We’ve recently added a new field to our Marketplace listings to help both bidders and sellers set prices. The field is called Suggested Price and can be found on the far right hand side of the Marketplace listings page. It is intended to signal to both Bidder and Seller what market pricing for the specific wine might be, and serve as a guide for setting both bid and sell prices.
The Suggested Price field data is derived from multiple sources:
- Marketplace average transactions for that particular wine, vintage and bottle size for the past year.
- Auction data for that particular wine, vintage, and bottle size for the last 24 months as calculated by the auction algorithm’s on WinePrices.com
- Current Retail Pricing for that particular wine, vintage and bottle size from WinePrices.com
If there’s not enough data from all of those sources, the field will be left blank.
Bidders and sellers who use the Suggested Price will find higher bid acceptance and sell rates. We also use Suggested Price in our Bid Feedback emails, so that sellers are able to signal to bidders the pricing that they are looking to see in order for them to accept a bid. Sellers can elect to send Bid Feedback from within VinCellar.
Bidders receive the email suggesting a price change and can then modify their bid.
When both bidder and seller come to the same market assessment, we find that both consummate the transaction happily.
