Can I add a $1000 bottle of wine to be classified as "snake oil" even though there's no oil in it?
I work with wine, if you want a professional answer it is not snake oil, at least not every 1k bottle.
You'd have to specify what you have in mind. Making a wine that can age well, and then not selling it, but having it occupy your cellar with your investment tied, it builds the price over time. Here it doesn't even matter do you like aged wine, no one is saying it is universally more appealing (although I’m not the one to go after universal categories since the only thing I’ve seen in wine business is that the more time you spend with them, the closer you get to what the old masters are praising and recommending). Some other things raise the price of wine.
Just a couple of info:
Wine does change with time.
Good wine from good grapes well stored will change for the better.
The more you know about wine making, the better your wine will age, not every wine is for aging (while OTOH if I cut and connect a right gauge of copper wire, I get what Nordost sells).
Wine has primary aromas (from the grape variety), secondary aromas (from what the winemaker did) and tertiary aromas from what happens with age. (Fourth are sometimes mentioned as aromas from the soil – this is dubious although we use the markers by large to describe certain aromas)
Wine that didn’t age WILL NOT have tertiary aromas. Bad wine WILL NOT get better with age. Ageing means investing, result is always risky.
Certain plots of land yield better raw material. You can’t get more than you get. Forcing vine to give more bunches will knock down quality – what people appreciate in grapes is the result of poverty, struggling and under nurturing (as opposed to what vine would probably prefer – to prosper wide and large). So you can’t produce more than you get.
Certain winemakers still show more talent in winemaking than others, not everything has been written down.
As I said in the beginning; after a while in this business, you start appreciating some of the same stuff the old farts appreciate; wine that can show primary, secondary and tertiary aromas and still have good structure (acidity), harmony (your mouth don’t get tired of it after a long evening of couple of bottles) and balance (not one single aroma jumps out and attracts attention, but it’s rather a wide variety of aromas of same intensity), it leaves a long lasting taste in mouth that doesn’t fall apart in first 30sec + it shows some of the terroir specificity... What can I tell you... It is very hard to make.
Once you try a wine that survived 50 years and is complex beyond what you can detect and compare it with plonk that dies after 1.2 – 2 years, you ask yourself; “the f...”
Of course there is also branding and fashion, but I didn’t want to touch those. I think this is enough to show it’s not a clear case like it is with some more technological stuff.