I have read that all corks "breathable".
Definition of "Breathable"...
Although air tight, corks do allow some oxygen to "seep" into the wine. This is a VERY slow and very slight process akin to osmosis. A good proof of this is (at times) you open a rather old bottle of tanic red wine and notice a type of concretion covering the inside of the bottle. This concretion is most likely caused by the tanins in the red wine reacting with the oxygen that has bled through the cork.
Please keep in mind, however, that this is a very very slow process.
All corks have this phenominon in common and this is considered a normal part of aging. This also happens with synthetic corks at a much higher rate.
So what does this have to do with waxing???
Waxing is great for long term storage of wine. It will further slow down the aging/osmosis process. In fact, the most expensive bottle of wine ever sold (from a cache of 1798 Lafite once owned by Thomas Jefferson) was said to taste superb and the wax seal was credited.