Uncorked: Episode 16 - Flat Is The New Up
Welcome to Episode 16 of Uncorked, the Cult Wines podcast. Tom Gearing, our Co-founder and CEO, is joined by Jonathan Stevenson, EVP of Cult Wines North America, with special guests Joe Alim, Managing Director of Cult Wines Asia, and Phil Gearing, Chairman of Cult Wines.
This episode is a deep dive into our H1 2026 report, covering what the first half of the year tells us about the fine wine market, where activity is returning, and what collectors and investors should watch next.
From liquidity and narrowing spreads to mature vintages, Super Tuscans, Burgundy, Bordeaux, CultX and H2 predictions, this is a proper data episode. Not a line-by-line read of the report, thankfully, but enough of one to make Joe wish he had his laptop. And, as ever, there is room for a few laughs between the numbers.
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What topics were covered?
Meet Joe Alim and Phil Gearing
Joe Alim returns to Uncorked for the third time with exactly the sort of energy needed for a report-heavy episode: ready to explore the data, calculator firmly in hand. As Managing Director of Cult Wines Asia, Joe brings a close read on market activity, buyer behaviour and how experienced collectors have been approaching the current phase of the cycle.
Phil Gearing, Chairman of Cult Wines and Tom’s father, makes his first podcast appearance. An avid watcher of the series so far, Phil joins the conversation to add a longer-term perspective on the market, today's opportunity for buyers, and the development of CultX from both an investment and lifestyle angle.
Together, they give this episode a slightly different feel: part market update, part family moment.
The H1 2026 report
The team use Cult Wines’ H1 2026 report as the starting point, not to read every finding line by line, but to pull out the themes that matter most for collectors, investors and anyone watching the fine wine market closely.
Tom frames the first half of the year as a moment to reflect after a quieter summer period and a long stretch of market softness. The headline is not that everything has suddenly surged. It is more measured than that. After two to three years of correction, a flat market can actually be a constructive signal.
That is where the phrase “flat is the new up” comes in. It may not have won unanimous approval in the office, but it captures the tone of the conversation: after a prolonged downturn, stability backed by real transactional data matters.
Liquidity is coming back
One of the episode's biggest themes is liquidity. Joe argues that headline numbers alone do not tell the full story. To understand market health, you need to look underneath: number of bids, number of trades, the breadth of wines trading, and the spreads at which those trades are happening.
The signs are more encouraging than this time last year. The group discuss how trading activity is improving, with regions on pace to finish ahead of 2025 in trade volume. They also talk about discounts to market narrowing, which suggests trades are happening closer to fair value rather than at deeper distressed levels.
For Tom, this matters most in the most liquid wines. If the wines that trade most often are changing hands more frequently, with tighter spreads and closer to estimated market value, that provides a stronger base for the wider market.
What should collectors take from the data?
Joe’s view is that the correction has happened, and that prices appear to have found a floor across much of the market. The first buyers are experienced collectors and investors who understand the opportunity and have been waiting for value to return.
That does not mean everything will rise at once. This is still a market where selectivity matters.
The team are clear that anyone coming in now needs to focus on the right wines, the right vintages and the right levels of liquidity.
Joe also reinforces the importance of a medium- to long-term holding period. Fine wine is cyclical, and the team discuss why a five- to seven-year view remains the right mindset for most collectors and investors.
Mature wines and the squeezed middle
A key part of the market story is the strength of mature, rare and high-quality wines. Jonathan points to the renewed appeal of back vintages, especially wines now in the drinking window that previously traded at higher levels.
Tom links this to the wider economic picture. At the very top end, the wealthiest collectors are still willing to pay for the rarest, best-provenance bottles. At the lower end of the fine wine market, good value, high-scoring wines in the drinking window continue to attract bids. The pressure is more visible in the middle.
The team describe this as the “forever squeezed middle”, especially around the £100 to £250 per bottle bracket. In fine wine terms, that is often the zone where supply is more plentiful, urgency is lower, and discretionary spending pressure can bite harder.
Italy keeps showing strength
Italy features heavily in the report discussion, particularly the Super Tuscans. Tom points out that the category may be “boring” in one sense, but in a good way: Sassicaia, Tignanello, Ornellaia, Masseto and Soldera continue to show why brand strength, restaurant presence and global recognition matter.
The discussion looks at how these wines have become go-to names for wealthy drinkers and collectors, appearing across major restaurant lists in cities such as Miami, New York, London and Dubai. Jonathan adds that Super Tuscans are often more approachable and younger than many Bordeaux equivalents, which supports consumption and keeps supply moving.
Joe also highlights Emidio Pepe as a name with momentum. It may have been more niche historically, especially in Asia, but experienced collectors and wine lovers have long recognised its quality and ageability.
Big brands, cult labels and the supply question
Jonathan asks whether larger production wines could struggle in the next phase of the market, especially as buyers chase rarity, scarcity and protection from oversupply.
Tom’s answer is nuanced. For major global brands such as Opus One or Tignanello, volume can be a strength because it supports distribution and recognition. These are wines people see in airports, restaurants, business class and international markets. That visibility matters.
But volume without equivalent brand power can become a problem. If too many collectors hold the same wines and decide to sell at the same time, supply can pressure prices. This is where rarer, more artisanal and more “cult” names become attractive to today’s most active buyers.
H2 predictions
The second half of the episode turns towards H2 predictions, with Jonathan framing the outlook as a recovery that may stay narrow before it broadens. The first movers are expected to be maturity, scarcity, top grades and rotating regions, rather than a broad market rally.
Joe backs Burgundy, arguing that demand is returning at the top end and that supply dynamics could help the region break out in the second half of the year. Tom backs Bordeaux, not because it is fashionable, but because of the amount of value and liquidity still available.
Phil points towards the US market, suggesting that domestic pressure and supply dynamics could make high-quality US production interesting. Jonathan also leaves room for the rest of the world, including Chile, Argentina, Spain, and Rhône releases.
Wines and producers to watch
When asked for watch-list ideas, Joe highlights Soldera. The appeal is straightforward: quality, scarcity, strong performance through the correction, and continued demand from buyers who are willing to meet the market.
Tom points to Jean-Marc Bouley and Dugat-Py as Burgundy names likely to benefit from increased attention, partly following visibility from the Michelin Guide. He also argues there is still compelling value in high-scoring Bordeaux from vintages such as 2018 and 2019, naming Le Gaffelière 2019 and Chapelle d’Ausone 2019 as examples of wines that look attractive for long-term collectors.
Joe also brings in Clos de Lambrays as a value-led Burgundy idea, particularly older stock before more recent price increases. Bonneau du Martray and Domaine d’Eugénie come up in the same broader conversation around quality, liquidity and the impact of larger luxury ownership groups.
CultX and the data advantage
The final section moves from the H1 report into CultX, the fine wine trading platform built to bring more transparency, data and liquidity into the market.
Tom explains the original ambition: to create something closer to a stock market for fine wine. The platform now brings together live trading, pricing data, critic scores, tasting notes, drinking windows, market values, bids, offers and cellar insights in one place.
For collectors, that means fewer tabs and fewer fragmented data points. For investors, it means more ways to screen for quality, liquidity, price movement, fair value and opportunity. For drinkers, it means better visibility on what to drink, what to hold and what may be worth selling.
Phil also places CultX in a longer context, looking back to Financial Wines, which he launched in 2001 to help solve pricing transparency in fine wine. The market has changed enormously since then, but the underlying challenge remains similar: buyers need clarity, access and confidence.
Bringing the market together
A major theme of the CultX discussion is fragmented fine wine liquidity. Wines trade through merchants, brokers, auction houses, exchanges and private cellars, often in separate pools that do not speak to each other.
Tom explains how CultX is designed to bring more of that together. The platform includes member listings, external liquidity, merchant data, verified cellars and integrations that make the order book more transparent and more useful.
Joe adds that CultX is not only for highly experienced self-directed buyers. With the amount of data, guidance and functionality now available, it can also support newer users who want to understand the market more clearly before making decisions.
CultX in the US
The episode also looks at the US opportunity. CultX has recently launched into the US, with the ability to ship to more than 30 states, and the team discuss why the platform could be particularly well suited to American collectors.
Phil talks about New York and Manhattan as important markets, while Jonathan reflects on his time leading the New York office and the need for better access to in-bond, provenance-led fine wine. The US has a strong auction culture, but CultX aims to offer something different: data, access, provenance and trading functionality in one place.
It is not just about buying investment wines. It is about giving collectors, drinkers, sommeliers, restaurant buyers and investors a more efficient way to interact with fine wine.
The last drop
Episode 16 is a proper market reset. The headline isn't hype, and it isn't a victory lap. It is a measured look at a market that appears to be stabilising, with liquidity returning, spreads narrowing, buyers becoming more selective and opportunity starting to show in the data.
The recovery may stay narrow before it broadens, but for those willing to trudge through the numbers, there are clear signals worth watching.
Open the report, pour something suitable and get into the data. Follow the podcast, send us your questions, and tell us what you want the team to dig into next.
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