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Penfolds Grange, also labeled as Penfolds Grange Hermitage until the 1989 vintage, is one of Australia's most valuable wines and its price can vary depending on the vintage (not the bottled date), the bin number, the condition of the bottle and how well the bottle has been stored (known as its provenance).

It trades at auction frequently and the prices can change over time, although retail prices have been leading auction prices now since the late 1990's.

Warning on price perception

Grange sells for a very different value on the secondary market compared to retail (it is a fact that all wine is valued differently at auction) and, unless you are a retailer with all the associated overheads, you cannot expect to buy and sell at the same price point. When it comes time to sell your Grange the only available market for a private seller is via auction and therefore retail and other prices that can often be quoted in the media are exaggerations of the real value.

The prices below are collected and averaged from the four leading wine auction houses in Australia on a monthly basis.

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Valid May 2016

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Wine NameVintageSizeLowHighNotes
Penfolds Bin 95 Grange Shiraz (October 2015 Release)2011Bottle$580$640Released Oct 2015. The 2011 vintage was a poor year with low yields. Very little of the usual marketing hype accompanied this release. Dont be surprised if it dips below $400 within a year.
Penfolds Bin 95 Grange Shiraz (October 2014 Release)2010Bottle$520$630Released in October 2014. This is the first time that Grange has been released at this time of year. It is unlikely that this tactic will result in any extra premium being paid for it in the medium term.
Penfolds Bin 95 Grange Shiraz (May 2014 Release)2009Bottle$590$620Released in May 2014.Very few bottles have come to auction. Expect to receive between $580 and $600, dropping off as the 2010 is released in October 2014.
Penfolds Bin 95 Grange Shiraz2008Bottle$600$700Released on May the 2nd 2013. Penfolds launched with a controversial RRP at $785, citing high demand in Asia as a reason why they dramatically increased the price just prior to release. Within the year it has been trading at auction between $500 to $650.
Penfolds Bin 95 Grange Shiraz2007Bottle$400$550This was released on the 3rd of May 2012. Retailers in Australia were discounting as low as $490 with a RRP of $625. During 2012 it traded on the Australian secondary market in the range between $320 to $420.
Penfolds Bin 95 Grange Shiraz2006Bottle $501$600Retail release price around $599
Penfolds Bin 95 Grange Shiraz2005Bottle $405$470 
Penfolds Bin 95 Grange Shiraz2004Bottle $420$460 
Penfolds Bin 95 Grange Shiraz2003Bottle $375$440 
Penfolds Bin 95 Grange Shiraz2002Bottle $390$480Retail release price around $500
Penfolds Bin 95 Grange Shiraz2001Bottle $365$460 
Penfolds Bin 95 Grange Shiraz2000Bottle $390$440 
Penfolds Bin 95 Grange Shiraz1999Bottle $375$450 
Penfolds Bin 95 Grange Shiraz1998Bottle $510$600 
Penfolds Bin 95 Grange Shiraz1997Bottle $335$390 
Penfolds Bin 95 Grange Shiraz1996Bottle $450$610 
Penfolds Bin 95 Grange Shiraz1995Bottle $340$390 
Penfolds Bin 95 Grange Shiraz1994Bottle $355$400Laser etching of the bottles introduced.
Penfolds Bin 95 Grange Shiraz1993Bottle $340$390 
Penfolds Bin 95 Grange Shiraz1992Bottle $350$440 
Penfolds Bin 95 Grange Shiraz1991Bottle $445$540Release price around $140
Penfolds Bin 95 Grange Shiraz1990Bottle $505$700An outstanding vintage. Retail release price at $130 - $140.
Penfolds Bin 95 Grange Hermitage1989Bottle $330$390 
Penfolds Bin 95 Grange Hermitage1988Bottle $330$380 
Penfolds Bin 95 Grange Hermitage1987Bottle $330$380 
Penfolds Bin 95 Grange Hermitage1986Bottle $500$600Retail release price around $85.
Penfolds Bin 95 Grange Hermitage1985Bottle $350$520 
Penfolds Bin 95 Grange Hermitage1984Bottle $340$380 
Penfolds Bin 95 Grange Hermitage1983Bottle $390$500Retail release price around $50 - $60
Penfolds Bin 95 Grange Hermitage1982Bottle $330$380 
Penfolds Bin 95 Grange Hermitage1981Bottle $360$480 
Penfolds Bin 95 Grange Hermitage1980Bottle $335$400 
Penfolds Bin 95 Grange Hermitage1979Bottle $350$460The last vintage to use the white foil capsules
Penfolds Bin 95 Grange Hermitage1978Bottle $340$520 
Penfolds Bin 95 Grange Hermitage1977Bottle $350$440 
Penfolds Bin 95 Grange Hermitage1976Bottle $800$1,000The first Australian wine to be released over $20.
Penfolds Bin 95 Grange Hermitage1975Bottle $410$600Retail price around $15
Penfolds Bin 95 Grange Hermitage1974Bottle $450$500Retail price around $13
Penfolds Bin 95 Grange Hermitage1973Bottle $320$380Retail price around $12
Penfolds Bin 95 Grange Hermitage1972Bottle $385$450A quantity of this vintage was accidentally oxidised during bottling, hence the lower market value of the russian roulette vintage.
Penfolds Bin 95 Grange Hermitage1971Bottle $700$1,100One of the great Grange vintages. For many years this vintage set the standard. Retail release price around $10
Penfolds Bin 95 Grange Hermitage1970Bottle $350$580Bin numbering for Grange was standardised with the 1970 vintage.
Penfolds Bin 95 Grange Hermitage1969Bottle $500$700 
Penfolds Bin 95 Grange Hermitage1968Bottle $550$700 
Penfolds Bin 95 Grange Hermitage1967Bottle $610$850 
Penfolds Bin 95 Grange Hermitage1966Bottle $1,000$1,300 
Penfolds Bin 95 Grange Hermitage1965Bottle $540$680 
Penfolds Bin 95 Grange Hermitage1964Bottle $1,200$1,700 
Penfolds Bin 65 Grange Hermitage1963Bottle $1,400$1,800 
Penfolds Bin 95 Grange Hermitage1963Bottle $1,200$1,500 
Penfolds Bin 95 Grange Hermitage1962Bottle $1,650$1,800 
Penfolds Bin 95 Grange Hermitage1961Bottle $1,600$3,000 
Penfolds Bin 395 Grange Hermitage1961Bottle $700$900 
Penfolds Bin 95 Grange Hermitage1960Bottle $1,400$1,800Retail price of approx. $1.75
Penfolds Bin 46 Grange Hermitage1960Bottle $800$1,050 
Penfolds Bin 49 Grange Hermitage1960Bottle $1,200$2,200Grange production officially resumes.
Penfolds Bin 95 Grange Hermitage1959Bottle $1,700$2,400 
Penfolds Bin 46 Grange Hermitage1959Bottle $2,200$3,100Last of the 3 hidden granges
Penfolds Bin 49 Grange Hermitage1959Bottle $2,000$2,600 
Penfolds Bin 95 Grange Hermitage1958Bottle $3,900$4,000 
Penfolds Bin 46 Grange Hermitage1958Bottle $14,000$18,000Second of the hidden Granges
Penfolds Bin 47 Grange Hermitage1958Bottle $10,000$12,600 
Penfolds Bin 50 Grange Hermitage1957Bottle $12,000$16,000 
Penfolds Bin 113 Grange Hermitage1957Bottle $8,100$10,200First of the hidden, secretly produced Granges
Penfolds Bin 53 Grange Hermitage1956Bottle $15,000$17,000 
Penfolds Bin 14 Grange Hermitage1956Bottle $8,000$10,100 
Penfolds Bin 14 Grange Hermitage1955Bottle $2,400$3,300One of the most highly decorated of all Granges which eventually vindicated Max Schubert.
Penfolds Bin 95 Grange Hermitage1955Bottle $3,000$4,000 
Penfolds Bin 148A Grange Hermitage1955Bottle $2,000$2,400 
Penfolds Bin 13 Grange Hermitage1955Bottle $1,800$2,500 
Penfolds Bin 12 Grange Hermitage1954Bottle $14,000$18,000 
Penfolds Bin 11 Grange Hermitage1954Bottle $9,500$11,900Internal criticism led to a lighter style. Approx. 9 months in oak.
Penfolds Bin 145 Grange Hermitage Cabernet1953Bottle $15,200$16,900 
Penfolds Bin 9 Grange Cabernet1953Bottle $12,000$14,000 
Penfolds Bin 86C Grange Hermitage1953Bottle $15,000$20,000 
Penfolds Bin 10 Grange Hermitage1953Bottle $12,000$14,000 
Penfolds Bin 2 Grange Hermitage1953Bottle $13,000$15,000First vintage to use grapes from the Kalimna vineyard.
Penfolds Bin 4 Grange Hermitage1952Bottle $16,000$21,000 
Penfolds Bin 1 Grange Hermitage1952Bottle $16,500$16,600First commercial release. Retail release price less than $1
Penfolds Bin 1 Grange Hermitage1951Bottle $38,000$60,000First Vintage. An experimental wine that was not commercially released. Only 160 cases were made.

Values have been aggregated from national secondary market data.

Notes on pricing and valuations

Low Range
Typically, price clusters form over time at market value. The low value is then calculated from the average accumulated hammer price at auction from multiple Australian wine auction houses over a 6 month period. All prices are for bottles with no damage or ullage. Well stored bottles with a documented purchase and storage history will always attract the best prices.

High Range
High prices are typically outliers or record high values achieved over a long period of time and,typically, includes only a very low sample of bottles sold, never the average and most often only a single bottle.

Last sale
This figure is not shown, as using it in isolation can produce a false sense of the true value of a bottle.

A note on auction reserves
All auction houses generally set a reserve price 10% less than the low price range. This allows for fluctuations of the market price going down as well as up.

Author: Mark Wickman
wineauction@wickman.net.au Google+ Profile 
Copyright ©2015 Mark Wickman, All Rights Reserved.

Penfolds Grange Hermitage 1951

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