Bid for Wine launches Far Eastern venture

UK online auction house Bid for Wine is launching an operation in Singapore.

The new venture will make the web-based business the first freestanding UK wine enterprise in the country, according to the company’s managing director Lionel Nierop.

Explaining the decision to set up in Singapore, he says that the limited availability of mature stock in the country means buyers are more prepared to pay substantial premiums compared to UK customers.

The new venture means that UK sellers using Bid for Wine will automatically have their wines offered to Singaporean buyers at no extra cost.

Wines can then be shipped at the buyer’s cost on a monthly basis by temperature-controlled shipping container.

On arrival in Singapore they can be dispatched directly or stored with Wine Bond in temperature-controlled storage facilities.

Singapore buyers purchasing wines via Bid for Wine’s “direct sale” route will be offered the option to open consolidation accounts with EHD London No.1 Bond prior to having their wines shipped.

Bid for Wine’s entry in to the Far Eastern market follows numerous recent developments, including a fully comprehensive auction service and a recently launched "broking list" option for sellers seeking an alternative to auction sales.

Wines for sale through Bid for Wine over the next couple of weeks include a complete six-pack of ’88 Dom Pérignon, ’49 Pétrus and ’90 Hermitage La Chapelle (Jaboulet) and Chave Hermitage.

For more information on Bid for Wine see February’s drinks business fine wine profile.

Patrick Schmitt, 22.04.2010