- Strauss & Co are set to launch the first ever African wine live NFT auction later in April.
- Five popular South African wine producers will take part in the auction.
- Winning bidders will receive a digital contract accessible on blockchain as well as an uncorked bottle which will be stored in a cellar until maturation.
- For more stories visit www.BusinessInsider.co.za
Soon you’ll be able to buy a wine non-fungible token (NFT) through a live auction taking place in April.
Renowned South African auction house Strauss & Co are set to make an historic mark as they gear up for the continent’s first wine NFT auction in a joint venture with wine merchant WineCellar.co.za and sommelier Higgo Jacobs.
The live auction set to begin on April 18, will feature rare collections and bottles of wine, some that have never made it to retail stores, or even left the cellar. Only five wine producers are taking part in this particular auction namely Kanonkop Paul Sauer, Meerlust Rubicon, Klein Constantia Vin de Constance, Mullineux Olerasay, and Vilafonté Series C.
“We are beyond excited to be launching Africa’s first NFT auction online which we believe can play an important part in generating awareness for South African fine wine internationally,” said Roland Peens WineCellar.co.za Director and Strauss & Co Fine Wine Specialist.
The Strauss & Co African wine NFT auction will typically differ from regular music and art NFTs. Regular NFTs that we have become accustomed to, are the purchase or reselling of an original and or a copy of an original art piece converted into a digital format. This wine auction will maintain the digital concept by issuing the bidder with a digital contract staying true to the nature of the digital concept, but also allow bidders to own the vintage bottles.
Each NFT holds between 20 and 50 vintages, with collections from 66 to 288 bottles. The wine bottles once auctioned will be stored in a winery or WineCellar.co.za until maturity at no charge. According to the auction house bottles will be minted on a blockchain as an NFT which allows for drinking and to be resold, however you will have to wait for the annual releases before they are drawn or traded on any platform. The digital contracts, however, will be stored on the polygon blockchain and will detail the origin, pricing, transaction, sensorial, and ageing information.
The auction will be a five-lot sale. Viewings of the lots will take place 11-18 April, with bids which can be done on their online platform opening from 18 – 25 April.
Meerlust Rubicon – Estimates at R550,000-R750,000
Meerlust Rubicon 2021 (Supplied)
Located in Stellenbosch the NFT will include the first 50 vintages bottles. Among the 288 bottles will be bottles from the winery’s first release in 1980 and future bottles through to 2034 only to be released in three years. Per Strauss & Co only a handful of the 1980 Rubicon and 1986 Vin de Constance are owned by the estates and complete verticals likely don’t exist outside the estates, they said.
Kanonkop Paul Sauer – Estimates at R150,000-R250,000
Kanonkop Paul Sauer. (Supplied)
Kanonkop Paul Sauer will include all millennium vintage bottles through to 2025. The lot will include 66 bottles in total with single bottles from 2000 to 2017 and a six-bottle case from 2018-2025. Recently acknowledged as ‘The Most Admired Wine Brand in Africa and the Middle East of 2022’ by Drinks International as reported by Business Insider. The brand is said to have stamped itself as one of the country’s best red wine producers.
Klein Constantia Vin de Constance – Estimates at R550,000-R750,000
Klein Constantia Vin de Constance. (Supplied)
The vertical includes 40 vintages from five decades some of which are are re-creations of wine from the 18th through to the 19th century. A number of the oldest bottles in the auction feature in this NFT along with Meerlust, 500ml bottles spanning from 1986 to 2012 as well as three magnums of each vintage from 2013-2027.
Mullineux Olerasay- Estimates at R250,000-R350,000
Mullineux Olerasay (Supplied)
Mullineux is one of the country’s most celebrated producers. The lot will include the first 20 iterations of Mullineux Olerasay, the benchmark Chenin Blanc solera-style sweet wine. Only celebrating 15 years this year this particular lot will include future bottles which are only expected to be released in 2038.
Vilafonté Series C – Estimates at R550,000-R750,000
A culmination of California and South Africa Series C founded in 1997 were awarded the ‘Outstanding Wine Producer and Best Red Wine Producer of the Year’ by The International Wine and Spirits Competition. The wine estate’s NFT is a one of a kind vertical that will not be repeated ever. This is in celebration of their 25th anniversary, “This quarter century time capsule of Vilafonté Series C is truly an extraordinary and timeless NFT,” said Mike Ratcliffe, Co-founder and Managing Partner.
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