Banking For Wine Connoisseurs: Collecting And Investing In Fine Wines – Given the uncertainty of the market and the prospect of a recession, people are looking for alternative venues, and many are turning to wine.
With the uncertainty surrounding the economy and much talk of a recession, people are looking for alternative places to invest their money, and many are turning to wine.
Banking For Wine Connoisseurs: Collecting And Investing In Fine Wines
Founded in 2007, UK-based Traditional Wine Investment is a platform that aims to make wine investing affordable and accessible, with a millennial-friendly aesthetic; Information tools such as global indices to provide information about the market; And he’ll soon launch a DIY investment app called CultX.
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For CFO Gemma Doran, her role requires working across multiple industries and global markets while maintaining the fast pace of the startup.
“The life of a CFO at a wine-slash-tech-slash-investment firm is challenging,” he says. “It’s exciting. You have to be flexible, and you have to adapt.
Here, he explains how to be a good boss, how the role of the CFO is evolving and why you should invest in wine.
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Originally, Doran went to school in politics, but his focus shifted to international credit finance, particularly with SMEs (small and medium-sized enterprises). His work with travel and entertainment companies led him to Cult Wine Investment five years ago.
“They needed someone with international experience, a level of growth strategically, process-wise, who would establish companies in new geographic markets,” says Doran.
“SMEs are very dynamic,” he said. “I like the way you have your sleeves rolled up. If a person is sick, everything is in his hands. “
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Whether it’s sitting in a C-suite meeting to launch the CultX app or redefining processes to be more efficient, “[every day] is never the same,” he says.
As the new CFO, Doran finds himself taking on many tasks. “I think this is a very common characteristic of a CFO or financial director: we choose something that no one else does. So I take care of the legal aspects of investment contracts, new office leases, insurances and things like that. 18 months ago, Doran was the one-woman HR department at Cult Wine.
“I don’t expect a younger member of my team to do something I haven’t done, because I think that’s very disrespectful,” he says. “I don’t want them to think that their duties are too low for the CEO to understand how to do it.”
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Since joining, Cult Wine Investment has opened new offices in Singapore, Shanghai, New York and Toronto, in addition to locations in the UK and Hong Kong. Satellite locations in Japan and Dubai have also been revealed in recent months. This expansion involved thinking about how to communicate across time zones, cultures and technologies. “I’m very lucky that I can survive on little sleep,” she laughs.
But organization and prioritization of tasks continues the relationship. The mornings are dedicated to inquiries and meetings from Asian markets, and they will have online answers to pressing issues in North America. Noon looks to Europe and the UK, and ends the return day with the US and Canada.
Although he relies on external partners, such as lawyers, to help him navigate the nuances of each market, he says it’s important to be well-versed in all matters. It facilitates better conversations and faster decisions.
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His biggest “bugbear” is when people don’t ask questions. “I generally have a philosophy that no question is a stupid question,” he says. “Usually you don’t ask a question that makes you look stupid, produce something completely wrong and do it again.”
What makes Doran’s role unique is that it sits at the intersection of three industries: technology, finance and wine. But as technology continues to play a central role in the way we work and communicate, he believes this overlap will be the norm.
I think technology supports most industries today, not just wine. Without that, I don’t see how you can improve,” he says.
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And with this evolution, so will the role of the CFO. “It’s important to understand (the technology), how can I go out and get funding? How can I develop a budget? How can I develop the processes that my team needs?”
He points to a recent example where he worked with the technology team to implement important excise codes that feed into a financial package. This partnership will ultimately help him automate elements of his work.
The industry’s Venn diagram also changes its relationship with the consumer. For wine, like many industries, the pandemic has changed the business online. More direct-to-consumer sales, online tastings and other incentives have turned a traditional industry on its head. Because of this migration to the digital space, Doran has seen more women and young people getting into wine.
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And reaching a new demographic of wine lovers is the ultimate goal of Cult Wines’ investment. “Wine is a great diversification tool [for a portfolio],” says Doran, because it doesn’t follow the swings of traditional markets and generally has low volatility. “It’s a great hedge against inflation right now.” If you are willing to hold an investment wine for a longer period of time, you can take advantage of additional pricing. He says the imbalance between supply and demand for fine wine affects the consistency of the response.
Its flagship business, Cult Wine Investment, takes a more hands-on, traditional investment approach: clients work with an advisor to manage their portfolios, and an online portal allows clients to view their investments in real time.
But the £25,000 GBP (roughly $30, $160) minimum entry can be a big barrier. For those looking to dive into the world of vintage investing, the company is preparing to launch the CultX app, where users can buy, sell and manage their collections. There’s no minimum to get started, and Doran believes this opens the door to a new demographic of collectors.
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“You have to embrace technological advances and demographic changes,” he says. The challenges are definitely changing, and we need to adapt to the size of the wine culture in particular.
Learn how to navigate and strengthen your business with The Trust Factor, a weekly newsletter that explores what leaders need to succeed. Sign up here. Interested in using wine as an investment vehicle? This guide will provide you with valuable information on how to invest in wine.
Also popular among consumers and adults, wine can also be interesting from an investment point of view. This guide explains what to look for when considering wine as an investment.
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Expensive wines and world-renowned wines have great investment potential. According to the Knight Frank Fine Wine Icons directory, premium wine prices have increased by 149 percent between 2013 and 2023, an average of 9.55 percent per year. In the case of fine wines from Burgundy, France, growth was even stronger at 214 percent (12.12 percent on average per year). The Liv-Ex indices, which track the price of wine traded on the London International Vintners Exchange, have shown a long-term historical high growth.
Moreover, the prices of fine wine have not been affected by the economic fluctuations of the past. This means that wine can be an investment to fight the crisis, although there is no guarantee that future developments will follow past trends. In any case, patience is important, as wine is especially suitable for long-term investments.
The potential returns are staggering. But that shouldn’t distract from the dangers of the wine business. There is no guarantee that your wine will fetch a price. Wine should never be the main part of your investment portfolio, but should only be used to complement your other investments. Also, you should invest in wine if you have a good understanding of the wine business. If you are a wine lover and enjoy picking grapes and following the wine market. At this point, you can still enjoy your wine in the worst-case scenario that you can’t find a buyer.
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Buying the right wine at the right time requires expert wine knowledge, an understanding of the wine business, and a bit of luck. These requirements, along with the large amount of capital required, mean that wine investments are generally less accessible to small investors than investment vehicles such as exchange-traded funds (ETFs). Before spending any serious money, it is worth consulting with an expert in this field. You can find advice in online forums and specialist magazines such as Wine Advocate.
Whether a wine is investment grade or not depends on a number of criteria. Among others, the quality of the grapes, the size of the grapes and the aging potential of the grapes. Many of the best wines reach their perfect maturity after many years of bottling. Finding history is very important
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