Wine has always seemed to me to be similar to fine art. The value is entirely based in rarity and perceived value and not any objective increase in value. It's not as if a $10,000 bottle of wine is 1000x or even 100x better than a moderately priced bottle of wine. It's because it's rare and saying it's worth that much is a "mark of quality" in the wine enjoyer.

Same for fine art. Art history aside (which is a BIG part of why older art can be valuable) and money laundering aside (another big reason fine art is the way it is) a big reason art is valuable is because people say it is. And the prices vary appropriately. And art and wine have the same issues in rich assholes hoarding it away where no one else can see it.