WINE: Prices Pressing Down

Next year promises to be a very good one for the American wine drinker, whether he selects carefully by vintage or simply enjoys a good jug now and then. French wine prices have started to drop lately from their ridiculous highs as a result of buyer resistance and an oversupply after several bountiful harvests in a row. In Manhattan, for example, Chateau Lafite '59 is retailing for about $810 a case, down from a peak of $1,600 last year. But the best news for oenophiles is that the California wine industry has also become the victim of overexpansion—and recession—and...

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