After decades of buying wine, most wine lovers find a lot of it piles up. Cellars can get full. Wine club marketers have found that the number one reason most people drop a wine club is that they have “too much” wine.
What to do with “too much” wine? Well, you can sell some.
Wait. So, you don’t have any Chateau Lafite-Rothschild or Chateau Latour? Nor any Domaine de la Romaneé Conti? That’s okay, says Paul Walker, Director of Sales at WineBid. According to Walker, WineBi auctions sell bottles from $20 to $13,000 on up.
Finding out what your wine is worth isn’t a deep, dark mystery. If you have fantasies of sudden windfall – like finding a spectacular bottle in your deceased family member’s estate that you just inherited – it could happen. If you’ve ever watched the reality TV show on PBS show Antiques Roadshow, you’ve seen that it can happen. A lost Van Dyke painting originally purchased for $500 turned out to be worth $500,000. However, wine is not like that. It comes with a (usually) clear label.
Of course, you might have hoped you’d be one of the lucky ones to flip cult wines. But oops – had to plan ahead for that. And even if you had some cult winery’s wine, that ship has most likely sailed, according to Walker.
“Cult wineries got wise to the allocation prices that wine buyers were then flipping,” Walker said, “and adjusted their member-only prices accordingly.”
At WineBid, potential wine sellers get wine appraisals based on several decades worth of data from the company’s extensive, proprietary data. The company has more than 110,000 wines in its database.
“WineBid.com has a database from more than 24 years of wine sales,” Wagner said. “We sell online every week with sales of 5,000 bottles a week with 100,000 registered buyers.”
While most WineBid.com buyers are in the U.S. – roughly 70 percent – the company also has 20,000 registered buyers in Asia.
Since 1996, when it launched as the world’s premier global wine auction site that operates exclusively through online sales, WineBid has sold more than 865,800 bottles of California Cabernet Sauvignon. It represents from 1,900 to 2,200 producers at any given time.
While big-name, high roller wines like Bordeaux First Growth Chateau Lafite-Rothschild, have generated the most revenue over the years, WineBid’s sellers have sold a high volume of wines priced under $100 – more than 179,574 bottles.
Now timing has added even more market momentum. Since the pandemic arrived, millions are staying at home and spending more time shopping online. Overall, online wine sales are going up, up, up.
For WineBid’s wine sellers, that’s meant increased sales at both the high and low end of the market.
So if you’re wondering how to Marie-Kondo-ize (i.e. tidy up) your wine collection and make some space in your cellar, now’s the time—Carpe diem. WineBid (*) will tell you upfront and, in clear terms, what their data knows about the wines you want to sell. That’s good to know. Then you can find out if you want to trade in your current wines – and maybe get some new ones.
Register now and get $10 off when you spend $100 in 30 days*.
Sponsored article from WineBid.
* Affiliate link.
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