Hi, I’m considering selling some wine, roughly 640 bottle, to wine.com and they have agreed to a direct purchase. I like the fact they will pay for it upfront as opposed to on consignment or auction. Pricing seems to be only 10% less than what I’ve been offered on auction pricing.
Comments appreciated in advance.
Give K&L a call, they buy upfront as well.
+1
Might also checkout Benchmark. We’ve done business with them for many years.
I’ve spoken to K&L and they aren’t willing to purchase the wine upfront and would prefer to auction it. It’s a sizable amount and I don’t think K&L is comfortable laying out that much cash. I did send it to Benchmark but they never got back to me with a response.
Wine.com has a reasonably large pool of capital to work with. PE money at this point, so probably better able than others to do this kind of business.
Question on this, I have around 100k in wines im looking to sell, what is the best way going about that? Selling direct to wine.com or benchmark or going to auction with it? Most wines value from $500-$2000+
Put them in excel and shop the list around. Once you have numbers, can gauge risk of auction estimates compared to actual prices paid by retailers.
+1
My experience is that wine.com was the only retailer willing to give me a cash offer for the bottles I was going to sell. It was well over $100k of wine and I compared it to the auction estimates I got and it was lower than the high end auction estimates, roughly 10%, but then I have to wait as bottles sell. For what I wanted to sell I would prefer to get a lump sum upfront and was willing to give up some cash for that. If I had a smaller number of bottles I probably would have sent to auction, but with what I was selling I prefer the lump sum and not waiting.
Interesting thread. Because Wine.com is much better capitalized vs say most wine stores that do auctions, etc, it seems they can use that capital to offer people a better price to purchase wine vs consign/auction vs the range of other competitors. Should be a strategic advantage for them.
Thought I would post that this transaction was completed successfully and no issues what so ever. Money was wire transferred into my account promptly.
I emailed them my wines over 2 weeks ago and never even got an email back and i re emailed a week later (cellar value of around 150k)