Welcome to the second episode of Uncorked, the Cult Wines podcast that takes you inside the world of fine wine, from the people who help shape it. This time, Cult Wines’ Co-founder and CEO, Tom Gearing, is joined by Jonathan Stevenson, Executive Vice President of Cult Wines North America, and special guest Aarash Ghatineh, Cult Wines’ Chief Revenue Officer.

Together, they dive into the state of the global wine market and the broader luxury landscape, offering a mix of market insights, personal stories, and spirited debates – including whether any bottle is truly worth £200,000? Spoiler: it gets lively.

From shifting supply trends and investment opportunities to the psychology behind ultra-luxury and the evolution of Cult Wines’ strategy, this episode uncorks some big questions and bigger ideas.

📌 What’s covered in Episode 2:

Are There Too Many Wines on the Market?

We kicked off the discussion with a focus on supply. Has the global wine market become saturated? Aarash explored how increasing production volumes from top producers are influencing demand, and Jonathan reflected on how collectors are becoming more selective, especially in Bordeaux. The conversation turned to wine’s unique dual nature – both luxury product and agricultural commodity – and how that creates friction in pricing and perception.

£200K for a Bottle – Worth It?

Tom raised the question: Are any wines really worth £200,000? Aarash didn’t hesitate to challenge the idea, drawing comparisons with luxury watches and exploring the psychology behind pricing. The chat evolved into a broader examination of value perception, particularly when comparing mature vintages with brand-new releases. Jonathan added that while rarity and brand heritage are key, there’s still a tipping point where buyers start asking, “What am I actually paying for here?”

Strategic Shifts and What Investors Want

We shared a bit of what’s been happening behind the scenes at Cult Wines – from evolving our approach to client strategy, to understanding where investor interest is heading. Aarash spoke about tailoring portfolios more precisely, providing people with the tools to make smarter, more agile decisions, and why education remains a significant part of what we do.Tom offered insight into why flexibility is becoming more important in a market where traditional cycles are shifting. Less “buy and hold,” more “buy with a plan.” This means a greater focus on liquidity, price transparency, and data.

The Broader Luxury Context

Wine doesn’t operate in a vacuum, so we zoomed out to examine the broader luxury space. With watches, handbags, art, and whisky all going through their own ups and downs, what can wine learn from them, and where can it outperform?Aarash explored how emotional engagement plays a huge role in wine’s long-term appeal, while Tom questioned whether the market needs to do a better job of storytelling. Because, ultimately, stories sell.

A Moment of Reflection – and a Look Ahead

As always, we rounded things off with a look at what’s next. While the fine wine market has seen its fair share of challenges over the past 18 months, the episode left us more optimistic than ever. Strong fundamentals, a clearer pricing environment, and a more educated investor base mean opportunities are available – they just require a sharper strategy and a broader perspective.

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