The price increase of older wine is due to their rarity more than their quality. Wine is sensitive to environmental conditions such as weather and soil. This means a winery can produce drastically different product year by year. As a result you never know when you’re going to get an excellent batch of wine and as time goes on the supply of that specific batch of wine decreases and never increases. This scarcity and the associated speculation means that old wine steadily increases in price.
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