Latest Grange released by Penfolds

Wine producer Penfolds has released its latest Grange with the prestige drop hitting the market amid soaring prices for the earliest versions.

The company on Thursday released the 2017 vintage which marks the 67th consecutive year a Grange has been offered and 70 years of continual production.

The company said the wine continued to be praised for its aromatic complexity, intensely rich fruit and ripe tannins of shiraz.

“Grange’s style and winemaking techniques have not altered since the first experimental vintages in the early 50s,” the company said.

“After 70 years the South Australian heritage icon is renowned by collectors the world over for its unique Australian identity, consistency, and proven ageing potential.”

The latest Grange has a recommended retail price of $950.

But that could be a bargain compared to prices paid recently for early vintages.

In July this year a rare bottle of the 1951 Grange, signed by its creator and the company’s chief winemaker at the time, Max Schubert, sold for a record $142,000.

That followed the $103,000 paid by a Melbourne buyer for a single bottle of the Bin 1 Grange Hermitage last year.

While it is hard to be certain, estimates suggest there are up to 35 bottles of the original vintage still in circulation including about 15 that are part of complete sets.

In 2018, a bottle of the 1951 vintage sold for $80,386 with two bottles fetching $81,000 each the following year.

At that same auction in 2019, a set of Grange from 1951 to 2015 was snapped up for $372,800.

That was followed by a Sydney wine lover paying $430,000 for a set in December last year.