Terms and condition summary for Sellers
Key terms worth knowing when selling wine through Wine Owners.
- Wine Owners operates a peer-to-peer trading exchange. That means you are entering into a contract directly with your buyer, who is likely to be a private collector or a trade buyer: please be prepared to honour your contract of sale with buyers.
- Market level pricing estimates are created as a guide for sellers to determine the best selling price, but low liquidity in many wine markets means that it's always worth checking before offering for sale. We offer guidance or you can cross-check best market prices on Wine-Searcher.
- As soon as the trade settles and completes, we will transfer sales proceeds credited to your Wine Owners client account to your nominated bank account.
- Please don't sell wine without checking that you still own it, and please don’t run the risk of offering wine for sale elsewhere if it’s also offered for sale on Wine Owners. Make sure your offers for sale are valid and check your emails for reminders of offers that are due to be automatically renewed every 3 months. You can remove an offer for sale at any time.
- If you sell wine that you no longer own you will be liable to find a replacement case of the same wine, or else Wine Owners will source one for you and will invoice you for any difference in price, however much that may be.
- Wine Owners role in the trading process is to receive and make payment on behalf of you and the buyer. Wine Owners further organises inspection reports and coordinates logistics also on behalf of you and the buyer. We also undertake a mediation role in the rare circumstance where something goes wrong. In these cases we will step in to enforce a trade between a buyer and seller or will mediate an alternative resolution.
- Immediately following a trade we may ask you to transfer wine to a Wine Owners storage account to speed up the settlement process, whether or not payment has already been received by the buyer. The wine is stored with us until payment is received and we can complete the trade. If your wine fails a pre-settlement inspection report the trade is cancelled and you can either relist the wine for sale, store it in a Wine Owners sub-account in your name, or request it to be returned to another of your storage accounts.
- Transfer of title occurs between buyer and seller at completion of a trade. If a trade fails for any reason, Wine Owners shall not stand behind the trade and therefore can only put the buyer and the seller back into their respective positions before the transaction occurred by cancelling a trade. If you have transferred wine to Wine Owners it shall be returned or can be stored by us on your behalf.
- The fine wine exchange is anonymous for private sellers and buyers. Your private seller references will be shown on an invoice generated by the Platform to a buyer. The only circumstance your identifiable details will be disclosed to your counter party is if mediation cannot resolve an issue, in which case seller and buyer details will be exchanged.
- When selling wine valued at £1,000 or more per case we require you to have it inspected. Either you can procure a inspection report from your current storage provider, or we can organise that for you on your behalf at cost when you transfer your wine to us after a transaction has taken place, in which case we will recharge you £10.50 per report. If you choose to transfer your wines that you wish to offer for sale to a Wine Owners’ storage account before a transaction, inspections are undertaken by us free of charge and the first 3 months’ storage will also be free of charge as long as your offer price at or below current best market price. Call us for further details.
- There are separate additional terms and commitments required for selling en primeur wines. Please do not list wines for sale that are not physically in one of your storage accounts without prior authorisation. You should presume that offering for sale en primeur wine ion the Platform is prohibited, unless you are exceptionally exempted.
- Wine Owners offers competitive storage rates for opening a storage account in your own name, within the best fine wine warehouses in the world, which will also facilitate quicker settlement of trades and means less work for you since we organise all post trade activities.
- Please do not offer wines for sale that are not within your control, and that cannot be delivered to your buyer through Wine Owners within 5 working days. If you are selling wine on behalf of a client (brokerage or consignment) , you will still be expected to honour the contract with your buyer if your client refuses or is unable to supply the wine you have sold for them. You will be asked by Wine Owners to source a replacement in the market, whether or not the current market price is a higher price than the failed trade, and your liability for replacement case is to the buyer. To facilitate any claim against you by the buyer we will disclose your full contact details to them.
- Your selling price on the exchange must be all-inclusive (excluding delivery and before your trading commissions are deducted). You are prohibited from selling duty paid wine. If you are a Trade member representing themselves as a Private member, and if you attempt to sell duty paid wines, you shall be in breach of these Platform terms and conditions and your liability in respect of any sales taxes that would otherwise have been payable shall be unlimited.
For Private sellers
Additionally for Trade sellers
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