Is vintage wine a sound investment

A.� For many people, paying through the nose for aged vintages might not be an option, but it is an investment to buy relatively cheap wine to drink at a later date. Investing in wines of the future can be affordable and make memorable occasions last well into the future.

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Q.� What should you look out for

A.� The first thing is to assess how well the wine ages. This is not about the flavours becoming more pleasant as the dust gathers and the years pass, rather it is a matter of the flavours deepending and becoming more unique. For some people, the pleasaure can be in tasting something unusual, but wine doesn't necessarily taste better as it gets older.

There are some wines that will appreciate in flavour but not value. The 1998 Katnook Estate Cabernet Sauvignon is a richly concentrated red wine with sweet red berry flavours, light mint and eucalyptus overtones, according to reviewers. This Australian wine can be kept for eight years or so and costs �12.50.

Another inexpensive red is the 2000 Cono Sur Vision Merlot Reserve from Chile at �8. It is too young to drink now but will not be available when it is ready, so it's worth laying down.

White wines generally do not keep as well as reds, but the 1999 Nautilus Sauvignon Blanc from New Zealand will last for three to five years and is an excellent summer wine.

If you are looking to spend more serious money, a more expensive white is Grange Hermitage 1996, which costs around �120 a bottle. Limited quantities are made each year which makes this likely to increase in value as well as flavour.

Wine merchants recommend investing in wine futures. This is called en-primeur and involves buying a stock certificate for a case of wine that is still being made. The wines from 2000 are now in barrels to be shipped out in 2003. The idea being you will buy at a better price than when it hits the market.

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Q.� What 2000 a particularly good year

A.� It was an excellent vintage year but many wines are highly priced. Chateau Margaux is �2,3000 per case. Chateau Le Pin is one of the most expensive wines in the world at �6,000 a case. Cheaper en-primeur are Chateau Cantermerle at �140 and Chateau Potensa at �105 per case. If you want to make money, you should always buy by the case because once you split, you reduce the value by 10 or 20 per cent.

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Q.. How should you store expensive wines

A.� Investing at this level can be a risky business and most wine merchants and auction houses will buy by the case. Keep it in a dark area with a constant temperature of 10-12C (54F), avoiding daily fluctuations such as night and day and keep away from radiators and pipes. Many people store wine under the stairs or�cover with a blanket.

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Q. How did London diners manage to spend �30,000 on wine during one dinner recently

A.� The six anonymous diners�at Petrus restaurant in London selected clarets from the most famous chateau in Bordeaux, also named Petrus, at �11,600, �9,400 and �12,300 for 1945, 1946 and 1947 vintages.

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By Katharine MacColl