News
Grange goes gangbusters!!
Two complete collections (1951-2002) sold for $308,000
Two complete collections of Penfolds Grange (1951-2002) – Australia’s most famous wine - achieved a combined total of $308,000 at Langton’s on-line Penfolds Auction in Melbourne last night (Monday 21st 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, restaurateurs 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.”
The Penfolds auction also demonstrated the assurance value of the Penfolds Red Wine Clinics – an ongoing re-corking programme - offered as a free service to collectors since 1991. Buyers – seeking the best provenance possible – paid premium prices for “cliniced” bottles in mint condition – especially for experimental wines and older vintages. These included the exceedingly rare 1962 Bin 60A ($3106) and 1961 Bin 58 Cabernet ($1210) – both classics of their time. A bottle of “cliniced” 1961 Grange achieved a record price of $1900 – exceeding its last high by 100%.
Grange continues to perform wonderfully well on the auction market with decent overall prices and excellent volume of bidding. From around the 1960s Grange could be found in almost every serious wine collector’s cellar. Today it is regarded as one of the world’s most important wines rivaling the great classed growths of Bordeaux and Burgundy. The 1955 Vintage (which fetched $2795) was listed by the American wine consumer advocate Wine Spectator as one of the greatest wines of the 20th century Grange has won such accolades numerous times and is the only wine to be heritage listed by the South Australian National Trust. It also heads up the highly influential and internationally recognized Langton’s Classification of Australian wine – because Grange is a cornerstone of the secondary wine market. It continues to generate considerable collector interest and millions of dollars of auction revenue per year.
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.
St Henri – the traditional maturation style wine – attracted significant buyer interest dragging prices up to the higher end of estimates. 1976 ($210) and 1986 ($175) sold at record prices. Bin 707 Cabernet Sauvignon also performed beyond expectations. The 2002 ($168), 1998 ($288) and 1990 ($271) all cruised at higher altitudes.
Stewart Langton said “This was a brilliant auction comprising an outstanding collection of rare, experimental and back vintages. Selling two Grange collections, a magnum collection, two rare imperials and several rare vintages in a single day is something of an unusual event. It is exciting to see that our investment in on-line auction technology is working so well. We now have over 6000 clients who regularly participate and compete for ultra-fine wine at auction. The overall volume of bidding and clearance rates show this is a particularly efficient and rewarding way of selling and buying fine wine in Australia.”
Top 20 – (Prices include 15% Buyer’s Premium)
$157,551 - PENFOLDS Bin 95 Grange Shiraz Set 1951-2002, South Australia
$149,501 - PENFOLDS Bin 95 Grange Shiraz Set 1951-2002, South Australia
$ 50,854 - PENFOLDS Bin 1 Grange Hermitage, South Australia 1951
$ 23,001 - PENFOLDS Bin 95 Grange Shiraz Magnum Set 1979-2000, South Australia
$ 15,972 - PENFOLDS Bin 60A Coonawarra Cabernet-Barossa Valley Shiraz 2004 (Imperial)
$ 15,526 - PENFOLDS Block 42 Kalimna Cabernet Sauvignon, Barossa Valley 2004 (Imperial)
$ 12,651 - PENFOLDS Bin 50 Grange Shiraz, South Australia 1957
$ 12,651 - PENFOLDS Bin 2 Grange Hermitage, South Australia 1953
$ 10,926 - PENFOLDS Bin 4 Grange Hermitage, South Australia 1952
$ 10,926 - PENFOLDS Bin 11 Grange Hermitage, South Australia 1954
$ 9,546 - PENFOLDS Bin 46 Grange Hermitage, South Australia 1958
$ 9,205 - PENFOLDS Bin 14 Grange Hermitage, South Australia 1956
$ 3,106 - PENFOLDS Bin 60A Coonawarra Cabernet-Barossa Valley Shiraz 1962
$ 3,052 - PENFOLDS Bin 60A Coonawarra Cabernet-Barossa Valley Shiraz 1962
$ 2,888 - PENFOLDS Bin 60A Coonawarra Cabernet-Barossa Valley Shiraz 1962
$ 2,876 - PENFOLDS Bin 60A Coonawarra Cabernet-Barossa Valley Shiraz 1962
$ 2,846 - PENFOLDS Bin 95 Grange Shiraz, South Australia 1955
$ 2,795 - PENFOLDS Bin 13 Grange Hermitage, South Australia 1955
$ 2,795 - PENFOLDS Bin 14 Grange Hermitage, South Australia 1955
$ 2,795 - PENFOLDS Bin 13 Grange Hermitage, South Australia 1955
More prices can be found at http://www.langtons.com.au/Magazine/TopResults.aspx
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