Mix together ketchup, tomato sauce, brown sugar, wine vinegar, molasses, butter, and liquid smoke in a large saucepan over medium heat. Season with salt, black pepper, paprika, garlic powder, onion powder, celery seed, cayenne, chili powder, and cinnamon.
Reduce heat to low and simmer for up to 20 minutes. For a thicker sauce, simmer longer, and for thinner, less time is needed. Sauce can also be thinned using a bit of water if necessary.