Ömer Gökçekuş
Abstract Using Wine Spectator ’s Top 100 lists for 1988–2025, this note applies Bai–Perron structural break tests to regional and country shares and identifies three distinct periods: 1988–1997, 1998–2015, and 2016–2025. Real prices decline across phases, with the sharpest drop in the most recent period, while scores remain stable and concentration falls sharply between the first two periods and then levels off. Turnover also declines in the most recent period, indicating reduced year-to-year movement in regional representation. Robust regressions confirm that prices are lower in periods with lower concentration. The findings extend earlier JWE studies by providing a longer horizon and a structural break perspective on long-run changes in representation and pricing.