New Grange one for the workers? Not at $600
IT'S classic Australian irony that Foster's chooses May 1 - International Workers' Day - to release its most sumptuous object d'vin: Penfolds Grange.
Grange is not a wine for the proletariat, hasn't been since 1978-79 when Penfolds' master, Tooths, a brewer, clearly out of its depth, discounted the big shiraz down to $7.99, effectively dumping it and its reputation in the toilet.
This year, despite the chill of a deepening recession, Penfolds - once more owned by a brewer - held its breath and its nerve and released the 2004 vintage for a record $600 a bottle.
Early talk of the '04 being one of the best Granges of the modern era, up there with 1996 and 1990, spurred interest and sales.
"If it wasn't for the fact that it had some spectacular reviews we wouldn't have sold very much," said Philip Rich of The Prince Wine Store. "The hype definitely sparked interest."
One Prince customer bought 21 bottles.
Hype and Grange go hand in hand.
This year, when a $10 bottle of wine can stretch a family budget, Foster's needed to create an extra special buzz. The 2004 vintage, a classic year that produced many intense, well-balanced reds in South Australia, delivered. The 2004 Grange, mostly shiraz with a smidge (4 per cent) of cabernet sauvignon, was sourced from the company's core Grange vineyards in Barossa Valley, McLaren Vale and Magill.
"Stylistically, this is in the mould of the wonderful 1990 and 1996 vintages," offered Penfolds winemaker Peter Gago.
Retailers differ as to whether buyers this year bought Grange for investment or to drink. Philip Rich estimates 90 per cent of his customers bought the '04 to drink; great years can tease the tastebuds like that.
Over at Armadale Cellars, owner Phil Hude found even the most well-heeled drinkers were reluctant to splash their cash on $600 wines.
"People don't want to be seen to be drinking ridiculously expensive wines," he said. "Not when everyone is struggling."
Of course, if you are collecting a set of Grange, you had no choice. You couldn't afford not to buy at least one bottle.
Yesterday's Grange release was a rare ray of sunshine for the troubled Foster's Group that is rationalising its corporate structure in order to sell or demerge its wine business.
Attracting less publicity this week was Foster's decision to put almost half of its Australian vineyard holdings, 5000 hectares valued at $250 million, up for sale. The company, as outlined in its recent review, will also make 300 positions redundant this year.
Jeni Port, The AGE, May 2, 2009