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The Australian secondary wine market, which has grown substantially over the last five years, is still an emerging sector in the broader wine industry and presents significant opportunities. Since the late 1990s two hitherto unrelated forces have converged to create a new landscape for the Australian fine wine market.
The unprecedented growth of the secondary wine market has coincided with the advent of the Internet. This new way of doing business has now come to define the trading market for fine Australian wine. The launch of Langton’s Wine Exchange is both a response to and a by-product of these changing market conditions.
In early March 2000, The Australian newspaper predicted a cyberspace battle between traditional wine auction houses and the new dot.com ventures. The preceding year had seen more buying and selling activity in the market than ever before. Wine investment had surged to prominence. With it a raft of e-commerce initiatives, aggressive wine investment strategies and new entrants challenged the marketplace in an extraordinary way. While the full effect of these changes is still playing itself out, it is already clear from the ‘tech-wreck’ of April 2000 and the subsequent failure of many dot.com start-ups, that they have paved the way for established businesses to take the lead.
The Internet has opened up a range of opportunities and created an efficient environment for a small company like Langton’s to deliver a unique service to a growing market. A major behind-the-scenes IT transformation has taken place at Langton’s. A new, purpose-built wine software system has streamlined our business. This end-to-end system manages our stock, warehouse, wine listings, auctions, wine information, invoicing and payments. Fully integrated with www.langtons.com.au, it delivers all the benefits of this new way of doing business to our clients 24/7 online.
The launch of www.langtons.com.au in 2002 has seen Langton’s become the most advanced wine auction service in the world. We are now able to trade without the constraints of geography and serve the Australian fine wine market as never before.
Recognizing this, Langton’s is now in a position to expand its business by creating a new service which leverages off our market leadership and investment in the Internet. By creating a new trading market, and incorporating it into our current business, Langton’s Wine Exchange is able to respond to the increased demand both domestically and worldwide for vintage premium wines.
Langton’s Wine Exchange offers a new way of trading. The fine wine market has matured to the point where an Exchange trading model – providing immediate, fixed-price access to premium wines – is now a market imperative. Catering for case-only trading, this new market enhances Langton’s current business and creates a comprehensive online portal for fine wine and related products and services.
A powerful synergy is created by the Auction and Exchange trading models working in tandem. By providing two markets, both leveraging off Langton’s brand and expertise, the new business delivers new opportunities for both buyers and sellers of fine wine.
Langton’s Wine Exchange is a trading Exchange open 24 hours a day 7 days a week where the seller sets the price. Using the familiar shopping cart model for transactions members are able to select wine by the case from an initial listing of over 3,000 cases of premium vintage wines. Wines are listed alphabetically by vintage year within country categories (Australia, NZ, France etc), and then, once a particular wine is selected, by price per case from lowest price to highest. It’s easy to use and offers buyers and sellers a new, more flexible and immediate way of trading in premium wine.
With offices and warehouses in both Sydney and Melbourne, Langton's is widely regarded as Australia's most influential and authoritative fine wine business. All Exchange wine is physically stored in Langton’s Melbourne warehouse and inspected by our expert cellar staff before listing.
Backed by Langton’s trusted reputation and expertise, the launch of our Wine Exchange is another important milestone in the development of the secondary Australian fine wine market. Langton’s has always led from the front. Since the late 1980s, through our investment in and support of the Australian fine wine market, Langton’s has earned it place as the Australian market leader and innovator.
To visit our Exchange simply select it in the main navigation bar on this site. If you would like to know more about how the Exchange works select Help above. If you prefer an interactive tour select Tour in the top right hand corner of the Help popup or click Take the Tour on the home page.
If you would like to become a Langton’s member and trade with us please click Join above. If you have any queries about buying or selling at Langton’s please contact us at any time and we will be happy to answer your questions.
Stewart Langton, Andrew Caillard MW, Tamara Grischy
Langton’s
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