Sparkling wines, from France, Spain, Germany and the United
States, are a good substitute for Champagne and won’t break the
budget.

“Prosecco is definitely an alternative, but it must be the
real thing,” said Ed McCarthy, author of “Champagne for
Dummies.”

McCarthy suggested buying Prosecco made in the original
Italian region of Valdobbiadene-Conegliano, about a 90-minute
drive northwest of Venice, where the grape is grown. A bottle
from the area sells for $10-$20.

Most non-vintage Champagnes cost about $40 a bottle or more
in shops in New York and London. The prestige “tete de cuvee”
Champagnes, range from $120 to $300 or more a bottle, depending
on the producer and vintage.

Krug’s top of the line Clos du Mesnil Champagne, made from
the Chardonnay grapes of a single vineyard, is priced at $850 to
$900 a bottle, even at the Chateau’s cellar door, according to
McCarthy. Sotheby’s sold a case of 12 bottles of the 1990
vintage for $58,188 on Dec. 1.

For wines from France’s Loire region, he suggested bottles
from Gratien & Meyer, who have been producing sparkling wines
for more than a century. Their Brut Saumur Anjou averages about
$17 a bottle.

He also praised Bouvet-Ladubay, another Loire producer,
whose wines average about $13 a bottle.

Spanish Cavas are another alternative to sparkling wine.

“They are also in the same price range as Prosecco and maybe
even $2 or $3 less,” McCarthy said, adding that Codorniu or Juve
y Camps would be good choices.

California sparkling wines, made by some of France’s top
Champagne houses, can also be a good substitute for Champagne.

“My favorite is Roederer Estate,” said McCarthy. “It’s
totally reliable.” It sells for $18-$22 a bottle in the United
States and at about $30 in the Britain and Germany.

British wine critic and author Stuart Pigott casts his vote
for Sekt, the German sparkling wine. His favorite is Van Volxem
1900 Riesling Brut Sekt, made in Mosel.

“It is a rich and complex sparkling wine that is less creamy
and less acidic than Champagne,” he said about the wine that is
available in Germany, the Netherlands and Switzerland for about
$34 a bottle.

But a man who buys millions of dollars of sparkling wine
each year thinks most people really would prefer something
sweeter to drink.

Guido Battipaglia, the sparkling wine buyer for New York’s
Gotham Wines & Liquors, said that instead of Champagnes most
people would prefer Cantine Riondo Pink Prosecco, which costs
less than $10 a bottle in the United States and Germany.

“There’s a lot of fruit in it,” said Battipaglia, who also
likes the French rose from Marquis de la Tour, which can be
found for less than $10.

If Champagne is a must, McCarthy recommended Nicolas
Feuillatte, which costs about $25 a bottle. For slightly more
money, $40 a bottle, Charles Heidsieck would be his choice.

“The price is not high for the quality,” he said.

(Editing by Patricia Reaney and Doina Chiacu)

Values for Burgundies, which have long been in short supply
and as a result command high prices, vaulted to new peaks. But,
even so, the Burgundies could not make up for the Bordeaux
disappointments.

Several major auction houses have released their final sales
totals for the year, and only Christie’s seemed to have been
able to hold its ground. It said this week it expected to report
its global wine sales were more than $90 million, the same level
as in 2011.

Sotheby’s said its total global wine sales were
$64.5 million in 2012, down from the $85.5 million it reported
last year. Acker Merrall & Condit said its total wine sales were
$83.3 million. That was down from the $110 million it reported
in 2011.

Bordeaux prices headed lower all through the year. The top
Premier Crus – Chateaux Lafite Rothschild, Margaux, Latour,
Haut-Brion and Mouton Rothschild – were all down, in some cases
as much as 40 percent from the previous highs.

At Spectrum Wines’ Hong Kong auction two weeks ago, cases of
1982 Chateau Lafite went for between $33,860 and $38,115, all
below their pre-sale estimate of $40,000. A year ago, such cases
of Lafite were selling for about $45,000.

The lots of ’82 Margaux at Spectrum’s auction sold for
between $6,655 and $7,865 a case, missing their presale
estimates of $8,000 to $9,000. Prices for the ’82 Latour held up
a bit better. One 12-bottle case went for $15,730, still below
its estimate of $16,000; the other case went for the same price,
above its presale estimate of $11,000.

Spectrum wine specialist Dan Rhodes blamed part of the slide
in Bordeaux prices on the glut of inventory – there is quite a
lot of Bordeaux in Asia – as well as the producers themselves,
who have priced their current releases at historic highs that he
said “leave little room for appreciation…”

Prices for Burgundies, especially from Domaine de la
Romanee-Conti, accelerated aggressively through the year. At
Spectrum Wines’ summer auction in June, a case of 1990 Domaine
de la Romanee-Conti La Tache sold for $53,775. By December, a
case of the same wine sold for $67,375 at Sotheby’s, a 26
percent price increase.

“Burgundy continues to be of great interest, albeit at the
very high end, and high-end wines from the Rhône Valley and
Italy would appear to be next on the Asian radar screen,” Rhodes
said.

The auction season for 2013 starts at the end of January
with Acker Merrall & Condit’s sale in Hong Kong, followed
closely by Sotheby’s in London.

When collectors speak of investing in wine, they are usually
referring to First Growth Bordeaux, a group of five top-ranked
chateaux; the very best Burgundies, usually Domaine de la
Romanee-Conti (DRC); and then select wines from Italy,
California and Australia.

Prices for the First Growth Bordeaux are down almost 35
percent from their highs a year ago. Liv-Ex, the fine wine
index, reported that the last 10 vintages of First Growths were
down an average of 33.9 percent. In November, prices for the
famed ’05 vintage were approaching five-year lows.

But Paul Hart of the Chicago-based auction house Hart Davis
Hart sees prices for the top five Bordeaux – Haut-Brion,
Margaux, Mouton Rothschild, Latour and Lafite-Rothschild -
turning around and beginning to rise.

Meanwhile Burgundies, especially DRC, were on fire this past
season. Hart reported that his auction sold four bottles of the
1990 DRC for $53,775. Acker Merrall & Condit’s John Kapon sold
one lot consisting of eight cases of DRC for $353,231 at
Saturday’s Hong Kong auction.

Two weeks earlier on Dec. 1 in New York, Sotheby’s sold six
bottles of 1995 DRC for $79,625.

“The bottom line – buy Bordeaux and sell Burgundy,” said
Charles Curtis, the former head of wine for Christie’s in New
York and Asia, who is now leading his own wine consultancy. “The
former is at the same price it was five years ago and the latter
has never been higher.”

“My sense is that the top (Burgundy) wines might be at or
just past their peak for this cycle, but only experience will
prove me out on this one,” he said. “Bordeaux prices are looking
increasingly attractive and seem for their part to be headed
back up.”

Sotheby’s Ritchie explained that while Bordeaux prices were
certainly lower, “the general wine market is not…Burgundy is
up, California is up and now it’s gone back to having strong
demand from the North American market.”

But what about those higher returns? A new study by a Dutch
economist that examined auction sales over a 17-year period
found the returns on holding wine “are higher than equity,” or
stocks.

The working paper, “Chateau Migraine or Chateau Riche? An
Empirical Study on Wine as a Financial Asset” appears on the
American Association of Wine Economists website
(www.wine-economics.org) and examined auction sales between 1996
and 2012.

“Burgundy wines, more scarce to due to lower production
amounts, yield a higher return than wines from the equally
famous Bordeaux regions,” the study found.

(Editing by Paul Casciato)

“No other holiday celebrates the gift of wine like Thanksgiving,” said Natalie MacLean, author of the new book, “Unquenchable: A Tipsy Quest for the World’s Best Bargain Wines.”

“Wine is a taste of the harvest along with all the delicious dishes on the table,” MacLean said, conceding that sometimes choosing a bottle can feel like a thankless task.

Her advice, echoed by Karen Page and Andrew Dornenburg, authors of “The Food Lover’s Guide to Wine,” Mark Oldman, who wrote “Oldman’s Brave New World of Wine” and wine columnist Lisa Carley, is to start with bubbly.

“Sparkling wine is a great aperitif to sip while you wait for the turkey to finish cooking,” MacLean said.

And while the price of Champagne continues to rise because of the growing demand from Asia, there are plenty of less pricey sparklers to choose from including Cavas, Spanish sparkling wines, such as Segura Viudas or Huguet Can Feixes, or Italian Proseccos from Mionetto, Adami or Bisol.

Page and Dornenburg prefer California sparkling wines such as Iron Horse, while Oldman said any American sparkling wine would do. Carley recommended Australia’s Jacob’s Creek sparkling rose Moscato, adding it could stand up to butternut squash soup and cranberry sauce.

Even with the best of cooking techniques, turkey can be dry in texture, so the experts said the solutions are white wines such as Rieslings from New York’s Finger Lakes region, Spatlese Gewurztraminer from Germany or Sauvignon Blanc from Sonoma, the Loire or New Zealand.

Reds for Thanksgiving are easier.

“Pretty much anything that isn’t very tannic will work,” Carley said.

Pinot Noirs from California including MacMurray Ranch, Kenwood, Educated Guess or Oregon’s A-Z, Erath and McKinlay topped the recommendations. From New Zealand wine from Nobilo, Felton Road and Two Paddocks were top choices.

The experts said Cru Beaujolais, Beaujolais Nouveau’s older cousin, would also work well along with low-tannin Italian reds such as Tommasi Valpolicella Classico Superiore or Barbera d’Alba Cascina Roccalini and Tempranillo from Rioja or Ribera del Duero from Spain.

For dessert the cardinal rule is that the wine should be sweeter than the food. A Madeira or Port from Portugal, a Trockenbeerenauslese from Austria or Germany or an Icewine from Canada should go nicely with the pumpkin, pecan or apple pie.

But with so many dishes and flavors the experts guests should bring what they like, and lots of it.

Big, bold California Zinfandels, Pinot Noirs from Oregon,
Rieslings from New York State and Norton wines from Virginia
will have a place on the table.

But as a nation of immigrants many Americans will also give
thanks with wines commemorating their roots.

“A great many of the immigrants late in the 19th century
were Italians – southern Italians,” said wine writer Bill
Marsano, who suggested trying some Sicilian wines.

“Reds from the Nerello Mascalese and Nero d’Avola grapes are
experiences not to be missed and Cerasuolo di Vittoria is a
lighter red,” he said, suggesting labels to look for include
wines from producers Morgante, Planeta, Settesoli and Regaleali.

Mike DeSimone, co-author of “Wines of the Southern
Hemisphere,” suggested starting the meal with a sparkling wine
such as Miguel Torres Santa Digna Estelado from Chile, a
sparkling rosé made from the Pais grape using the same method as
in Champagne.

“They’re fun and it’s a nice way to greet your guests,” he
said about the sparkling wines.

Lisa Granik, who is one of fewer than 300 people in the
world to hold the prestigious Master of Wine credential,
recommended pairing wines with the traditional main course of
turkey.

“A Beaujolais from 2009 or 2010, are both fantastic
vintages. Clos de la Roilette Fleurie, or any of the wines from
Domaine de Vissoux will have juicy cranberry notes to compliment
the turkey,” she said.

A basic Bourgogne Rouge from producers such as Bachelet,
Fourrier or Chevillon will work well and won’t break the bank,
she added.

For people who prefer a white wine Granik suggested a
full-bodied Chardonnay from Spain.

“The Marques de Murrieta Rioja Reserva Capellania is
flavorful and complex, and will satisfy those who say they only
drink red wine.”

Master sommelier Doug Frost noted that there was a lot of
sweetness in the traditional Thanksgiving Day menu in desserts
such as apple, pecan or pumpkin pies. Side dishes, including
roasted potatoes with carrots and parsnips, or sweet potatoes or
apple-raisin stuffing also have a bit of touch of sweetness.

To balance the palate throughout the meal he suggested
Gunderloch Jean Baptiste Kabinett, an off-dry Riesling from
Germany.

But whether the wine is red or white, local or foreign,
Granik said enjoyment is the key.

“The most important thing is not to worry about it, and
drink what you like. The wines are shared and the company of
friends and family enhance any wine.”

(Reporting By Leslie Gevirtz; editing by Patricia Reaney)

Whether it is buying second label wines — the younger cousins of the grand chateaux — or vintages from lesser known regions or countries, they say bargains are there for those who know where to look.

“Given the price of top growth Bordeaux, one way to get a reasonable bang for your buck is in the second labels,” said Jennifer Simonetti-Bryant, the author of “The One Minute Wine Master: Discover 10 Wines You’ll Like in 60 Seconds or Less.”

Second label wines from the Bordeaux region’s major houses usually represent 90 percent of the quality for less than half the price. A 1996 Chateau Lafite Rothschild Pauilliac can be found for about $650 a bottle, while the chateau’s second label, Carruades de Lafite ’96, sells for about $100 a bottle.

For cheaper priced wines experts suggest a fourth-growth Bordeaux, Chateau Prieure-Lichine Margaux 2009, which sells for about $60 a bottle while its sister, Confidences de Prieure-Lichine Margaux 2009 has a price tag of about $28.

Christian Moueix, who makes the most expensive Bordeaux in the world, Chateau Petrus, which sells for about $1,000 a bottle, also produces Christian Moueix Merlot that can be had for under $20 a bottle.

Simonetti-Bryant, one of 300 people worldwide who is holds the qualification of Master of Wine, described second labels as “often wines made from younger vines, but it’s the same terroir and the same high-quality producer.”

Mike DeSimone, who with Jeff Jensen is a co-author of the just published “Wines of the Southern Hemisphere,” suggests when ordering wine at a restaurant to steer away from the most well-known appellations or regions such as Bordeaux or Burgundy.

“Instead, if you’re interested in French wines, look for something from the Southwest, Languedoc or the Loire,” he said.

“But I think, in many cases, you’ll find better values by going to the Southern Hemisphere. Wines from Argentina, Australia, New Zealand or Chile can be very good bargains, and just based on the currency valuations, they’re simply less expensive.”

Simonetti-Bryant also recommended Argentine wine.

“You rarely see wines from Argentina above $30, but some of their wines are so rich and concentrated, you are getting lots of flavor for reasonable prices,” she explained.

Madeline Triffon, head of the American Chapter of the Court of Master Sommeliers which was established to improve standards of beverage service in hotels and restaurants, also urged consumers to explore unfamiliar regions and uncommon varietals, wines made from a single grape variety.

She suggested trying a Pinot Grigio, a grape synonymous with Italy, from Slovenia or trying wines from Puglia, Abruzzo or Sicily, Italian regions often overlooked.

“I, myself, will look for wines that way – something that is super off-beat and reasonably priced,” she said.

Her go-to region, she added, is the Iberian Peninsula for wines from Spain and Portugal “that truly over deliver at any price point.”

(Reporting by Leslie Gevirtz; editing by Patricia Reaney and Alden Bentley)

The 4,000-plus bottle collection, which Christie’s will
auction in New York, has a significant number of so-called large
formats. Some bottles are so large they require cradles and
cranks to decant.

Most wines come in bottles that hold 750 milliliters. A
magnum, a common size for Champagnes and sparkling wines, holds
1.5 liters or two standard bottles. And Trotter’s collection
certainly has a good number of magnums of Krug and Dom Perignon.

But the large number of large formats, the double-magnums
(four bottles in one) of famed Bordeaux Chateau Haut-Brion Blanc
’94, or imperials (eight bottles) of Chateau Latour, Chateau
Lafite-Rothschild and Chateau Mouton-Rothschild and the
gargantuan Nebuchadnezzars (15 liters or 20 bottles) of Chateau
Pichon-Longueville and Chateau Lynch-Bages is what distinguishes
this sale.

Collectors seek out large-format bottles in part because
they enhance the ageing potential of the wine, and also because
they are rare.

“The 15-liter bottle of Kracher – now that is a one-of (a
kind). Gerhard Kracher gave that to Mr. Trotter as a thank you
gift,” said Per Holmberg, head of wine at Christie’s in New
York. He was referring to a Nebuchadnezzar filled with Kracher
Trockenbeerenauslese 2005, an Austrian dessert wine that has
elements of molasses and marmalade and usually is served from a
half-bottle, which holds 375 ml.

The giant bottles generally require their own cradles and
cranks to properly decant.

Trotter, 52, won every major U.S. culinary award for his
innovative cuisine, and the restaurant boasted a wine list with
more than 1,800 selections from around the world. After 25 years
in the business, he closed the restaurant in August to pursue a
graduate degree in philosophy.

Christie’s is auctioning off Trotter’s cellar in two
sessions, one live in New York on Nov. 16 with the intention to
attract many of its clients who will already be in town for the
$1 billion worth of art that is being sold at auction this
month. The other Trotter sale is online and runs from Nov. 20 to
Dec. 4.

(Editing by Richard Chang)

“Bordeaux accounts for 50 percent of the (auction) market, Burgundy 35 percent, which means that Italians, Californians, cults make up the rest,” John Kapon, auctioneer for Acker Merrall & Condit, explained.

“Now, Bordeaux is down 30 percent (in price), in some cases 50 percent – the Lafite bubble has burst,” he added.

Chateau Lafite-Rothschild, one of the five Premiere Cru Bordeaux, has seen its 12-bottle cases of 1982 that regularly sold at auction for $60,000 and even $80,000 as recently as two years ago, drop to $40,000 or less.

The Wine Spectator Magazine Auction Index, which tracks fine wine auctions in the United States, fell nearly 3 percent in the third quarter. The average price per lot in the quarter was $2,300 compared to $3,616 for the same period a year earlier.

Jamie Ritchie of Sotheby’s believes prices will flatten out before resuming a slow but steady rise.

“Not only do you have to sell more to maintain the same sales levels, there is also less wine coming onto the market,” he explained.

Charles Curtis of Christie’s was more optimistic. He said significant price gains for top Burgundy have erased some of the losses in Bordeaux and other categories, particularly wines from Italy and the Rhone, are also showing more strength.

Ritchie agreed the top Burgundies are very strong, particularly Domaine de la Romanee-Conti, but said supply is the problem.

“There is simply not enough supply. They don’t produce enough to make up for any shortfall from Bordeaux sales in real dollar terms,” he said, adding he had seen prices rise for some cult wines from California, as well as for some top Italians.

For Kapon diversity seemed to be the buzz word as Asian collectors branched out from Bordeaux and Burgundy.

His last sale in Hong Kong netted nearly $8 million, and included a prominent Champagne collection, as well as wines from the Rhone, California and Italy.

“As collectors become more sophisticated, they also become more adventurous and want to try new things and that’s what will keep the market vibrant,” Kapon explained.

(Editing by Patricia Reaney and James Dalgleish)

In Portugal some vineyards are reporting yields down 40
percent and in parts of Burgundy in France hail storms have
destroyed nearly 80 percent of the harvest.

But in California’s Napa Valley, after three years of below
average temperatures and inopportune rain, winemakers are
enjoying a banner year.

“Neither too early, nor too late; neither too hot, nor too
cold, 2012 looks to be the ‘Goldilocks’ vintage, where
everything is just right,” said Christopher Howell, general
manager of Cain Vineyard and Winery, referring to the story book
character.

The good fortune is not limited to Californians. Winemakers
in Oregon, Washington, New York state and Canada are also
excited by this year’s harvest.

Josie Tyabji, head of the British Columbia Wine Institute in
Canada, said it has “come in right on time,” and although it is
a bit earlier than normal in Oregon’s Willamette Valley,
winemaker Luisa Ponzi says she has no complaints.

“We’ve been blessed with quite a bit of sun,” said Ponzi,
who trained in Burgundy and is the winemaker for her family’s
winery.

Although there were some concerns in Washington state that
the harvest would be tainted by wildfires in September, tests
have shown nothing wrong.

The white wines are halfway done and much of the Merlot is
halfway picked, according to Kari Leitch, of Washington’s
Chateau Ste. Michelle Wines Estate, where the vintage is shaping
up to be one of its best.

NEW NORMAL

Conditions were similar at the opposite end of the country
in New York’s wine-growing regions. The Hudson-Chatham winery
north of New York City reported that its harvest of Seyval Blanc
was well under way. It also expected good yields for their other
varietals including Vidal Blanc and DeChaunac.

Richard Olsen-Harbich, of the Bedell Cellars on Long
Island’s North Fork, said he was harvesting a week or two early.

“Guess that’s the new normal,” he said, adding that his
wines are similar to those produced in France and Italy.

Despite the shortage of European wines, prices globally are
expected to remain little changed, except for some top level
Bordeaux and Burgundies.

“The market for wine is global,” said David Jaeger, a member
of the American Association of Wine Economists, “so there is
pressure on the Old World producers, even in tough years, to
keep their prices roughly in line with the global market, with
the possible exception of Premier Crus in Bordeaux and some in
Burgundy.

“Most vintners will claim that their wines are a unique
expression of their terroir, but consumers can likely find
pretty close New World substitutes to most wines produced in
Europe,” he added. (Terroir refers to the local conditions that
give a wine its unique characteristics.)

Rob Sands, the chief executive of Constellation Brands
, which produces Robert Mondavi, Kim Crawford,
Inniskillin and Ravenswood wines among many others, said he is
seeing little or no movement on lower-priced wines.

(Editing by Steve Orlofsky)

The situation is even worse in parts of Burgundy, where hail storms pummeled vineyards in Pommard, Santenay and Volnay destroying nearly 80 percent of the harvest, according to the Burgundy Wine Board (BIVB). When the growers were not fighting cold weather or hail, mildew and fungus threatened.

“People have been fighting them strictly,” Cecile Mathiaud, a BIVB spokeswoman, said. Noting the uneven growth of the grape bunches, a condition known as millerandage, she said it “is bad for quantity, but it is usually the promise of quality.”

One Portuguese winemaker, Bernardo Cabral, of Casa Santa Vitoria, echoed Mathiaud’s forecasts, saying, “Fortunately, small berries are correlated with high concentration. So, at this moment, we have very high quality wines in process.”

David Baverstock, the winemaker for Portugal’s Esporao wines, who is about halfway through the harvest said, “There are cases of yields being down by as much as 40 percent compared to normal, probably it will turn out to be somewhere between 20-30 percent on average.”

In the Loire, one of France’s largest wine producing regions, they are just beginning to start the harvest, but they too anticipate lower quantities.

In Spain, the regulatory board of Rioja wines confirmed that its harvests would be smaller as well.

But “the good news is that consumers won’t feel any effect of this lower-yields harvest as Rioja has sufficient reserves in terms of volume to fulfill global demand,” a spokeswoman for the regulatory board said in an email.

Karl Storchmann, editor of the American Association of Wine Economists journal, said “it is safe to say the laws of supply and demand work on any market, including the one for grapes.

“However, if European grape prices are up, that doesn’t mean that wine prices for consumers are up. Wineries,” he said, “tend to keep their prices fairly stable. Not too much down in bad years, not too much up in good years.”

At the Bersano winery, which has vineyards dotting the Piedmont region of Italy, winemakers said the intense heatwave combined with the low rainfall caused lower quantities of Pinot Noir, Moscato and Sauvignon Blanc to be picked. They are still waiting to see what happens with the Nebbiolo grapes – the ones used to make Barolo and Barbaresco – which will be harvested in a couple of weeks.

In central Italy, not far from the Adriatic Sea in the Marche region where the grape is Verdicchio, the winemaker for Umani Ronchi, Michele Bernetti described the harvest as “very challenging” and anticipated about a 10 percent drop in the quantity of grapes harvested after “one of the driest summers of the last 30 years.”

Bernetti added that while he was concerned about the Verdicchio, he anticipated that the red wines from Marche and Abruzzo and Montepulciano would be of very high quality.

Greek winemaker Stelios Boutaris of Kir Yianni, said that July was the hottest since official statistics began in 1897.

“As a result, harvest was very early…Quantities (for the international varieties like Syrah and Merlot) were also down by at least 20 percent,” he said. “But the extreme heat seems to have done wonders for the native grapes like Xinomavro.”

(Reporting By Leslie Gevirtz, editing by Paul Casciato)