{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/62301a5c63c97500122f8a76/6358d36068aea000124e8d97?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Library Release - Putting Trust in Data w/ Russ Mann, WineBid","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/62301a5c63c97500122f8a76/show-cover.jpg?height=200","description":"<p><em>Library Release - </em> <em>Originally released as episode 26 on Nov 11th, 2020</em></p><p>With a 25-year history, WineBid is the oldest and largest online wine auction site.&nbsp;The original re-commerce platform, Russ tells us about the auction process from the buyer and seller perspective and all the data they collect and display for the wines.&nbsp;This includes innovations such as a 360-degree bottle shot, price history charts, and new functionality like their customized shipping feature.&nbsp;He spills the beans on a few tips and tricks to get the best deals on WineBid! </p><p><br></p><p><strong>Detailed Show Notes:&nbsp;</strong></p><p>WineBid - 25 years old, based in Seattle with operations in Napa, the oldest and largest wine auction site</p><p>Weekly auctions - open at 7:15 pm PST on Sundays, close at 7 pm PST the next Sunday</p><ul><li>All items open at the same time</li><li>Pro’s get 1st 5-10 minutes to view and place bids</li><li>What doesn’t sell rolls into the following week</li><li>Now introducing some wines mid-week, with most wines going in one week</li><li>Set good reserves upfront</li></ul><p>For Sellers of wine</p><ul><li>Consignors are mostly private individuals</li><li>Most sales are for $10,000-$1M+, ideally $100+ average bottle value</li><li>Sellers send their list and get an estimate</li><li>WineBid does the appraisal and after agreeing with the consignor, ships wine to the Napa warehouse</li><li>Wines are inspected, authenticated, and photographed</li><li>Once sold, sellers get a check or electronic wire transfer</li><li>As part of an estimate, for larger cellars, WineBid will help catalog and pre-inspect on-site</li></ul><p>Reasons people sell wines</p><ul><li>As in many businesses, the 3 D’s - divorce, debt, and death</li><li>People also have their tastes change and swap out what’s in their cellars</li><li>They move and want to downsize their cellar</li><li>Spouse/partners - may force sales before they can buy more</li></ul><p>Consignment vs. cash buyout for wine sellers - generally make more money consigning and capture more upside, but takes more time and can get paid sooner, at a discount, with immediate cash buyout</p><p>Business model</p><ul><li>Seller commissions - at most auction houses, 5-25%, the larger the consignment, the lower the premium</li><li>Buyer’s premiums - generally 15-25%, 17% at WineBid vs ~20-25% for live auctions</li></ul><p>Buyer demographics - ~135-150,000 registered bidders</p><ul><li>70% US, 20% Asia, 10% Europe</li><li>⅔ Male, ⅓ Female</li><li>Upper middle-income with professionals in high-tech, finance, lawyers, doctors, etc.</li><li>Demographics are getting younger, particularly in 2020 -&gt; interested in a broader selection of wines with higher mobile usage</li><li>Most learn about WineBid via word of mouth, recently doing more social and digital advertising and trying to make the experience more personal</li></ul><p>WineBid Innovations</p><ul><li>360-degree hi-res bottle shots</li><li>One of the best for still photography in wine auctions</li><li>Shipping functionality - can see everything you have and pick and choose what and when to ship</li><li>Some of the most detailed condition notes on bottles</li><li>Wine price chart for the history of the bottle</li></ul><p>Provenance premiums</p><ul><li>Don’t see significant premiums on provenance</li><li>No significant premiums for original wood cases (“OWC”) - buyers often don’t want to pay extra to ship the wood case</li><li>Certificates of authenticity not seeing significant premiums</li><li>Label appearance is important to many buyers</li></ul><p>The proliferation of wine critics and influencers has led to some influencers rivaling and outpacing traditional media</p><p><br></p>","author_name":"Robert Vernick, Peter Yeung"}