Wine fraud over the last decade has become a huge problem for the wine industry, and buying and selling wine has become increasingly more difficult when trying to ensure you’re getting the stock you’ve paid for. This issue has become so big, that even traditional wine merchants and wine auction houses are not exempt from its greedy clutches – in fact, a counterfeit case between New York wine auction house Acker Merrall & Condit and a famous wine collector took over 6 years to settle.
So, what’s the first step you should take? Luckily the Wine & Spirit Trade Association (WSTA) have compiled this useful PDF detailing some common pitfalls along with a thorough checklist of what to avoid.
WSTA is an industry body that campaigns for transparent and fair industry practice, offering support and advice. Given that, almost three-quarters of the UK trading standards investigations are concerned with illegal alcohol, they have a tough and important role to play.
Their wine investment advice is both thorough and wise: KNOW your product – what you want, its market value. KNOW your source – who are you buying from, where has the wine been. KNOW your logistics – paperwork, transport storage, tax, dates.
With bodies like the WSTA pushing for increasing transparency and regulation, things are certainly moving in the right direction when buying and selling wine.
You can also read our blog on ‘Key factors to consider when deciding how to sell wine online‘, which will guide you through what you need to think about when selling wine.
The Author
