I have made several wine racks. I use a 4 inch hole saw in a drill press to
cut the holes then cut the board with the holes on the table saw so that 1/3 of
the hole is on one side of the cut then another cut below the centre line of
the hole for the other cut. The piece of board with the smaller circle arc is
used for the neck of the bottle while the larger circle is for the body of the
bottle. These 2 pieces of board form the front and back of the rack and are
simply joined with 2 pieces of board that form the top and bottom of the rack.
I then cut half inch pieces from a 1 inch dowel rode and glue then on to the
bottom to form legs. Works for me.

Jiggs