We are talking about the London International Vintners Exchange, abbreviated as Liv-ex, founded in 2000 by two Australian stockbrokers of the City, James Miles and Justin Gibbs. The new company was born from an intuition: how could you know if you were paying the right price for a wine? At that time the wine market was in fact a niche market for a few, the prerogative of prestigious London merchants. Arbitrary evaluations arose from this, detached from the economic reality in which they were immersed. Meanwhile, the internet was emerging as a technology capable of transforming any industry and as the answer that Miles and Gibbs were looking for.
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