WINE GLOSSARY OF TERMS Flashcards
(92 cards)
BP / BUYER’S PREMIUM
the charge or fee paid by the buyer to the auction house
DDP / DELIVERED DUTY PAID
Signifies that the price quoted includes all the charges, including shipping, and any taxes as applicable up to the destination named by the buyer.
DP
DUTY PAID
EN PRIMEUR
French for “FUTURES”
FUTURES
simply means to buy/sell wine after it is made, but BEFORE it is bottled and/or released into the market.
HT / HORS-TAXE
French for “EXCLUDING TAX”
-Another way of specifying this to say “PLUS APPLICABLE TAXES.”
IB or I/B > IN BOND
Refers to wines stored in bonded warehouses or storage facilities, which are exempt from sales or excise taxes.
- These also do not incur any taxes if bought or sold while still in bond.
- Another important feature of “in bond” pricing is that if someone chooses to have the wine delivered at a later date, the sales tax is payable on the original sale price of the wine and not the current market value.
LOT # / LOT NUMBER
An identification number allotted to a set of wines to be sold as a lot.
Per Unit
indicates that the wine is sold as a unit, be it a bottle, case or OWC (Original wooden case)
OWC
Original Wooden Case
PPU
PRICE PER UNIT
PRE-ARRIVAL
Wine sold as “FUTURES” or “EN PRIMEUR”
TC / TOUT COMPRIS
TTC / TARIFS TOUT COMPRIS
French term for “all inclusive”
“all-inclusive price”
VAT / “VALUE ADDED TAX”
Similar to GST (Goods and Services Tax)
-basically means tax levied on value added to the wine during different stages of production and selling.
VENDU A L UNITE
French term meaning “sold as a unit”
-on French merchants wine lists
WET / “WINE EQUILISATION TAX”
A form of VAT that you may come across on wine lists from Australian merchants.
IS
IN STOCK
LI
LIMITED INVENTORY
LIMITED RELEASE
A marketing tool used to indicate a wine higher quality because of lower production; it has no legal siginificance
LS
LIMITED STOCK
LOW STOCK
OS
OUT OF STOCK
EB
ESTATE BOTTLED
MC / MISE AN BOUTEILLE AU CHATEAU
Estate bottled or bottled by the wine producer within the estate.
used on quality wine labels from Bordeaux in particular
MISE EN BOUTEILLE A LA PROPRIETE
French term meaning BOTTLED AT THE PROPERTY