One of the quiet reasons the fine wine world is struggling is that there are simply too many great wines. This may sound counterintuitive, but the more I think about it, the clearer it becomes: so many bottles now overdeliver at their price point that some of the traditional powerhouses feel less essential. Plenty of cult labels, lacking true scarcity, raised their prices dramatically over the past decade—while some deserved the acclaim and rewards, others pushed their customers to look elsewhere. And that “elsewhere” has gotten so good, it’s hard to go back.

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