AUSTRALIA: Wine world awaits Grange release
Despite the parent company's continuing problems, there will be an avid scramble for Australia's cult wine, Penfolds Grange, when the table red is released tomorrow (April 30) at around A$400 (US$286) a bottle.
Production of the 1999 table red is estimated at under 8000 cases and a sellout is assured on home and export markets. Grange has become an investment as well as a prestige wine.
The ultra-rare 1951 vintage currently commands A$50,000 (US$35,800) a bottle and early vintages fetch hundreds of times their cost price. Meanwhile shares in the parent company Southcorp, worth A$8.36 (US$5.98) in 2001, are today selling at A$3.52.
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