If
good quality everyday drinking wine is too cheap, is there such a thing
as wine being too expensive? I don’t think so. If a winery can get
$1,000 a bottle, good luck to them. Is the wine worth it? Well it must
be to somebody, otherwise they wouldn’t pay that price. Then again,
there are a lot of idiots out there who get conned into buying all
sorts of ordinary grog because they think it’s going to increase in
value and put more money in their sticky palms.

There was a
time when even I could enjoy the odd glass of Grange – pricey, yes, but
not out of reach for a special occasion. Now it is way out of reach as
I buy to drink, not invest…my Grange drinking days have come to an end.
So it was interesting to read Mark Wickman of Wickman’s Fine Wine
Auction’s opinion that the upcoming release of Penfold’s Grange 2001 at
$600 a bottle is too high: “I believe Grange is overpriced at that
price and predict that while this new release will sell at a premium
initially, it will then drop back below $400 within a year or so”, he
said.

He has a point, continuing: “In fact, recent past
vintages including the 1999 and the 1997 are selling below $300 per
bottle – sometimes as low as $200 each – and even the renowned 1998 is
selling for approximately $400 or less, so I question Penfold’s
decision to release it at $600 when buyers can expect better bargains
at auction.”

Peter Fray

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