We are kicking off 2026 with our special year in review episode. Tom Gearing, Co-founder and CEO of Cult Wines, sits down with guest Joe Alim, Managing Director, Cult Wines Asia, to look back at how the fine wine market moved in 2025 and where it could be heading in 2026.

In short, it was a year that asked for patience early on, found its feet in the middle, and finished with a brighter tone towards the end of the year.

What is covered in this bonus episode?

The year that wasTom frames 2025 as a transition year. Prices, on average, drifted lower through the first half before finding a base, while trading activity broadened as more bottles changed hands and more labels re-appeared on buy lists.The headline is simple. Participation improved even when prices were still adjusting, and that foundation helped the late-year lift.

Highs, lows and a turning pointJoe’s high point is the change in mood in the final stretch, when bids felt firmer and confidence returned for recognisable names. The low was the stop-start nature of the spring, when hopes for a quicker reset were dented.The turning point arrived as autumn set in, with better attendance at tastings, healthier enquiry levels and a sense that disciplined pricing was being rewarded.

Region by region, the picture is mixed.

🍷 Bordeaux carried the heaviest weight of older stock and needed sharper pricing to move, but showed more life into the fourth quarter.

🍷 Burgundy stayed selective, with buyers focusing on provenance and fair value rather than chasing every label.

🍷 Champagne kept its place as a liquidity hub, though buyers were more price aware than a year ago.

🍷 Italy and the USA each produced bright spots, often where producers balanced quality with sensible release levels.

🍷 Rest of World continued to attract curiosity, especially when wines came with a clear story and strong condition.

What actually movedRather than a single winner, the market rewarded familiarity and fairness. Well-known producers and strong vintages saw the most consistent action. Late in the year, there was fresh interest in classic left-bank reds, a renewed look at a handful of blue-chip Champagnes, and a gentle widening toward back-vintage parcels with clean paperwork.

Price action without the spreadsheetsLooking across the year, price rises tended to cluster where supply was tight, condition was excellent and critics had been consistent across vintages. Retreats showed up where the market had run ahead of itself during the boom, or where availability was simply too deep to clear quickly. The direction into year-end was modestly higher for the most liquid bottles, flatter elsewhere, and still cautious for anything carrying a heavy premium without the fundamentals to back it up.

Momentum into 2026Tom and Joe agree that the first movers in any recovery are usually the most liquid wines with strong brands, clear provenance, and recent trading history. From there, confidence can broaden if buyers feel prices are grounded. Asia’s demand picture is encouraging for Champagne and prestige reds, with room to grow if travel and hospitality continue to normalise.

How to think about the next twelve monthsThe outlook is practical rather than breathless. Focus on the condition and paperwork. Prefer producers with consistent scoring across several vintages rather than single-vintage spikes. Use fair release levels as a guide to value. Be patient with slower regions that are still digesting stock. Keep some powder dry for well-priced parcels that appear without fanfare.

If 2024 was the comedown, 2025 was the recalibration. More hands in the market, more sensible pricing, and a late-year shift from caution to quiet confidence. We head into 2026 watching for breadth beyond the usual suspects, but the tone is better, the signals are clearer, and the opportunities are there for those who buy with discipline.

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