Sotheby’s Chairman Jamie Ritchie is joining BlockBar. Since its inception, the startup company has worked to modernize the wine and spirits marketplace by democratizing access and eliminating the possibility of counterfeiting.
Founded by cousins Dov and Sam Falic, BlockBar sells wine and spirits authenticated through the blockchain and offers its buyers storage, insurance, global shipping, and access to a secondary marketplace. The marketplace looks to benefit consumers, collectors, investors, wineries, and distilleries alike. Ritchie, who has been with Sotheby’s for 32 years, is joining the team in July.
BlockBar sources exclusive wine and spirits directly from luxury brand owners, including Moët Hennessy, Diageo, Rémy Cointreau, Bacardi, Treasury Wine Estates, Pernod Ricard, and William Grant & Sons, to ensure that each bottle purchased is 100% authentic. Every physical bottle sold on BlockBar.com comes with a digital version that guarantees authenticity and can be traced all the way back to the winery or distillery. Purchasers of the digital version may resell, gift or redeem for the physical bottle at any time. The physical bottles are stored in a state-of-the-art facility in Singapore and can be shipped door-to-door anywhere in the world or made available for pickup at 250+ duty free retail locations. ‘Money can’t buy experiences’ are also included with many bottle offerings.
With a reputation for innovation, strategic planning, client service, relationships and operational excellence, Mr. Ritchie brings a wealth of experience and expertise to BlockBar. He joined Sotheby’s in London in 1990 and was responsible for opening Sotheby’s wine auctions in New York, Hong Kong and France, as well as Sotheby’s spirits category. Under his leadership, Sotheby’s wine and spirits auction revenues rose to $132 million. As one of the world’s leading auctioneers, Mr. Ritchie presided over several record-breaking auctions, and he holds the records for selling the most expensive bottles of both wine and spirits.
Dov Falic, Co-Founder and CEO of BlockBar, said: “Jamie Ritchie is recognised worldwide as a leader in the wine and spirits industry, and we are delighted and honored that he is joining our team. The fact that he has chosen to join an innovative startup like BlockBar is a testament to our business model and will help us to play a leading role in the evolution of the distribution of wine and spirits worldwide. More people than ever are purchasing liquid assets, both for consuming with friends and for investment, and BlockBar simplifies the purchase process. Based on the tremendous response to the unique bottles offered on our platform during our first year of operations, we are very confident about BlockBar’s rapid growth and we project significant revenue multiples over the next few years.”
For more information, head over to BlockBar’s official website.
Last fall, to celebrate Hispanic Heritage Month, Blockbar announced the auction of an extra-rare vintage of 1800 Colección Tequila that comes in a custom-designed decanter by artist Leonora Carrington.