All signs point to a softening of wine prices across the board, I am happy to say. Just about every wine producer I speak to is worried – the most common worry being that there has been such rapid expansion in their particular area. Who on earth is going to buy these new wines?
Italy and California could be said to be taking the brunt of the economic downturn. California has been suffering for some time from an economy wildly different from that in which so many of today's new wine producers did their original sums. And the weakness of...