Penfold's Grange 2011 going for a song

Anthony D'Anna with a 2011 Penfolds Grange, which will be priced the same as that of 2010. Picture: Justin McManus

Anthony D'Anna with a 2011 Penfolds Grange, which will be priced the same as that of 2010. Picture: Justin McManus

WET weather four years ago has cut this year's Penfolds Grange production by half, but its makers will not lift the price because the shiraz-only vintage is unlikely to be as good as previous years.

Treasury Wine Estates will launch the latest releases of its top-end wines, including Grange, in Shanghai on Thursday, the first time it has held the event overseas.

It underlines the importance of China to chief executive Mike Clarke's strategy of focusing on higher-margin markets in his bid to turn Penfolds into a global luxury brand. He is expanding profits in Asia, the company's most lucrative region, where profits jumped by 53 per cent to $73 million last financial year.

The company has kept the same recommended retail price of $785 a bottle on the 2011 version of Penfolds Grange as the previous year's version, which wine experts regard as superior.

The 2010 vintage is selling at wine auction houses on the secondary market for a lower price, at $695 a bottle.

Anthony D'Anna, co-owner of Boccaccio Cellars in Melbourne, said he had noticed larger numbers of Chinese expatriates buying past vintages of Grange. He said demand would stay strong.