I did this project a few years back. We had a cluttered coat closet in the entry and decided to turn it into a poor man's wine cellar. I ripped the guts out, ran electrical in there and used redwood tongue and groove for the walls and ceiling.
After taking out a second on the house and sending the kids off to work at a sweat shop to pay for the redwood, I decided to make the racks out of poplar since it was quite a bit cheaper. I poured self leveling concrete on the floor since it was pretty hammered and painted it some funky colors. We added a glass door so we could look at our babies as they sit in there.
I put an LED light stick under the top rack to light up the countertop. My wife decorated the cellar and filled it with all the wine. The bottles facing out are ready to drink, the ones facing in aren't Dang, how'd that vodka get in there.
I added overhead canned lighting to light up the entire cellar. I recently switched over to LED bulbs, which brought down the temperature quite a bit. The cellar holds about 92 bottles.