As collectable wine goes, Penfolds Grange is a coveted beast. Just last month, a bottle of Penfolds Grange Hermitage Bin 1 Shiraz 1951 (one of few remaining bottles from the first vintage of Penfolds Grange) sold for a whopping $142,131.

Signed by the late winemaker Max Schubert (creator of Grange Hermitage), the bottle was snapped up at the Langton's Penfolds Rewards of Patience auction.

The latest in the Grange line-up is the 2017 vintage, which will be released on August 5 as part of The Australia Collection 2021, Penfolds' annual release of a variety of house-style wines, each available individually.

At $950 a bottle, Grange is one for serious players. If the purse strings won't stretch quite so far this year, there are a few remarkable Penfolds reds in the mix that won't break the bank. Better yet, they're ready to knock back now.

Penfolds Grange 2017, Barossa Valley, McLaren Vale, South Australia, $950

There's timeless beauty at work here. This multi-vineyard, multi-regional shiraz blend delivers the aromas encountered in a rustic Italian kitchen. Fresh sliced carpaccio and dried herbs strung above a table laden with uncooked pizza dough and nonna's special sugo. The palate is balanced and poised – like a tightrope walker strung between two high-rises. Dark red berries, fresh ploughed earth and the faintest lick of salt. It's surprisingly approachable in its youth but tuck it away for a few decades to reap the full rewards. Tick, tock, tick, tock. 14.5 per cent alcohol.

Drink with: The very best of mates.

Find it at: penfolds.com, Dan Murphy's Richmond (Melbourne); Vintage Cellars Bondi (Sydney)

Penfolds Bin 28 Shiraz 2019, McLaren Vale, Barossa Valley, Padthaway, Wrattonbully, South Australia, $50

The first encounter with this shiraz is like the opening three minutes of Tina Turner's Proud Mary; nice, slow, easy. The seductive smell of blackberries and sunburnt Australian scrubland hit first. A flurry of flavours follows: dark berries, a savoury undercurrent and acid that darts across the tongue. Fishnet stocking tannins keep it all in check. This wine begs to be devoured right now. Do it. We're here for a good time, not necessarily a long time. 14.5 per cent alcohol.

Drink with: Proud Mary on repeat.

Find it at: penfolds.com, Dan Murphy's Richmond (Melbourne); Vintage Cellars Bondi (Sydney)

Penfolds Bin 23 Pinot Noir 2020, Tasmania, Henty, Adelaide Hills, $50

Winter nights beg for a glass of red that simultaneously stirs the senses and calms the nerves. This proud, playful pinot is both uplifting and comforting; like a well-read Robinson Crusoe novel. There's tart cherry, wild strawberry and turmeric in the air. Dig deeper for fresh rhubarb and spice. It's lithe like a greyhound, bright as a button and full of personality. An "Oops, I drank it all – pass me another bottle" experience. 13.5 per cent alcohol.

Drink with: Roast pork, extra crackling.

Find it at: penfolds.com, Dan Murphy's Richmond (Melbourne); Vintage Cellars Bondi (Sydney)