Australian fine wines soar in value
- Friday 24 July 2009
The increase contrasts with an estimated drop of 20% since July 2007 in the Bordeaux-dominated international market, fine wine auctioneers Langton’s said today.
Langton’s Index of Australian wines, which is compiled every two years, also exceeded the value of the Australian Stock Exchange in general, which fell by 39%.
Langton’s fine wine principal, Andrew Caillard, said the increase was ‘incredible’.
Langton’s principal, Stewart Langton, suspects that investors are currently putting money into wine rather than stock as a safe haven.
‘In the past the Index has reflected the change in the share market,’ he said. ‘This time it has greatly exceeded it.’
Caillard added that there was less ultra-fine wine produced in Australia than in Bordeaux and Burgundy. A top Bordeaux winery produced about 10,000 cases or more a year compared with 100 to 6000 by Australian equivalents.
The Index consists of 28 wines selected from Langton’s four-category Classification of Australian Wines (LCAW), which is a list of the most expensive 101 Australian wines at auction.
The Index only covers the high quality 1990, 1996, 1998, 2002 and 2004 vintages.
Examples of the wines are: Penfolds Bin 95 Grange Shiraz, Jasper Hill Georgia’s Paddock Shiraz , Cape Mentelle Cabernet Sauvignon and Bowen Estate Cabernet Sauvignon.
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