We finally opened the 2021 Peregrine Pinot Noir—one of Central Otago’s big names—over a lamb meatball arrabiata. It delivered the cherry, leather, and oak we expected, but left us wondering if it still justifies the price. In this review, we break down the tasting notes, share some context from past vintages, and suggest a few regional upstarts that might be the better buy in 2025.