Grange Spin from Peter Gago
Friday, 21st May, 2010
- David Farmer
"Grange has become a global commodity and is being traded and swapped around the world."
As Tony Love reported, Herald Sun, April 27, 2010, you can buy Penfolds Grange cheaper overseas than locally. I doubt it's because Fosters sell the wine at a cheaper price but rather the supply pipeline is full with the wine not being pulled through by the retailers. This means the appeal of the wine has declined or supply is simply too large. We hear anecdotal reports that America is not as keen on our 'big styles' and similarly the appeal of Australia has declined in the UK.
Grange is expensive to have lying around so this leads to discounting by retailers while wholesalers are possibly quitting stock to other traders-brokers at no margin. With our strong currency it is natural that some of this wine finds its way back into the domestic market.
As Love reports; "It's not just currency," Penfolds chief winemaker Peter Gago said.
"Grange has become a global commodity and is being traded and swapped around the world." A separate trading sphere for flagship wines has developed outside more established retail and auction markets, Mr Gago said.
Not only is Gago a great wine maker but it turns out a spinmiester as well. Don't talk about the price just talk about the global big picture. We last looked at Grange prices with Making, Selling, Grange and Other Wine Business
What Mr. Gago is aware of but spins away from is that the 2005 vintage now on sale at $549 per bottle is worth at least $100 less the next day. The secondary market is not particularly kind to Grange.
Here are the prices for the last 10 vintages from Langtons.
The prices are from sales in 2010.
Penfolds Bin 95 Grange 2004 $456
Penfolds Bin 95 Grange 2003 $376
Penfolds Bin 95 Grange 2002 $410
Penfolds Bin 95 Grange 2001 $355
Penfolds Bin 95 Grange 2000 $375
Penfolds Bin 95 Grange 1999 $397
Penfolds Bin 95 Grange 1998 $594
Penfolds Bin 95 Grange 1997 $330
Penfolds Bin 95 Grange 1996 $424
Penfolds Bin 95 Grange 1995 $310
Or why not buy a mature Grange. The notes are from The Rewards of Patience Sixth Edition 2008.
Penfolds Bin 95 Grange 1968 $492
The palate is still fresh with herb garden/cedar/rustic flavours and leafy firm tannins. Increasingly rare.
Penfolds Bin 95 Grange 1973 $341
Richly flavoured but quite a rustic wine....
Penfolds Bin 95 Grange 1978 $342
A lovely concentrated wine with plenty of sweet-fruit...This is a very good Grange year.
Penfolds Bin 95 Grange 1983 $381
A profoundly concentrated vintage with years of cellaring potential [Incidentally a favourite of mine].
It is very hard to put a spin on cold hard facts.
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