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 Tone
Q1 shows greater price stability, with less speculation and more disciplined buying. After recent volatility, there are signs the market is finding support.
Prime Bordeaux Value & the ‘Holy Trinity’
Mature Bordeaux is back in focus, particularly the 2005, 2009 and 2010 vintages. Wines such as Lafite Rothschild and Mouton Rothschild illustrate renewed demand and trading depth.
Why Burgundy Remains in Demand
Burgundy trading value continues to rise, supported by limited supply and shifting buyer behaviour. Collectors are increasingly favouring back vintages over expensive new releases.
The Most Traded Wines
Pontet-Canet stands out as the most traded red wine globally, reflecting consistency and accessibility. The team also builds a ‘five-a-side’ of top traded wines across regions.
White Wines on the Rise
White wines are seeing increased activity across regions, with notable growth in Bordeaux, Burgundy, Italy, Rhône and the US, highlighting growing collectability.
Momentum Wines & Premium Buying
Top-tier wines such as DRC Echezeaux demonstrate strong trading momentum, with buyers prioritising provenance and quality over price.
Bordeaux En Primeur 2025: Pressure & Possibility
With En Primeur approaching, the discussion turns to pricing, liquidity and market expectations. The team explores how evolving trading dynamics are reshaping buyer behaviour.
Bordeaux EP 2025 daily content here: https://www.wineinvestment.com/learn/magazine/2026/04/bordeaux-2025-quality-returns-the-price-has-yet-to-follow/
A Wine Game with a Twist
The episode closes with a light-hearted game inspired by the Masters Champions Dinner, in which participants guess wine prices and reflect on value at the top end of the market.
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🔗 Links
Cult Wines: https://www.wineinvestment.com/
CultX: https://www.cultx.com/
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