The 2004 Penfolds Bin 95 Grange, to be released on May 1, is tipped to be one of the great vintages of Australia's top wine.
The pre-release retail price has already reached $600, the highest ever for a new vintage Grange.
'It's certainly a benchmark wine, a very, very fine vintage,' Langton's Wine Auctions' Andrew Caillard, an authority on Penfolds wines, said.
'It eclipses the 2002. It's the best since 1998.'
Penfolds' chief winemaker, Peter Gago, put the wine in the same league as the 'wonderful' 1990 and 1996 vintages.
Gago not only praised the 2004 Grange but Penfolds' super-premium collection to be released on May 1.
'It's been a long time since we've had a collection like this. It's a fine a collection as we have ever released,' he said.
Unlike prices for top Bordeaux wines which last week were slashed by up to 50%, Foster's owned Penfolds has increased the prices of the new release by about 10% compared with last year.
One major fine wine retailer, Vintage Cellars, has already offered the 2004 Grange to its wine club members at AUS$599 a bottle.
The collection to be released on 1 May includes the 2006 vintage of Penfolds' top white wine, the AUS$130 a bottle Yattarna Chardonnay.
The 2005 Yattarna was the best Chardonnay over £10 at the 2008 Decanter World Wine Awards and was also judged by the Australian Wine and Brandy Corporation's assessors as Australia's best export wine for 2008.
Other wines to be released on May 1 will include: the 2006 Penfolds Bin 707 Cabernet Sauvignon with a recommended retail price of AUS$185; 2006 Penfolds RWT Barossa Valley Shiraz - $170; 2006 Magill Estate Shiraz - $100; 2005 St. Henri Shiraz - $95; and 2007 Penfolds Reserve Bin A Adelaide Hills Chardonnay - $90.
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What is already too expensive (a Bordeaux Premier cru at 150 euros) is
even more so for a "Super-Australian" priced at 500 euros!
Let us be realistic and fair, Bordeaux has its faults, but greed is
not a French exclusivity.
Hervé Lalau, Brussels
There exists very expensive cars like Maybach and cheaper ones like VW Golf. Both are bringing us to the same place. So for one Grange 2004 for 600$ is fine for other ones it is too expensive . Everybody is completely free to buy whatever he wants. I like Grange 2004 certainly but I will drink some older Grange!
Felix Christen, Switzerland
500 Australian dollars, not Euros. It is important to note that we see the Euro First Growths in Australia for much more than the equivalent 150 euros- the 2005 Haut Brion can be bought, retail, for $1000 Australian dollars (which currently buys .72 US$).
This is being no doubt brought into line with the last release of Henschke Hill of Grace pricing and I'm sure it will still sell out domestically. However, the lesser wines (especially St Henri) will struggle to sell at these prices. There is still a whole lot of 2004 St Henri (as good, if not better than 2005 being released) on retail shelves in Australia- Penfolds are pushing the price envelope.
The way to fix an underperforming wine division, Fosters, is not to price yourself out of the market during an economic downturn! I am an avid supporter of the St Henri, but I will not be buying at this price.
Travis Murphy, Australia
If the inference is that the release price of the Southern Hemisphere's greatest wine is greed driven, then please consider that the release price of Penfolds Grange vintage 2004 on 1 May 2009, AUD 599 (325 euros) is 8 euros less than the release price of the 2003 vintage of the same wine on 1 May 2008, AUD 550 (333 euros)
The logic used by Bordeaux's Chateau of dramatically increasing release prices based on vintage perception clearly does not apply here.
In any event, markets set prices and the active auction market for aged Penfolds Grange for speaks volumes for the pedigree of Australia's most famous wine.
Whilst greed is certainly not a French exclusivity, and Bordeaux does have it's faults; the release price of the "Super-Australian" is certainly realistic and fair.
Graham Taylor, Ulaanbaatar, Mongolia
With the US economy in recession and the worldwide wine industry struggling could there be a worse time for Penfolds to come up with a benchmark wine at E500? Perhaps not! Maybe this is just what the wine industry and wine consumers need. To see a new-world winery product a single wine that sells at a higher price than Bordeaux. This instantly validates Bordeaux pricing for the consumer and shows that the old concept of supply-and-demand has not been replaced by some new socialist scheme mandating all wines should be priced below $20 so everyone can buy them.
Each wine is a unique representation of varietal, terroir and the weather, vineyard decisions, winemaking decisions, barrel regime and quality control of that particular vintage. Wine is neither a commodity nor a beverage. It is a condiment, to be paired with the correct food to enhance the enjoyment of the food. As such some wines are worth more than others, just as Kobe beef is worth more than local beef. In fact the beef industry has differentiating grades for its meat.
If you don't accept that some wines have to be worth astronomical prices because some people are willing to pay those prices then you condemn yourself to a lifetime of bland food and cheep wines. Rejoice and celebrate the fact that some winemakers are still striving to make wines at a higher level of excellence than others and be prepared to pay justly for the privilege of enjoying them. Remember, it's only your body you are tipping this stuff into.
Ben Williamson
Dear Herve,
Your sentiments may be correct but would you like to buy some Aussie Dollars with your Euros? I like your exchange rate!
Henry Rymill, UK
Surely Australia's isolated geography doesn't justify “isolationism” in the actions of the pricing practices of one of its premium wine producers.
Wine merchants and consumers the world over have been uniform in their calls for Bordeaux to exercise restraint in pricing and adopt an approach that recognizes the global economy for what it currently is. So far we have seen some decisive actions and genuine attempts by many Bordeaux chateaux (not the least being the 1st growths) at re-energising the market and reestablishing accessibility to the product for a broader consumer base. Clearly Penfolds thought that no one would notice if they acted stupidly.
What Penfolds are doing is the polar opposite of where the global premium wine market is going, not only with Grange but all their premium bottlings. Having drunk several vintages of Grange, it is undoubtedly a superb wine that deserves its reputation as such, as do Lafite, Latour, Margaux, and Mouton (probably more so). However, I have deep resevations over this ludicrous price tag, and when lined up against other great wines the world over, is simply impossible to understand the price premium that is now being demanded or justify paying for it.
Is it really 2 or 3 or 4 times (depending where your market is) better than the 1st growths? (Hint: The answer has two letters). Will it ever be? (same answer).
It will be interesting to see if the global wine market swallows this out of touch and inexplicable pricing approach, or if Penfolds now receive the same negative sentiment (and lack of sales) that had previously been set aside for Bordeaux. If they find someone to buy their stuff, good luck to them, but pity the fool who pays for it at these prices.
David York
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What is already too expensive (a Bordeaux Premier cru at 150 euros) is
