Warren Porter sits down with Nick Martin of Wine Owners and a bottle of 2004 Latour for IronGate.Wine’s interview series, Behind Fine Wine. In this episode Warren and Nick discuss organizing one’s wine collecting and long term wine storage options, the secondary wine market along with selling your wine and buying options, how technology is assisting wine collectors today, and how Wine Owners leverages data from LiveEx, Wine-Searcher, Robert Parker, Jancis Robinson and other sources to help you organize and manage your wine collection.
Good afternoon it’s Warren Porter. I’m going to be your host for this afternoon. I am the president of Irongate wine. We sell private collections of Canadian sellers to the rest of the world and the podcast is called Behind Fine Wine and what we want to do in this podcast is interview people that are behind the world of fine wine while at the same time having a great bottle of wine. Today we’re going to be having the 2004 Latour with my friend Nick from Wine Owners from London UK so thank you for watching all the way over here not just to do this but certainly for the for the wine and we’re going to be having some great discussions this week and we hope to be doing some good business with Wine Owners. So now first off before we get started might as well be civilized about this and try a little bit of this yes. So, this is a 04 Latour which is obviously quite young I opened it up last night at about 10 p.m. it’s now 4:00 in the afternoon. This has been double decanted using the Riedel Eve which is one of my favorite decanters so this beautiful piece of glass is what we’ve double decanted this in and I think it’s showing very well
Well it’s gorgeous it’s got great minerality, there’s a real sort of stain to the fruit and that climate classic cassis infusion and iodine, absolutely.Beautiful wine, a really great wine but we’re not here to talk about wine we’re here to talk about wine owners and I had been introduced to Wine Owners I believe as I was literally out looking for the answer to a problem; which is always what you kind of want to have somebody here. So maybe where we could start for our viewer base is to get let’s start with a very high level of how you would explain Wine Owners almost to your mom to understand from a from a macro perspective what Wine Owners is and what they do.
Okay so Wine Owners is a platform for collectors and enthusiasts who are into wine and it’s a platform that provides a means to be able to organize and catalog wine collections. To find out more about wines that you either own or aspire to own and provides an easy direct route into the secondary market so it makes it easy for people to buy and sell between each other.
Okay perfect so when you and I were talking before one of the things that I one of the in one of the things that I thought about Wine Owners, that was particularly interesting and extremely unique, was that there’s cellar organization categorization, the secondary market as you say which is the trading selling buying and selling between people on the market, and the understanding of the value in the end the pulling of data in from outside sources so that you know you’re not serving a 2004 Latour to your mother-in-law because you don’t know exactly how much you paid for that 2004 Latour you can make that she gets the stuff that’s perfect for her.
And what it’s worth today.
And what it’s worth today exactly. so, when we were talking about Wine Owners a little bit before I said okay well then, this section looks a little bit like Cellar Tracker but then there’s so much more to than that so why don’t we dig deep a little bit into how an average customer. First not a corporation not a wine storage facility because we’ll talk about that too would subscribe to Wine Owners and what they would use it for and what they’re going to get the most out of it so let’s think about it from a just from a user perspective.
So, as you say it’s not just one thing we’re not just a point solution for people who want a set up management tool or somebody who wants to sell their wine. It’s a platform that’s designed to make it as easy as possible for time pour wine collectors to essentially live their life in wine through an online platform so if you look at if you look at the collection management side of what we do. Yes, there are lots of people who do lots of things around organizing our wine collection like Cellar Tracker who do it absolutely brilliantly there are lots of sources of data to help you understand.
Robert Parker, Jancis Robinson, pricing data, maturity data.
Tasting data, drinking window data, schools of course and pricing data yes. So, there’s lots of that around and one of the frustrating things I think that collectors often experience is that it’s incredibly time consuming to pull that whole picture of a particular wine that you either owner and considering what to do with drink it now or keep it and lay it down for longer or a wine that you’re interested in buying. It’s incredibly time-consuming bounce around half a dozen websites to kind of figure out the whole story so one of the goals was to make it easy to do that to take away that that effort in kind of doing online research and creating something that was a platform through which you could get organized figure out what you own or figure out the wines that you’re interested in owning, learn all about them through what the critics and reviewers have to say. It understands what the relationship is between the cost of the wine and what its market value is today understanding where that may be going from a kind of performance over time defective and all of that and that’s of course you know the that the precondition of figuring out what to do with it is his price discovery.
Because the market is going to be certainly on a significant recovery from it what it did a few years ago so people are really looking at I’ve heard more often in the last couple of months, I really like the idea of drinking this wine but I mean the prices I cannot justify that so, it’s great to have that at your fingertips to be able to see that.
It is and to figure out you know which wines you may want to sell low on and all you have to either fund more w