WSTA issues guidance on fine wine fraud

Published: 11 November, 2011

To help consumers wake up to fine wine fraud, the WSTA has launched a wine investment guide.

The trade body were prompted to write the guide following the spate of frauds that have sprung up, especially when it comes to en-primeur wines, in recent years.

The WSTA guide, available online at http://www.investinginfinewines.co.uk/, advises consumers how to avoid becoming victims of fraud. They include:

Choose a reputable wine merchant, checking their trading history, track record and address

Verify your order by comparing prices, checking provenance, condition of storage, packaging and delivery. Remember, reliable en primeur traders don't sell before producers have announced their prices

Look after your investment, ensuring wine is securely stored in the right conditions and fully covered by insurance

Understand the small print, including tax on investment, commission and handling fees and the paperwork you'll receive covering your purchase

WSTA chief executive Jeremy Beadles said: "Buying fine wine is a pleasure and can be a profitable one but as with any type of investment it makes sense to take some precautions before you part with your cash.

"Our website guide provides some simple tips to follow to ensure you don't get caught out. Making some basic checks about the company you're dealing with and its track record is a good place to start."

Anyone who thinks they may have been a victim of fraud when buying fine wine should contact the WSTA Fraud Prevention Unit via fraudalert@wsta.co.uk or report it to Action Fraud http://www.actionfraud.org.uk/report_fraud.

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