BWB-EX – New trading platform with guarantee of origin for wines

Whereas observers of the scene often wonder if it is just now time to install a trading platform for high-end wines, Michael Egan, a Sotheby’s employee and an anti-fraud expert, says: “This platform and the organization behind it make sense. Sotheby’s as well has reassured itself at the BWB or had the BWB issue certificates of genuineness for wines in order to increase or to ensure the value of the wines being put to auction.”

Michael Egan is as well able to substantiate his opinion: “Though Sotheby’s latest auctions in Hong Kong could not achieve the turnovers from before the economy crisis, we could achieve a turnover 38 percent higher in the average for wines with a certificate of genuineness. The higher value of those wines with guarantee shows as well that connoisseurs of wine are selecting and are turning to the more desirable wines of the high-end class.”

The new online trading platform serves business to business. Here, dealers as well as renounced châteaux can offer their wines. According to the operator, the advantages are obvious: The prices of the wines are competitive, they are always of top quality, stored professionally and free of manipulations. “Here, we see a growing market for high-end consumers and also an economic benefit for wine trade”, a BWB-EX spokesman said.

Nonetheless, not everyone is convinced. “Profits due to provenance depend on time. For a 1961 Latour wine, I have to accept an extra charge, but for a 2009 Latour, I do not have to”, Justin Gibbs from the competing London LIV-EX says. Michael Egan, however, is rather considering the economic component. “The auctions unambiguously show that wines with a certificate of genuineness achieve far higher prices. So, the ultimate consumer is willing to pay more for the certified origin of the wines.” (red.yoopress)