> Scarcity is the number one factor that determines the price of an expensive wine.
just because something is rare doesn't mean it's good; a random rock on a beach is one of a kind but you couldn't sell it for a penny
> good quality wine from a recent vintage will cost less than an equally desirable wine from an older vintage, simply because people haven't drank most of it yet.
no, if it's less expensive it's because there is work involved in cellaring a wine and that adds value
That is precisely what I am saying. Rare (and because of that, expensive) doesn’t make a wine good.
> no, if it's less expensive it's because there is work involved in cellaring a wine and that adds value
Yes, for wines that are hundreds of dollars, but that doesn’t necessarily add any quality. For wines that are thousands of dollars, they’re just scarce.
To a person who can't tell the difference between cheap and expensive wine, expensive wine is "strictly ostentatious" by definition.
That doesn't necessarily mean better, but you might be paying for scarcity in the flavor.
My point is more-so that the more general consensus of quality has asymptotic diminishing returns after around that point.