Beat fraudsters with WSTA guide
The Wine & Spirit Trade Association has produced a guide to buying wine to help prevent collectors and investors being ripped off by fraudsters.
The online guide aims to help buyers make the right checks before they part with their money, particularly in relation to en primeur, where the biggest risk lies.
Tips in the guide include checking the trading history and track record of wine merchants, verifying orders by checking prices and storage conditions, and advice on insurance, tax, commission and handling fees.
The WSTA said that fine wine should be viewed as a medium to long-term investment and urged consumers to be wary of any business using hard-sell tactics such as guaranteed profits or promising fast returns on an investment.
Chief executive Jeremy Beadles said: “Buying fine wine is a pleasure and can be a profitable one, but as with any type of investment it makes sense to take some precautions before you part with your cash. Making some basic checks about the company you’re dealing with and its track record is a good place to start.”
The guide is at investinginfinewines.co.uk.