Although values are getting tougher and tougher to find, especially for highly rated, special occasion, cellarable wine, I have recently found value in some known, but also in some unexpected places.
Let's take a look at Piedmont for example. MacArthur's in DC (www.bassins.com) has tons of aged Barolos and Barbarescos from top producers in stock from the fantastic vintages of 1996-2001. Most of them are available for $50 or less. Producers like Bongiovanni, Corino, and Parusso stick out on the Barolo side for me while Produttori, Albino Rocca, and Sottimano make my heart beat faster on the Barbaresco side. As if that were not enough, Woodland Hills (www.whwc.com) sell the 1999 Bruno Giacosa Barbaresco for less than $50 as well. To me, all these wines are screaming values given the high level of quality and expected aging window.
Of course, let's not forget about Dolcettos, Barberas, and Nebbiolos (not from Barbaresco or Barolo). Many great producers like Giacosa and Conterno make enormously tasty wines from these "lesser" grapes. Many of them can be had in the $20-ish price range.
Another stunning value right now for my tastes is 2006 Bordeaux. Sure, 2006 may not hold a candle to 2005, but the prices are also drastically lower. I believe there are very few areas in the world where one can get world-class Cabernet and Merlot for less money than in Bordeaux. I encourage you to look into it.
The trick with 2006 Bordeaux is to make a decision as to whether to buy en primeur or not. The dilemma is that demand is low for the wines of this vintage (with some exceptions like Ausonne), but the dollar being in free-fall currently means that when the wines come in, they may be more expensive anyway. Plus, with en primeur, one can be sure that the provenance of the wines is impeccable, which can get a little less certain when the wines arrive at retail. 2004 also offers some great value for very fine wines from Bordeaux.
The Southern Rhone is also a place where great wine can be had for relatively little money. 2004, hailed as a good but not great vintage by Robert Parker is liked much more by the English Wine Press (Decanter), and the wines have great finesse, slightly lower alcohol, and are less tannic than their 2003 and 2005 counterparts. They can be drunk now or cellared for many years. Just yesterday, I secured a couple of bottles of 2004 Marcoux CdP for $35 per bottle. An exceptional deal for an exceptional wine from one of the top domaines in CdP. 2005 is also looking like there are some values to be had. There are many highly rates wines under $50 and some in the $30s.
If CdP is too expensive for your tastes, expect the Cotes du Rhones from some of the top producers from the 2005 vintage to be very stellar and in some cases to taste like "mini-Chateauneuf". These will drink well young, and will go great with a meal most nights of the week without denting the wallet.
Bandol is another area where great wine is made at (still) very fair prices. Entry level red wines like Gros Nore are usually 100% Mourvedre and superb. Gary Vaynerchuck recently raved about Le Galantine, and even the big hitters of the appellation like Chateau Pibarnon and Chateau Pradeaux are available sub $30 in some cases.
In Burgundy, I discovered Beaune and Savigny this year, where in 2005, outstanding wines were made by producers like Bize, Morot, and Bouchard. These wines will drink well for many years (in some cases decades), but are balanced already and can be popped now. Equally interesting is that with the high quality of 2005 (from what I've tasted and read), many Bourgognes are going to be outstanding at bargain prices.
Champagne is another place where I think lots of great values can be found. Nowhere is this more true than in the case of grower champagnes. Often, excellent wines can be had for $30...the kind that can be popped now or cellared for many years. My favorite producers is Launois, but there are tons of other producers that offer similarly great champagne at similar prices.
Lastly, I still think there are some bargains to be had in California. For fans of the more traditional wines, I would encourage you to look at Santa Cruz Mountain Chardonnays from Varner and Mount Eden. They are fresh, minerally, and with loads of typicity for their geographical origins. If you like Pinots, I encourage you to explore Walter Hansel, who is offering top-notch California Pinot in the mid-$30s.
That's it from the value frontlines. Please leave a comment or two in case you agree or disagree with my assessments. It's always more fun to have some interaction on this site.
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