Vinetrade to close

To our customers,

18 months ago we set out to build a marketplace for fine wine owners. Our mission was to introduce technology to an antiquated market, and in doing so, increase the efficiency of wine trading and provide a better deal for those of us who trade wine.

To some extent, we were successful. We built a technical platform, launched our iPhone app, collected unique price data and, most importantly, facilitated trades. Our buyers were able to source wine at great prices, and our sellers were able to get a better deal than selling through a traditional merchant.

In order to get this far, we had to overcome many challenges. Unfortunately, there are many more rocks in the road ahead (payments, logistics, the current depression in the market). As a small team with limited resources, operating in a niche market, we have taken a view that these challenges are not currently surmountable. For these reasons, we have made the difficult decision to close Vinetrade.

Starting today, we will begin shutting down our services and winding down the company. Our website has now closed, and we are not accepting any new trades. All trades in progress will be completed, payments made to sellers and wines transferred to the private accounts of buyers. We are working with Nexus Wine Collections to ensure that all clients who store their wine with us have their own, independent, account.

If you’re reading this and have any questions about our closure, an interest in our technology, or opportunities for the future, please do not hesitate to get in touch.

Finally, we would like to say a big thank you to everyone involved with Vinetrade for your support and for taking a chance on us.

James Maskell (@jmaskell)

Redesign of our marketplace

Since September, we’ve been working on new features and improved overall experience to the Vinetrade platform. Last week, we launched a redesigned marketplace.

The new marketplace offers a vastly improved browsing experience with many of the changes based on feedback gained from our customers. Logged out visitors are now able to browse and search our wine lists, cases with stock are highlighted and our new order form provides a clear breakdown of cost and availability. In addition to the new marketplace we have created a new company information page, profiling our directors and investors.

Over the coming months we will be able to market our client’s stock to a wider audience and continue to work hard to reduce the barriers involved with buying and selling fine wine.

All of the stock listed on our marketplace is held by our clients – Vinetrade does not hold stock itself. Our aim is to build a marketplace where wine owners can trade transparently and without giving away significant chunks of the sale price to merchants.

Arthur Coggill Joins Vinetrade

As London enjoys another scorching summers day, Vinetrade welcomes its newest team member, to the role of Sales & Marketing Manager, Arthur Coggill.

Arthur standing on our roof terrace trying not to be blinded by the July sunshine.

Arthur started in the trade back in 2007, joining Majestic Wine on their graduate scheme, like so many of the best in the business, and started working towards his WSET diploma in 2010, before being offered the chance to learn the ins and outs of the higher echelons of the wine world, at the Korean backed Fine Wine trading company, Wine Networks. Working alongside some of the more experienced wine merchants, he has gained valuable insight into the investment and commodity side of the wine trade, an experience that has him well placed to take Vinetrade centre-stage. With a love for fine wine, old world classics and knowledge of the best of the new, we liked to give him a very warm welcome on board.

Arthur will be working with us out of our offices at White Bear Yard in East London. He will be the main point of contact for our clients over the next few months – you can say hello to him by sending a tweet to @vinetrade.

Welcome to Vinetrade

Welcome to Vinetrade!

This is a short blog post to introduce you to our new service, provide you with some background and give you a guide to our current roadmap.

As I write this, the fine wine market suffers from an aversion to the use of technology. Many merchants do not list their stock online (and when they do it is in a PDF or Excel spreadsheet) and the process of buying and selling wine can take many weeks. On top of this, individuals must arrange their own storage, needlessly transport wine around the country (or continent) and deal with a pile of paper invoices. At a time when wine is a popular alternative investment we are aiming to lower the barrier to entry.

Our website currently has the following features:

  • Browse Wine Listings – find a wine (our selection is currently limited but will be expanding rapidly), submit a buying enquiry.
  • Price Data – view the price history for specific wines – see how it has performed in the past 30 days.
  • Watchlists – add a wine to your “Watchlist” if you want to track it’s performance. We’ll update you on the performance of wines you watch every week.
  • List your wine for sale – if you own fine wine you can list for sale on our website. You set the price – we find a buyer.

We have a number of other features in the pipeline, including:

  • iPhone app – track wines that you have on your Watchlist and view wines in your portfolio (with a photograph of the individual bottles) – all on your iPhone.
  • Price comparison tools – compare the prices of wines, find the best value wines and view detailed price data.
  • APIs – use our data for your own services. Extra tools for wine merchants.

Many of these features are currently only available to those with a Vinetrade account. As we’re currently developing our services accounts are available on an invite only basis. If you’re interested in giving our service a test you can request an invite.

If you’re interested in working with us drop us an email. You can also follow @vinetrade on Twitter.