Wine Owners has launched an online trading exchange to allow private buyers and sellers of fine wine to transact with one another.
The Fine Wine Exchange – fully integrated with portfolio management, comprehensive valuation, comparison and analysis tools – aims at making sourcing and selling wine "fast, simple and safe".
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The new service, "created by collectors for collectors", will enable investors to buy and sell in four different ways, each with the option of independent inspections.
Firstly members can buy wine that is already offered for sale in the market by accepting a current invitation to ‘buy now’ from a wine owner. The buyer then has the option to request a pre-settlement inspection to verify the condition of the wine is as described on the exchange.
Secondly, would-be buyers can create a "new bid" for wines they want to source at a price they’re willing to pay, which invites sellers to match that bid with an offer of their wine.
Sellers can choose to have the wine independently inspected before or during a listing. The seller selects the price at which they want to sell at and via the Wine Passport are able to evidence condition and history.
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By GlobalDataFinally, members can match eligible wines they own to ‘open bids’ of members looking to source the corresponding wine at their stated price. As with every transaction, buyers have the option to request a post trade inspection in order to verify that the condition of the wine is as described. Inspection takes place after the buyer has paid but before the payment is transferred to the seller.
Private sellers charged 6.5% and buyers just 2.5%.
New trading exchange facilities the Wine Owners platform offers a range of integrated complimentary services and tools for fine wine portfolio management that enables collectors and enthusiasts to understand, update, analyse and compare their fine wine collections.
Wine Owners has been founded by Nick Martin.
