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Article
Publication date: 1 February 2004

Jan Bentzen and Valdemar Smith

Auctions of selected wines have regularly taken place internationally and from natural reasons they have mostly involved the finest wines as e.g. the top wines from…

Abstract

Auctions of selected wines have regularly taken place internationally and from natural reasons they have mostly involved the finest wines as e.g. the top wines from Bordeaux. In order to analyse specific auction wine prices, the Mouton Rothschild (Medoc Premier Cru Classé) has been selected for investigation, where auction data have been collected from the USA (The Chicago Wine Company), Denmark (Bruun Rasmussen, Selected Wines Auctions) and from other sources as well. The price development of this specific icon wine is expected to be influenced by many factors, although theoretically, investment decisions concerning e.g. icon wines, ought not to be highly sensitive to short‐run business conditions. The empirical findings exhibit that the auction prices of the Mouton Rothschild differ relatively much between the auction houses, and the time series analysis reveals only weak evidence of co‐movements between wine prices and selected business cycle indicators.

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International Journal of Wine Marketing, vol. 16 no. 2
Type: Research Article
ISSN: 0954-7541

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Article
Publication date: 1 January 2002

Stephen F. Thode, Larry W. Taylor and James M. Maskulka

A dynamic econometric model of wine auctions is estimated to measure the informational signalling impact of a wine critic on the return to the investment in fine wines

Abstract

A dynamic econometric model of wine auctions is estimated to measure the informational signalling impact of a wine critic on the return to the investment in fine wines. United States data suggests that critic Robert Parker is an influencer on the auction price of Bordeaux wines. Furthermore it appears that American buyers look toward the much larger European market in order to establish values. In doing so they may be able to mitigate the effects of asymmetric information.

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International Journal of Wine Marketing, vol. 14 no. 1
Type: Research Article
ISSN: 0954-7541

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Article
Publication date: 16 March 2015

Denton Marks and David M. Welsch

Commercial auctions of cultural goods are typically brokerage arrangements where potential buyers may consider pre-sale estimates (PSEs) in bidding. The economic theory…

Abstract

Purpose

Commercial auctions of cultural goods are typically brokerage arrangements where potential buyers may consider pre-sale estimates (PSEs) in bidding. The economic theory suggests that PSEs should provide honest guidance – winning bids should, on average, equal PSEs – but available research from fine art and antique auctions finds otherwise. The authors examine this relationship for commercial auctions of fine wine – items which, unlike fine art and antiques, are widely traded so that bidders may more knowledgably interpret PSEs.

Design/methodology/approach

The paper examines the relationship of PSEs to winning bids econometrically for an iconic wine widely traded in several Chicago wine auctions, a novel setting for this analysis.

Findings

The relationship of winning bids to PSEs differs significantly between two neighboring auction houses, perhaps reflecting differences in how they do business; neither’s PSEs have a straightforward relationship to winning bids; PSEs have an influence on winning bids independent of a lot’s characteristics, reflecting perhaps an anchoring effect; the analysis suggests broad bidding strategies (with counter-strategies implied) and might guide auction house lot selection and ownership if more complete data became available.

Originality/value

The role and reliability of PSEs in auctions of other cultural goods, representing most of the literature, has limited application to auctions of fine wine whose markets differ categorically from those of other cultural goods.

Details

International Journal of Wine Business Research, vol. 27 no. 1
Type: Research Article
ISSN: 1751-1062

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Article
Publication date: 1 January 1994

Peter Garrett

Nederburg Wine Auction, celebrating its 20th event this year (1994), has truly established itself internationally alongside auctions in France, Germany and America. It was…

Abstract

Nederburg Wine Auction, celebrating its 20th event this year (1994), has truly established itself internationally alongside auctions in France, Germany and America. It was the brainchild of a past managing director of the giant winemaker wholesalers Stellenbosch Farmers Winery. Dignitaries from all over the world attend this South African fine wine showcase. The organisation involved in getting more than a thousand people together also includes a prestigious fashion show and, at the end, a charity auction. Preparations are ongoing throughout the year, for the occasion which is becoming increasingly ambitious and innovative.

Details

International Journal of Wine Marketing, vol. 6 no. 1
Type: Research Article
ISSN: 0954-7541

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Article
Publication date: 3 January 2017

Benoit Lecat, Joelle Brouard and Claude Chapuis

The purpose of this paper is to analyze the specificities of wine forgery today and to show the perspectives offered to the different stakeholders in the wine industry.

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Abstract

Purpose

The purpose of this paper is to analyze the specificities of wine forgery today and to show the perspectives offered to the different stakeholders in the wine industry.

Design/methodology/approach

Owing to the technical aspects of this paper, a literature review based on academic papers (history) and articles coming from the professional press, internet websites and public organizations was made.

Findings

It was found that frauds have always existed. Forgers are constantly in search of new ways of counterfeiting wines. Producers have had to adapt to the various forms of counterfeiting, mainly by resorting to modern technology. As the traceability of great wines is becoming crucial, a new type of relationships between producers anxious to offer genuine estate wines and consumers anxious to drink the bottles they ordered has developed. This new constraint became a marketing opportunity for producers.

Research limitations/implications

It was difficult to obtain official data (interviews or surveys) because of the sensitiveness of the topic.

Practical implications

This paper, which offers an inventory of the methods used by forgers to deceive customers, makes both producers and consumers aware of the extent of the problem. The counterfeiting phenomenon is dangerous for producers’ image and the technological changes are a tool allowing producers to protect their wine and reinforce their relationships with consumers.

Originality/value

This paper gives an overview of forgers’ ploys in France. It opens a discussion about perspectives for the different stakeholders while most of the research tends to focus on technical solutions and the analysis of specific affairs which received media coverage.

Details

British Food Journal, vol. 119 no. 1
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 January 2001

Darina Hoffman, Mike Beverland and Michelle Rasmussen

The wine sectors in Australia and New Zealand have developed a number of regional events in order to promote wine and build regional identity. Despite the popularity and…

Abstract

The wine sectors in Australia and New Zealand have developed a number of regional events in order to promote wine and build regional identity. Despite the popularity and long history of these events little research has been carried out on their role in wine marketing strategy. The purpose of this paper is to examine the use and evolution of regional wine events from a strategic perspective. Findings are based upon seven case studies from Australia and New Zealand. The authors argue that over time events evolve through a series of stages from regional awareness through to brand enhancement and customer loyalty. Implications of these changes for winery management and event organisers are explored.

Details

International Journal of Wine Marketing, vol. 13 no. 1
Type: Research Article
ISSN: 0954-7541

Keywords

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Article
Publication date: 16 March 2015

Johan Bruwer

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139

Abstract

Details

International Journal of Wine Business Research, vol. 27 no. 1
Type: Research Article
ISSN: 1751-1062

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Article
Publication date: 19 July 2019

Karina Mari Olsen Einarsen and Lisa Jack

The purpose of this paper is to examine the measures taken by legitimate wine investment companies and enforcement agencies to counter alternative investment scams.

Abstract

Purpose

The purpose of this paper is to examine the measures taken by legitimate wine investment companies and enforcement agencies to counter alternative investment scams.

Design/methodology/approach

The authors interviewed wine industry and law enforcement specialists to understand the nature of wine investment fraud and the characteristics of the victims. They also drew on secondary data in the form of government agency research and media sources.

Findings

The majority of wine investment frauds are boiler room operations, using social engineering techniques to draw victims into the fraud. The authors conclude that countering wine investment fraud requires public education by government, the wine industry and the police.

Research limitations/implications

This is a small-scale study that uses interviews with experts in the industry and in law enforcement and secondary data as evidence. Despite the limitations in the number of interviews, the authors are able to comment on the social impacts of alternative investment scams and suggest a theoretical basis for future work in the field.

Practical implications

The authors make a case for regulators and investors to be part of collective action through education and public awareness campaigns to combat alternative investment fraud.

Originality/value

The authors outline how collective action theory might be extended to investigate fraud prevention measures in other financial and commodity markets.

Details

Qualitative Research in Financial Markets, vol. 12 no. 1
Type: Research Article
ISSN: 1755-4179

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Article
Publication date: 21 February 2020

Giuseppina Migliore, Alkis Thrassou, Maria Crescimanno, Giorgio Schifani and Antonino Galati

The aim of this study is to understand which wine quality characteristics, consumers' attitudes and socio-demographic characteristics affect the consumers' willingness to…

Abstract

Purpose

The aim of this study is to understand which wine quality characteristics, consumers' attitudes and socio-demographic characteristics affect the consumers' willingness to pay (WTP) a premium price for a bottle of natural wine.

Design/methodology/approach

The research is experimental and investigated the purchasing intentions of 613 Italian wine consumers within a hypothetical setting. In order to elicit WTP for natural wine, a multiple price list (MPL) in a comparison with one bottle of conventional wine, with an average price of €5 was adopted. To understand which quality attributes of wine affect the consumers' WTP for natural wine, a Tobit regression model was implemented.

Findings

The findings reveal that drink frequency and occasion, organic production method, the content of sulfites, income and the attitudes towards healthy eating and the environment are positively associated with a higher WTP for natural wine.

Research limitations/implications

The main limitation of this study is related to both the convenient sample and the limited geographical area. However, identifying which quality attributes of natural wine are most appreciated by consumers and which attitudes affect this behaviour is fundamental in order to develop successful marketing strategies for product development and the design of advertising and communication campaigns.

Originality/value

This study is one of the first to analyse the consumer behaviour towards natural wines contributing to enrich that part of the economic literature which states that consumers have a positive attitude towards sustainable wines.

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Article
Publication date: 12 December 2019

Gioacchino Pappalardo, Giuseppe Di Vita, Raffaele Zanchini, Giovanni La Via and Mario D’Amico

The initial hypothesis of the exploratory paper lies in the fact that there exists a demand for healthier wines due to the higher presence of natural compound which…

Abstract

Purpose

The initial hypothesis of the exploratory paper lies in the fact that there exists a demand for healthier wines due to the higher presence of natural compound which potentially bring benefits to the consumer’s health. To satisfy this hypothesis, the research questions that paper tried to answer are the following: Do there exist a demand for naturally resveratrol-enhanced wine? What variables do influence the preference of consumers toward a naturally resveratrol-enhanced wine? As a consequence, the purpose of this paper is to explore what variables naturally influence resveratrol-enhanced wine consumption.

Design/methodology/approach

A structured questionnaire was administered through face-to-face interviews to a sample of 250 regular wine consumers which were randomly selected to achieve balanced socio-demographic characteristics. Subsequently, an econometric analysis was performed to estimate the effects that selected attributes, extrapolated from the literature, have on resveratrol-enriched wine consumption. With this aim, a logistic regression model was developed through the assessment of willingness to consume naturally resveratrol-enhanced wine.

Findings

The findings of this paper suggest that respondents consider wine as source of beneficial and healthy properties and they are willing to consume enriched-resveratrol wine. The study found a direct correlation between resveratrol and wine extrinsic attributes (organic label, brand) as well as any intrinsic attributes (tannins content). In addition, solely female consumers expressed to consider label information in their preference for resveratrol-enhanced wine. Among socio-demographic factors, only age and gender have an interaction effect on the consumption of these wines.

Research limitations/implications

Since this study has some limitations due to the limited number of observations and to the specific regional geographical context, the findings should be generalized in theoretical terms with a certain caution. Before to extend the results to all Italian consumers, future research should test the robustness of the findings by assessing the effect of the attributes that the authors have examined in this study in other environmental contexts, e.g. in other wine regions.

Practical implications

The results have important implications for wine producers, since the adoption of production practices explicitly related to the higher natural content of resveratrol can lead to a value augmentation and enhance business income of companies. Moreover, there exists implication also for wine managers, given the knowledge of factors affecting consumers’ attitudes toward naturally resveratrol-enhanced wines can lead to an increase in wine demand that should allow to reach a focused differentiation strategy in specified market segments. This suggests the need to indicate on the label the content of resveratrol as a distinctive signal of the “additional health information” of a wine.

Originality/value

While a substantial body of research has analyzed the healthy attributes that affect purchasing process of wine, no other known study has examined the effects of attributes on consumers’ willingness to purchase naturally resveratrol-enhanced wine. The study is the first that explores the consumers’ willingness to buy wine naturally enriched with resveratrol. Previous works took into account only resveratrol-enriched wines. The authors believe that in the eye of consumers there are significant differences between a natural enhancement and a simply technological enrichment, since the concepts and the technological aspects behind the two processes are strongly different. To fill this gap, the authors explored for the first time what variables can influence the preference of a naturally resveratrol-enhanced wine.

Details

British Food Journal, vol. 122 no. 8
Type: Research Article
ISSN: 0007-070X

Keywords

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