Top of the price Grange

Penfolds Thomas Hyland Shiraz. Photo / Greg Bowker

These are weird times in the wonderful world of wine. The current release of French Bordeaux 1st growths 2008 are about the same price, or even cheaper, than the current release of Penfolds Grange 2004. Grange, Australia's most famous wine, boasts an unbroken line of vintages from 1951. It's now sitting, price-wise, alongside French wines with centuries of history such as Chateau Latour, Lafite, Mouton-Rothschild, Haut-Brion and Margaux.

What is going on? After the astronomical prices of 2005, 2006 and 2007 the en primeur (buying in advance) cost of these illustrious wines dropped dramatically. "They had been up around $900-$1000 per bottle, now they've come right back to about $500 a bottle," says Scott Gray of Auckland wine merchants Maison Vauron. "And we've just about sold all of our allocation."

Meanwhile, in the Southern Hemisphere, the 2004 Grange is also selling nicely thank you, at about the same price. "We're like a new world wine with an old world feel," says Penfolds' chief winemaker Peter Gago. "Grange went up by 18 per cent while most first growth Bordeaux dropped by up to 30 per cent and we only have 7000 to 9000 cases - less than half the volume of a first growth."

Grange 2004 is undeniably one of the most magnificent wines in a succession of great releases. It has received glowing reviews and high marks worldwide and is probably the finest vintage since a series of stellar releases in the 1990s. Personally, I think it's the best Grange I've tasted, and I've tried them all except 1951-59. Since its inception Grange always displays fully ripe, intensely flavoured, textured shiraz grapes in combination with new American oak. Says Gago: "Grange will never change, we're not going to get focus groups to tell us what they think."

Recommended

2007 Penfolds Thomas Hyland Shiraz
First made in 2000 in a bright, supple, fruit-driven style. Lots of juicy blackberry fruit aromas and flavours. It has a touch of chocolate and savoury oak.
Price: around $20

2004 Penfolds Grange
Deep, dark, brooding red colour. Very fragrant elements of bay leaf, malt, cola, spices and nougat. Intense and muscular, yet smooth and elegant. A wine of astonishing taste and texture. Excellence has a price ...
Price: $500-$600