Selling Wine
So many options, none of
them entirely satisfactory.
Despite sales promises to the contrary the wine market is still reasonably ‘illiquid’ though it is getting better. The majority of private collectors still buy on offer so getting the best possible price is still a manual exercise.
Depending on your admin skills and time available, there are lots of options reviewed below.
One irrefutable fact however. There are still plenty of scammers out there so under no circumstance should you pay any charges up front, or agree to transfer wine to an account you have not verified first (as you would a bank transfer).
NEXUS is always happy to act as a wine escrow account if it assists a transaction.
If you would like NEXUS to manage your sale for you we can execute the whole process for you for a small commission.
E-mail mark@nexuswine.com
Auctions
Historically the only way to market, the traditional auction houses still provide a valuable service, particularly for rare or mature wines.
Most will require transfer of stock prior to sale and although in theory price delivered should be the highest, commission fees can be punishing.
- Pros: Best prices for rare collectibles
- Cons: Fees can be high and time from agreement to cash is measured in months not weeks
Brokers
Most merchants will offer a broking service where your wines are listed for sale alongside their own. They will offer a preferential commission (usually 7-10%) for the risk-free nature of the transaction.
You are paid if/when the wine sells. Some will require transfer to their stocks first but many will be happy to broker from your NEXUS account. We can provide stock confirmation and condition reports to facilitate this.
- Pros: Risk-free, low commission
- Cons: No guarantee of sale, difficult to agree on sale price
Exchanges
The new kid on the block, a number of wine exchanges have sprung up in recent years attempting to replicate the low margin trading environments of commodity trading and other more mature financial markets.
In theory matching buyers and sellers through an electronic marketplace should deliver the best efficiency but beware. It is not (yet) how the bulk of private collectors buy their wine (so the other side is usually trade) and not many act as counter-party to the transaction leaving the risk with you.
- Pros: Nice user experience, low commissions
- Cons: Be clear about where risk lies and ensure you keep track of wines offered.
Traders
If it is cash (quickly) you are looking for the only option is to offer to someone prepared to stump up a cash price for your wine. You will find a range of options with a quick google search but under no circumstances pay any money up front. We are always happy to offer guidance here.
- Pros: Relatively quick cash settlement (15-30 days)
- Cons: Not generally best price, lots of admin to shop around