Part 2: How to sell surplus stock

By Jo Gilbert

Published: 15 August, 2016

The internet has revolutionised the way we do business and particularly opened up opportunities for companies to buy, manage and sell leftover stock.

In Part 1, we looked at how anonymous online auction site Grapepip and broker Wine Bin Ends offered two different types of opportunities for those looking to shift surplus stock.

In Part 2, we spoke to top-end wine exchange Liv-ex about how trading on the exchange can help those selling fine wines to keep their businesses effective and stop them from becoming static.

The fine wine trading platform

While this is only for those dealing in high end, Liv-ex's exchange offers access to a global market for wine professionals to trade stock.

Liv-ex account manager Romain Grudzinski says Liv-ex's USP is its price transparency.

"We're different from other auction sites in that users can see the very latest trade prices so members know exactly what wines are selling for. This means ultimately members get better prices," he said.

"Buyers and sellers are anonymous but members can see the market price. It provides a good benchmark."

Private collectors are not allowed on the site and membership is dependent on verification by a committee.

There is no minimum price on the wine being sold, although it may not reach an audience on the fine wine market.

Since 2014, Liv-ex has also had its own system to check the condition of individual bottles in order to simplify and speed up the fine wine trading process.

"The SIB Passport is a unique electronic certificate issued by Vine to show that a case of wine is SIB compliant. It is available to all Liv-ex customers to make it more efficient to trade fine wine. Once issued, a passport is valid for three years if the wine remains stored in Vine.

"The passport provides assurance on the condition of stock and enabling faster processing when wine is bought, sold and shipped. SIB Passports are automatically issued to wines purchased on Liv-ex under the SIB contract," Grudzinski explained.

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