WineBid
This is practice.[1]
WineBid[edit]
WineBid is an online wine auctiononline wine auction with 2018 sales of $31 million, according Wine Spectator.[2] WineBid was founded by Chicago-based entrepreneurs Darren Nakos and Chuck Parsons in 1995. [3]Working out of a wine storage warehouse in Napa, WineBid held bi-weekly sales starting in 1996. [4]WineBid was seen as an online alternative to the live wine auctions at traditional auction houses including Sotheby’s Sotheby'sand Christie’s. In 1999 the company reported sales of $6 million.[5]
In 1998 The Walter Group, a Seattle-based investment firm, invested in WineBid. The main warehouse remained in Napa. The company also had warehouses and employees in Elmhurst , Illinois, Sydney, Australia, and London, England. In 1999, Ursula Hermacinski left her position as head of Christie's West Coast wine department to become executive vice president of WineBid.[6] In 2000, Jerome Zech was hired as CEO. [7] In 2001 Hermacinski left WineBid. [8]
After the dotcom bust in 2000 the company closed the London and Sydney offices. In 2003 the company reported profitability for the first time. In 2005 it reported sales of $20 million, making it the third largest wine auction of any type in the United States, according to Decanter. [9]WineBid opened a Hong Kong office in 2012 but closed it in 2018. WineBid acquired Peloton Imports, a wine importing company, in 2012, and in 2014 started a Peloton Imports website to sell the wine it imported from wine producers in Europe. As online wine auctions became more mainstream [10] WineBid recorded sales of fine wines such as Domaine de la Romanee-Conti La Tache,Domaine de la Romanee-Conti Château Lafite-Rothschild,Lafite-Rothschild Chateau Petrus Chateau Petrus and Sine Qua NonQua Non cuvées. In 2019 top selling lots at WineBid included 2000 Domaine de la Romanee-Conti Romanee Conti, won at $13,000; a magnum of 2012 Domaine de la Romanee-Conti La Tâche, for $7,500; and 2000 Domaine Georges Roumier Musigny, won at $7,000. [11] In 2014 WineBid auctioned a single bottle of 1995 Sine Qua Non Queen of Hearts Rosé for $42,780, the highest price ever paid for a bottle of rosé at WineBid. [12] The Wall Street Journal [13]and Bloomberg,[14] among other news sources, have noted the increasing popularity of online wine auctions.
In 2017 WineBid was acquired by Third Leaf Partners,[15] a San Francisco-based investment and management company with a portfolio of beverage and hospitality brands in the United States, Europe, South America, South Africa and Japan. In 2019 Third Leaf appointed Russ Mann as WineBid CEO. [16]
In 2019 WineBid worked with The Economist to study the investment potential of fine wine over time.[17]
References[edit]
- ↑ Meltzer, Peter (January 24, 2019). "online auctions". Wine Spectator.
- ↑ Meltzer, Peter D. (January 24, 2019). "Global Wine Auctions Exceed $479 Million in 2018". Wine Spectator.
- ↑ Walker, Leslie (April 15, 1999). "Internet Auction Resource Guide Bidding for a Slice of Web Trade". Washington Post: E1.
- ↑ Meltzer, Peter D. (September 15, 1999). "Bidding on the Web". Wine Spectator.
- ↑ Meltzer, Peter D. (March 31, 2000). "1999 Auction Sales Soar 37 Percent Above '98 Level". Wine Spectator.
- ↑ Meltzer, Peter d. "With the advent of the Internet, wine collecting is just a click away". Wine Spectator.
- ↑ "WineBid Will Continue To Grow At Record Pace Says Outgoing CEO". PR Newswire. Retrieved October 18, 2018.
- ↑ Meltzer, Peter D. (May 31, 2001). "Ursula Hermacinski Leaves Winebid.com". Wine Spectator.
- ↑ Goldberg, Howard G. (March 2006). "Auction News". Decanter.
- ↑ Stimpfig, John. "US Online Auctions Go Mainstream". Decanter.
- ↑ "WineBid Leads Global Online Wine Auctions in Q2 with Over $6.7M in Wine Auction Sales and 70,000 Visitors a Month". Wine Industry Network Advisor. Retrieved August 27, 2019.
- ↑ Yeom, Daniel. "A Bottle of Rosé Just Sold For $42,780". Punch. Retrieved May 23, 2014.
- ↑ Teague, Lettie (October 15, 2011). "Click, Click, Sold! Bidding for Bottles Online". Wall Street Journal.
- ↑ McCoy, Elin. "How to Buy Wine at Auction – and Why You Should". Bloomberg. Retrieved September 2, 2016.
- ↑ "Napa's WineBid selling to Third Leaf Partners–led group". North Bay Business Journal. Retrieved June 8, 2017.
- ↑ "WineBid Appoints Russ Mann as CEO to Expand Leadership in Global Online Wine Auctions". PR Newswire. Retrieved January 15, 2019.
- ↑ "Burgundy wine investors have beaten the stockmarket". The Economist. Retrieved August 24, 2019.
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