Wine Owners to allow multicurrency valuation13th February, 2014 by Rupert Millar
Fine Wine portfolio management platform, Wine Owners, has allowed users to value their portfolios in different currencies to cater to a trend of “jurisdictional diversification”.
The currencies will be comparable in real time through exchange feeds.
This new addition to the platform should make it easier for members in Hong Kong, China, Japan, Europe an the US to access the secondary market, particularly as many will have wine stored in the UK.
In addition to seeing price fluctuations in real time, members will also be able to look at price history, compare wine markets and evaluate market levels in the currencies of their choice as well.
Nick Martin, founder of Wine Owners, said: “The fine wine market has lagged far behind other many other sectors that invested in online self-service and portfolio management tools and that provide professional standards of market access to consumers.
“Wine Owners has changed all that, enabling private collectors or investors to make properly informed decisions with a platform purpose-built for their needs. In the period since launch last June, members’ portfolios managed on the platform amount to £42,000,000 and collectors are adding £6,000,000 of new wine each month.
“Our trading volume has also been doubling quarter on quarter so the addition of multicurrency we envisage will accelerate this while enhancing our members’ experience and consolidating their direct access, at affordable rates, to the global secondary wine market”.