For generations, wine has been something to share, to cellar and to talk about, and for many of our clients it is a lifelong passion.
The topic of wine is one that often comes up in conversation with clients, so we sat down with two keen collectors – Ironbark Private Wealth Principal Adviser Tim Eustace and retired doctor Ray Buttigieg – to hear how they see the world of wine changing, including shifting tastes, falling global demand and the growing impact of a changing climate, told through their personal experiences as collectors.*
*This article is general information only, written for interest and enjoyment, and is not financial product advice. Please read the important information at the end.
For Ray and his wife Mary, collecting began simply as a way to enjoy wines as they aged. But as their collection grew, it became more than they could ever drink themselves and something of an all-consuming hobby.
As Ray says, “The trouble is it almost becomes a bit of an obsession once you start collecting wines.”
Over the years, Ray has occasionally seen a bottle rise well above what he paid for it. He recalls buying a bottle of Rousseau Grand Cru Chambertin for around $400 in the early 2000s, which was valued at close to $4,000 at the height of the fine wine market during COVID, when he said demand was especially strong.
Ray is quick to point out that such outcomes are the exception rather than the rule. A valuation is also very different from what a bottle might actually fetch once selling costs are taken into account.
I’ve still got some lovely old Bordeaux. But trying to sell it now, you really don’t get your money’s worth.
These days, Ray is far less likely to sell any of his wines. In his experience, resale prices for many older wines have softened, and auction fees can further soften the proceeds.
“If I see that I’m only getting maybe $10 over what I paid for the wine, I’d much rather keep it,” he says.
And for many collectors, there’s also the cost of storage to consider. While Ray has his own climate-controlled cellar, others may need to pay for commercial cellaring, potentially for decades.
Part 1 Changing tastes
Ray is not the only collector weighing up what to buy, what to keep and what to drink. Around the world, the way people buy and enjoy wine is changing.
Global wine consumption has fallen to its lowest level since 1957, according to latest estimates from the International Organisation of Vine and Wine (OIV)1 as the younger generations, in particular, show less interest.2 That’s especially marked in the United States where IWSR data shows that wine consumption fell by 73 million 9-litre cases between 2020 and 2025.3 China's wine market declined by 58% over the same period, falling from the world's 9th largest wine market to the 16th largest by volume.4
Higher-end wines have proved more resilient.5 But resilience doesn’t necessarily mean standing still. Even at the premium end, tastes are changing, potentially shifting what collectors look for.
Tim, a keen collector himself, points to Grenache as an example. Once overlooked in favour of Shiraz and Cabernet, its lighter, aromatic style is winning over more drinkers.
That’s good news for Australian wine lovers. “We’ve got lots of fine old Grenache in Australia,” Tim says. “The best of it is really lovely to drink and compares very favourably with Shiraz and Cabernet of a similar quality.”
Ray has noticed collectors’ tastes shifting too. As top Burgundy has become increasingly expensive, he says some are turning to alternatives such as Italy’s Nebbiolo, including lesser-known regions such as Valtellina.
“People are starting to look at cheaper varieties, but as these cheaper varieties become more popular, their price is starting to rise as well,” Ray points out.
Part 2 When demand dries up
This shift looks set to continue.
Wine Australia points to a combination of economic pressures, shifting demographics, health trends and changing consumer behaviour reshaping the global wine market.
As its Manager, Market Insights, Peter Bailey recently warned, “The challenges facing the wine industry are not short-term fluctuations that appear and disappear from one year to the next.”6
Perhaps the most visible evidence of this can be found in the vineyards themselves. In Bordeaux, almost 30,000 hectares of vines are expected to have been uprooted across the region between 2023 and the end of 2026.7
Bordeaux is not alone, and Wine Australia suggests there may be further to go. Its modelling suggests the global vineyard area could ultimately need to shrink by around 14% to bring production more closely into line with consumption.8
A changing wine map
One very real challenge that isn’t going away any time soon is the changing climate.
The 2026 season in France provides a stark example. Severe heat, drought and wildfires hit parts of the country, with the Agriculture Ministry forecasting one of its smallest wine harvests in decades, at 17% below the 2021–2025 average. Champagne is forecast to produce 49% less wine than in 2025, while Burgundy-Beaujolais is expected to be down around a third.9
Yet a changing climate is also opening up new wine growing regions.
“We’ve seen significant planting of different varietals, particularly sparkling wine, in places like southern England, where 20 or 30 years ago it was almost non-existent,” Tim points out.
In fact, Champagne houses have increasingly looked to southern England. Taittinger established its Domaine Evremond vineyard in Kent, while Pommery launched Louis Pommery England in Hampshire, attracted by the region's chalk soils, which closely resemble those of Champagne, and climatic conditions well suited to sparkling wine production.10
What does this mean for drinkers? “If you’ve ever tasted a good-quality English sparkling, they are magnificent. They’re heady with citrus and have a freshness about them” Tim says.
Part 3 Beyond the bottle
For collectors like Tim and Ray, the real reward of wine has never been purely financial.
“It’s an intellectual pursuit as well as a lifestyle one,” Tim says. “There’s also the conviviality of wine.”
That resonates with Ray. After decades of collecting, he says the rewards go well beyond the monetary. “We’ve been enjoying some lovely wines” he says.
Perhaps that's what makes a cellar so special. There is always something new to discover, and something to learn with every vintage.
Regardless of what happens to prices, you can always open the bottle and enjoy it.
1. La Revue du vin de France (2026), The global wine consumption at its lowest since 1957, 12 May 2026. Based on OIV estimates: https://en.larvf.com/introduction-to-wine/wine-economy/global-wine-consumption-lowest-since-1957-019e1cf3-467d-7528-9a06-8c509690010d
2. La Revue du vin de France (2026), The global wine consumption at its lowest since 1957, 12 May 2026. Based on OIV estimates: https://en.larvf.com/introduction-to-wine/wine-economy/global-wine-consumption-lowest-since-1957-019e1cf3-467d-7528-9a06-8c509690010d
3.Wine Australia, Market Bulletin Issue 366: Global wine consumption drops further in 2025: new IWSR data reveals the underlying trends (17 June 2026. Based on data from IWSR): https://www.wineaustralia.com/news/market-bulletin/issue-366
4. .Wine Australia, Market Bulletin Issue 366: Global wine consumption drops further in 2025: new IWSR data reveals the underlying trends (17 June 2026. Based on data from IWSR): https://www.wineaustralia.com/news/market-bulletin/issue-366
5..Wine Australia, Market Bulletin Issue 366: Global wine consumption drops further in 2025: new IWSR data reveals the underlying trends (17 June 2026. Based on data from IWSR): https://www.wineaustralia.com/news/market-bulletin/issue-366 .
6. Bailey, P., The global market: Transforming challenges into opportunities, Wine Australia Global Market Update 2026: https://www.wineaustralia.com/whats-happening/events/global-market-update-2026-recording-and-presentation
7. Préfecture de la Gironde (2026), Viticulture: mobilisation collective pour accompagner la transition et préparer l’avenir en Gironde, 29 June 2026.
8. Wine Australia, Wine Australia Market Bulletin: https://www.wineaustralia.com/news/market-bulletin/issue-357
9. Euronext Markets, French wine output among lowest in 30 years after heatwaves, 2026: https://live.euronext.com/en/financial-news/french-wine-output-among-lowest-30-years-after-heatwaves
10. https://www.vineyardsofhampshire.co.uk/louispommery, https://www.taittinger.com/en/webzine/evremond