What is the significance of the Bordeaux classification system for red blends?

The Bordeaux classification system, created in 1855 for the Médoc area, classifies vineyards into various tiers or “growths” with the consideration of the quality they produce and their historical renown. Subsequent renovation and extension of this classification to the regions like Saint-Émilion and Graves made it sort of an industry standard for Bordeaux red blends that consumers and collectors consider in purchasing decisions. Wines from classified estates are usually priced higher, and are sought after for their lineage and predictability.