Fine wine news

James Miles, director of the Liv-ex Fine Wine Exchange, has championed the idea of creating a separate supply chain for fine wine away from commercial wine logistics infrastructure.

In an interview with 12x75.com, he highlighted the benefits of such a system, claiming that currently it requires "too much movement".

This, he stated, is "risky, expensive, bad for provenance and results in slow working capital cycle time".

Instead, a central depository for fine wine would mean that investors could keep wine in one place while they continue to trade, only releasing bottles when they are ready for drinking. This would potentially preserve the wines for longer and reduce the risk of damage.

It is just one of the ideas that Liv-ex is utilising technology for in the market.

Commenting on its L-Win system, Mr Miles told the website that the unique identifier system will "contribute to much lower costs by facilitating communication with customers and suppliers and also help people to better organise and populate their wine databases with value-added information".

Posted by John Yates