A Sydney wine lover has splashed out $430,000 in a Penfolds Grange auction, setting a world record for a complete set of the iconic wine.
“Penfolds is liquid gold, and it is one of the very few Australian wines that is actually an investment,” said Langton’s Head of Auctions Tamara Grischy.
“It has been estimated there are only around 30 complete Penfolds Grange sets in existence in the world, making them incredibly rare.”
Many of the bottles in the Penfolds Grange auction were signed by Max Schubert, Penfolds first Chief Winemaker and the man behind the famed wine.
More than 2100 individual bottles and 1500 lots of back vintage Penfolds valued at more than $1.5 million went under the hammer in Langton’s Penfolds Rewards of Patience Auction, which closed at 7pm on Sunday night.
It has been estimated there are only around 30 complete Penfolds Grange sets in existence in the world, making them incredibly rare. The price for sets has increased by more than 40% in the last three years alone. A set (vintages 1951 to 2012) sold for $214,000 in March 2017, and in December 2019, a set (vintages 1951-2014) sold for $372,800, which was the previous world price record.
“With the first vintages of Penfolds Grange from the 1950s becoming rarer, many collectors are struggling to complete their sets which is why these sets are becoming increasingly hard to find – it’s almost easier to buy a ticket to space!” Grischy explained.
Other highlights in the auction – which consist of back vintage Penfolds which are not readily available – include 114 magnum bottles including 1990, 1996 and 1998 vintages of Bin 707, Grange, Magill Estate and Bin389.
Langton’s has seen an increase in customer demand for premium wines – especially Penfolds – since COVID-19 restrictions were enforced in March. The average price for outstanding vintages of Penfolds Grange in the Langton’s auction arm has grown approximately 23% since then.
“The demand for great wine and in particular Penfolds is stronger than ever,” said Langton’s General Manager Jeremy Parham. “With international travel restricted, existing and new clients are discovering that they can enjoy some of the finest wines in the world from the comfort of their homes.”