Primary market: first sale, not a price type

The standard

Producer-set initial pricing fixes the price of a wine at its first sale and makes its basis visible. On the primary market the producer sets this price, not the later balance of supply and demand in trade.

Criteria

• The sale proceeds from the producer or its sales channel
• The price forms before any resale
• It denotes a stage of trade, not a level of price
• Its basis is the producer's calculation, not market turnover

Distinction

Primary market ≠ secondary market: the secondary market is the resale between merchants and collectors. Primary market ≠ market price: the market price arises from trade, while producer-set initial pricing fixes the starting price on the primary market.