The 28th November 2012 was one of the most significant days in recent times for the fine wine industry. The Wine Investment Association (WIA) was launched at Mazars in London, with the publication of its draft Code of Practice to both trade members and the press. The commencement of a consultation period ensures future members and the community can contribute and help shape standards and procedures to provide investors in fine wine with greater security.
The timing of the launch coincided with the public announcement of the industry's latest casualty, Vinance plc, now in administration. Information at this stage suggests that the company's failure has resulted in a significant number of private investors having suffered losses as a result of poor management and inadequate systems and controls.
These are exactly the issues the new Association will address and full details on the consultation documentation are now available at http://www.wineinvestmentassociation.org/
Member companies of the Wine Association will display the WIA logo on all of their corporate documentation and promotional materials including websites. Investors will be able to clearly identify the wine investment providers that operate robust systems geared to protect their investments.
Trade and press interest were significant and I was interviewed by Rebecca Pike, the Business Presenter of BBC Radio 2's Simon Mayo Show after the launch event. To hear the interview please click here
FT Advisor has featured the launch of the WIA along with Harpers, the trade magazine. Richard Hemming writter for Jancis Robinson also attended the event and has set out his views on the subject, available at JancisRobinson.com. We have further interviews lined up so watch this space!
On a personal note, I am delighted that many of the practices and controls that we already operate at Vin-X have been recommended to the WIA and have been incorporated into the proposals set out in the draft consultation documentation. The launch of the Association promises security for the private investor interested in wine and a much needed instrument for the industry to eradicate fraud and malpractice.