Langton's Penfolds Rewards of Patience online auction has launched with the jewel in the crown a rare vertical set of Penfolds Grange, including all existing vintages of Australia’s most famous wine from 1951 to 2015 (in total, 64 bottles). Estimates are that the set will sell for more than $400,000*, which would break the current world record set last year.
What makes this set unique is that 19 of the bottles have been signed by Max Schubert, the creator of Grange and Penfolds’ first chief winemaker.
It is estimated that only 30 complete Penfolds Grange sets exist worldwide. such scarcity has seen the price for sets of Grange increase by over 40% in the last three years alone. A set (vintages 1951 to 2012) sold for $214K in March 2017, and in December 2019, a set (vintages 1951-2014) sold for $372,800 - the existing 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!” said, Langton’s Head of Auctions, Tamara Grischy.
More than 2100 individual bottles and 1500 lots of back vintage Penfolds valued at over $1.5 million* are going under the hammer in Langton’s Penfolds Rewards of Patience Auction which opened this week and is the world’s largest auction devoted exclusively to Penfolds.
Other highlights in the auction - which includes hard to find backvintage Penfolds - are 114 magnum bottles including 1990, 1996 and 1998 vintages of Bin 707, Grange, Magill Estate and Bin389.
A Penfolds Bin60A 1962 - named by esteemed wine publication Decanter as one of the Top 10 wines to “try before you die” - has a $14,000 reserve price.
“Penfolds is liquid gold, and it is one of the very few Australian wines that is actually an investment” said Grischy.
“We are also expecting prices for 1981 and 1971 vintages of Penfolds Grange to boom, with customers born in those years celebrating their 40th and 50th birthdays in 2021. Traditionally we see many customers looking to treat themselves with a Penfolds wine from their birth year for a milestone birthday."
Langton’s has seen an increase in customer demand for premium wines - especially Penfolds - since Covid restrictions were enforced in March. The average price for outstanding vintages of Penfolds Grange in the Langton’s auction arm has grown approximately 23 per cent since then.
In August, Langton’s fine wine brokerage had one of its biggest days of sales to date which was driven by clients pre-ordering The Penfolds Collection 2020.
“The demand for great wine and in particular Penfolds is stronger than ever. 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,” said Langton’s General Manager Jeremy Parham.
The Langton’s Rewards of Patience auction, which is in its 24th year and takes place every six months, has started and will close Sunday the 13th December at 7pm.
Prices start from $40. To register and bid, click here.
*All prices include Buyer’s Premium, which is 16.5% including GST and is paid on top of the hammer price.
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