The Drinks Business reports on Maureen Downey's (a wine authentication and valuation specialist) concerns over counterfeit wines circulating the market.
Whether the wine was never purchased in the first place by the broker firm or the wine is counterfeit, civil recovery options are a tool every investor should be armed with.
“The pervasiveness of counterfeit wines in the fine wine world is a lot larger than people know, or are willing to admit to,” she stated, addressing attendees of the masterclass, which was held at London private members’ wine club, 67 Pall Mall, on 23 November. Taking the global wine industry to be worth US$304 billion, she claimed that the fine wine market – which she defined as all wines that are traded on the secondary market – was 5% of that total, which would amount to $15bn. Continuing, she said that credible sources have said that as much as 20% of the fine wine worldwide is fake, which would make fraudulent wine worth as much as $3bn at current market prices.....