Uncorked: Episode 17 - New York State of Wine
Episode 17 of Uncorked, a Cult Wines podcast, is a special US edition, recorded live in New York while we were in the city for the United States launch of CultX.
Hosted by Tom Gearing, Co-founder and CEO of Cult Wines, alongside Jonathan Stevenson, EVP of Cult Wines North America, this episode welcomes Carmela Blackman, founder and owner of CB Cellars, a New York-based concierge and collector advisory business.
With Carmela working directly with collectors across the US, the conversation goes behind the scenes of the American fine wine market, from tariffs and auction prices to changing collector behaviour, wine experiences and what the next generation wants from the category.
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What is covered in this episode?
Meet Carmela Blackman
Carmela’s route into wine began at Cornell before taking her through hospitality, luxury brand marketing and eventually the fine wine auction world at Acker Merrall & Condit. Today, she curates cellars, sources and consigns bottles, organises tastings and works closely with private clients and collectors across the US.
That proximity to the market gives Carmela a particularly useful perspective on how American collectors are buying, drinking and thinking about wine today.
CB Cellars | Website: cbcellar.com | Instagram: @cb_cellars
Tariffs, auctions and the changing US market
Tariffs are one of the first topics on the table.
Carmela explains how the first round dramatically changed the economics of sourcing wine from Europe and ultimately pushed her to diversify her own business. Today, the market is better prepared, but tariffs are still influencing where wine is sourced and what buyers are willing to pay.
Jonathan also points to a noticeable shift in US auction prices. With fewer bottles entering the country and more demand focused on stock already held domestically, some wines have moved materially higher.
It is particularly relevant as CultX launches in the US, opening access to a much broader pool of fine wine held in bond internationally.
The next generation of collectors
Who is actually collecting fine wine in America?
Carmela says many established collectors are still 55-plus, often with substantial cellars built over decades. But younger buyers are entering the market too, particularly from the technology sector.
Their starting point is very different. Wines that previous generations could buy relatively casually have risen significantly in price, meaning a younger collector has to make much bigger decisions about where to spend.
That is changing behaviour. For many, access to tastings, dinners and experiences matters more than simply accumulating bottles.
New York, community and making wine accessible
Recorded in New York, the episode naturally turns to the city's wine culture.
Carmela describes a strong community built around restaurants, BYO dinners and collectors sharing bottles. For Tom and Jonathan, it raises a wider question about how the wine industry can make fine wine more accessible without necessarily making the wines themselves cheaper.
Sharing a great bottle between a group changes the economics. A bottle that might feel expensive in isolation can become part of an evening involving several wines, new people and a memorable experience.
That community aspect could prove increasingly important, particularly if wine is to attract younger drinkers and break down some of the gatekeeping that still exists around fine wine.
California, Oregon and finding value
The discussion then moves closer to home.
Carmela remains a strong advocate for California, particularly mature wines from producers such as Heitz and Ridge, but acknowledges the challenge created by modern Napa pricing.
Older Californian wines also prompt a discussion around style and ageing, and whether some of today's more powerful Napa wines will develop in the same way as bottles from the 1970s and 1980s.
Oregon Pinot Noir is another area attracting interest, particularly among Burgundy drinkers searching for quality and value outside increasingly expensive traditional regions.
Wine as an investment, and Michael Burry
The recent interest in fine wine from The Big Short investor Michael Burry also makes its way into the conversation.
Tom and Jonathan discuss why his comments are notable after several difficult years for the market and how wine can fit into a broader view of tangible and alternative assets.
Carmela adds an important collector's perspective. Wine may have investment characteristics, but she believes buyers should still have some interest in actually drinking what they own. Building a cellar solely around expected price appreciation can leave collectors holding wines they neither want to drink nor can easily sell.
Build a Cellar
As always, there is a game.
This time it is Build a Cellar, with Carmela, Tom and Jonathan choosing wines for different types of collectors.
Italy and Super Tuscans feature as an entry point for value, while Tom takes a rather less restrained approach with Soldera, Château Rayas and Domaine Leroy.
They also discuss the bottles that might convert a sceptical new wine drinker, the importance of mature wine and balance, and finally which red, white and Champagne they would buy today and leave untouched for 20 years.
Closing thoughts
Episode 17 offers a boots-on-the-ground view of a US fine wine market in transition.
Established collectors are increasingly looking for opportunities to open and share the cellars they have built over decades, while younger buyers are often more interested in experiences, access and drinking than simply accumulating bottles.
That creates an opportunity to bring the two worlds together. Carmela’s point is that the bottle which draws someone into fine wine is often less important than the experience around it, whether that is a memorable dinner, meeting a producer or sharing a mature wine with someone who knows its story.
Fine wine therefore has more than a price challenge. It also has an access challenge. Greater openness, more sharing and less gatekeeping could prove just as important in bringing through the next generation.
It was a fitting conversation to have in New York as CultX launches in the United States. Technology can improve access to wines and markets, but the appeal of fine wine remains deeply human: discovery, knowledge, experience and opening a bottle with other people.
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