Wholesale Wine
VinovestThis business is NOT BBB Accredited.
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Complaints
Customer Complaints Summary
- 43 total complaints in the last 3 years.
- 15 complaints closed in the last 12 months.
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Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.
Initial Complaint
Date:05/13/2025
Type:Service or Repair IssuesStatus:UnansweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I invested $1,000 in the Vinovest platform on October 7, 2021. Since then, what was supposed to be an investment that would increase in value has actually been the opposite: it's decreased by 25%, and the administration fees for a nonexistent wine continue to be charged monthly. I've sent dozens of emails and made multiple calls to try to close the account, and they've returned my money, but it's been impossible to achieve. Vinovest is hands down the worst investment platform Ive ever encountered. For nearly two years,my wine have been stuck on their so-called marketplace, with zero progress in selling them. And lets be realthis isnt some ultra-rare collection; its just a simple case of wine that you can find at any local wine store for less than the Vinovest listing price. This is a massive scam, and it is impossible to get your money out. It is a Ponzi scheme . Regulators should immediately intervene in this *********** the event that you decide to have them shipped to you this will cost a lot with taxes etc. And heres the worst partthey keep charging me monthly storage fees for wines I cant sell and cant even get back! How is this even legal?! Its as if theyre holding my investment hostage while squeezing every last cent out of me.Initial Complaint
Date:05/01/2025
Type:Product IssuesStatus:UnansweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I invested several thousand dollars with Vinovest when they were first starting in 2020. Original terms specified that upon liquidation request, I would received all proceeds from liquidation within 4-6 weeks. I requested liquidation of $15,000 in assets in April 2024. Some liquidation has occurred however, VV still has over $8,000 in assets that have not been liquidated yet. They continuously state that the market conditions do not allow for fast liquidation. This is simply an excuse to not deliver on their promise of 4-6 weeks. I have been waiting for more than 52 weeks now and still have half of my assets remaining. This delay has additionally caused a substantial loss of potential earnings due to missed investment opportunities of this capital. I am asking for VV to sell my remaining wine at shown market value and send all proceeds to me within 4-6 weeks as promised.Initial Complaint
Date:04/16/2025
Type:Product IssuesStatus:UnansweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Vinovest has completely failed to deliver their service. In April of 2022, i invested $10,000 into their service -- a "plus tier" price point that came with their so-called professional management of a portfolio of investment-grade wines, including purchasing and selling. Not only has that entire estate lost value, but they are additionally non-responsive to my inquiries. I've not received responses from customer support, despite repeated requests to liquidate and cancel my account. All wines in my portfolio are "listed for sale" and "dynamically update to market rates" with "flexible pricing to allow their sales team to negotiate". These settings have been in place for more than 12 months, and yet I am still being charged their fees and my wine remains unsold. The sale of wines by their team at dynamic pricing were all features of their platform that were described to me when I subscribed, and none have been delivered upon. My last inquiry on June 21, 2024 was never responded to. Vinovest has completely gone dark and is non-responsive in any way other than to steal money from me. All of my "management fees" and any penalties for "early sale" should be fully refunded -- the promised services by Vinovest were never delivered. Additionally, Vinovest needs to finish the job of selling my portfolio at the current market rates. This has taken over a year. If they were a moral company, they would refund my entire investment --- but I will settle for getting the current fair market value of the wine and a refund for any and all of their fees.Initial Complaint
Date:03/25/2025
Type:Product IssuesStatus:UnansweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Had created a managed account in December of 2020, deposited $1000 and purchased one case worth $970.90. The account then was only hit with storage and late fees. After logging in the beginning of 2025 there was no real indication as to why the value of the case of wine would have dropped by more than 50%. Because of this I had started the process to deliver the physical wine on February 5th 2025. After multiple emails and excuses as to why the wine could not be shipped I went the route of listing the wine manually (03.25.25). There should have been no reason as to why this process was taking over 4 months. Going through the prompts to MANULLY list I received an error message and blank page. When I then went to go check the portfolio, the case of wine was not in the holdings and a liquidation transaction WELL below market value had hit the account. Mind you during the delivery process, a payment of $70.10 was made to make the account whole by the investor. I would like to at minimum be paid current market price for this wine. This feels like money was stolen from me and the delay in shipping was intended to create the significant arbitrage.Initial Complaint
Date:03/05/2025
Type:Service or Repair IssuesStatus:UnansweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I've been attempting to liquidate my wine in vinovest but have not been successful for over a year. The values of the wine projected on vinovest website is nowhere near the actual bids that are received when attempting to sell the wine. This means that your actual gains or losses are meaningless as there is no way to liquidate the wine at the estimated price. In the meantime vinovest will continue to charge maintenance and other fees. There are number of people on reddit who are facing the same issue and vinovest projected timeline for selling the wines are 6-8weeks. I have had my wines listed for sale for over a year with no movement and lowball bids that are half the value of listed wine or purchase price. The lack of liquid option makes this feel like a scam and there is no way to know if these wines have even been purchased or not. If nobody is buying the wines at the advertised price, why did my account purchase those wines at that price? It's extremely frustrating and the information they shared during initial investments for being able to pull the money out is completely erroneous.Initial Complaint
Date:02/19/2025
Type:Delivery IssuesStatus:UnansweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Vinovest operates in a highly questionable manner. The portfolio performance displayed in the portal seems to have no clear basis and appears to be arbitrarily generated. In my experience, I had to sell my wines at a significant lossapproximately 40% below their alleged fair market valueafter they had already depreciated by about 15%. Additionally, they have withheld the sale of my last case of wine, to continue charging me service fees.When I attempted to withdraw funds, I was initially told it would take 1-2 weeks. However, after two weeks had passed, they claimed that two weeks is not the same as 14 days, because weekends and holidays didnt count. Despite the waiting period being over, I never received my money, and they have since stopped responding entirely. There is also no way to contact them by phone. I strongly advise against using this service. It's a scam and the company should be investigated.Initial Complaint
Date:12/19/2024
Type:Product IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Vino vest has been doing deceptive practices regarding the costs associated with my wine shipment. Vinovest provided me with inaccurate cost estimation by intentionally omitting the *** cost in their price breakdown. This omission has significantly misrepresented the actual cost of the wine shipment. I reached out to their customer service team but their response did not resolve the matter or adequately explain why this critical cost was not included in the initial estimates. I need Vino vest to offer appropriate compensation or adjustments for the financial impact caused by this misrepresentation.Business Response
Date: 02/10/2025
Hello,
Thank you for reaching out and sharing your concerns. We appreciate the opportunity to clarify our process regarding VAT and other applicable taxes for wine shipments.
At Vinovest, VAT and all relevant taxes are not calculated until the shipment is confirmed. This is because these costs are dependent on the specific destination, applicable regulations, and the valuation at the time of shipment and is the standard policy of the shipping company we use to transport wines. Once the shipment is confirmed, we promptly provide our clients with a detailed breakdown of these costs before finalizing the process. A detailed invoice with all fees is provided by our logistics team when a shipment is confirmed by the customer as well.
This information was communicated in our email correspondence prior to shipment confirmation, ensuring transparency in the process. We apologize for any misunderstanding and regret any inconvenience this may have caused. Our goal is to provide accurate and timely information to assist our clients in making informed decisions. Our recent email communications from your 2nd shipment request also included the explanation about additional fees that may be applied once the delivery is confirmed to be sure you are able to make an informed decision.
If you have any further questions or require additional clarification, we would be happy to assist you. Please let us know.Initial Complaint
Date:12/16/2024
Type:Sales and Advertising IssuesStatus:UnresolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I am uploading a Word document supporting my complaint, there is critical information that needs to be explained.Thank youBusiness Response
Date: 02/11/2025
Dear Mr. *************** you for reaching out and sharing your concerns regarding your investment with Vinovest. We sincerely apologize for any frustration or confusion caused by the updates to our liquidation policy and recent valuation adjustments. We value your investment and appreciate the opportunity to address your concerns directly.
Vinovest continuously strives to improve the accuracy of our valuation system to reflect the most up-to-date market conditions. The recent pricing update you encountered was part of these ongoing efforts, ensuring that valuations are aligned with real-time secondary market data. While we understand that this may have led to an unexpected adjustment in your portfolio's value, our goal remains to provide our investors with transparency and fair market pricing.
Regarding your concerns about liquidity, we acknowledge that our platform has evolved since your initial investment in 2020. When you chose to sell your wines early and liquidate your portfolio your wines were listed to the outside market. All wines in managed accounts are listed outside the Vinovest ecosystem.
In terms of your specific request, we regret that we are unable to offer liquidation at a previously stated valuation, as our pricing is determined by current market conditions. As the wines are listed to the outside market, we are unable to control bids a seller may receive or the overall interest in a specific wine. For each listed wine a buyer must be found, price negotiated and payment settled. Each step takes time and there is no way to guarantee a timeframe. However, we remain committed to assisting you in finding the best available solutions to liquidate your holdings. We understand that changes or updates can be frustrating, and we apologize for any prior miscommunications. Our support team is available to discuss your options further and explore ways to maximize the value of your portfolio. Please feel free to reach out to us directly again so we can assist you further.
Thank you for your patience and for being a valued Vinovest investor. We appreciate your feedback and remain committed to providing you with the best possible experience.Customer Answer
Date: 02/19/2025
Complaint: 22684910
I am rejecting this response because:The company mentioned this in their response:
"...we remain committed to assisting you in finding the best available solutions to liquidate your holdings. We understand that changes or updates can be frustrating, and we apologize for any prior miscommunications. Our support team is available to discuss your options further and explore ways to maximize the value of your portfolio. Please feel free to reach out to us directly again so we can assist you further."
I have been contacting them since they answered the complaint, but they do not reply to my emails. They have not liquidated my wines with the conditions I have requested, nor have they done anything else. Until now, they have only provided these explanation, but they have not done anything.
Sincerely,
***** *****Initial Complaint
Date:10/29/2024
Type:Sales and Advertising IssuesStatus:UnansweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I have been trapped inside this business model scheme for months. I have had my wine up for sale for over 6 months on this platform. I have been trying to contact them multiple times and have been now hit with shipping fees that are worth about the same as the item. I offered to come and collect these things and had organized someone to do so but this apparently was unavailable option. I keep getting bounced between departments and people whilst still paying ongoing fees. I would like this business looked into thoroughly as now I believe that my investment that I paid for years ago may not even exist and am concerned for others that may be more heavily invested. If I get compensation and or free delivery of my items I will be happy but I cannot stress enough how much I would like this business looked into for their integrity. I can and will happily provide screenshots of each email that has been sent and received on request but as there is so many I thought it would be more useful to wait until evidence is needed. Thankyou. ps the account / order / tracking number provided is my support ticket number from support at vinovestInitial Complaint
Date:10/23/2024
Type:Billing IssuesStatus:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I have contacted Vinovest multiple times about liquidating my account. They are taking a management fee and there is no cash to take from and I have expressed I dont want to add more money that Im just throwing away. They are not helpful at all in liquidating my account so i can delete it.Business Response
Date: 10/28/2024
Dear Ms. ************************ you for reaching out and bringing your concerns to our attention. We understand your apprehension about the liquidation pace and storage fees, and we appreciate the opportunity to clarify our policies regarding storage fees and the estimated timeframe for selling wines.
As part of the platform we take care of all of the wine storage and insurance. Wines are carefully stored in professional, climate-controlled facilities that preserve their value and quality. These storage fees are standard in the fine wine industry, ensuring each bottle and case maintains its optimal condition. Even while a wine is listed for sale to the outside market, the wine remains in storage and is fully insured until a buyer purchases the wine and is transferred to them. We charge only the amount necessary to maintain these premium storage standards, essential for securing the investment potential of fine wines. Fees are prorated across the year and charged each month to maintain the industry leading storage and insurance. We need to be able to prove to each buyer that the wines have remained fully insured and stored properly.
The fine wine market operates differently from traditional investment markets. While our goal is to help clients sell wine efficiently, the demand and trading volume for specific wines can vary. Selling wine early can often mean a slower sales process as buyers may be seeking vintages at peak maturity or in higher demand. This is especially true if wine is listed within a few years of the original purchase, as wines typically gain value over time. Most fine wine takes 10+ years to mature. That means an 11-year-old wine will usually be more valuable than a 3-year-old version of the same wine. Theres also a finite supply of investment-grade wine. Once a vintage is bottled, thats it. As other people drink the wine, the remaining bottles become rarer and more expensive and often more attractive to potential buyers.
Your wines are listed to the outside market and our wine team actively markets all listed wines to other avenues to search for potential buyers. Our team is here to assist in any way we can to make the experience as seamless as possible.We have added three months of free storage fees to your account while your wine continues to be listed and our team searches for potential buyers. If you have additional questions or specific instructions, please dont hesitate to reach out to our support team. . We're here to provide support and explore solutions that work best for you.
Thank you for your patience and understanding.
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