Acker rolling out NFTs for upcoming auction

[J_a_y_H_a_c_k]

1. If I can’t drink an Acker NFT, I ain’t buyin.
2. I had dinner with Gary once and he came to my tailgate at a Jets game years ago. If you think he is a Type A personality when it comes to wine, then he is an AAA+ when it comes to the Jets. He is a lot of fun.
3. He is a very generous guy. The whole dinner story would take too long to tell, but he showed up with a 1936 Granache Solera dessert wine from Langued’oc that was so rare that they refused to sell it to him because he did not have a Michelin *** restaurant until he threatened to pull a $20 million order, then he just showed up at a 1991 Cali Cab dinner hosted by Steve (the sweater stain man) Wolfe and poured it for us.

[Tom_Reddick]

Ok, I don’t care if this ruffles feathers. One person said they planned on bidding for the wine. It’s in this thread.

How ANYONE on this board can even consider giving Acker one red cent is beyond me. JFC is all I have to say.

I really do not want to have this debate again, but since you are calling me out personally I feel I must respond.

I am not oblivious to the past. Indeed I was one of the very early people warning against Rudy based on suspicion (as the eventual case showed- it is awfully hard to prove wrongdoing unless someone gets sloppy, as Rudy did) when a whole lot of people on the wine boards were singing his praises and telling me and a handful of others we were just jealous. And it bears remembering that Rudy did traffic in a lot of legitimate wine as well as fake. Early on he was very smart about that. Suspicions are one thing, proving it quite another matter. And he fooled a lot of people including the majority of well-established businesses he sought to deal with.

But I am also not oblivious to the realities of the market as a whole- both then and now- and whether you like it or not, if you want to play in the higher end wine game in the United States, doing business with Acker is not only often essential, but very wise.

It is one of the safest places to buy at auction these days- I know not only as a regular customer at auction and retail- where Acker has the best record of any auction house I have ever dealt with in terms of wines proving to be authentic and in pristine condition- but also as an appraiser who has been doing that work for 20 years and still gets put through the ringer with questions and requests for substantiation on certain things even though they know and trust me.

And when acting in a fiduciary capacity- often in a divorce or estate under court supervision- and making recommendations on where to sell a collection, when I believe that Acker is going to get the best financial results- it is my legal and moral obligation to recommend the client sell via Acker. I don’t get to sit on the sidelines and- based on one small part of a very large story- arbitrarily decide who to do business with or not.

Finally, while you have every right to never do business there- and I certainly understand why some would feel that way- if you plan to denigrate and isolate yourself from everyone who does, be prepared for the fact that you would not be hanging out with quite a number of people on this board who are very highly regarded, and you would also not be buying or drinking wines from many of the best wineries in the world who are increasingly turning to Acker for winery-direct sales of library bottles and rare formats of new releases.

[Tom_Reddick]

Another crazy part of NFTs that is less talked about, is the amount of money it takes to create and transfer them. Since most NFTs run on the Ethereum network, they require lots of computation to validate anything being created or transferred on the network. Most of this computation is done by large crypto “mines”; basically rooms full of GPUs using an insane amount of electricity. When you create or transfer an NFT you have to pay Ether (the cryptocurrency that runs the Ethereum network) to these “miners” as a reward for doing the necessary computation. Crypto mining is fairly inefficient and require TONS of electricity, so it can cost tens or hundreds of dollars just to create and transfer NFTs. I think I would much rather spend that money on a real bottle of wine!

Thank you for this post. I have never purchased an NFT, and I am just now researching what I would have to sign up for in order to hold one. Would I as the buyer face expenses to merely own it via Ethereum? If my understanding of smart contracts is correct, if I were to sell an NFT- then a portion of that sale would go to the originator and potentially prior owners- yes?

[Andrew_Hall]

Another crazy part of NFTs that is less talked about, is the amount of money it takes to create and transfer them. Since most NFTs run on the Ethereum network, they require lots of computation to validate anything being created or transferred on the network. Most of this computation is done by large crypto “mines”; basically rooms full of GPUs using an insane amount of electricity. When you create or transfer an NFT you have to pay Ether (the cryptocurrency that runs the Ethereum network) to these “miners” as a reward for doing the necessary computation. Crypto mining is fairly inefficient and require TONS of electricity, so it can cost tens or hundreds of dollars just to create and transfer NFTs. I think I would much rather spend that money on a real bottle of wine!

Thank you for this post. I have never purchased an NFT, and I am just now researching what I would have to sign up for in order to hold one. Would I as the buyer face expenses to merely own it via Ethereum? If my understanding of smart contracts is correct, if I were to sell an NFT- then a portion of that sale would go to the originator and potentially prior owners- yes?

The last part depends on how the NFT is crafted. It can be the case or you could have full ownership of the NFT. (Which for art, usually doesn’t include copyright.) Prior owners aren’t typically part of it.

At minimum you need an account on whatever NFT platform Acker is using to accept the NFT. You will also likely need an account on something like Coinbase that handles Etherium. You shouldn’t have any expenses to own it. The cost (“fuel”) to create it and transfer it is born by the creator. If you sell it, there are costs involved. (You can lose money in those costs if they are higher than the selling price.)

As with all things in this space, there are exceptions and caveats. If you truly consider this a collectibles investment vehicle, you will need to research it heavily. As a cool thing - pretty much a digital signed print - all this doesn’t matter.

[Larry_Stein]

Ok, I don’t care if this ruffles feathers. One person said they planned on bidding for the wine. It’s in this thread.

How ANYONE on this board can even consider giving Acker one red cent is beyond me. JFC is all I have to say.

And when acting in a fiduciary capacity- often in a divorce or estate under court supervision- and making recommendations on where to sell a collection, when I believe that Acker is going to get the best financial results- it is my legal and moral obligation to recommend the client sell via Acker. I don’t get to sit on the sidelines and- based on one small part of a very large story- arbitrarily decide who to do business with or not.

Finally, while you have every right to never do business there- and I certainly understand why some would feel that way- if you plan to denigrate and isolate yourself from everyone who does, be prepared for the fact that you would not be hanging out with quite a number of people on this board who are very highly regarded, and you would also not be buying or drinking wines from many of the best wineries in the world who are increasingly turning to Acker for winery-direct sales of library bottles and rare formats of new releases.

“based on one small part of a very large story”

Difference of opinion. By Kapon’s enabling of Rudy, the auction market has gone to hell unless provenance is known up front. Examples being Ben Ichinose, and the Henri Jayer collections from his personal cellar and Martine Saunier’s. The FBI went after the low-hanging fruit (Rudy). Kapon should’ve gotten jail time, too. FYI, I went back to NYC to be interviewed for the Rudy trial as a potential prosecution witness. I was never called to the stand. Long-ish story which is buried in the Rudy thread.

Regarding your last paragraph, you don’t know my background and I wouldn’t expect you to. I’m not some newbie. I started to collect Burgundy in 1981. I worked at Draper & Esquin for a year in the mid-80s. I physically catalogued the Salvatore Lucia collection, solo, when it arrived in the store. Real bottles of '45 Romanee-Conti, DRC going back to 1934. The one bottle I wanted more than any other was the magnum of 1962 Romanee-Conti (my favorite red Burgundy vintage of the 60s). While I was at D&E, I put together Bordeaux verticals from Pichon-Lalande, Leoville-Las Cases, La Mission Haut-Brion, and Latour. 40s-70s. My friends and I tasted our way through these. Also, a 1962 Bordeaux horizontal and red Burgundy from 1929-62.

In other words, I think I know my sh*t. I don’t keep up anymore because prices are completely out of whack.

As far as who I hang out with, trust me, I have a good number of friends with really nice cellars. In fact, on my group’s Zoom tasting last night, we had a bottle of 1962 Bourgogne rouge, Avery’s bottling. We were all blown away as to how good it was. The person who poured it is a friend of Ben Ichinose’s grandson. The grandson told my friend to bid on the lot(s) with the lower end Avery’s. Do I drink the great 20th century French wines anymore? No. However, old Rioja and Piemontese wines cross my path with some frequency.

I’ve been there, done that, and worn the t-shirt.

[Andrew_Hall]

Thank you for this post. I have never purchased an NFT, and I am just now researching what I would have to sign up for in order to hold one. Would I as the buyer face expenses to merely own it via Ethereum? If my understanding of smart contracts is correct, if I were to sell an NFT- then a portion of that sale would go to the originator and potentially prior owners- yes?

I had some time to look at their proffer.

OpeaSea is their platform. You do need some Etherium wallet for it. Some of the ones listed do allow for a fiat currency entry point (meaning you don’t need to have ETH or other crypto prior.) There shouldn’t be any real upfront costs.

Acker’s terms of the smart contract are listed as …Coming Soon.

[Jonathan_Loesberg]

If the CLB idea is to establish authenticity and provenance, you can do that with a variety of blockchain solutions that can track the bottle everywhere it’s tagged in to the record.

And at best you’re guaranteed to have a blockchain authenticated bottle, right? None of this will stop counterfeiting via bottle reuse and refill, at least to my understanding.

Correct. Someone can buy the bottle and the nft. Then sell the bottle, keep the nft and fake a new bottle. Or fake a bottle and sell it with the nft.

nfts are not completely without merit. It’s like having a first edition book or a first printing of a woodblock print. But in this context it’s meaningless.

Well, a first edition is valuable because it is an actual first edition. It has what Benjamin calls an aura (which is really the only reason it is valuable) even though it is mechanically reproduced. I don’t think and NFT can have that. Though, because aura is such a non-material concept, maybe it can be imposed on anything.

[Justine_DiPrete]

Another crazy part of NFTs that is less talked about, is the amount of money it takes to create and transfer them. Since most NFTs run on the Ethereum network, they require lots of computation to validate anything being created or transferred on the network. Most of this computation is done by large crypto “mines”; basically rooms full of GPUs using an insane amount of electricity. When you create or transfer an NFT you have to pay Ether (the cryptocurrency that runs the Ethereum network) to these “miners” as a reward for doing the necessary computation. Crypto mining is fairly inefficient and require TONS of electricity, so it can cost tens or hundreds of dollars just to create and transfer NFTs. I think I would much rather spend that money on a real bottle of wine!

Thank you for this post. I have never purchased an NFT, and I am just now researching what I would have to sign up for in order to hold one. Would I as the buyer face expenses to merely own it via Ethereum? If my understanding of smart contracts is correct, if I were to sell an NFT- then a portion of that sale would go to the originator and potentially prior owners- yes?

The last part depends on how the NFT is crafted. It can be the case or you could have full ownership of the NFT. (Which for art, usually doesn’t include copyright.) Prior owners aren’t typically part of it.

At minimum you need an account on whatever NFT platform Acker is using to accept the NFT. You will also likely need an account on something like Coinbase that handles Etherium. You shouldn’t have any expenses to own it. The cost (“fuel”) to create it and transfer it is born by the creator. If you sell it, there are costs involved. (You can lose money in those costs if they are higher than the selling price.)

As with all things in this space, there are exceptions and caveats. If you truly consider this a collectibles investment vehicle, you will need to research it heavily. As a cool thing - pretty much a digital signed print - all this doesn’t matter.

NFTs are usually bought and sold via many online marketplaces. You first need to buy Ether (as Andrew said can do on Coinbase), then use that to buy an NFT on your marketplace of choice. I think once you own it it is yours, so if you sell it you would get the entire amount from a sale. Smart contracts are fairly flexible and up to the developer on how they are created, so they could probably be designed so that previous owners receive a cut when sold. However, to my understanding the way most NFTs function now is that the current owner gets to sell it for the entire amount. This would probably depend on the marketplace too, I am sure some marketplaces take a cut of each sale/transaction.

This Coinbase article has some information on some different marketplaces where you can buy NFTs:

What are non-fungible tokens (NFTS)?

If you want some real value, you can buy a dragon cryptokitty for only 600 ETH ($2,400,000):

CryptoKitties | Check out Kitty #896775!

[Tom_Reddick]

The 2019 Comte Liger-Belair lots just ended a few moments ago- each lot is bottle #2 and comes with an OWC and of course the NFT. Here are the hammer prices,

Nuits St. Georges Blanc Clos des Grandes Vignes (Monopole) - $600
Nuits St. Georges - $900
Nuits St. Georges Clos des Grandes Vignes (Monopole) - $1,500
Nuits St. Georges Aux Lauvieres - $1,600
Nuits St. Georges Aux Cras - $1,500
Vosne-Romanee - $1,700
Vosne-Romanee La Colombiere - $1,600
Vosne-Romanee Clos du Chateau (Monopole) - $2,400
Vosne-Romanee Les Chaumes - $2,000
Vosne-Romanee Les Suchots - $2,600
Vosne-Romanee Les Petit Monts - $3,200
Vosne-Romanee Aux Reignots - $3,500
Vosne-Romanee Aux Brulees (magnum) - $7,500
Clos Vougeot - $3,800
Echezeaux - $4,200
La Romanee - $11,000

[Stephen_Williams]

I find it incredulous that Liger-Belair, who place such emphasis on provenance and supply-chain robustness, choose to continue to associate themselves with Acker….

[Tom_Reddick]

Regarding your last paragraph, you don’t know my background and I wouldn’t expect you to. I’m not some newbie. I started to collect Burgundy in 1981. I worked at Draper & Esquin for a year in the mid-80s. I physically catalogued the Salvatore Lucia collection, solo, when it arrived in the store. Real bottles of '45 Romanee-Conti, DRC going back to 1934. The one bottle I wanted more than any other was the magnum of 1962 Romanee-Conti (my favorite red Burgundy vintage of the 60s). While I was at D&E, I put together Bordeaux verticals from Pichon-Lalande, Leoville-Las Cases, La Mission Haut-Brion, and Latour. 40s-70s. My friends and I tasted our way through these. Also, a 1962 Bordeaux horizontal and red Burgundy from 1929-62.

Good evening Larry,

Thank you for your considered reply. And I do apologize for any implications that you might not have a solid history ITB. I did not know either way, and I know plenty of well established players who feel as you do on the topic. While I have chosen a path I am happy with, I am not oblivious to the fact we have all had very different experiences with the whole Rudy mess and the many ripples and long term effects.

FWIW- long before I got into wine, I dabbled in the art markets a bit. Not at any kind of high level, but I played a bit in that realm and after everything I learned and saw in the auction world, there was nothing about Rudy’s interactions with numerous auction houses and brokers that surprised me. It is a very treacherous world. And much of my current position has to do with how I observed behaviors change after the party was over.

Aside from the occasional purchases from The Chicago Wine Company, I did not really do much at all as a buyer in the auction world until the late 2000s. Before that, I lived in the world you describe- one in which you make friends ITB, work there some, and in a true quid pro quo setting build great experiences and cellars over time. I wish things were still that way- for me at least. In this market and for the wines I like best- auction is the solution more often than not, and so I have adapted.

Best wishes and if you ever find yourself in Dallas, mi cellar es tu cellar.

[Tom_Reddick]

Thank you for this post. I have never purchased an NFT, and I am just now researching what I would have to sign up for in order to hold one. Would I as the buyer face expenses to merely own it via Ethereum? If my understanding of smart contracts is correct, if I were to sell an NFT- then a portion of that sale would go to the originator and potentially prior owners- yes?

The last part depends on how the NFT is crafted. It can be the case or you could have full ownership of the NFT. (Which for art, usually doesn’t include copyright.) Prior owners aren’t typically part of it.

At minimum you need an account on whatever NFT platform Acker is using to accept the NFT. You will also likely need an account on something like Coinbase that handles Etherium. You shouldn’t have any expenses to own it. The cost (“fuel”) to create it and transfer it is born by the creator. If you sell it, there are costs involved. (You can lose money in those costs if they are higher than the selling price.)

As with all things in this space, there are exceptions and caveats. If you truly consider this a collectibles investment vehicle, you will need to research it heavily. As a cool thing - pretty much a digital signed print - all this doesn’t matter.

NFTs are usually bought and sold via many online marketplaces. You first need to buy Ether (as Andrew said can do on Coinbase), then use that to buy an NFT on your marketplace of choice. I think once you own it it is yours, so if you sell it you would get the entire amount from a sale. Smart contracts are fairly flexible and up to the developer on how they are created, so they could probably be designed so that previous owners receive a cut when sold. However, to my understanding the way most NFTs function now is that the current owner gets to sell it for the entire amount. This would probably depend on the marketplace too, I am sure some marketplaces take a cut of each sale/transaction.

This Coinbase article has some information on some different marketplaces where you can buy NFTs:
https://www.coinbase.com/learn/crypto-basics/what-are-nfts

If you want some real value, you can buy a dragon cryptokitty for only 600 ETH ($2,400,000):
CryptoKitties | Check out Kitty #896775!

Many thanks to you both! I have some research to do now before I take delivery, and you both plus others who offered feedback have been incredibly helpful.

I am warming up to the idea of NFTs in my own little side venture (luxury wine totes) and so this will be a nice way to get acquainted with that world.

[Peter_Chiu]

La Romanee, Romanee-Conti…then…Muginer and Roumier.

Muginer is holding back his Musigny for a late release ! Will Roumier follows ?

La Romanee is now being offered by Auction house for vintage 2019 ! Will other follows ?

Money does talk - in a new trend ?

Anyone would like to make a guess ?

The rich will get richer… and me I am glad that I went past the road…

[Andrew_Hall]

I am warming up to the idea of NFTs in my own little side venture (luxury wine totes) and so this will be a nice way to get acquainted with that world.

I am about to mint an NFT for something wholly un-related to wine.

[TimF]

I think Gary V rolled out his Veefriends NFTs today, which some include a wine dinner. This is the future of exclusive wine experiences, so not surprising Gary is at the starting line of it.

Five of his original Veefriends doodles were auctioned at Christie’s today. The hammer prices were $330k, $200k, $130k, $160k, and $190k.

[ybarselah]

I am warming up to the idea of NFTs in my own little side venture (luxury wine totes) and so this will be a nice way to get acquainted with that world.

I am about to mint an NFT for something wholly un-related to wine.

i am in the market for a luxury wine tote and am deep in the nft space. feel free to ping me any time and i’d be happy to show you around.

[ybarselah]

I think Gary V rolled out his Veefriends NFTs today, which some include a wine dinner. This is the future of exclusive wine experiences, so not surprising Gary is at the starting line of it.

Five of his original Veefriends doodles were auctioned at Christie’s today. The hammer prices were $330k, $200k, $130k, $160k, and $190k.

with a 10% royalty on all sales on OS, GV has already made over $8 Million at current eth prices. the floor price for one is over 15E. an absolute massive achievement imo.

[TimF]

I think Gary V rolled out his Veefriends NFTs today, which some include a wine dinner. This is the future of exclusive wine experiences, so not surprising Gary is at the starting line of it.

Five of his original Veefriends doodles were auctioned at Christie’s today. The hammer prices were $330k, $200k, $130k, $160k, and $190k.

with a 10% royalty on all sales on OS, GV has already made over $8 Million at current eth prices. the floor price for one is over 15E. an absolute massive achievement imo.

Yes, it’s been remarkable to watch. Far more remarkable than anything he ever did in the wine business.

[John_Morris]

I think Gary V rolled out his Veefriends NFTs today, which some include a wine dinner. This is the future of exclusive wine experiences, so not surprising Gary is at the starting line of it.

Five of his original Veefriends doodles were auctioned at Christie’s today. The hammer prices were $330k, $200k, $130k, $160k, and $190k.

What am I missing here?

VeeFriends is the name of Gary Vaynerchuk’s NFT collection. He created VeeFriends to bring to life his ambitions of building a community around his creative and business passions using NFT technology and their smart contract capabilities. > By owning a VeeFriend NFT, you immediately become part of the VeeFriends community and get access to VeeCon.

I’m not sure I want to belong to a community of people who will pay for stuff like this.

[TimF]

I’m not sure I want to belong to a community of people who will pay for stuff like this.

Too late!