Great Grange! Penfolds Rewards of Patience Auction Smashes Records
Wednesday, August 25, 2021 in News
The Penfolds Rewards of Patience auction, hosted by Langton’s, always causes a little noise. But when the hammer fell in the final moments of the latest instalment, it was with a resounding knell that continues to echo long after final bids. And, naturally, it was all thanks to Grange.
The undisputed star of this fêted auction event was an elusive bottle of Penfolds Grange 1951. Signed and re-corked by hand by Chief Winemaker and Grange creator the late Max Schubert, it sold for an eye-watering for $142,131*. This sum makes it the most expensive bottle of Australian wine ever sold, breaking the previous record of $103,000*.
‘This bottle is one of a kind in the world.’
‘This bottle is one of a kind in the world, I’ve never seen anything like it in my more than 20 years in fine wine,’ said Langton’s Head of Auctions Tamara Grischy.
Around 35 bottles of this first edition of Penfolds Grange are believed to exist, but the exact number and their whereabouts is elusive. Many collectors seek to build a complete inventory of this coveted cuvée, making any bottle that enters the auction circuit the hottest property of all (figuratively, of course – meticulous temperature controlled storage is par for the course when it comes for this most desired of wines).
Langton’s Broker Jacob Parker has reflected on the record breaking sale of this bottle on behalf of his client. ‘He first bought it at a Langton’s auction in 1998, for circa $17.5k. He recently told me that at the time, it was the most expensive bottle of wine ever bought in Australia. A fantastic result that, 23 years later, saw Langton's, my client, and this bottle come together to once again make history.’
The 1951 Penfolds Grange Hermitage
In total, Penfolds Grange vintages from 1951, 1953, 1954, 1955, 1956, 1957, 1958 and 1959 went under the hammer at the Rewards of Patience auction, for a total of $301,000. Yes, a complete collection of 50s Penfolds Grange is a pretty prospect indeed.
Of this suite, particularly notable results include the Penfolds Bin 53 Grange Hermitage 1956 sold for $50,678, Penfolds Bin 9 Grange Cabernet 1953 sold for $33,204, and Penfolds Bin 46 Grange Hermitage 1958 sold for $30,874.
Will further records be smashed at our end of year Rewards of Patience auction? Time will tell.
*Includes buyer’s premium.