Demand Surges for Fine Wine
Friday, July 3, 2020 in News
Demand Surges for Fine Wine
The auctions results are in and there is a super fine wine boom in Australia. Penfolds Grange and DRC records broken within 48 hours. Browse Auctions Now.
A Melbourne buyer has just purchased a 1951 Penfolds Bin 1 Grange for over $103,000*, which is the highest price ever paid for a bottle of Australian wine.
The record comes just two days after 246 bottles of Domaine de la Romanée-Conti (DRC) - widely considered the world’s greatest wine - from James Halliday’s cellar were sold, making it the largest successful sale of this ethereal wine from Burgundy in one parcel.
“The demand for fine wine is stronger than ever judging by these two flagship auctions, as fine wine collectors look to enhance their cellar collections,” said Langton’s General Manager Jeremy Parham.
In total, 1092 bottles of Penfolds were sold during the Langton’s Penfolds: Rewards of Patience Auction, which closed on Tuesday. The previous record for the first vintage of Penfolds Grange was $81,000.*
“The early 1950s Penfolds Grange wines are very rare, so collectors will snap these up when they can in order to complete their sets of every vintage of these incredible wines. The 1951 Penfolds Grange truly represents the beginning of modern Australian wine,” said Langton’s Head of Auctions Tamara Grischy.
In December, a set of Penfolds Grange from 1951 to 2015 was sold for $372,800* at our auctions.
A few days before the Penfolds auction, James Halliday’s collection of DRC wines closed. The auction of his pristinely cellared 252 bottle collection had a 98 per cent clearance rate (only six bottles were passed in).
The online auction attracted international attention, with approximately 35 percent of the wines sold to overseas buyers. All wines came with a certificate of authenticity signed by James Halliday himself.
“The authenticity and provenance of the James Halliday collection drove all-time highs in bidding and pricing for DRC in the Australian market,” Ms Grischy explained.
Overall, the demand for fine wine has increased since Covid restrictions took place in late March, with an almost 50 per cent increase in the number of online bidders and a sharp increase in the number of cu stomers purchasing fine wines from our website.
“With many of us still unable to visit our favourite restaurants or travel to cellar doors, new and existing clients have instead immersed themselves in the world of fine wine from the comfort of their homes,” Mr Parham said.
We will be auctioning wines from James Halliday’s Australian collection later this year.
Our Rewards of Patience Auction is in its 24th year and takes place every six months. The next auction will take place in December 2020.
“I think we love Penfolds because it’s such an Australian story, it’s the underdog story defined. Max Schubert was Penfolds’ first Chief Winemaker, who started making the Grange as an experiment. At the time, Australian winemakers were mainly making fortified wines,” Mr Parham said.
“He believed in his conviction, and he kept making Grange, although he was actually told to stop making it by his supervisors. He was a rebel, and the wine world can forever be grateful for his refusal to do what he was told,” he added.
Record prices* Penfolds Rewards of Patience Auction - closed Tuesday30th June
1951 Penfolds Bin 1 Grange - $103,555.00 - previous record -$81,550 in December 2019
1952 PENFOLDS Bin 4 Grange Hermitage, South Australia -$46,601 - previous record -$38,586 in June 2019
1970 PENFOLDS Bin 95 Grange Shiraz - $3501 – last price $1,747 in May. Celebrating 50 years and signed by Max Schubert propelled demand for this bottle.
1954 PENFOLDS Bin 11 Grange Hermitage, South Australia -$20,971
1955 PENFOLDS Bin 95 Grange Shiraz - $12,815
1960 PENFOLDS Bin 49 Grange Hermitage, South Australia - $9,325
Top DRC prices* from James Halliday’s collection - closed Sunday 28th June
1973 DOMAINE DE LA ROMANEE-CONTI, Romanee-Conti - $11,715
2005 DOMAINE DE LA ROMANEE-CONTI, La Tache - $10,486
2015 DOMAINE DE LA ROMANEE-CONTI, La Tache - $9,903
1999 DOMAINE DE LA ROMANEE-CONTI, La Tache - $9,670
2002 DOMAINE DE LA ROMANEE-CONTI, La Tache - $7,503
*Including Buyer’s Premium, which is 16.5% including GST and is paid on top of the hammer price.