Not all wines do. For the most part it is due to tannins softening and the “bite” in most dryer wines mellowing out, leading to a smoother, rounder flavor w less “heat” as the sweeter tones shine through and counter some of the ethanol flavor from the alcohol. This happens as the complex tannins deteriorate over time. If you like the heat and the dryness of big bodied wines, you wont necessarily want them to be too old.
Some wines, under the proper conditions, can preserve tannin structure for decades while other chemicals deteriorate, reveling different taste and notes. Beer can do this, too. A high alcohol content barley wine will become more malty and sweet and less hot over years despite the alcohol content increasing, for example.
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