Benchmark/Cellartracker Selling Process

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Sean Malloy
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Benchmark/Cellartracker Selling Process

#1 Post by Sean Malloy » November 2nd, 2018, 12:30 pm

I hadn't noticed this when it first came out, but saw it referenced in another thread. Benchmark and Cellartracker have partnered to provide that you can check off the wines you want to sell on Cellartracker and then submit through that site to Benchmark for evaluation and eventual sale if the parties come to agreement. It seems to me at first blush like an intuitive idea, and a potential win/win/win for Benchmark, Cellartracker (who would get a referral fee from Benchmark), and Cellartracker users. A few questions for anyone who has used it. Did you like the process? Is there a minimum amount of value in wines to make it worthwhile for Benchmark (for example, I might want to sell $5,000 or $10,000 of wine but not $50,000). How does shipping work (the FAQs on shipping looked pretty vague)? Can you get more value if you accept payment in Benchmark credit for other wines rather than cash? Other things that were important to you I might not have thought of? Thanks in advance for any help.

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Re: Benchmark/Cellartracker Selling Process

#2 Post by Michael Martin » November 2nd, 2018, 1:07 pm

Where is the link? I don't see it on Benchmark or CT.

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Re: Benchmark/Cellartracker Selling Process

#3 Post by Eric LeVine » November 2nd, 2018, 1:08 pm

Most of the questions here are really between the prospective seller and Benchmark.

For posterity, let's link our FAQ here: https://support.cellartracker.com/artic ... collection

We have not actually done a broad announcement of this yet, just on our social media.
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Re: Benchmark/Cellartracker Selling Process

#4 Post by Michael Martin » November 2nd, 2018, 1:18 pm

Very cool.

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Re: Benchmark/Cellartracker Selling Process

#5 Post by Michael Martin » November 2nd, 2018, 1:52 pm

Just submitted some wines. Was told they want cellars $10,000 and above. Pfft.

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Re: Benchmark/Cellartracker Selling Process

#6 Post by Eric LeVine » November 2nd, 2018, 3:03 pm

Michael Martin wrote:
November 2nd, 2018, 1:52 pm
Just submitted some wines. Was told they want cellars $10,000 and above. Pfft.
Sorry Michael. Here is the guidance that we have in our FAQ:

Will Benchmark buy all of my wine?
Usually. Benchmark typically purchases collections that are greater than $10,000 but have flexibility on smaller collections that contain highly desirable producers such as DRC and Screaming Eagle. They are more than happy to take a look at any list that contains collectible, well stored wines that are in re-sellable condition.
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Re: Benchmark/Cellartracker Selling Process

#7 Post by Mark Y » November 2nd, 2018, 3:19 pm

I’ve sent them two lots. Definitely no where near 10k in value.

I sent them list. They send back what they want and what they pass on, And an offer. To me it was around 75-80% of WS.

They shipped me empty shipper boxes and labels. I put wine in. Pack. Label. Drop off at FedEx.

They receive. Validate. Send you a check.

Super easy.
Y.e.

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Re: Benchmark/Cellartracker Selling Process

#8 Post by Michael Martin » November 2nd, 2018, 3:21 pm

Mark Y wrote:
November 2nd, 2018, 3:19 pm
I’ve sent them two lots. Definitely no where near 10k in value.

I sent them list. They send back what they want and what they pass on, And an offer. To me it was around 75-80% of WS.

They shipped me empty shipper boxes and labels. I put wine in. Pack. Label. Drop off at FedEx.

They receive. Validate. Send you a check.

Super easy.
Through the CT link?

I sent them some 100 pointers through the CT link and got the “you’re too small for us” email in response.

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Re: Benchmark/Cellartracker Selling Process

#9 Post by Mark Y » November 2nd, 2018, 3:28 pm

yah.. through the CT link.. it was in 4 figures total value.. but low 4 figure.. not near 10K..
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Re: Benchmark/Cellartracker Selling Process

#10 Post by Mark Y » November 2nd, 2018, 3:33 pm

Sean Malloy wrote:
November 2nd, 2018, 12:30 pm
How does shipping work (the FAQs on shipping looked pretty vague)? Can you get more value if you accept payment in Benchmark credit for other wines rather than cash? Other things that were important to you I might not have thought of? Thanks in advance for any help.
Shipping is easy, see my post above.

I was not offered benchmark credit. i didn't ask either.. but it's a good point if you'd get more value if you got credit.

One thing i would note.. you send a list of say 100.. they migth take it all, they might take 90.. and say these 10 we'll pass/no demand/thank you.
After that you are not committed to selling the 90.. you can still pull some back.. so you can say ok of the 90 you'll take.. i actually want to keep 10. so here's the 80 i'm willing to sell - they'll give you revised offer etc..

it's all pretty basic communication.. never felt scammed or anything.. you sign a simple contract, ship the wine, get paid. done.
You won't get WS low.. it's 75-80% of WS low.. so i won't sell all the wines this way, but for some bottles, i don't mind getting a bulk deal done.. in part to save some headache as well.
Y.e.

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Re: Benchmark/Cellartracker Selling Process

#11 Post by Jeremy C » November 2nd, 2018, 3:44 pm

Mark, why did you choose to go this route vs. others (e.g., K&L)?
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Re: Benchmark/Cellartracker Selling Process

#12 Post by Mark Y » November 2nd, 2018, 3:57 pm

Hmm no idea honestly. Just tried it with the CT integration. Worked. So did it again.
Headache saving is critical to me. These aren’t drc bottles so a few % either way makes little difference.. 2-3% of $1000 is $20-30. Thus, Headache saving is key. :)
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Re: Benchmark/Cellartracker Selling Process

#13 Post by Jeremy C » November 2nd, 2018, 4:19 pm

Can’t argue with that.
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Re: Benchmark/Cellartracker Selling Process

#14 Post by Michael Martin » November 2nd, 2018, 4:25 pm

Mark Y wrote:
November 2nd, 2018, 3:28 pm
yah.. through the CT link.. it was in 4 figures total value.. but low 4 figure.. not near 10K..
Well I suck then and I am a customer of Benchmark.
Back to Commerce Corner for me.

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Re: Benchmark/Cellartracker Selling Process

#15 Post by YLee » November 2nd, 2018, 5:39 pm

I guess you would need to pay taxes on items sold?
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Re: Benchmark/Cellartracker Selling Process

#16 Post by Michael Martin » November 3rd, 2018, 4:14 am

YLee wrote:
November 2nd, 2018, 5:39 pm
I guess you would need to pay taxes on items sold?
IF you have a gain and held for more than a year, 28%. Less than a year, taxed at your income rate.
https://www.investopedia.com/articles/p ... -taxed.asp

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Re: Benchmark/Cellartracker Selling Process

#17 Post by Sean Malloy » November 3rd, 2018, 6:47 am

Everyone: Thanks for all the helpful replies. I think I may give this a try. Mark's point above is key to me: headache saving is the most important; a few percent of dollar maximization is not, as long as the offer is fair. I've been planning to rebalance my cellar from stuff that is really good but not my cup of tea anymore to other stuff that is. Maybe this will help me along.

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Re: Benchmark/Cellartracker Selling Process

#18 Post by Rob Weaver » November 5th, 2018, 9:06 am

I guess I did this the old fashioned way. I downloaded the wines that I wanted to sell into a spreadsheet and sent it to Benchmark. They responded with a timely and fair proposal and sent me all the packaging supplies needed and paid for overnight shipping of the wines.

A really painless process.

As an aside I sold around 50 good bottles in order to pay for a new John Deere tractor. There is something slightly disconcerting that 4 cases of wine and that beautiful green tractor have the same worth!

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Re: Benchmark/Cellartracker Selling Process

#19 Post by Eric LeVine » November 5th, 2018, 9:44 am

Rob Weaver wrote:
November 5th, 2018, 9:06 am
I guess I did this the old fashioned way. I downloaded the wines that I wanted to sell into a spreadsheet and sent it to Benchmark. They responded with a timely and fair proposal and sent me all the packaging supplies needed and paid for overnight shipping of the wines.

A really painless process.

As an aside I sold around 50 good bottles in order to pay for a new John Deere tractor. There is something slightly disconcerting that 4 cases of wine and that beautiful green tractor have the same worth!
I am just curious, did you do this before or after the "selling list" feature existed? And if after, is there a reason why you didn't use the integrated feature?
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Re: Benchmark/Cellartracker Selling Process

#20 Post by Rob Weaver » November 5th, 2018, 11:00 am

Eric LeVine wrote:
November 5th, 2018, 9:44 am

I am just curious, did you do this before or after the "selling list" feature existed? And if after, is there a reason why you didn't use the integrated feature?
I'm not sure actually. I did this about 2 weeks ago and if the feature existed then, I didn't know about it otherwise would have definitely used it.

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Re: Benchmark/Cellartracker Selling Process

#21 Post by Steve Brickley » November 5th, 2018, 9:36 pm

I sold six cases of wine. Gross amount was $4,500. They paid half the shipping. I provided boxes. I shipped straight from Wine Bank to them. Seemless and a good transaction. As with almost any arms length sale, I felt decent value and I imagine they did too. I’d do business with them again. Now, that said, if you are trying to maximize your sales price and don’t mind the hassle, then other avenues may provide you with a higher sales price. Erik and BWG simply made this easy. Check came in the mail within a week of them receiving the wine.
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Re: Benchmark/Cellartracker Selling Process

#22 Post by Neal.Mollen » November 6th, 2018, 4:31 am

Steve Brickley wrote:
November 5th, 2018, 9:36 pm
I sold six cases of wine. Gross amount was $4,500. They paid half the shipping. I provided boxes. I shipped straight from Wine Bank to them. Seemless and a good transaction. As with almost any arms length sale, I felt decent value and I imagine they did too. I’d do business with them again. Now, that said, if you are trying to maximize your sales price and don’t mind the hassle, then other avenues may provide you with a higher sales price. Erik and BWG simply made this easy. Check came in the mail within a week of them receiving the wine.
Just curious: what percentage of retail/WS best price did you realize? Or did you not calculate that
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Re: Benchmark/Cellartracker Selling Process

#23 Post by Rob Weaver » November 6th, 2018, 6:07 am

Neal.Mollen wrote:
November 6th, 2018, 4:31 am
Steve Brickley wrote:
November 5th, 2018, 9:36 pm
I sold six cases of wine. Gross amount was $4,500. They paid half the shipping. I provided boxes. I shipped straight from Wine Bank to them. Seemless and a good transaction. As with almost any arms length sale, I felt decent value and I imagine they did too. I’d do business with them again. Now, that said, if you are trying to maximize your sales price and don’t mind the hassle, then other avenues may provide you with a higher sales price. Erik and BWG simply made this easy. Check came in the mail within a week of them receiving the wine.
Just curious: what percentage of retail/WS best price did you realize? Or did you not calculate that
I did make that calculation. Received 15k instead of 18k, but felt that was fair. These were all collectible bottles, including some DRC, so maybe not completely representative of normal discount rate.

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Re: Benchmark/Cellartracker Selling Process

#24 Post by Neal.Mollen » November 6th, 2018, 6:09 am

Thx Rob
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Re: Benchmark/Cellartracker Selling Process

#25 Post by Frank Drew » November 6th, 2018, 7:09 am

Michael Martin wrote:
November 2nd, 2018, 4:25 pm
Mark Y wrote:
November 2nd, 2018, 3:28 pm
yah.. through the CT link.. it was in 4 figures total value.. but low 4 figure.. not near 10K..
Well I suck then and I am a customer of Benchmark.
Back to Commerce Corner for me.
Michael, I’ve bought a bunch from Benchmark but have never sold; there are lots of terrific wines that they never seem to offer, so I assume that they know their market and what wines won’t sell easily, no matter how good.

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Re: Benchmark/Cellartracker Selling Process

#26 Post by Steve Brickley » November 6th, 2018, 9:37 pm

Neal.Mollen wrote:
November 6th, 2018, 4:31 am
Steve Brickley wrote:
November 5th, 2018, 9:36 pm
I sold six cases of wine. Gross amount was $4,500. They paid half the shipping. I provided boxes. I shipped straight from Wine Bank to them. Seemless and a good transaction. As with almost any arms length sale, I felt decent value and I imagine they did too. I’d do business with them again. Now, that said, if you are trying to maximize your sales price and don’t mind the hassle, then other avenues may provide you with a higher sales price. Erik and BWG simply made this easy. Check came in the mail within a week of them receiving the wine.
Just curious: what percentage of retail/WS best price did you realize? Or did you not calculate that
Neal, in my view I left them with $1,500 in profit, so their resale is $6,000.
Steve

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Re: Benchmark/Cellartracker Selling Process

#27 Post by Mark Y » November 6th, 2018, 11:26 pm

I also think it's around 75-80% of WS low value..
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Re: Benchmark/Cellartracker Selling Process

#28 Post by Neal.Mollen » November 7th, 2018, 4:48 am

Thanks gents.
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