How Penfolds Grange rose from reject to Australia’s most expensive wine
Penfolds Grange may be one of Australia's most expensive and well-known wines, but there was a time when it wasn't. Here's how the humble bottle of plonk became a collector's item- and how much an original bottle costs today.
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Australia's premier plonk, Penfolds Grange, sold for a mere $1.50 when it was first released in 1952.
It was also the first Australian wine to cost more than $20 in 1976 — oh how times have changed.
Wine connoisseurs with deep pockets can pick up a 2015 vintage now for $900.
In terms of Penfolds Grange prices, that’s a veritable bargain compared to what the earliest vintages would cost today.
Which are also as rare as a set of red wine stained hen’s teeth, with an estimated 20 bottles still around.
In 1951, Grange was an experimental wine and was largely given away, although today auction prices are hovering around $40,000 plus.
In May of 2004, a wine collector in Adelaide paid $50,200 for a bottle at an Australian auction house — but these days you would pay considerably more than that.
The 1952 vintage — regarded as the first commercial release — was sold at around 15 shillings, or around $1.50. So if you snapped up one of these in your youth, you’re now sitting on a goldmine.
Interestingly though, Grange production was officially stopped in the 1950s, with the Penfolds board unconvinced that Schubert’s wine was good enough to sell.
The Grange experiment was universally disliked with one critic even saying: “Schubert, I congratulate you. A very good, dry port, which no one in their right mind will buy — let alone drink”.
Penfolds management in 1957 forbade Schubert from producing Penfolds Grange, but he persisted in secret through to 1959, storing the wine in hidden underground cellars.
As the initial vintages aged, they were retasted and the board was surprised by the wine’s development, instructing Schubert to restart production — oblivious to the fact that he had never stopped and not missed a vintage.
The 1953 vintage was being sold for around $1.76, and there weren’t significant price changes for the 1954, 1955 and 1956 releases.
The rarest Granges are 1956, 1957 and 1958 — because they were the “secret Granges” made without authorisation and produced in tiny quantities.
The 1959, however, was released commercially with a base price of around $1.50 to $1.75 — which would sell today from around $2,400 or above.
There is no reliable source for the release prices from 1963 — 1972, but original price stickers are occasionally seen, with a 1971 costing around $10 at release.
Today it would be worth around $1100.
A strengthening fine wine market during the 1980s pushed prices up considerably and in 1987, Penfolds released the 1982 at over $50.
Early supporters enjoyed Grange because it was a really interesting wine and it wasn’t until the 1980s that Grange really made its name as an investment wine.
Grange has become a symbol of wealth, and its exclusivity will keep the nation gagging for it for generations to come.
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