Oddbins recent July 16 Silent Bid confirmed the trends that had become apparent in the first quarter of 2003.
The demand for Penfolds Grange remains very strong indeed, with nearly 100% clearance rates, driven by strong bidding. The surge in bidding created by the release of the 1998 vintage, continued losing little or no momentum. It has become apparent in recent auctions for wines with ‘clinic’ labels to command a premium price. The addition of a ‘clinic’ label seems to act as a guarantee of the wine’s quality and a confirmation of provenance.
Other wines in the Penfolds stable remain strong, however, there seems to be some hesitation over the wines produced during the ‘Rosemount’ period. On that note, Rosemount wines that had been soft, regained support, particularly the Balmoral Syrah and Mountain Blue labels.
Vintage recognition is important, with softer vintages such as 1995 and 1997 having little or no support and being discounted by the market. People who have these wines are best advised to drink them or cut their losses on the secondary market.
Shiraz, particularly from the Barossa, remains strong. Henschke Hill of Grace continues to snap at the heels of Grange, and Rockford Basket Press seems to improve with every auction.
There does appear to be the start of a rejection of the high alcohol overtly oakey wine as buyers seek more finesse and subtlety from their wines. It will be interesting to see if this is a firming of the trend, or a blip on the market.
Red Bordeaux remains particularly strong especially for First Growths and recognised vintages. Burgundy is good, with the maker, vintage and region, as ever, the major factors in achieving the price. Wines from the Rhone Valley are strong, and Champagne bubbles along.
The demand for ‘new’ varieties is hesitant, suggesting that it is a niche market and bidders are happy to stay within the major ‘recognised’ varieties. This does not seem to apply to cabernet - on the outer end representing good value on the secondary market. It doesn’t seem that long ago that cabernet was king and the demise of warm region wines and traditional producers was forecast.
From August 25 Oddbins are operating from their new premises at 33 Sunbeam Road, Glynde, being able to offer even better service and easier access for receiving and collecting wine. Our new telephone and fax numbers are:
Telephone 08 8365 4722
Fax 08 8362 4788