April 2009 Wine Investment Report
I have just returned from the UK, the main purpose of my visit was London City Bond, one of the bonded warehouses used by Sure Holdings and which as many of you will know is one of the leading bonded warehouses in the UK.
While I was there London City Bond did mention they are still working on a new online system. This new system will enable you to go online and log in to view your wines stored in London City Bond for your own verification. They could not confirm when this will be ready but we will let you know once it’s in place.
The UK Property market is in very bad shape and there are many properties going up for auction due to repossession by the banks. Because the Banks are also struggling they are also holding onto stock that they are willing to let go of at a fraction of the usual price. I saw one house picked up at auction for 120,000 Pounds and they spent 20 thousand pounds renovating it. The house was revalued at 240,000 Pounds. Not a bad return on property in a dull market.
I also managed to contact a few Banks who are holding Fine Wine portfolio’s and they are quite desperate to sell their stock at a bargain.
I have our team visiting a few auctions at the moment and I may have more news on upcoming recommendations for you soon.
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