Fine wine stock exchange prepares to launch
14th March, 2013 by Rupert Millar
Cavex, a new fine wine stock exchange will go online later this month providing an open trading platform for private collectors and the trade.
Cavex co-founder, Stephen Maunder, has said that the platform will be added competition for Liv-ex’s Cellar Watch and in particular Berry Bros & Rudd’s BBX.
Speaking to the drinks business Maunder said: “We believe we are filling in a gap in the market. Are we competition to BBX and Liv-ex? Yes but their business models are very different, Liv-ex is for the trade, BBX is open for private consumers but you have to move your wine into the Berry system.”
By contrast, Cavex is “universal” and primarily designed to provide a live trading platform for collectors, as well as offering portfolio management.
Cavex take a 3% commission from both the buyer and seller, those involved in the trade must be members of Cavex and the wine must be stored in bond in the UK.
Apart from that, there is no limit to the amount of wine involved in each trade from cases down to bottles.
“It’s purely down to the judgement of the seller if it’s economical to make that trade,” said Maunder.
Although the platform is primarily aimed at private collectors, Maunder added that it would be open to the trade as well.
Maunder is a veteran of both the City and Bibendum’s Fine Wine division, his business partner and co-founder Daniel Haig has been in the wine trade for seven years, having held posts at John Armitt, Bibendum and South Korean fund Wine Networks.