An exchange is a formal meeting place where like-minded parties gather to find out what’s going on in their market, exchange data and to identify opportunities for profit.
Buyers and sellers come together to trade with confidence and security, bound by common rules and contracts.
”Liv-ex (The London International Vintners Exchange) is no different from any other exchange. It provides an independent meeting place where its members - bound by a common profession - can come together to find what is happening in theory market and identify opportunities for profit.
James MilesLiv-ex Chairman and CEO
The secondary market is the resale market only for wines with the potential to improve and appreciate in value over time; wines with sufficient market demand.
If the original owner decides to sell a wine, it’s likely to realise a financial gain, or to free up capital. They’ll likely offer it back to the merchant from whom they purchased it, who might then offer it to another merchant or customer.
