We will advise you of the latest news as it comes to hand.
WE HAVE MOVED.
Our new address:Level 3, Suite 303, 161 Walker St, North Sydney, NSW 2060
Phone +61 2 9460 0600Fax +61 2 9475 1170
Changes to our terms and conditions,
published 1-3-2008 by email to all clients:
1/3/2008
We would like to notify you of some changes which we are implementing with your Winevault account and the way you will be billed in future.
Since coming on board I have worked hard to make sure all client accounts are fully reconciled and balanced as part of a company wide audit. Whilst introducing our new online system it became evident that the way the Winevault accounts had been billed did not work very well for APW, Winevault and you the client.
Therefore, I have agreed with Winevault an improved billing structure for storage of your wine at Winevault and as of the 1st March 2008, APW will be taking over the billing process on behalf of Winevault. What this will mean to you as a client is a vast improvement in the information we are able to supply to you which will be evident in the storage invoices you will receive from us. The invoices will be able to show:
a) What wines you have and are being billed for
b) The billing period applicable
c) Cost of storage on a line by line basis
From 1st April 2008 APW will also be billing annually up front for storage which will simply the process for all clients. Please refer to the Terms & Condition’s of trade at: http://www.portfoliowines.com.au/download/termsandconditions.pdf
Detailed below is the revised current pricing structure for Winevault storage, showing Winevault's existing retail price structure and APW's prices moving forward:
Winevault's Retail Price
APW Price 750ml Bottles
APW Price 1500ml Bottles
Incl GST Per Calender Month
Per Case
Per Bottle
Per 12
1 - 11 cases
$3.75
$2.75
$0.23
$5.50
$0.46
11-20 cases
$3.30
21 - 50 cases
$2.90
$2.55
$0.21
$5.10
$0.43
51 - 100 cases
$2.70
$2.45
$0.20
$4.90
$0.41
101 - 200 cases
$2.20
$1.80
$0.15
$3.60
$0.30
200 cases
$1.55
$0.13
$3.10
$0.26
APW Price 3000ml Bottles
APW Price 6000ml Bottles
$11.00
$0.92
$22.00
$1.83
$10.20
$0.85
$20.40
$1.70
$9.80
$0.82
$19.60
$1.63
$7.20
$0.60
$14.40
$1.20
$6.20
$0.52
$12.40
$1.03
Handling
Cost
$6.00
$2.00
$0.25
$5.20
$60.00
Variable
It’s worth noting that normal Winevault direct clients pay between $3.75/$2.20 per case for storage and APW clients pay a maximum of $2.75/$1.55.
I thank you for your patience while we have been implementing this new system and can assure you that it is going to be a more fluid process, and one which both the staff and I as well as Winevault are keen to embrace on your behalf.
Client’s wishing to continue to maintain their direct account/relationship with Winevault can certainly do so. However, the discounted rate will not apply, and APW will not be able to manage the account moving forward as we will not be able to view your private on line account details. Anyone wishing to transfer their wine to a privately held account at Winevault must do so prior to 1st April 2008.
In summary APW have taken over Storage and Insurance billing of your wine at Winevault from 1st March 2008 and from 1st April 2008 APW will produce the first invoices for Storage and Insurance for the rest of the year.
If you have any questions please contact our Customer Service team on chris@portfoliowines.com.au
We look forward to doing a sterling job in managing your affairs in the coming years.
Yours sincerely
Eamonn
______________ Eamonn Egan
General Manager
PLEASE NOTE- Specifically regarding Pro Rata storage and insurance periods
Please note this does not affect you initial 3 year storage period which is prepaid as part of your purchases, or in the case of 5 year agreements the same stands. However please note that all storage and insurance from 2008 onwards at Wine vault is NOT Prorata billing, i.e. no refunds for mid year releases to clients or to trade. It is worth noting that LCB has never been prorata as noted in the details contained in your initial account opening form.
All wines removed prior to the end of the prepaid (3 year or 5 year) period do not incurr a refund on the amounts already attributed towards the cost of such services.
_________________
17th May 2007
Dear Secondary Market Client's,
16th May 2007
Recently we have had many enquiries regarding on-going holding costs of clients portfolios given the current market. We have asked LCB and WineVault to agree terms on our clients behalf and as such can now publish the following documents to confirm their pricing and terms and conditions, by being registered correctly with both companies - it will allow you on line access to the stock on hand in both facilities, we encourage you to do so:
WINEVAULT - Sydney
You can download the account application, terms and conditions of storage, storage insurance and details of all fees payable for the period beyond your 3 year APW agreement at Sydney's Wine Vault click here
LONDON CITY BOND - Engand
You can download the account application, terms and conditions of storage and insurance, fees and charges payable for services at LCB for APW customers click here
15th May 2007
Latest Auction Results
Bonham's in London:
During recent April sales at our "in bond" (VAT not paid) auction initiatives resulted in a 90% clearance rate which is twice the usual 40-45%. We witnessed strong results for wines such as Fox Creek- Reserve Shiraz and JSM, Two Hands -Deer In Headlights and Lilly's Garden, Parker Estate -Terra Rossa First Growth, Torbreck -The Struie, The Steading and Run Rig, Viking - Grand Shiraz, d'Arenberg - Coppermine Road & Dead Arm, Penfold's - Grange 1998.
1st April 2007
Duty Changes
Note: Changes to UK Duty payable rose during the month and as such will be passed onto all trading clients, the rise was minimal at .05p per litre plus VAT.
UK Market Report:
The first two auctions in the UK at Bonham’s and Straker's were well received and APW was please with the outcome. Generally the clearance rates were around 45%, and as the quarter passed on over 2-3 auctions we could see a rise generally on prices by about 10%. APW is monitoring the market closely as we attempt to sell wines both IN BOND and OUT of BOND. It remains to be seen which method will return the best for the clients. The logic being that "out of bond" should return the best opportunity given the more consumer focus of the buyers. Out of bond is the VAT and Duty paid option which Straker's favour. Whereas Bonham’s offer an "In Bond" auction that targets both the Wine Trade and consumers alike. Understandably the trade is not known for over paying!
Prices achieved their per-auction estimates and in some case surpassed them by up to 25%. However, compared to the purchase price of most wines, after costs, it is hard to break even in such a down market as we find presently.
Generally the advice in the present market would be to hold the wines in your collection that can bear the cost of such holding, and mainly will mature well for a reasonable 10-15 year period. Looking for a return on wines still readily available in the retail/trade sector will never achieve the best return. In a high market the nominal 3 year period may well have see you out the other end with a profit. In a down market, it may be closer to 5-10 years prior to achieving the potential for a solid return. The cheaper end of any portfolio with short term wines should however consider disposing of these wines in an orderly fashion over the next 2-3 years, whilst they are at their best.
Auction Update:
Wines have now been dispatched for the next round of UK auctions to Bonham’s and J.Straker & Sons
Bonham's forthcoming auction dates are: 25th April, 27th June, 26th September 2007
J.Straker & Sons forthcoming auction dates are: 28th April, 30th June, 25th August, 20th October, 1st December 2007
ODDBIN'S Auctions in Adelaide remaining 2007 dates are: April 13th, May 29th, July 10th, August 14th, September 25th, October 16th, October 30th, December 4th.
Please note: All auction houses produce catalogues and as such the cut off for participation is generally 6-8 weeks in advance. So get your bookings in early if you want to sell prior to the end of the financial year 2007.
________________
1st March 2007
The directors are pleased to announce that Eamonn Egan has been promoted to General Manager - Australian Portfolio Wines Pty Ltd.
The directors and shareholders have decided to rrecognise Eamonn's contribution to the business since his initial appointment back in October 2006 and to elevate his areas of responsibility to include: Finance, Administration, Warehousing (UK, USA, Australia, Singapore), International Sales, Domestic Sales, Auditing Team, Secondary Market Sales, & Business Development.
The role is a new one brought about to support the Managing Director and the management team to achieve the goals and new direction that the shareholders have agreed for 2007-2009. As Eamonn settles into the role he will advise you of some of the changes for the future.
______________
12th February 2007
APW would like to advise all its clients:
As at 1st March 2007 - All purchases paid for by - Amex and Diners will attract a fee of 2 % each plus GST (2.2%)
Clients should note that they can pay in the following manner fee free: Postal Order , Cheque, Master Card, Visa Card, Telegraphic Transfer
_______________
4th December 2006
APW will today launch two new sales platforms in the UK. Namely "J.Straker, Chadwick & Sons" and "Christies" see the new secondary market section for further information.
22nd November 2006
APW Updates majority of its website. We have added new sections namely - downloads, secondary wines sales and customer feedback.
16th October 2006
The directors of APW make a new appointment. Following the resignation of Robert Rees who was incumbent Trade Manager (2004-2006).
The directors conducted an executive search to appoint the new candidate - Eamonn Egan. Eamonn commenced on the 16th October -as Global Secondary Market - Export Sales Manager. Eamonn comes from a background of running on-line wine auction houses and trading fine Australian and French wine in Australia since 1997. Prior to coming to Sydney, Eamonn was with Meridian Hotels in Dublin and London, and was the director of food and beverage at the Royal Festival Hall, London for 2 years. In Sydney, Eamonn has worked for the Sydney Cricket Ground as Corporate Beverage Manager looking after all purchasing and sales from 1994-1996.
Eamonn's remit is very much to increase APW's access to the global secondary market using a diversified approach to sales - enabling the maximum return to clients, whilst ensuring compliance within the tax regimes and liquor authorities where APW clients wish to trade.
