Issue Date: November 23, 2003
Good wines, great prices
Read this and stock up while the amazing bargains last.
Values are everywhere these days. Anyone up for a glass of "Two Buck Chuck"?
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Deflation may not be in the cards for the U.S. economy, but it's already hit home in the wine world. If you've noticed that your favorite California cabernet is cheaper than it used to be, you're not dreaming.
What's happened here? First, a little history: During the first half of the '90s, there was a shortage of U.S. wine grapes. Back then, the economy was on a roll, recalls Steve Coburn, a wine buyer for Costco Wholesale. Many people didn't think twice about dropping $20, $30 or even more on a chardonnay or merlot to drink with dinner. So vintners planted to meet that demand. But when their vines matured just as the economy turned sour, it seemed clear the growers had overdone it. Bulk wine is selling for as little as $1 a gallon, according to the industry bible, "Wine Spectator." And now a report on the wine industry from Morgan Stanley analysts says that what's really a "small surplus" today looks to get bigger through 2005.
That's bad news for investors with wine stocks. But for consumers, the timing couldn't be better. Not only have prices fallen, but some less expensive bottles are filled with better grapes than they were a few years ago. The result: better values for your buck, no matter the price.
According to some wine critics, even media sensation "Two Buck Chuck" (the Bronco Wine Co.'s Charles Shaw brand) is surprisingly drinkable, made in a dry style and not tooth-achingly sweet, as you'd expect a cheap wine to be. The line, which includes a merlot, chardonnay, sauvignon blanc and cabernet sauvignon, is sold exclusively through the 160-plus Trader Joe's stores for a jaw-dropping $1.99 a bottle in California (more out of state).
All of which raises the question: When inexpensive bottles line the shelves, how do you make a selection that doesn't disappoint?
Look at bottles $15 and below. "That is where you're going to see the value," Costco's Coburn says. "There are some wines there that are extraordinary products."
Target cabs, chards and merlots. Between 1996 and 2001, production of cabernet sauvignon and chardonnay grapes doubled in California. Merlot production almost tripled. Most were grown outside high-quality, pricey Napa and Sonoma. You'll find great values in these varietals from places such as Paso Robles and the Central Coast region outside Santa Barbara (those bottles are labeled "coastal").
Check out the '98s. The wine industry lives and dies by Robert Parker's newsletter, "The Wine Advocate" (and Web site, erobertparker.com). Parker had nice things to say about the '99s, 2000s and '01s but wasn't enthusiastic about the '98s. Sam Miller of BountyHunterWine.com says the result is that stores are offering deals to move their perfectly drinkable '98s and make room for the later vintages.
Finally, know that $2 is too good to be true, at least for long. Two Buck Chuck "came out of the blue," says "Wine Spectator"'s James Laube. But as oversupply becomes less of an issue, it will get more difficult to find consumable vino at that low, low price.
Contributing Editor Jean Chatzky is the author of "Talking Money" (Warner Books, $24.95). Brian B. Reid contributed to this report.
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Uncorking deals
Here are a few great bottles, in various price ranges, you'll want to check out. All are excellent values, agree experts Jeff Zacharia and Harvey Savadsky of Zachys in Scarsdale, N.Y., and Sam Miller of BountyHunterWine.com. Prices may vary by several dollars, depending on where you shop.
Ravenswood Vintner Blend 2001 zinfandel. Under $10. This is a proven winner year after year, Miller says. It has tons of fruit.
Villa Mt. Eden 2001 chardonnay, pinot noir and cabernet. Between $10 and $20. In general, these wines have softer tannins, making them very "food friendly," Miller says.
Rock River 2001 zinfandel, merlot and chardonnay. About $11. These wines are from a very well-known California vintner who's able to secure excellent grapes, says Zacharia, who won't reveal the winemaker's identity. "Three years ago, I would have been selling this [label] for $19."
Beaulieu Vineyards Carneros Reserve 2000 chardonnay. Was $24.99 in August, now $14.99. Savadsky calls it "medium- to full-bodied, with a nice oaky and spicy character."
Robert Mondavi Oakville 1999 cabernet sauvignon. Was $50, now $24.99. "Bold, rich, generous, full-flavored, but still surprisingly elegant," Savadsky says.
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