Gary Boom Q&A: The fine wine platform changing how you trade - Spear's Magazine

Gary Boom Q&A: The fine wine platform changing how you trade

Gary Boom Q&A: The fine wine platform changing how you trade

Gary Boom, CEO and founder of Bordeaux Index, tells Spear’s about the benefits of the merchant’s world leading fine wine trading screen, LiveTrade.

How does Bordeaux Index’s wine trading platform work?

Bordeaux Index is now the largest buyer and seller of fine wine in the world (over half our turnover comes from the UK). We operate the world’s only fine wine trading screen, LiveTrade, which lists the top 500 wines in the world.

On the screen, we make a firm buying and selling price, which adds transparency to the market. So on all these 500 wines, you will see a live, guaranteed price for the world’s top 500 wines. If you’re then going to transact on that, there are no fees whatsoever. No commission, no hidden charges.

BI operates the world's only fine wine trading screen, LiveTrade
BI operates the world’s only fine wine trading screen, LiveTrade

How is LiveTrade different from other wine trading resources?

All wine merchants in the world will sell you wine, but when it comes to buying your wine back off you they are less than transparent, shall we say. Bordeaux Index is not like that – we make a firm buying and selling price. If you can see the spread that we are making, or the margin that we’re taking, it is typically five or six per cent on the world’s top wines.

Because we make such small margins, we publish the prices, and you can deal on this screen 24/7 – this is what has enabled us to grow to the size that we are. This year, we expect to trade over £100 million pounds worth of wine on the exchange, and I must stress that this is the only platform in the world where you can see a live buying price for your wine.

What are the benefits of using LiveTrade?

Essentially, if you’re buying and selling one of these 500 wines and you’re not paying through LiveTrade you will be losing money. If you take it to an auction house they will charge you 25 per cent. If you try and sell it to another wine merchant they will typically charge between ten and 20 per cent – if they can even afford it or want to buy it.

If they offer you the option of selling the wine on your behalf, and take ten per cent, this could take months or they could never sell it. Alternatively, you could go online, log onto LiveTrade and trade immediately and get paid instantly with no commission, no fees, no charges.

LiveTrade has been called ‘the Uber of the fine wine market’
LiveTrade has been called ‘the Uber of the fine wine market’

How is LiveTrade changing the world of fine wine trading?

This screen has enabled us, I think, to change the way that fine wine trades in the market, to the point that it has been referred to as ‘the Uber of the fine wine market’. Basically, we’re changing the way that fine wine is sold globally. If you are a buyer, or more importantly, if you are a seller, if you are not using the screen it is costing you money.

 

Read more:

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