Penfolds Grange breaks record with $103,000 sale

A 1951 Penfolds Bin 1 Grange reached a record price of A$103,000 at an auction this week in Melbourne. There were a total of 1092 bottles of Penfolds sold during Langton’s Penfolds: Rewards of Patience Auction, which finished up on Tuesday.

“The demand for fine wine is stronger than ever judging by these two flagship auctions, as fine wine collectors look to enhance their cellar collections,” said Langton’s general manager Jeremy Parham.

In December, a Penfolds Grange wine set from 1951 to 2015 was sold for A$372,800. Previously the first vintage Penfolds Grange was sold for A$81,000.

“The early 1950s Penfolds Grange wines are very rare, so collectors will snap these up when they can in order to complete their sets of every vintage of these incredible wines. The 1951 Penfolds Grange truly represents the beginning of modern Australian wine,” Langton’s
head of auctions Tamara Grischy said.

The James Halliday’s collection of DRC wines had a 98 per cent clearance rate in the online auction, wherein about 35 per cent were sold to international buyers. All had a certificate of authenticity which were signed by James Halliday

“With many of us still unable to visit our favourite restaurants or travel to cellar doors, new and existing clients have instead immersed themselves in the world of fine wine from the comfort of their homes,” Parham said.

Langton’s announced that it will auction more wines from James Halliday’s Australian collection in December 2020. The Langton’s Rewards of Patience Auction is in its 24th year and is held every six months.