New retail venture to boost investment grade wine returns for Canadians by 20 per cent. Iron Gate Wine LLC in Buffalo, N.Y. to sell private collections direct to international buyers.
(Toronto, ON – February 21): Canadian wine collectors can now realize a minimum 20 per cent higher return on their investment grade wines through Iron Gate Wine LLC, a new retail concept in Buffalo, N.Y. and operating as IronGate.Wine. For the first time in history, Canadians can capitalize on the retail market value of their wine collections and sell direct to U.S. and international buyers.
Beyond bricks and mortar, Iron Gate Wine LLC will also launch a robust ecommerce platform in the coming weeks that will sell directly to the end user through advanced technology that delivers a concierge-like online experience for international buyers, translating to record profits for Canadians, paid in U. S. dollars.
Founded by Toronto-based investment-grade wine expert, Warren Porter, Iron Gate Wine LLC will be the first online and in-store retail concept in New York State to focus on providing access to Canada’s highly sought-after private collections.
“We have a complex regulatory environment here and Canadians have always been challenged to realize the maximum return when selling their prized collections,” said Porter. “For years, I’ve been determined to get more investment value back into the hands of Canadian collectors and that’s exactly what Iron Gate Wine LLC will do by getting sellers closer to the retail price.”
Porter has spent the last 13 years assisting Canadians in selling whole or partial private collections to U.S. and international auction houses and online retailers through his company, Iron Gate – Private Wine Management. His first-hand experience with buyers who covet the reliable provenance of Canadian private collections has, in part, fueled the launch of his new venture.
“Buyers want to ensure that the authenticity and provenance of their wines is without question; and, most private wine collections in Canada have never left the cellar, so the timing is perfect for a service like Iron Gate Wine LLC,”added Porter. “We anticipate significant demand as we enable direct access to Canadian collections through our online platform and retail store. And, since we pay our Canadian sellers in U.S. currency, it’s a win-win situation.”
Iron Gate is currently accepting consignments.
After a two year hiatus, the LCBO auction has returned. More accurately, the Waddington’s Fine Wine Auction, under license by the LCBO, following an RFP earlier this year.
Considering the time frame from public announcement to live auction (8 weeks), Waddington’s was able to put together an impressive amount of wine for their inaugural online event. The auction was spearheaded by Ryan Corrigan, a new addition to the Waddington’s team. Attached we provide an in-depth analysis of the auction results which can be found by clicking here: Auction Analysis
There were a few things that stood out:
- One of the highlights of the auction was the sale of 2 x 1966 Salon Le Mesnil for $10,500 (pre-premium) which was $4,000 over the high estimate. Certainly a rare item though we could likely assume that they’ll be popped for someone’s 50th birthday next year.
- Petrus was all over the map with a single bottle of ’93 more than doubling the high estimate at $4,800. However, the other three lots of 4 x 1982, 4 x 1995 and 1 x 2000 failed to garner a single bid. The low estimates were still below the world average (when factoring in the US exchange rate) but our historical records show that these very expensive parcels rarely do well in Canada.
- There were a few lots of California cults Marcassin, Sine Qua Non and Harlan that also didn’t have any interest. The Sine Qua Non in particular was odd as this producer has consistently shown as one of the highest over estimate in auctions around the US this year.
- I did keep my eye out for a few OWCs of 2009 and 2010 Bordeaux to see how these great vintages fared over their Vintages futures prices. The Pontet-Canet’s, both 100 point wines, saw the 09’s sell below their futures price for every lot and the 10’s above by about 15%.
- While the sell through rates might seem low compared to US averages of 95-100%, we would assume that the low estimates are higher than normal. With an auction that has sat dormant for 2 years, it would be too large of a gamble to set the reserves low in case the buyers didn’t show up. A higher reserve would ensure the seller makes a reasonable return and, if the lot doesn’t sell, a future auction such as the live one in December would always be available.
Overall, a solid job by the Waddington’s team and we’re looking forward to the live event on Saturday, December 12th at 10am at Waddington’s head office on King Street in Toronto.
March 1, 2011 – Iron Gate – Private Wine Management successfully executed Ontario’s first private wine auction for the estate of Ian Grant. The auction sold out 100%, at 125% of high appraised value and drew a standing room only crowd at the prestigious Spoke Club in Toronto. Iron Gate now provides full state auction services with information on our “Auctions” page.
Chubb Insurance Company of Canada has added Iron Gate to it’s Masterpiece Protection Network of approved vendors.
January 21, 2014 – Chubb Insurance Company of Canada announced to it’s broker network today that it is offering a 20% discount on cellar insurance when customers include Iron Gate’s CellarManager program. CellarManager not only assists collectors in managing their wine collection but also protects from heat and humidity extremes by monitoring conditions 24/7; the primary cause of wine collection insurance claims.