Twenty-three Cabernet Sauvignon wines from the Mudgee region and thirty-two Shiraz wines from the Hunter Valley region were analyzed for phenolic content and antioxidant activity. Concentrations of (+)-catechin, quercetin, and transresveratrol, total phenolic content, and DPPH antioxidant activity varied considerably, both within and between varieties. Individual phenols, total phenols, and antioxidant activity were correlated with price and vintage. Shiraz wines showed positive and significant correlations for catechin and quercetin concentrations with total phenols, antioxidant activity, and vintage; and for total phenols and antioxidant activity with vintage. Cabernet Sauvignon wines showed positive and significant correlations for quercetin concentration with total phenols and antioxidant activity. There was a negative and significant correlation found between price and antioxidant activity for Cabernet Sauvignon wines. Results are discussed in terms of the potential for wine to be considered a functional food.