Vol. 14 No. 2 (2025)
Original Research Article

Exploring the Superstar Effect in the Wine Industry: Wine Spectator’s Top 100 List and Price Premiums

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  • Omer Gokcekus,
  • Carter E. Bucken
Omer Gokcekus
School of Diplomacy and International Relations, Seton Hall University, 128 McQuaid Hall, 400 South Orange Avenue, South Orange, NJ 07079, USA
Carter E. Bucken
School of Diplomacy and International Relations, Seton Hall University, 128 McQuaid Hall, 400 South Orange Avenue, South Orange, NJ 07079, USA
DOI: https://doi.org/10.36253/wep-17003

Published 2025-07-07

Keywords

  • Superstar effect,
  • Wine Spectator,
  • Top 100 list,
  • Price premium

How to Cite

Gokcekus, O., & Bucken, C. E. (2025). Exploring the Superstar Effect in the Wine Industry: Wine Spectator’s Top 100 List and Price Premiums. Wine Economics and Policy, 14(2), 59–69. https://doi.org/10.36253/wep-17003

Copyright (c) 2025 Omer Gokcekus, Carter E. Bucken

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

Abstract

This paper investigates the superstar effect in the wine industry by analyzing whether inclusion in Wine Spectator’s annual Top 100 List leads to a significant and persistent price premium. Using a dataset of wines ranked number one between 2010 and 2021 and a panel of the top 10 wines from the 2016 list, we assess the short-term and longitudinal effects of critical recognition on market pricing. Results from a paired t-test reveal that number one wines exhibit an average price premium increase of 85% relative to the previous vintage. Panel regressions further show that top 10 wines experience a substantial and sustained premium that persists across four subsequent vintages. In addition to pricing effects, we analyze producer-level outcomes by comparing changes in release price, quantity sold, and realized revenue before and after inclusion in the Top 100 List. The revenue analysis, disaggregated by ranking tier, indicates that top 10 wines in particular benefit from a disproportionately large increase in total revenue, driven by both expanded volume and elevated resale prices. These findings confirm that media-driven visibility creates durable economic advantages, with the most pronounced effects observed at the very top of the ranking.

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