yes and no. big difference being that the houses were purchased with highly leveraged funds, and with the pure intention of turning a profit.
unless i'm mistaken, these bottles need to be paid for in full at auction end, so at the very end the owner still owns something. the asset may be over-valued, but you own it. in the case of the housing bubble, nobody but the banks owned anything.
i definitely think there's a huge bubble, and we may see some correction. but i doubt we will see a massive implosion unless the very wealthy buyers of these wines go completely bankrupt, along with the next 1,000 extremely wealthy people standing a line right behind them who were just outbid.