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Home
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JWE-Articles
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Journal of Wine Economics Volume 16 | 2021 | No. 2
»
On Fine Wine Pricing across Different Trading Venues

On Fine Wine Pricing across Different Trading Venues

Paweł Oleksy, Marcin Czupryna & Michał Jakubczyk
JEL Clasification: D40, G12, Q14, L66
Pages: 189–209
Abstract

This article examines how selected attributes of Bordeaux fine wines (producer, vintage, quality, bottle size, case, flaws, and transaction volume) affect prices in three types of trading venues: auc- tions, electronic exchange, and the over-the-counter (OTC) market. The findings indicate a price differentiation across the venues. Wine aging leads to relatively higher prices at auctions than on the electronic exchange or the OTC. There is a nearly linear relationship between prices and wine ratings, the strongest of which is found in the case of auctions. The bottle size effect is mostly positive for supersized formats and is the strongest on an electronic exchange and the weakest at auctions. The transaction volume negatively affects wine prices in all the trading venues. The simulation results facilitate the construction of more realistic trading models and may help traders make more informed decisions on the choice of a trading venue, depending on the wine characteristics.

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