good friend is opening a restaurant this fall and he’s looking to purchase and consign wines for his list.
focus on burgundy, bdx, italian, champagne.
doesn’t all need to be super high end - things like good brunello with 5-6 years of age is great. purchase price would be at market price, consignment would be a bit more.
i think this can be a great oppty for folks that have 6 of something and want to sell or consign 3 and so on.
please reach out and thanks for reading.
Not in LA area, but curious. How does consignment work?
instead of an outright purchase and transfer of ownership, a consignor consigns wine to the restaurant (all terms tbd) and is paid upon sale.
the potential upside to both sides is (a) the buyer will likely realize more than she would than with an outright sale and (b) the restaurant has access to wines they may not be able to list otherwise because of rarity or cost.
example 1: a burgundy with a market price of $1,000 can be consigned for 50% sale price terms and be listed by the restaurant at $2300, when the typical markup would be closer $3000.
example 2: a burgundy with a market price of $1,000 can be consigned for a minimum $1200 payout and the restaurant can list it for whatever it wants, say $1700. which might be a screaming deal and a $500 bottle profit when the typical bottle profit might be $150.
who’s on the hook for a consigned corked bottle?
one of the many things that’s negotiated up front.
Has your friend confirmed the legality of buying/selling consigned wines from private collectors? In other words: does their liquor license have restrictions that would prevent this practice?
I think this id sn awesome idea, just wondering why it hasn’t been done more often.
It’s very common for the restaurants that do it.
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are you mattccheung?
your messages didn’t come through either @ybarselah
@ybarselah I would be curious what % of restaurants in NYC with high end wine lists do you think have at least some portion of their lists consigned? I bet it is pretty high.
depends what you mean by high end wine lists, but it would be pretty for you to see just by looking at the lists.