Episode #16
Flat Is The New Up | Episode 16
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.
