Show Notes
🍷 Is the fine wine market finally turning? Where is liquidity returning? And after more than two years of correction, could flat really be the new up?
In Episode 16 of Uncorked, Tom Gearing and Jonathan Stevenson are joined by Joe Alim, Managing Director of Cult Wines Asia, and Phil Gearing, Chairman of Cult Wines, to unpack the findings from Cult Wines' H1 2026 report and what the data is telling us about the next phase of the fine wine market.
After a prolonged period of falling prices, this episode looks beyond the headline indices to the signals emerging underneath. Trading activity is improving, discounts to market are narrowing, and liquidity is returning across parts of the market. It may not be a broad recovery yet, but after two to three years of correction, stability itself is starting to mean something.
The panel explores where experienced collectors are buying, why mature vintages are attracting renewed attention and why the "forever squeezed middle" remains under pressure. From Super Tuscans and Burgundy to Bordeaux, cult producers and the US market, they discuss where value is emerging and which parts of the market could move first.
📌 Topics covered in this episode: H1 2026: why "flat is the new up" The return of liquidity and what the trading data tells us Narrowing spreads and signs the market may have found its floor Why mature and rare wines are attracting buyers The "forever squeezed middle" of fine wine Why Super Tuscans continue to show strength Big brands vs cult producers: when does supply become a problem? Burgundy, Bordeaux and the regions to watch in H2 Soldera, Emidio Pepe, Dugat-Py and other producers on the watch list Why selectivity still matters in a recovering market CultX and the role of data, transparency and liquidity Bringing fragmented fine wine markets into one order book The CultX US launch and the opportunity for American collectors H2 predictions from Tom, Jonathan, Joe and Phil
One of the episode's central themes is that headline price movements only tell part of the story. Joe argues that to understand where the market is heading, you need to look underneath the indices at bids, trades, the breadth of wines changing hands and the spreads at which transactions are actually taking place. On those measures, the picture is becoming more constructive.
The conversation also explores why any recovery is unlikely to happen everywhere at once. Mature wines, scarcity, strong brands, and the most liquid names may lead, while oversupplied wines and the middle of the market face a tougher path. For collectors and investors, the message is less about trying to call the exact bottom and more about being selective on wine, vintage, price and liquidity.
The final part of the episode turns to CultX and the challenge of fragmented liquidity in fine wine. Tom and Phil discuss the long-running problem of price transparency, while the team looks at how live bids and offers, pricing data, critic scores, drinking windows and market analytics can give collectors a clearer view of what they own and where opportunities may be emerging.
With CultX now expanding in the US, the discussion also looks at how greater access to in-bond, provenance-led stock and a more transparent trading environment could change how American collectors buy, sell, and manage fine wine.
🍇 Explore more: 🔗 Cult Wines: https://www.wineinvestment.com/ 🔗 CultX: https://www.cultx.com/
Whether you're a collector, investor, wine professional, or simply following the fine wine market, Episode 16 offers a data-led look at where the market stands today, where activity is returning and what could shape the second half of 2026.
Follow Uncorked for more conversations on fine wine, collecting, investing, and the people shaping the market's future.
More from Uncorked: A Cult Wines Podcast
🍷 How are tariffs reshaping the US fine wine market? Who is actually collecting wine in America today? And can the industry solve its access problem before the next generation walks away?
🍷 What can the wine industry learn from Taylor Swift? Is fine wine really an investment? And why might France's most protected traditions be its biggest weakness?
🍷 Is English wine finally having its moment? Can the UK sell as much wine as it can now make? And why is vineyard tourism booming right on our doorstep? In Episode 14 of Uncorked, Tom Gearing and Jonathan Stevenson welcome Alice Griffiths, wine writer, columnist and passionate advocate for English and Welsh wine, for a lively deep dive into one of the UK's most exciting wine categories. This episode heads much closer to home. Drawing on Alice's two decades in agriculture and her full-time career championing homegrown wine, the conversation explores cellar doors, vineyard trails, still wines, Welsh producers, social media, supermarkets and even a Guinness World Record attempt involving 80 vineyards in seven days. Alice shares where to start if you want to visit English vineyards, why tourism is becoming a genuine hospitality opportunity rather than a novelty, and what the next stage of the industry really depends on. Together, the panel discusses the English wine boom, the challenge of selling enough of it, and how supermarkets, cellar doors and vineyard visits can each become a doorway into the category.
🍷 Is wine still culturally relevant? What makes someone become a collector? And how can the fine wine trade connect with the next generation?
Welcome to Episode 12 of Uncorked, the Cult Wines podcast. Tom Gearing, our Co-founder and CEO, is joined as always by Jonathan Stevenson, EVP of Cult Wines North America, with special guest Aarash Ghatineh, Cult Wines’ CRO. Aarash returns for what Tom calls the ‘big guns’ episode, because we have reached that point in the year where the market story matters. We are already at the end of Q1, and with Bordeaux En Primeur about to dominate the calendar, this is the moment to take stock of what has changed, what has not, and where collectors are actually putting money to work. The conversation starts with a straight read on the tone of trading so far this year, then pulls apart the themes sitting underneath it: stability returning to parts of the market, buyers focusing more on fundamentals, and renewed activity in the vintages and regions that offer both stature and opportunity. From there, attention turns to the questions everyone asks at this time of year. What needs to happen for En Primeur 2025 to land well? How should buyers think about value once carrying costs are considered? How has easier trading changed the old buy-and-hold logic? As ever, it is not all spreadsheets and seriousness; there is room for a bit of fun between the numbers. 📌 What’s covered in Episode 12: End of Q1: Steadier Market ToneQ1 shows greater price stability, with less speculation and more disciplined buying. After recent volatility, there are signs the market is finding support.