It does, but wine and champagne don't change in flavour much past 2 years after the bottle date. The reason why a bottle of some 1943 Merlot goes for $10K is because in that year a particular winery in a certain valley in a remote region of a fine wine producing area had an incredibly good year and produced some amazing wine. Of course, being 60 years ago now, these amazing bottles of wine are getting rarer and rarer, thus increasing them in value.
You can age wine in oak barrels and it will change the flavour, but after a while it'll just taste like you're sucking on a moist oak plank. Once the wine is in the bottle, the acids mellow and the tannins break down, but this process only takes 6 months before the wine is drinkable, and 2 years until it doesn't change much anymore at all.