Oddbins May auction met with a lot of interest from bidders. Over 2000 lots, including a large parcel of Whisky from a private collector drew bids from as far a field as England and Russia.
Once again the star performers were Penfolds Grange and Henschke Hill of Grace, the two best indicators of the secondary markets’ performance.
Grange was particularly strong, attracting solid bidding between the estimates, with a high clearance rate. The scarcity of release of the much heralded and hyped Grange 1998 created a push/pull effect on earlier vintages, driving demand and prices up.
Penfolds wines showed strong support, the share price traumas troubling parent company Southcorp not affecting prices achieved. Many of these wines are regarded quite highly and with a great deal of affection by wine buyers and there was strong support for back vintage wine in particular.
It was interesting to note the strong bidding for St Henri, so long overlooked to Grange, Bin 707 and in recent years RWT. It is pleasing to see the support for one of the quiet performers and stalwarts of the secondary market.
Rockford Basket Press regained some form as did Henschke Mount Edelstone, and the recently poorly performing and much underrated Cyril Henschke Cabernet Sauvignon. Coonawarra wines continue to run hot and cold. Established producers such as Bowen Estate and Zema Estate enjoy strong support, whilst the Lindemans trio of Limestone Ridge, Pyrus and St George have lost some of their lustre and provide value, particularly from good years. Majella, a consistent performer, and quality producer softened, with the exception of it flagship wine The Mallea. The inherent quality of wine from this producer will ensure strong performances in the future. Parker Estate, for so long languishing, shows excellent returns; the absolute quality of the wine being realised.
Orlando’s two flagship wines from the South East, St Hugo Cabernet and Lawson’s Shiraz were snapped up by bidders. These wines are exemplary and often underrated. With shiraz still the darling of the secondary market. the stand out cabernets were again Moss Wood, Cullen and Mount Mary, with Penfolds Bin 707 joining the Penfolds resurgence. An often overlooked and neglected variety, cabernet can provide some excellent all round drinking on the secondary market.
Fortifieds continue their slow and steady progress. Vintage ports from producers like Hardys, Chateau Reynella and d’Arenberg are enjoying a revival, as are some of the collectors’ ports, but nowhere near the prices of the late 70’s or early 80’s.
Of the imported wines Red Bordeaux continues to shine, first and second growth Chateaux from the recognised great years attract strong bidding and high clearance rates. Burgundy as always is driven by maker and vintage, and when the two combine the results can be spectacular. Italy and the Rhone attract interest particularly following the run of good vintages enjoyed, in both regions.
Oddbins will be entering into an exciting new era with the forthcoming combined launch of its on-line interactive auction system and the move to a new purpose built premises at Glynde. The office and warehouse will be combined under one roof, allowing new levels of service and flexibility to vendors and purchasers.
In October we will be conducting the biennial Tasting Australia Wine Auction, held in conjunction with this international wine and food festival. Entires are now called for this prestigious auction.
Further details can be obtained from Oddbins wine auctions on 08 8362 4700 or visit www.oddbins.com.au.