What Happens After I've Bought Wine Held In Bond?
The process of bidding on and purchasing wines held in bond might appear daunting to someone new, however, armed with the right information it is a very accessible, straightforward and exciting opportunity.
There are many advantages to purchasing wines which are stored in bond, however, if you still have some unanswered questions regarding the necessary steps, please read the information below.
If you have successfully won a lot which is held in bond, we will contact you after the auction to discuss your options and assist you. You will have three options to choose from:
1. Store your wine in Wine Auctioneer’s bond account at London City Bond.
You will be assigned your own Wine Auctioneer sub-account and will be charged 2% of the hammer price (£5 minimum) for every 90 days of storage at LCB’s Global Warehouse, Burton-On-Trent.
2. Transfer to another bond account.
If you already have an existing bond account, you can transfer your Wine Auctioneer In Bond order to your existing bond account. If this is with LCB, a transfer fee may apply which will be payable directly to LCB. To transfer to another bonded warehouse provider, please check your provider for any fees related to transfer, and delivery fees will apply.
3. Removal from bond and delivery within the UK.
If you wish to remove your wine from bond for delivery within the UK, VAT (at 20% of the hammer price) and duty will be payable directly to Wine Auctioneer prior to release from bond. LCB's delivery fees will also apply.
Please Note: Wine Auctioneer cannot organise delivery of in bond wine outwith the UK and you would be responsible for arranging the collection with a shipper who provides a bond movement guarantee.
Please contact us if you would like any more details on the available options after purchasing wine held In bond.