Ultra-premium wine collectors have snapped up a new commemorative bottle of Penfolds, but what is driving the hefty high price tags for luxury drops?
International collectors have jumped at the opportunity to buy a new limited edition Penfolds wine sold at $18,000 a bottle. Max Allen predicts the amount of increase in value of new releases will be much less than if you started collecting decades ago.
While older vintages often sell for large amounts at auctions, such a high price for a new release is a bit more unusual.Like anything worth collecting, the value of wine lies in the intersection of quality, scarcity, and prestige. "Reputation and brand are often the things that push that price up to a point where it becomes unaffordable to all but a very tiny number of us," he said.
"They know there will be enough demand around the world for that brand, that particular collector's item, to justify that kind of price." "It is less about the innate quality of the wine at the really high prices, and more about supply and demand, reputation and desirability."If you have ever thought about quitting your job to become a professional wine taster, you might need to practise spitting and find yourself a good dentist."The general price of the most desirable wine is so much higher now that it was when I started out writing about wine 30 years ago," he said.
"If people are expecting bigness or boldness they're going to be grossly disappointed. This is deliberately a medium bodied style, and to add to that we haven't used any new oak whatsoever," Mr Gago said.
Bin 180 Cabernet Shiraz Expensive Wine Max Allen Peter Gago 2021 Bin 180 Jeroboam Commemorative Jeroboam Bin 180 Coonawarra Cabernet Shiraz Bin 180 Cabernet Shiraz Wine Collector Collector's Item Wine Tasting Exclusive 1945 Domaine De La Romanée Conti
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