Technological advances have revolutionised the fine wine trade. Since Liv-ex began using APIs, the amount of information uploaded to the database has increased exponentially, as the chart above shows.
LWIN – the Liv-ex wine identification number – has also helped data collection. By standardising wine names, it has made information exchanges more efficient. The latest innovation – Wine Matcher – has made this even faster and more accurate. With LWIN and Wine Matcher, Liv-ex is now able to add price points at a rate of over 1 million lines per month.
Thanks to advancements in technology, Liv-ex has been able to collect over 50 million lines of fine wine pricing data. To put that into context, if the entire Liv-ex database was printed onto pages of A4 paper and stacked up, it would be more than twice the size of Big Ben.
What is Liv-ex data?
The Liv-ex database now contains 50 million lines of real-time and historical prices for over 110,000 different fine wines. It even contains accurate prices of wines that were recorded as far back as 1982.
This data is unique in that price information is based on real activity from the majority of wine traders globally – 400 members across 35 countries. These consist of professional stockholders, negociants, investment funds, merchants and retailers.
The activity consists of real trades, firm bids and offers. It is all standardised, verified and then published, to make up the 50million lines of data. This makes Liv-ex data the only source of fine wine data in the world that is based on merchant transactions.
Why is it useful?
Professional fine wine merchants can gain access to these real-time and historical prices via Liv-ex membership and data licences. This data can then be used to value client lists, benchmark prices and discover new trading opportunities.
With the introduction of Artificial Intelligence through Wine Matcher, the Liv-ex database will continue to increase in size and help inform merchants with their daily buying and selling needs.
For more information on Liv-ex data services, please click here.