Monday, Nov. 2 (Toronto, Ont.): On Nov. 17, Toronto-based Iron Gate Private Wine Management will launch IronGateAuctions.com, one of Canada’s first online wine auction platforms that will give charities more flexibility to fundraise while in-person events are cancelled due to COVID-19. And, as charities continue to experience pandemic-related revenue shortfalls, IronGateAuctions.com is designed to help increase their net return compared to traditional live charity auctions.
The pandemic was a catalyst for permanent changes to liquor auctions recently announced by the Alcohol and Gaming Commission of Ontario (AGCO) that allow for virtual charity wine auctions. Iron Gate Wine founder, Warren Porter, has been lobbying for these changes for more than a decade, believing that the requirement for a live auction hindered a charity’s fundraising potential by limiting buyer demand and raising costs.
“Iron Gate Wine has always believed that a virtual auction can substantially increase the amount of revenue that a wine auction can generate for charity and we’re thrilled that the AGCO is finally on board,” says Warren Porter, President, Iron Gate Wine and founder of IronGateAuctions.com. “Virtual auctions cost less to execute, provide access to a larger buyer base and offer more bidding flexibility, so we can create more demand compared to traditional events. In short, it’s a game-changer for charity wine auctions.”
The Toronto Symphony Orchestra’s (TSO) 30th Annual Fine Wine Auction will be the first to run on Iron Gate’s virtual auction platform. The week-long online event begins on Nov. 17 and will feature 500 wine lots valued at almost $1 million CAD with all proceeds benefitting TSO’s vital music and educational activities in the community.
Traditionally, TSO’s Fine Wine Auction attracted buyers from Toronto. However, this year’s virtual auction has the potential to attract a broader audience and online bids can be made from anywhere across Canada. Additionally, purchases made at charity auctions are not subject to buyer premiums or sales tax applied to commercial auctions, equivalent to a 35 per cent savings for buyers.
“We’re confident that by taking this year’s wine auction online, the TSO will double its return,” says Porter. “And, virtual charity auctions are good for buyers too: they can find great wine, feel good about giving back to a worthwhile cause and avoid the extra costs associated with commercial wine auctions.”
Buyers looking to shop online for a special holiday gift or seeking a specific vintage to celebrate a milestone birthday can preview the TSO Fine Wine Auction online catalogue beginning on Friday, Nov. 6. Wines from every region of the world and all price points will be on offer. Some rare and coveted lots include:
Porter hopes that AGCO’s policy changes will encourage more charities to consider virtual wine auctions for their fundraising.
“The virtual model offers flexibility and scalability,” says Porter. “Charities can auction fewer lots at one time or host a series of smaller auctions depending on their access to wine donations. It’s a turn-key fundraising solution that charities can access now, when they need it most.”
Interested charities and wine buyers can register at IronGateAuctions.com for regular updates and early access to information about upcoming auctions.
IRONGATEAUCTIONS.COM: HOW IT WORKS:
TORONTO SYMPHONY ORCHESTRA’S 30TH ANNUAL FINE WINE AUCTION:
THE IMPACT COVID-19 ON CHARITABLE FUNDRAISING AND DONOR GIVING:
About Iron Gate Private Wine Management
Founded in 2004, Iron Gate Private Wine Management offers fine wine collection management, off-site wine storage, cellar and wine appraisals, collection sales, traditional and virtual wine auction services via its newly launched subsidiary, Irongateauctions.com. In 2017, Iron Gate launched IronGate.Wine, a U.S.-based online wine retailer offering Canadian wine collectors access to the secondary wine retail market for the first time. Iron Gate Wine Management is based in the Leaside neighbourhood of Toronto.
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