In 2019, the total value of live bids and offers on the market reached record-breaking levels, surpassing £70million at the end of July.
Meanwhile, the number of active markets (wines with either a bid or an offer on them) surpassed 14,000. This is a reflection of both the broadening market for wine and increased engagement among wine merchants, as we discussed in our summary report of the market in 2019.
At present, over 470 wine merchants globally trade on Liv-ex. Transactions are instant, and all bids and offers are firm commitments to buy and sell against the listed price, condition and time frame.
Technology is a major contributor to the record-breaking figures achieved in 2019. Automated trading, in particular, has helped to clear some of the bottlenecks faced by the wine trade and allowed for a greater number of wines to be offered to a greater number of people, from wholesalers through to consumers. Today, around a third of trade on Liv-ex involves automation.
Total value (£m) and number of active markets
Members who sell on Liv-ex using automation sell over twice the volume as other members, at an 8.8% higher price, and without any additional admin or risk. At the same time, those who enable their customers to buy on Liv-ex using automation are giving them access to many more opportunities. The acceleration they can expect as a result is a six-fold increase in trade by volume and a three-fold increase in trade by value.
Click to download the guide: How to Automate & Accelerate Your Wine Business.