

1997 Wild Duck Creek Duck Muck Shiraz – positioned at No.68/$519 – was the highest performing cult wine but the prices have halved in six years. 2003 Torbreck Les Amis Grenache (No.177/$282), 2004 Bremerton Old Adam Shiraz (No.229/$223) – the first James Halliday Cult Wine, Two Hands Ares Shiraz (No.292/$187) and Glaetzer Amon Ra Shiraz (No.380/$145) have made serious inroads this year.

Up and coming superstars are Bindi Block 5 Pinot Noir, Clonakilla Shiraz Viognier, Dutschke Single Barrel Shiraz, Giaconda Warner Vineyard Shiraz, Kaesler Old Bastard Shiraz, Kalleske Johan Georg Shiraz, Dalwhinnie Eagle Shiraz, Torbeck Descendant Shiraz and Wolf Blass Platinum Label Shiraz.

For the complete list of Langton’s Top 500 in 2007 go to Magazine and click on the News selection.

First Quarter 2007

The January auctions are always interesting because half of Australia closes down for the summer holidays. However wine buyers seem to take their passion wherever they go because demand simply does not stop. The traditional Christmas squeeze on supply can mean a scarcity of top vintages. This may partly explain the energetic prices during January. Indeed there appears to be an upward tracking of prices for top notch Australian wine.

Grange is a good market indicator. It is a highly established wine but over the years has had to compete with the cult wine scene and the recognition of other ultra-fine wines. The pull-push relationship between Henschke Hill of Grace and Grange illustrates a strong interconnection of buyers. The performance of Grange also runs through the rest of the market. The increased volume of bidding by the trade suggests that the primary market is showing signs of better times. It is doubtful that the rare Grange market will get back to the heady days of the late 1990s, although there are signs of life.

Rare vintages including 1955 ($3451), 1957 Bin 113 ($14,950) and 1959 Bin 46 ($1668) exceeded expectations. 1971 has been reaching all time highs. In January it went for $1168. A set of magnums 1979-1998 achieved $24,210. Vintages form the 1980s to 1990s are going gangbusters.

The number of new wine auction buyers continues to increase at a healthy rate resulting in a stronger market especially for top vintages. The online bidding environment has been hugely successful, but competition is fierce and expectations are high. Last second bidding is becoming a feature of the online auction market. This has meant the deployment of more servers to accommodate the bottlenecking of bids.

The interest in older or classic vintages continues unabated. Vintages from the 1950s, 1960s and 1970s are increasingly more difficult to find. Wines with a great show record or reputation can command remarkable prices. Highlights in first quarter sales include 1972 Baileys of Glenrowan Bundarra Bin 82 Hermitage ($59), 1970 Pewsey Vale Riesling ($138), 1959 Wynns Coonawarra Estate Cabernet Sauvignon ($300), 1955 Wynns Coonawarra Estate Michael Shiraz ($1588) and 1986 McWilliam’s Mount Pleasant Lovedale Semillon ($67). While prices for 1962 Penfolds Bin 60A Cabernet Shiraz ($2304) remain solid, the record (but never to be repeated) price of $5753 is just way beyond the realms of today’s market.

Regional definition and vineyard site continue to capture the imagination of buyers. Clonakilla has been a star performer for some time now. The 2001 Shiraz Viognier, a great wine, achieved $125. 1998 Clarendon Hills Astralis ($368), 1990 Henschke Hill of Grace ($507) and 1996 Giaconda Estate Vineyard Chardonnay ($184) illustrate the strengthening appeal of Australian landmark wines.

The evolution of the imported wine market is equally impressive. New Zealand’s top Pinot Noir producer Felton Road continues to tantalise the market. The 2004 Block 5 went for $172. The market for New Zealand’s best Pinots has become extremely strong in recent years and it is expected to continue as the wines continue to excite.

Bordeaux is also well and truly back in business. The succession of ordinary vintages during the 1990s made this genre reliable but a touch lacklustre. The return of form during the 2000s with a succession of bloody good years has put Bordeaux back on the agenda with Australian wine collectors as they recognise their cellaring potential generally. The sheer strength of prices – particularly for the 2003 and 2005 vintages – has also pulled up values of moderately good vintages. 1996 Chateau Lafite Rothshild made $1035. The results for 1982 Chateau Mouton Rothschild ($1309), 1990 Le Pin ($3048) and 1945 Chateau Petrus ($6326) show that great wines with great reputations transcend price sensitivity.

Langton’s Melbourne Auction in March exceeded all expectations. An offering of 4356 lots was easily covered by both volume and value of bidding. The almost speculative interest in must-have or stellar European vintage is extraordinary. So to is ‘last second bidding’. Almost 20% of the sale value was accumulated in the last ten minutes of sale.

Overall the market is going very well. Sellers are achieving good prices for their wines. Old and rare wines are attracting huge interest. The impending release of 2002 Penfolds Grange – a fabulously intense and beautifully concentrated vintage – in May has no doubt played a role in dragging up Grange prices and strengthening volume of interest as Grange traders and buyers jockey for position.

The fall out from the Heritage and Wine Orb debacle continues to be a side show at Langton’s. Perhaps the most interesting performance has been d’Arenberg’s Dead Arm Shiraz. Prices have been incredibly resilient despite the volume listed for auction over the last 18 months. That is a hell of an achievement.

The secondary fine wine market outlook for 2007 is encouraging. Stewart Langton comments: “First quarter results are a strong and a pleasing start to the Australian wine auction season. Buyers are still prepared to pay a premium for great vintages. The overall outlook remains positive.”

Some other highlights –

1965 Brown Brothers Everton Hills Shiraz Cabernet $369
1996 Cape Mentelle Cabernet Sauvignon $75
1997 Craiglee Shiraz $71
2002 Giaconda Pinot Noir $105
1964 Hardys Reserve BinC443 Burgundy $231
2002 Henschke Mount Edelstone Shiraz $149
1992 Howard Park Cabernet $85
1998 Jim Barry Wines The Armagh Shiraz $220
1980 Lindemans Bin 5900 Burgundy $81
1965 McWilliam’s O.H. Hermitage $576
1977 Moss Wood Cabernet $219
2000 Mount Mary Pinot Noir $123
2000 Mount Mary Quintet Cabernets $162
1996 Orlando Lawson's Shiraz $59

1965 Penfolds Bin 707 Cabernet Sauvignon $178
1996 Penfolds Bin 707 Cabernet Sauvignon $150
1967 Penfolds Bin 95 Grange Shiraz $784
1976 Penfolds Bin 95 Grange Shiraz $760

1996 Peter Lehmann Stonewell Shiraz $87
1998 Rockford Basket Press Shiraz $171
1971 Seppelt Dorrien Cabernet $89
1956 Seppelt M56-59 Grampians Shiraz $409
1990 St. Hallett Old Block Shiraz $81
1966 Tahbilk Private Bin 19 Cabernet $94
1998 Taylors Wines St. Andrews Cabernet $59
1995 Vasse Felix Heytesbury Cabernets $76
1960 Wynns Cabernet Sauvignon $116
1982 Wynns John Riddoch $177
2002 Yarra Yarra Vineyard The Yarra Yarra Cabernet Blend $66

1961 Chateau Cos d’Estournel $575
1971 Chateau Coutet, 1er cru classe Cuvee Madame $576
1982 Chateau Lafleur Pomerol $2876
1982 Chateau Petrus $4026
1975 Chateau Climens $235
1986 Chateau Lafite Rothschild $1208
1989 Armand Rousseau, Chambertin $633
1993 Armand Rousseau Clos St Jacques $616

All prices above are per bottle, include Buyer’s Premium and are in AUD$.

For more comprehensive results please search our database of Australian and imported wine price realisations for over 40,000 vintages and 20,000 wines. Prices are updated after every sale. They can be found in the Wine Tools section of this site at Price Guide.

Second Quarter 2007

Langton’s offered over 24,600 lots of fine wine to its growing member base during April, May and June. Record buyer participation and competition resulted in a record quarter – the best ever. Demand for recognized Australian and imported wines during this period grew exponentially resulting in sharp price increases for 'must have’ vintages and producers. Clearance rates have also improved by around 13% illustrating the overall quality of catalogue offering and a voracious market running short on good quality stock. Stewart Langton comments, “These are perhaps the most buoyant market conditions since 1999. Sellers are enjoying outstanding clearance rates and prices for their top-quality wines.”

Intense online bidding for rare lots has resulted in a new form of competition identified as 'bidnapping' where buyers leave their online bids to the very last seconds of auction sale. This assertive and risky bidding behaviour (bids are voided if they arrive after close of sale) can drive prices up and deliver vast returns to the seller within a split second. Further, the overall value of an auction sale can increase by 20-30% in the course of the last ten minutes of online auction.

The fine wine auction market continues to reflect the property markets in capital cities. Prices of prime wine lots have increased at a stronger rate than the general market. The auction market, however, continues to offer a wide range of wines that represent really good value to buyers. Langton’s offered several multiple lots of 1999 and 2000 Balnaves Cabernet Merlot during the second quarter sold at between $14 and 16 a bottle.

Prices for top-notch European wines are extremely buoyant – sometimes spectacular – reflecting overall secondary wine market values in the US and UK. Some examples (per bottle) are: 1990 Armand Rousseau Chambertin - $864; 1982 Chateau Cheval Blanc - $1110; 1947 Chateau Lafleur - $2875; 2000 Chateau Lafite Rothschild - $1773; 1947 Chateau Petrus - $3853; 1986 Chateau Mouton Rothschild - $1250; 2002 Bernard Dugat Py Chambertin - $1612 and 2002 Emmanual Rouget Cros Parantoux Vosne Romanee - $1162. The market for these wines – often sold as single or smaller lots – is becoming increasingly global as buyers from all over the world participate in online auctions.

Australian Shiraz continues to provide the backbone of the auction market. Penfolds Grange has enjoyed unprecedented demand during the second quarter resulting in record prices for top vintages. Recent price highlights include: 1986 - $693; 1983 - $449; 1990 - $737 and 1996 - $461. Other Shirazes attracting significant interest include Rockford Basket Press 1998 - $161; Henschke Hill of Grace 1998 - $438; Chris Ringland Shiraz 1999 - $719; Clonakilla Shiraz-Viognier 1998 - $104; Clarendon Hills Astralis 2000 - $345 and Peter Lehmann Stonewell 1998 - $92.

Demand for Aussie whites is patchy. Chardonnay continues to attract interest and price results are consistent and within catalogue estimates. However the secondary market for this variety is dominated by very few brands including Giaconda, Leeuwin Estate Art Series, Hardys Eileen and Penfolds Bins. Australian Rieslings – known for their aging potential – are performing well. Older vintages of Leo Buring are reaching new levels of $60+ per bottle. Grosset remains a remarkable mainstay of this genre.

Overall the secondary market during the second quarter has been extremely bullish. The market outlook continues to remain positive. While the stock market jitters of late July may have cautioned off speculative investors, the wine market intrinsically sings to another hymn sheet. Supply of recognized great wines is extremely limited. At this level sales will continue to work in favour of the seller. On a more general note Langton’s auction market still remains a remarkable source of fine wine for buyers.

All prices above are per bottle, include Buyer’s Premium and are in AUD$.

Third Quarter 2007

Over 27,892 lots of rare and interesting wines were offered during Langton’s third quarter (July-September 2007) to a strengthening and confident market. Overall buoyancy was reflected in record volume of demand, solid price realisations and above average clearance rates. This quarter was punctuated by record prices and surprising results. Despite the stockmarket jitters, the auction market reflects very positive sentiment.

Two complete collections of Penfolds Grange (1951-2002) – Australia’s most famous wine – achieved a combined total of $308,000 at Langton’s online Penfolds Auction in August. A single bottle of 1951 Grange sold for $51,000 – a near record price and the best result in years. The strong volume of bidding and intense competition from wine collectors, restauranteurs and the wine trade illustrate the sheer strength and enduring profile of the Penfolds brand on the Australian wine auction market.

Against the backdrop of volatile financial markets and uncertainty, this 1386 lot sale – comprising some of the greatest Penfolds vintages of all time – provides yet another barometer of consumer sentiment where quality and track record underpin buyer confidence. The overall volume of bidding and clearance rates were higher than expected, many wines exceeding high estimates – a rarity in this very well ordered market. Two rare imperials of 2004 Bin 60A Coonawarra Cabernet Barossa Valley Shiraz and 2004 Block 42 Barossa Valley Cabernet Sauvignon fetched a remarkable $15,972 and $15,526 respectively. These utterly ethereal wines – saturated in flavour and concentration – articulate the idea of bringing something 'extra, different and unique' to the fine wine consumer.

Stewart Langton – Managing Director and specialist wine auctioneer – said, "Penfolds, especially Grange, has always performed reliably well through the thick and thin of the secondary market. Collectors and wine enthusiasts have a strong affection for the wines. Through a long track record of performance, recorded histories of tastings, and plenty of anecdotal stories and experiences, they know exactly what to expect. Even with changes in ownership, Penfolds has maintained a strong production focused image where quality, consistency and heritage are seen as vitally important. It’s a great reputation to have – especially in times of uncertainty.”

After a relatively quiet 2006 season, Grange prices have been steadily moving up in 2007. Top vintages including 1986, 1990 and 1999 have risen about 15% across the board. Vintages from the 1960s and 1970s are increasingly rare and now command significantly higher prices. The moderately regarded 1970 vintage is now achieving over $450. The 1971 and 1976 continue to hold value at around $700 to $750.

Following Langton’s blockbuster Penfolds sale another record price was achieved in September for a bottle of first vintage 1973 Moss Wood Cabernet Sauvignon – $2301.00. It is the highest price ever paid for a single 750ml bottle of Australian wine post 1970. A bottle of 1974 Moss Wood Cabernet Sauvignon fetched $1726.

Stewart Langton said, "Moss Wood is regarded as an Australian First Growth and was classified Exceptional by Langton’s in 2005. The 1973 and 1974 vintages are extremely rare with only a few bottles in existence. Clearly collectors have competed against each other at any cost to secure this incredible fragment of Western Australian wine history."

The overall bullish attitude has extended throughout Langton’s sales during the third quarter. Buyers are aggressively seeking out top vintages, especially for Australian and European first growths. This injection of enthusiasm is pulling up prices and widening the gap between good and great vintages. Examples include 1990 Penfolds Grange ($631), 1990 Henschke Hill of Grace ($495), 1990 Chris Ringland Shiraz (Three Rivers - $810), 1990 Mount Mary Quintet Cabernets ($174) and 1990 Rockford Basket Press Shiraz ($151).

First Growth and Grand Cru wines continue to outperform the overall market. 1982 Chateau Mouton Rothschild ($2071), 2000 Chateau Latour ($1500) and 2002 Domaine de La Romanee Conti La Tache ($3706) all escalated to new heights during this quarter. The market for imported wine especially Champagne, Bordeaux and Burgundy is steadily moving forward reflecting the enormous gains in the US and UK secondary wine markets. The main beneficiaries are of course a relatively small number of A list vintages and producers. Thankfully there are many great wines outside this rarified and distorted market.

Australian vintages from the 1950s and 1960s are increasingly rare. Highly sought as curios, memorabilia and tasting stock, these wines now command a premium at auction. Examples include 1965 McWilliam’s Mount Pleasant O.H.Hermitage ($485), 1958 McWilliam’s Mount Pleasant P. & O.P. Hermitage ($355) and 1954 Wynn’s Coonawarra Estate Cabernet ($451). However price realizations will fluctuate reflecting overall condition and provenance of these rare bottles.

Buyer participation continues to increase at a surprising rate. The market appears to be broadening out across the wine buying community. This trend oddly contradicts the extraordinary price insensitivity at the top end of the market. While buyers at one end of the market joust for bargain lots – much from the Heritage and Wine Orb debacles – the other end just seems to compete at levels beyond expectations. The result is the remarkable combination of many successful bidders and an average invoice value of over $1900!

In August Langton’s launched its online Top 20 Results page available now in our Magazine section. This provides buyers and sellers with a quick snap shot of the overall secondary wine market.

Tamara Grischy – Langton’s General Manager – said, "We have steadily watched the market pick up momentum over the third quarter. Buyer sentiment is perhaps the most confident in three years. We expect the market to maintain overall buoyancy over the next quarter. Prices for 'the best of the best' will remain bullish reflecting global market trends."

All prices above are per bottle, include Buyer’s Premium and are in AUD$.

Fourth Quarter 2007

Langton’s fourth quarter wine auction sales reflected a strong demand for the world’s greatest wines. These are unprecedented times with extraordinary results for great bottles yet sluggish demand for unproven or unknown wines. This hour-glass shaped market reflects a similar world-wide demand for property and art. Prices for great Bordeaux vintages have almost doubled over the last year. The demand for great Grand Cru Burgundy has driven prices into the world of esoteric numbers; just think of a price, double it and multiply by the number of your children. If you haven’t any offspring, you may well be able to afford these extraordinary wines.

A bottle of 1985 Henri Jayer Cros Parantoux fetched $8050 in November. 2003 Chateau Lafite-Rothschild which sold for $700 in January was achieving $2085 in December.

Top prices were paid for rare Penfolds Grange vintages, suggesting there is some life in this market. A bottle of 1958 Grange – one of the hidden vintages – was sold for $13,000. A full set of Penfolds Grange magnums (1979-1999) achieved $21851. Indeed the Grange market has enjoyed a strong year overall. Prices peaked in October but subsequent sales suggest a firm trend.

Rare Australian vintages – all but ignored by the market until around two years ago – have moved forward in 2007. Fourth quarter prices continue to reflect strong acquisitive demand and short supply. 1965 Lindemans Bin 3100 – arguably the greatest Hunter wine ever made – broke all records in September making $1398/bottle. 1962 Penfolds Bin 60A Cabernet Shiraz has regularly made over $2500 this year. 1955 Wynn’s Coonawarra Estate Michael Shiraz – a famous benchmark vintage – made $1380 in December. 1958 McWilliam’s OP&OH Shiraz achieved $614. Langton’s expects the market for great old Australian bottles to gradually get tighter as supply dwindles. There just isn’t much around.

Penfolds Grange and Henschke Hill of Grace continue to fetch the highest prices at auction across the board. The extraordinary Chris Ringland Shiraz has regularly outperformed these auction staples – but the results are all based on single bottle lots. In terms of supply and volume of demand the market is micro-percentage of the Grange market. Greenock Creek Roennfeldt Road Shiraz, Bass Phillip Rserve Pinot Noir and Wild Duck Creek’s cult wine Duck Muck all featured in the top prices of the fourth quarter– which also plays its part.

Penfolds limited release 2004 Block 42 Cabernet Sauvignon and 2004 Bin 60A Cabernet Shiraz – which made very sold $400+/bottle prices – illustrate the strong market affection and confidence in Penfolds cellaring type reds. A record price of $223/bottle was achieved for 2004 Bremerton Old Adam Shiraz in October – the first time the secondary wine market has palpably responded to James Halliday’s critical opinion.

Wines from the Heritage debacle trickle out with some incredible bargains for canny buyers. Downward price pressure caused by an imbalance in demand against supply has resulted in some great buys – for example 1998 Balnaves Cabernet Merlot at $16-18/bottle. Mount Langi Ghiran and d’Arenberg – on the other hand – have shown remarkable resilience.

Shiraz continues to dominate the market. However Cabernet has performed well in the fourth quarter. Penfolds 707, Moss Wood, Cullen and Mount Mary are good examples. Rare imperials of 1998 Mount Mary Quintet Cabernets and Wynn’s Coonawarra Estate John Riddoch Cabernet Sauvignon achieved $3,394 and $1438 respectively. The best performers – taking into account the volume of supply, volume of demand and sustained price realisation are Clonakilla Shiraz Viognier, Glaetzer (all round but especially Amon Ra Shiraz), Rockford Basket Press Shiraz, Bass Phillip Reserve Pinot Noir and Best’s Thompson Family Reserve Shiraz. Penfolds 389 Cabernet Shiraz – was Langton’s "auction wine of the year.” Its sheer class, long-term reliability and auction price point make it a favourite among collectors and wine enthusiasts.

Langton’s Great Wine Estates of WA En Primeur campaign – comprising a futures offering of 2007 vintage wines – was generally successful attracting wide support and more buyers than through conventional live auction format. Over 14,000 potential buyers checked out the offer. Buyer participation increased tri-fold. Certainly this secondary wine market activity has plenty of potential.

Overall the secondary wine market is in very good form. While the highly specialised First Growth/Grand Cru market is in over drive with seemingly speculative prices, the majority of the market is well balanced. Clearance rates have pleasingly moved up but the prices are generally fair for both sellers and buyers. The secondary market outlook for 2008 is positive. Langton’s expects the market to remain firm with strengthening prices for rare vintages and a continued solid demand for Langton’s Classified Australian wines, Classed Growth Bordeaux, top notch Burgundy and Vintage Champagne.

To view Top 20 Results click on the Top 20 selection under Magazine.

All prices above are per bottle, include Buyer’s Premium and are in AUD$.

Andrew Caillard MW & Tamara Grischy
Langton’s

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