I notice on Winbid that the prices on a lot of wine keeps going down…does anyone know how they determine prices? For example - in Jan of 2022 SQN Distenta I was going for $439…now it’s down to $200/bottle. I was curious if they like ask the consigner if they can lower it? I also found it interesting they have the same price across all lots.
Generally curious about the platform. Bought a few bottles from there no problems at all…
The default is to set the opening price based on past sales, keep it for 4 weeks, and then decrease one increment until sold. The consignor can choose to impose their own price but after a certain period unsold it will revert back to WB’s algorithm. It doesn’t seem to be worth keeping an eye on something and pressing your luck on a price cut very often. Usually one or two increments is enough to move it. I’ve seldom had any consignment take more than a few weeks to sell in full.
I buy from Winebid on a regular basis and have for years. Never a problem. Never a bad bottle. Great source to backfill, find good wines at below release pricing.
How do they define an “increment”?
Depends on the price of the item, just look at the bid increment on the listing.
They dont lower by bid increment, those are here:
Id say they drop the opening price by 5-10% give or take, so may $5 ON A $50 bottle or $10 on a $100 or $200 bottle.
I agree with Keith, i dont wait for reductions, if i want a wine at the price then i bid. Its generally lower than retail, and they appear to be good about following demand and lowering prices over time, as the SQN price trend indicates.