Auction house Langton’s has launched the first online Australian fine wine futures market.
With offerings from Cape Mentelle, Leeuwin, Cullen and other premium producers, the 2007 Great Wine Estates of Western Australia En Primeur Campaign allows consumers access, via the internet, to a limited quantity of this year’s vintage before it hits the open market.
While live barrel auctions have been held every two years in Margaret River since 1996, Langtons managing director Stewart Langton said the online platform would enable ‘thousands if not tens of thousands of fine wine buyers in Australia and all around the world’ to participate.
The move reflects the auctioneers’ increasing presence in the online secondary wine market. The technology was developed and tested with the 2004, 2005 and 2006 Bordeaux primeur campaigns.
As with standard en primeur transactions, interested parties will pay in advance for the wine which will be released and shipped at a later date, specified in the offer.
Examples of per bottle prices include Vasse Felix Heytesbury Cabernet Sauvignon, offered at AU$56 (£24.50), delivered in 2010, Leeuwin Estate Art Series Chardonnay at AU$70 (£30.52), delivered in 2010 and Cullen Diana Madeline Cabernet Merlot at AU$85 (£37), delivered in 2009.
There is no buyer’s premium, and if the wine is exported, the buyer is entitled to a Wine Equalisation Tax rebate of 29%.
The offer is open until 18h00 (GMT + 11) on 10 December 2007 – or when the wine runs out.
Written by Maggie Rosen