Penfolds Rewards of Patience Auction
Saturday, June 22, 2019 in News
Penfolds Bin 707 is strengthening its claim for recognition as the Cabernet Sauvignon equivalent of Grange Shiraz. The market has accepted dramatic increases in the retail price of Penfolds’ flagship Cabernet over recent years and auction prices for Bin 707 have also escalated. Browse the Penfolds: Rewards of Patience auction here.
An extraordinary collection of Bin 707 forms part of the offering in this weekend’s Penfolds Single Vendor sale. The sale includes every 707 vintage from the inaugural 1964 to 1990. There are some gaps–Bin 707 was not made from 1970 to 1975, nor in 1981, due to shortages of quality Cabernet grapes.
Bottles of the early vintages are becoming rare and the 1964 set a new auction price record for Bin 707 last year when a bottle sold for $5359. The 1964-1969 bottles in today’s sale have all been recorked at Penfolds Red Wine Clinics and are in superb condition.
Penfolds under then chief winemaker Max Schubert was a centre of experimentation and there will be great interest from collectors in two rare wines–1961 Bin 58 and 1963 Bin 64–which were among trial wines made in the lead-up to Bin 707 and were never commercially released.
The Rewards of Patience auction takes it name from definitive Penfolds book by Andrew Caillard MW. This auction showcases the great breath of the Penfolds portfolio, from those wines in production today to the experimental wines that story the Penfolds tradition since 1844.
By Adrian Read