The Cavex contracts ensure members trading wines through the platform are fully aware of the condition quality of all wines they are buying and selling. There are three types of contract that cover varying stock qualities and these must be adhered to at all times. Failure to do so may delay payments to the Seller, incur further administrative costs and return collection costs. By keeping within the set criteria, members ensure a fair, clear and concise market place for the right quality of stock. The Cavex contract types are clearly laid out below, but should you have a question regarding any of the information please call us and we would be happy to talk you through these.
Wines that fit into this contract type must match the criteria laid out in the matrix below. Stock listed under A stock must be of pristine condition and buyers look for pristine stock, particularly investors and trade merchants. If at any time a seller believes that there may be slight or minor blemishes to their wine, we suggest that the stock is entered as a B contract. This may help avoid costly recollection and admin fees if a buyer is unhappy with stock upon arrival.
Live bids and offers remain on the platform for all A type 12 x 75cl contracts until matched to a seller or cancelled. Cavex suggest that if a member is going away on business or vacation they remove all their live positions ahead of time as they are still liable for any trade made in their absence. If you wish to bid for non 12 x 75cl stock then bidders will need to place A, 12 x 75cl bids awaiting offers for differing formats until these become live in the market place.
This category allows sellers to confidently list their wines for sale knowing that although their stock may be in its original case and have been stored in a professional warehouse, due to the nature of wine being a fragile product some labels have become lightly scuffed or capsules may have become a little rubbed in their dividers over past years of storage. The quality of the product within the bottle is unaffected, but the outer condition is not 100% as some buyers and trade members may require. Potential bidders that post live bids are aware that they will receive slightly blemished stock and may well pick up slightly lower priced stock for drinking.
When a B contract is matched, any unsuccessful bidders who still have a live bid in the market place when no further offers exist will have their position removed. The position will be deleted from the platform and any new bids must be placed under an A 12 x 75cl type contract. This way buyers are always bidding on A contract stock and can then make a decision whether or not to trade in B contract stock as they require.
Stock from vintages 2000 to 2012 that fits any of the matrix criteria here, such as non original case, damaged labels or strip labels etc… must be listed as C stock and be accompanied by a condition photo. By using this contract type via the Cavex platform, a mechanic allows each wine to be listed separately and therefore have a unique market set for its potential sale. With sellers listing their wines under C contracts, buyers can confidently inspect the available photos and place an appropriate bid fitting the condition. Through this listing process it may be possible to see multiple offers for the same wine, vintage and format at differing prices. Buyers should choose which listing is of interest to them and only place a live bid against the wines they are willing to be matched to. If buyers list multiple prices on a number of cases for the same wine, they must be aware that they could be over exposing their positions and be potentially matched to all wines for sale. Once the offer is matched any unsuccessful bids are removed from the system and that singular market is closed.
Sellers must ensure when listing multiple C contract cases for sale on one offer, they must provide photos of each individual case for sale and set the quantity and minimum delivery quantity amount as the same. This ensures that the buyer is aware of the condition of all cases and aids the seller to dispatch their goods correctly in one lot . If a sale does not result, but bids are placed for differing amounts the seller will always have the option to reduce the quantity of their offer to single cases which may attract buyers to bid better prices on the differing stock.
Older Vintage Stock – Contract C
Older stock from vintages 1960 to 1999 must always be accompanied by a condition photo and therefore Cavex require it to be submitted under a C type contract. The condition may be pristine, in its original case, but by placing older stock under a C contract it ensures that all potential buyers are aware of the individual stock condition before they place a live bid. These wines have been stored for a longer period of time so it is essential that buyers see the wine before they decide to purchase.
|Contract A||Contract B||Contract C|
|Vintages||2000 to 2012||√||√||√|
|Carton Repack – Non OWC/OC||√|
|Levels in Neck and Above||√||√|
|Levels Base Neck or Below||√|
|No Strip/Import Labels||√||√|
Older Vintage Stock – Bidding Process
When placing live bids for wines from vintages 1960 to 1999 members must submit a bid as contract A stock 12 x 75cl. The reason for this is to showcase to potential sellers that there is interest in a particular wine and vintage, but allows photographs to be loaded up first. If Cavex allowed contract C stock to be bid for like A stock, buyers could be automatically matched and potentially sold anything without prior notification of its quality.
Once a contract C stock item has been matched between buyer and seller, any remaining live bids are removed from the market place. This is because, that “market” has closed and new stock has to be searched for. Bidders who were not matched successfully are required to place a new live contract A bid in the market place seeking a new potential seller.
OWC – Original Wooden Case – Chateau or Domaine Banded included
OC – Original Case – Original Carton
Carton Repack/Non Original Case – A case that is not original, be it wooden or cardboard
Pristine Labels – Original, new or almost new and in very good condition
Scuffed Labels – Original rough marked with light damage in places
Pristine Capsules – Original, new or almost new and in very good condition
Damaged Capsules – Original, slightly torn or spoilt
Ullage Levels – Please see the image below for types of bottle style, Burgundy must be < 3cm to be classed as Contract A or B
Strip Labels – US or other import labels, integrated or not, on front or rear of bottle
Members that list stock fitting the C contract criteria can request photos from their storage provider for a notified fee. These may take some time to be provided so we suggest that members wishing to sell C stock items ask for these well in advance. By accepting the terms and conditions at registration all selling members agree that when submitting condition photos, they are required to remove all visible markings which could reveal the identity of the seller. A simple clip art programme installed on most PC’s or the using preview function on Apple Macs will allow members to edit and annotate their photos as required. Images that have personal identifications on them will be removed by Cavex until all identifiable material has been removed and re edited.
If a member delivers stock of a lesser or differing quality to that of the contract traded, the buyer is within their rights to start a resolution process. This may range from a reduced price being agreed by both parties, through to a full replacement being requested. Administrative and collection charges may be incurred by the seller. It is therefore imperative to offer the correct contract type of stock as laid out above. Cavex will act as the intermediary between parties ensuring both come to a satisfactory and swift conclusion. Cavex’s decision as the intermediary is final as laid out in our terms and conditions at registration.
CaveX Cru is our newly launched service offering members of CaveX the opportunity to buy exclusive parcels of affordable fine wines for everyday drinking.
No need to worry about in-bond, duty-paid, VAT or delivery. We just find great wines from some of the world’s top producers that are drinking perfectly now – all delivered direct to your door.
The Portfolio Management Partnership
More than ever, keeping a handle on what’s in your portfolio, its provenance, and its value is crucial to maintaining the integrity of your investment wines in-bond. Easy if you have a handful of cases and time on your hands. Not so easy if your collection is significant or you aim to invest more.
This is the reason we are launching our Portfolio Management Partnership service. Working with a trusted partner with over 30 years of experience in the fine wine business, this service will help you manage your portfolio, guide you on future investments, allow you to trade in only topflight investment wines and most importantly offer you access to one of the most secure wine storage services available to date.
The Davies Turner Fine Wine team offers consultancy in meeting your individual requirements, building long-term partnerships with their clients, suppliers and partners worldwide. Founded in 1870 and still remaining in private ownership, they have over 140 years experience in freight forwarding being the UK’s leading independent freight and logistics provider. They have become the largest […]
Connoisseur International is a specialist global provider of logistical solutions concerning wines and spirits based in London. They provide a variety of services including worldwide door to door export and import air freight, express courier, refrigerated ocean and road services. Collections are available on a daily basis utilising their own fleet of vehicles from all UK bonded […]