Costs & logistics
Legal title and ownership
All purchases are accompanied by a reference number in order to track cases stored in bond. No purchase can be completed without a reference number. Upon payment of an invoice, a transfer warrant is issued indicating the wine you have purchased and where it is stored. This is a signed document that gives legal title to you as the owner. In addition, we will issue a stock certificate indicating a ‘buy price’ for your records. NB. New clients are obliged to reserve cases with a holding deposit via credit card until a trading record is established.
All sales are confirmed in writing by post or fax or email. A transfer warrant is issued once more, reversing title of the wine and a further stock certificate is issued for your records. Monies are then transferred directly to your account, less our commission (see further).
Storage, insurance and delivery
All wines are stored in registered bonded warehouses. The location of the wine is shown on the transfer warrant.Our main storage is at London City Bond,Burton on Trent,Staffordshire,UK.We give clients full access to check their wine case/s if required.Hence the transparency.
Whilst in bond your wine is:
- Storage and insurance paid for one year £9.36 per annum (approx. €10 per annum).
- Maintained in optimum conditions.
If you would like your wine delivered or would like to collect it yourself for drinking, please consult us for delivery times. Or, you may wish to have the wine transported to a local bonded warehouse, in which case our shippers will be happy to quote on country destinations and relevant charges.
As you would expect, tax laws are different all over the world. We will do our best to comply with all your tax requirements. In the main, wine remains free of income tax, inheritance tax and capital gains tax, as long as you are not trading on a regular basis.
Commission and charges
All wine is sold with one year’s storage and insurance included. There is no commission for buying. The charge for selling your wine is 15% of the net profit (this charge excludes any additional charges if sold at auction), i.e. a case of wine bought for €1000 and sold for €1500 will attract a commission charge of €75. This means you receive €1425, sent directly to your account.
In addition to your wine being fully insured against damage and theft, it is important to remember that the wine is your asset, completely independent from Wine Asset. You are not obliged to sell your wine to us and may use any other broker to do so. Your wine assets are tangible, protected and available at all times. The reference numbers allocated to cases will indicate your details, ensuring easy access and collection by you directly.