A bottle of 1951 Penfolds Grange, Australia’s rare and most sought after red wine, sold at Oddbins Wine Auction held on 8 December 1999 for a world record price of $33,660.
The final purchase price of the wine included a 10% buyers premium of $3,060. This is the third time the record has been broken in 1999. In May a bottle was sold for $29,810 and in August another bottle was sold for $30,800. It is the first time a single bottle of Australian wine has reached in excess of $30,000.
The rare 1951 was sold to a private Queensland collector.
Oddbins Wine Auctions auctioneer, Mr Stephen Lumb, said he was not surprised that the record had been broken again.
"Of all the vintages, the 1951 is the most rare", Mr Lumb said. "It was the first of the Grange vintages, it was an experimental wine which was never released commercial, and most importantly, it is integral to anyone wanting to collect a full set."
Mr Lumb said the Grange, particularly the early vintages, had truly become a collectors item.
"This is borne out not only by the price, but by our recent sale of the full set of Grange from 1951 to 1994," he said.
Oddbins sold the rare 44-bottle full set of Grange in October for $123,200 setting a new world record. This price included the 10% buyers premium of $11,200.
Mr Lumb said he expected the prices of Grange to continue to rise in years to come.
"In the world of collectables, investors are always going to pay very high prices for the rarest of prizes – in this case, the 1951 Grange."
First introduced in 1951, Penfolds Grange has attracted worldwide recognition. It is Australia’s best know red wine and is sought after internationally by wine collectors.