DEMAND RESULTING IN A HIGHCLEAR
An increased volume of bidding leading to greater demand and a high clearance rate was the feature of Oddbins April 2 auction.
Penfolds Grange prices were approaching an all time high, with good volumes of bidding on each lot, driving the prices to very high levels. Exceptional Grange prices included - 1962 = $1,001; 1971 = $620; 1974 = $310; 1976 = $420; 1979 = $270; magnum $1,500; 1981 magnum $1,450; 1986 = $460. It will be interesting to watch the future progress of Grange prices following the release of Robert Parker’s reviews of the tasting conducted in Australia last year. With several 100 point scores being given, future prices will be observed with keen interest.
Other Parker pointed wines struggled to find buyers and achieved any consistency in pricing. The cult wine market has been hit hard by the downturn in America and Asia.
Some of the regular Asian buyers have returned to the market but are concentrating on recognised ‘blue chip’ labels, and in particular Barossa and McLaren Vale Shiraz.
Cabernet, unless from recognised producers such as Moss Wood, Cullen and Mount Mary, present an opportunity to purchase aged and cellar worthy wines and a significant price differential to Shiraz.
The imported section of the sale continues to perform strongly, with demand for recognised Red Bordeaux vintages such as 82, 85, 86, 88, 89 and 90 creating the most demand.
It was interesting to observe a small resurgence in the fortified market, with many wines allowing their best results for many years. We shall wait and see if this is a ‘one off’ or the start of a major trend.