Sounds like bud blast. Check out this site.

Diann
IA Z5a

Here is a link that might be useful: Peony Disorders

Diann: My plant doesn't look as bad as the one in the picture but it says give the plant more room. If I move a plant that is close *and this is the first year for this peony plant* do you think it will be too late to get more blooms this year? They are really just shrinking with some slight brownness, not rotted brown as in the pic on your web/link.

Vikk, I don't know. Anytime I've had any problems like this I just usually cut the offending parts off and dispose of them and then wait and see. Some people spray with fungicides, I don't really do chemicals, not because I have a prohibition on them, I just never get to it. If it is still putting on buds you might get more blooms. If not, you are done for the year. If I were you I'd search the web for more information on controls you can use to help keep the plant healthy.

Diann
IA Z5a

I must do that. I hope it is just a matter of moving a plant that was there first (a tomato of all things).

For this question I wonder if it's too early to cut the plant down for the year?

Vikk, Yes, it is to early to cut the plant down. Just snip the brown buds off and any blotchy foliage and relax. I saw a picture of your plant in another post, if it's the same plant most likely what is wrong is that it's just a young plant. Peonies are not about instant gratification, they can take a few years to settle in and get comfy. Give it some time. :) Peonies are well worth the wait.

Diann
IA Z5a