Every single member of our team is working from home because the systems we have in place allow us to do so very easily.
We will continue to provide you our best services and support even if the the rest of the world seems to be falling apart. From what we can see, wine prices are holding up. We are seeing buyers and inquiries on a daily basis as of writing this update.
We are conducting a full valuation this week and will update you once the valuation is completed. This is in addition to the monthly valuation for us to assess if any prices have dropped in your portfolio. We do expect some price corrections, given the current circumstances, but nothing like the rest of the worlds markets. The wine retail sector will be affected because restaurants and other F&B outlets will probably close for a month. Their business is likely to pick up in a month from now. When it comes to fine wine, because many people are staying at home, the consumption of home wine cellars is likely to increase dramatically. Replenishing of these wines in home cellars should increase buying activity. Most collectors keep the best wines in their private collections at home which should bode well for fine wine investment.
There are of course a decrease in number of buyers in the market, which is why you should be a buyer. We do not see any clients panic selling their wines at the moment.
With the stock market on its knees and it doesn’t look like it is going up anytime soon. It is the best time to park funds in a safe place like wine investment. The DOW jones lost 3000 points yesterday, a drop over 12%. Today it pulled back 2% but this rout is likely to continue to bleed capital out of the stock market.
If you have been reading our updates, you know that we saw this one coming. See our update from November: November Wine Investment Report 2019
Stay safe out there, be smart about the situation. Don’t take unnecessary risks, keep your hands clean at all times, wash them regularly. Use hand sanitizer before you go out and use it when you exit a public place every time.
What a great time to spend with your family and enjoy the time together. Give others sound advice and help them to stay calm. We are always here if you need help or advice with anything. This is a tough time for some in the world right now, and its important for humanity to come together give each other support.