ARENI Global: In Conversation

Why - and how- did wine become collectible?

Pauline Vicard speaks with Amayés Aouli, Global Head of Wine & Spirits at Bonhams, one of the world’s oldest auction houses. Together, they explore the often-misunderstood world of wine auctions, beyond the spectacle of paddles and hammer prices. The discussion reveals how auctions translate desire into value, navigating scarcity, logistics, trust, and global demand. A conversation that offers a deeper lens on the fine wine ecosystem—and where it is heading.

In this conversation:

• What auctions actually do—and why they exist

• How wine became a collectible asset (only recently)

• The role of knowledge in shaping demand and price

• What auctions reveal about the future of fine wine

To know more about Bonhams Wine: https://www.bonhams.com/department/WIN/wine/

To know more about Areni's latest research: The New Fine Wine Consumer: How Under 40 Find Their Way Into Fine Wine: https://areni.global/report/the-new-fine-wine-customer/

As part of Women’s History Month, we are sharing a revisited edition of a conversation first recorded in June 2021 during the Bâtonnage Forum—an initiative dedicated to advancing women in the wine industry.

In this episode, Pauline Vicard is joined by Jordan Sale, founder of 81cents, and Felicity Carter, now Editorial Director at Areni Global. Together, they explore a deceptively simple question: how much is enough?

The discussion examines gender pay gaps, negotiation behaviours, and what happens when an industry that has traditionally avoided conversations about money begins to engage with them more openly.

This conversation also had a lasting impact on Areni Global’s work. It contributed to a broader reflection on the structural challenges facing the wine trade—particularly its persistent lack of profitability—and the role that education may play in addressing them. These questions were later explored in our report: Rethinking Education: Shaping the Future of the Trade, available on our website.

For more information on Areni Global: https://areni.global/

For more information on the Batonnage Forum: https://www.batonnageforum.com/

What makes an allocated wine offering work — and when does it fail?

In this episode, Pauline Vicard sits down with Peter Yeung to unpack the mechanics behind scarcity in fine wine. From waitlists and wishlists to pricing strategy and sell-out psychology, they explore how allocation systems shape brand value and customer loyalty.

Drawing on insights from ARENI Global’s upcoming New Fine Wine Consumers study, they also examine why younger collectors approach wine like a video game: they don’t just want access — they want to understand the rules.

Because in fine wine, it’s not just about getting the bottle. It’s about playing the game — and belonging to the community.

For more information on Peter's course Allocated Wine Offerings, visit: https://www.xchateau.com/store/

Areni's study The New Fine Wine Consumer: How Under 40 Find Their Way Into Fine Wine launches on February 19. More info here: https://areni.global/new-consumers-new-narratives/

Why is the world drinking less — and do they really drink less fine wine?

For the first episode of 2026, Pauline and Felicity unpack one of the most pressing shifts reshaping the wine industry: global deconsumption.

Far from being a simple generational story, they reveal how economics, demographics, social change, regulation and new health narratives are collectively transforming alcohol consumption across every age group.

Drawing on Areni Global’s upcoming research on new fine wine consumers (launching Feb. 2026), they explore how economics, demographics, social change, regulation and new health narratives are transforming alcohol consumption across every age group, and how the fine wine sector must adapt to stay relevant.

This podcast series is part of a larger Areni Global research project. Subscribe to our newsletter to get access to our articles and publications: https://bit.ly/AreniNewsletter

Does spirituality have a role in winemaking?

Where else to have this conversation than in Burgundy, the region that claims 1,000 years of a wine history that began with monks. We sat down with Aubert de Villaine, co-owner of Domaine de la Romanée Conti, who is not just acknowledged as one of the greatest winemakers of all time, but also one of the most spiritual.

We were joined by Ted Lemon, owner of Littorai in Sonoma, a deep thinker, who articulated his vision for winemaking.

The conversation ranged across what spirituality means in the context of fine wine today, but also how it influenced the historic growth and development of wine.

It was the most unconventional discussion that Areni Global has ever hosted, but also one of the most meaningful.

For more articles, reports and insights on the future of fine wine, visit www.areni.global and subscribe to our newsletter.