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Wickman's Fine Wine Auctions launches surprise June wine auction.
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A surprise, end of financial year wine auction was launched last week by Wickmans at the request of vendors, clearly concerned with the fall in price of fine wine on the secondary market.
The wine industry in Australia is currently being flooded with cheap cleanskins and cheap labelled brand name wines. The upper end of the wine market, from premiums to super premiums is also being affected, even more so now with the release of thousands of bottles of wine from storage, originating with failed wine investment group Heritage.
According to Mark Wickman of Wickman's Fine Wine Auctions, Vendors all around Australia recently requested extra auctions to be held so as to be able to shift their wine in advance of the flood that is now hitting the secondary wine market and before the end of the financial year.
Vendors holding on to large stocks of wine that they had purchased with a view to making a profit are clearly concerned that they will be left holding wine that will be worth a tiny fraction of what they paid for it and are trying to cut their losses now.
Wickman's Fine Wine Auctions has an online auction running now that will close for bids on the 20th June 2006, they will also be holding another one soon after in July and welcome expressions of interest from potential buyers and those interested in submitting wine to be sold.