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chris_p
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Hi, new member

Post by chris_p » 22:50 Tue 05 Mar 2013

Hi, not probably the normal of introductions but thought that this would be a very good place to try and find out some info to help my gran.

Basically my Grandad passed away last year and he had bought some port many years ago and put it away into storage and left it. My gran remembered about it and has said that rather than keep it she'd like to sell it.

What she's got is 3 unopened cases of Warres 1977 vintage port, I've looked it up and it seems to be a good one and prices seem quite high but i've got no idea where to start other than possibly sotherbys?

Can anyone help me out on where would be a good place to contact?

Many thanks
Chris

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DRT
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Re: Hi, new member

Post by DRT » 23:17 Tue 05 Mar 2013

Hi Chris,

Warre 1977 is indeed a good vintage port and is very marketable. Whilst Sotheby's or Christie's might seem like a good option you might find that the cash you get after deducting the auctioneer's fees isn't great. That is especially true of a port like Warre 1977 as it isn't particularly rare so the price is somewhat stable so you are unlikely to find someone willing to pay over the odds for it.

If you have an idea of what you want please post it here. You might find people here willing to pay your price without having to give a cut to the man with the hammer :wink:

Derek
"The first duty of Port is to be red"

Ernest H. Cockburn

chris_p
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Re: Hi, new member

Post by chris_p » 00:14 Wed 06 Mar 2013

Hi Derek,

Thanks, I'll need to find out what is considered to be a fair price, most places seem to be out of stock online but range from £80 to £95 a bottle. Appreciate that auctions will sting you for the selling fees which I believe is 15% roughly.
Depending how it goes I'm considering opening a case as I'd like to keep a bottle and one for my gran to have.
If anyone is interested I'm in Guildford, all cases have been stored in a cool dark place and the correct way up according to the box.

Cheers
Chris

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DRT
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Re: Hi, new member

Post by DRT » 00:34 Wed 06 Mar 2013

Chris,

I'm not sure where you are looking for prices but a 10 second search reveals this...
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Add VAT to those prices and they are well under your estimate. You then have to consider that these retail prices are being offered by well respected wine merchants. Selling private stock either by auction or in a private sale is never going to get you retail price. It is more likely to yield half of what you are estimating.

Derek
"The first duty of Port is to be red"

Ernest H. Cockburn

chris_p
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Re: Hi, new member

Post by chris_p » 08:11 Wed 06 Mar 2013

Derek,

I just googled the name and for sale, majestic wanted £95 per bottle and there were a load of other online shops selling from around £80 up.
Googled again but wine merchants selling warre 1977 and its given the same as you found.
OK so cheapest there per case of 12 is around £691, if I was asking £600 that seems fair from what you say,

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AHB
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Re: Hi, new member

Post by AHB » 16:25 Wed 06 Mar 2013

Chris,

I think you are being too ambitious on your pricing. Warre 1977 sells at auction for £40-45 per bottle, including VAT and buyer's premium. That's a hammer price of £34-38 and a net price to the seller of £28-32.

On that basis, if you sell through auction you would expect to receive £335-385 for the case.

I'm probably not typical of a potential buyer of Warre 1977 in that I am not buying a great deal of port, but if you offered this at £360 per case I would probably buy. At £480 per case I cartainly wouldn't. At £600 I would think that you were being unrealistic.

You've considered a private sale (through this board or similar) and auction. Another option you might want to consider is a sale through a wine merchant. Seckford wines will buy small parcels of well stored ports and there are other wine merchants who will do the same - look up a couple of local wine merchants in your local Yellow Pages.

And if you decide to go the auction route I would suggest you consider Dreweatt Neate rather than Sothebys. Sothebys are great if you have large amounts of wine to sell or if you have very top end wines, but would not (in my opinion) offer as good a service as Dreweatt Neate to someone selling a small parcel of wine. But I have to say that this opinion is mainly formed from the view of the buyer at auction, not the seller!
Top Port in 2017 (so far): Graham Stone Terraces 2015 and Quinta do Vesuvio 1994
2016 Port of the year: Cockburn 1908

chris_p
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Re: Hi, new member

Post by chris_p » 18:52 Thu 07 Mar 2013

Thanks for the advice, I've no idea of value so thought a port forum would know where to try. I'll give the people a try you have suggested. Seems that the shops over price it greatly then.

Glenn E.
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Re: Hi, new member

Post by Glenn E. » 01:43 Fri 08 Mar 2013

chris_p wrote:Thanks for the advice, I've no idea of value so thought a port forum would know where to try. I'll give the people a try you have suggested. Seems that the shops over price it greatly then.
At the very least, prices vary greatly. Whether or not it is actually overpriced depends on whether or not you have access to auctions. When you purchase at retail you're gaining a certain sense of security that comes from the backing of the shop. When you purchase at auction, buyer beware is the rule.

That said, face-to-face sales are typically closer to auction than retail, and you do have to remember to factor out the buyer's premium (typically around 20%) that auction houses like to include in their sales prices as it makes it look like they're providing a better service to the sellers.
Glenn Elliott

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