How can I be sure I am pricing my wine correctly?
by Juliette Martin
2021-06-08
Why is price transparency important?
Pricing data that is up-to-date, reliable and actionable supports the buying and selling process. By keeping buyers and sellers informed, it breeds confidence in making decisions. In turn, confidence boosts sentiment.
Whilst pricing data would have only been accessed through specialist catalogues or conversations with individual merchants previously, key information such as the provenance of the wine, pricing information and availability can now be accessed in an instant.
Our Wine Passport for example encourages users to record as much information about the wines they own as possible, enabling a more informed and transparent trading decision to be made.
With fast-growing demand from private buyers for sourcing directly from collectors, it has never been more important to rely on a simple, visual and informative interface to ensure competitive pricing.
How do we make sure we provide you with the most up-to-date and reliable data?
We have been in partnership with global wine price discovery website Wine-Searcher for many years, which has enabled us to create and maintain our referential database of over 385,000 wine entries.
Instead of spending hours trawling through data in order to calculate a realistic selling price, our algorithm processes millions of rows of pricing data to ensure you stay as informed as possible about the state of the market. Equipped with this information, you can easily and confidently determine the correct selling price to be competitive and attract buyers' interest.
How does it work?
When you offer your wine for sale, you are presented with a live feed of current European marketplace offers for the wine in question, current Wine Owners offers and current Wine Owners bids, as seen below. You will also be able to view the latest bids and offers. If you are unsure or in the case where wines have gone through sharp price changes, it’s worth giving our trading desk experts a call, who will be able to advise you.
Keep in mind that the buyer will be paying an additional 2.5% + VAT buyer’s premium. We recommend you offer your wine for sale at around 2.5-3% below the best market price if you want to be shown on Wine Searcher as being the best offer. As around 20% of our new buyers are redirected from Wine Searcher, it is well worth your offer being at the top of their list.
If you’re in doubt, give us a call or email us contact@wineowners.com and we'll be happy to help!
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