Auction aims to tempt overseas investors

By SIMON HENDERY liquor writer

More than 40 top wineries are taking part in an auction designed to attract international investors to New Zealand wine.

Auctioneer Peter Webb and wine writer Keith Stewart hope their "One Tonne New Zealand Fine Rare Wine Auction" on March 1 will become an annual event and a significant marketing vehicle.

Forty-three wineries have entered 92 lots, each lot representing about a tonne of grapes, or up to 75 cases of wine.

Stewart said that despite New Zealand wine's strong international reputation, the small volumes wineries produced meant they had been at the mercy of international distributors and prices had not reflected quality.

"We need to start addressing ... how we present ourselves to the world. This is a very significant step in the right direction."

Top international restaurants, wine merchants, distributors and investors had already shown interest in the auction, although a catalogue had yet to be distributed.

"If we are going to develop interest from investors, we have to be pretty confident that the wine we're putting in there is the sort of wine you can invest in," he said. "We are encouraging investors to buy these wines as long-term prospects so that they can come back on the market at a later date. New Zealand doesn't have that at the moment."

Wineries involved in the auction include Babich Wines, Craggy Range, Wither Hills, Matua Valley, Grove Mill and Two Paddocks.

Auctions have long been a part of the wine market in Europe.

Sommnet.com