I purchased a case of Ch Leoville Barton 2001 en premier through the Wine Society hoping to use its sale to help towards my eldest’s first car at 18.
Can any members suggest any companies or persons that would be purchasing fine wines.
I have struggled to find anyone who can do this simply without transferring to a bonded warehouse etc .
If any member wishes to purchase this case please contact me
Thanks in advance for any help
Is it still in bond? If not, how has it been stored?
Case has been stored at the Wine Society and is still there
I think wine owners might be the people for you not that I have used them myself but they get a decent amount of press
Mark, just checked the prices for your wine. I think you’d be better buying your eldest the car and selling the wine to pay for his/her 19-year olds insurance. It’s currently averaging about £750 for 12
This was about same amount I was getting quoted, I always knew it was only to contribute to the costs
Thanks for response
In case it helps, there is some information about selling/auctioning wine on our website here:
I’m also going to put my Society Staff hat on for a minute and remind everyone that it’s against our rules to purchase wine with the specific intention of resale - I appreciate this is a pretty minor instance so I’m not closing down the discussion, but I didn’t want to be seen to be encouraging this on a more widespread scale so just wanted to mention this rule.
amazing how many cases you see on auction sites stating “just removed from TWS storage”
Obviously, some of these could be upon the sad departing of a member and a family with no interest in wine
as Laura has pointed out it is in the Rules that members “shall not make purchases …for the purpose of resale” - so I think you meant to say that "have a case of LB 2001 that I no longer require’
on the matter in hand, Try local auction houses to see if they have specialist wine sales…coming upto Xmas is a great time to sell. There are also various websites inc Bidforwine - Ive never used any so can’t recommend
I have dealt several times (satisfactorily) with the following companies who both buy and sell classed growth wines. I have no financial or other connection with either.
Many thanks for responses and advice
I was unaware of that rule, not that it affects me.
When was it introduced? I see the current set of rules is dated 2013, so the 2001 EP purchase may pre-date it.
I purchased this case and a case of Ch Belgrave at the same time and was helped by member services fully aware they were to be sold when reaching peak maturity. I did however drink the case of Belgrave !!
I also have a case of LB 2006 for my youngest purchased the same way.
The rule has been in place for at least a decade. It is eminently sensible but as Chavegate demonstrated, totally unenforceable. Bid for wine has just yesterday uploaded another massive ex-TWS cellar of Rhone and Bordeaux EP purchases; I think in this case it may be the disposal of an estate rather than an attempt to flip wines as many of the lots are actually well past any advisable drinking date and may not receive a bid at the starting price. The Rhône-heads out there might want to have a look at the 2010 Seyssuel.
I think the critical phrase is ‘for the purpose’ - I admit to having done this once but it was a half case I fully intended to drink until the price went up tenfold (from £30/bottle at purchase). I won’t do it again and it was never purchased with resale in mind, and none of my purchases are. I think it’s really a condition allowing the Society to stop flippers/merchants doing it.
The rule has been there since I’ve been a member so over 10 years for sure.
Also worth remembering that if someone buys for the express purpose of selling they are effectively becoming a dealer or trader in wine, and any gains would be taxable, particularly if there were repeat rather than one off transactions. WS might be within their rights to advise HMRC if they suspected this was the case…
That is an excellent point. I hope it happens and equally some of the stuff going on via the other merchants with trading platforms ought to be taxed as well. Cru and BBX are almost more about wine as investment than for drinking now, although Cru carry the odd bargain and having an LCB reserves account through them comes in handy.
It’s been in the rules for a very long time, I think! I’ll see if I can find out how long exactly, just for interest’s sake.
And you’re all right in what you’re saying. We’re fully aware sometimes people’s circumstances change/they want to sell the odd case here and there for various understandable reasons/there’s a need to sell wines from a deceased member’s estate etc, which is why we have the FAQ question and try to point members in a helpful direction.
The rule is there to stop people scooping up loads of these lovely (often sought-after) wines at our friendly co-op prices and selling them for a huge profit - we’re here to help our members buy and enjoy their wines, first and foremost. We’re also not legally qualified to advise on wine as an investment anyway, and can’t guarantee prices going up or down etc.
But I’m certainly not suggesting we become heavy-handed with instances like the one we’re discussing here.
I have sold a lot of wine over the years and almost all through Farr. They will either buy direct or broker it for you. It will need to be transferred to them and inspected (all decent merchants do likewise) but I have always had a good price and no messing about.
Feel sorry for those who do this for profit. I and my brother-in-law got interested in wine at same time. Me student him 10 year served accountant. Him £50 purchase of 1996 Mouton Rothschild now looking at £450 upwards and thinking could trade for 9* &50 bottles. Me contemplating how I explain “sunk” costs to an account and “you only live once”.