It’s synonymous with good times, so it’s little wonder that Penfolds 1971 Grange has been named the world’s greatest wine of the 1970s.

The shiraz scored 98.5 from a possible 100 points and competed with wines worth over $500,000, including the fames Chateau d’Yquem 1975 Sauternes (widely considered the world’s best sweet wine). But the dry red won out overall, and Penfolds had another three wines in the top 100 for that decade.

Peter Gago, head winemaker at Penfolds, told the Australian Financial Review, “I almost fell off my chair when I heard. This isn’t just competing with wines of one vintage or from one country. This is competing with the greatest wines from an entire decade, sourced from the whole world, and including some of the greatest vintages in the history of Bordeaux and Champagne.

“It was a blind tasting, too, with an international panel of judges, which removes any suggestion of bias. To have Australian wines not just compete, but top the list, is an incredibly proud moment for us.”

So how much will the shiraz set you back? At Dan Murphy’s, it’s going for $1300. At 7.3 standard drinks per bottle, that’s $178 a glass.