One important aspect of ageing is the reactions of phenols and polyphenols such as tannins. Phenols are bitter compounds, but as the react they join to form polyphenols, which are less bitter. Polyphenols can react together to form longer chain polyphenols, which may precipitate out giving a deposit in the bottle. Generally the effect is that the wine gets less bitter and the tannins "softer" with time. Oxygen also affects this process, which is why wine ages quicker in barrels or bottles with corks.