A live online market place launched by merchant Bordeaux Index has turned over £1.5m in its first week of operation.
Live Trade allows registered users to buy and sell 60 of the world’s leading wines online. It is open both to the trade and to private customers.
The screen displays guaranteed buying and selling prices for the wines – currently focused on top-end Bordeaux, but likely to expand to include top Burgundy and Champagne in the future.
Bordeaux Index associate director Tom Mann said Live Trade’s first week of trading had been ‘extremely positive’.
‘It’s early days, but in a week’s trading we’ve done about £1.5m through it.’
Buying and selling had so far been split about 50-50, he added, with private clients mainly buying wine and the trade looking to sell. So far, about 40% of those trading had been private individuals.
‘Anybody used to using a City trading platform should find it easy to use,’ Mann said.
‘If someone in Hong Kong wants to buy or sell wine at two o’clock in the morning, then they can – and they already have.’
He said the company planned to let the new system settle in before considering its expansion. ‘There’s no reason why we can’t include Champagne, other Bordeaux and lesser Burgundy in the future. The potential for expansion is huge.’
Written by Richard Woodard