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Reply to "Is there really much risk to storing wines long-term in the basement?"

I would think it would depend on what you plan on doing with your cellar and what wines you intend to cellar more than 10-15+ years. If you have Bordeaux FGs and other high end wines and may someday want to resell it, you will get higher offers if you have stored in some kind of temperature controlled environment. Outside of that scenario and the fact that you live up in the Great White North, I would think most wines are fine in a cold basement (unless you also plan on a family room down there in which case, like Board-O, said, wall-it off and insulate it.)
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