WSTA offers advice to consumers investing in wine

27th April 2010, 10:19am

The Wine Spirit and Trade Association (WSTA) is issuing fresh advice to consumers over the checks they should make before investing in wine.

The checklist is designed to protect buyers from the risk of wine fraud. The advice from the WSTA comes as wine merchants release their 2009 en primeur offers.  En primeur wines are wines released for sale before they are bottled or ready for delivery.

There are fears that demand for the high quality 2009 Bordeaux vintage may lead to potential investors being targeted by fraudsters who take money for wine that is either not delivered or not the wine it is claimed to be. The fears have been fuelled by recent police investigations and arrests in connection with alleged wine investment frauds.

The WSTA urges consumers to make a series of checks on merchants offering wine as an investment vehicle including:

Consider the size and reputation of the merchant - large, established businesses are less likely to collapse or be engaged in dubious trading and are more likely to be registered with Companies House enabling basic checks about company ownership and accounts to be made.

Ask the merchant whether they provide guarantees or carry insurance.

Check whether prices are competitive and whether they include delivery.

Ensure that you ask for and receive invoices and statements clearly establishing your entitlement to the wine you have paid for.

Chief executive Jeremy Beadles said: "Fine wine can be a very good investment but consumers should make some basic checks before they part with their money.  Bonafide merchants and brokers won't have any problem proving their credentials but consumers who ask the right questions will ensure they are not caught out by dubious dealers."

Related Articles:

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• 18 Oct 2011 - WSTA introduces discount card for members
• 15 Sep 2011 - WSTA raises concerns over lower alcohol wines
• 16 Dec 2010 - Wine sales are growing in pubs and restaurants
• 16 Sep 2010 - 46% of British adults saving say they are likely to cut back on eating out, shows survey
• 14 Jul 2010 - New policy manager at Wine and Spirit Trade Association
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• 28 Oct 2009 - WSTA signs agreement with cider makers
• 18 Aug 2009 - WSTA to host low alcohol wine forum
• 13 Aug 2009 - WSTA warns mandatory code is not the solution

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