It's a buyer's market in wine these days.

Although people may not be buying as many expensive bottles as before, they're still seeking out quality wine. And retailers are responding with specials.

Perhaps more than at any other time in the last five years, this is an opportunity for consumers to not only drink really good wines, but also to drink better for less. This is true in nearly every price category, and in nearly every region; for the truly savvy, this could be one of the more exciting periods in recent years for wine lovers.

This is a buyer's market for retailers and consumers alike. Wine shops are scouring distributor catalogs for bargains and actively recalibrating their stock for the new economic reality. In many parts of the market, deals are there for the taking.

Most retailers agree that, in terms of a retail "sweet spot" -- the price that regular customers feel most comfortable spending -- $25 has become the new $40. Whether it's a village Burgundy or a new Syrah from Walla Walla, Washington, people are comfortable spending $25 but get balky if the price rises much above that.

At least some of the deals are coming from distributors, whose warehouses are full of inventory accumulated in better days and who are striking deals to move it out. A store like Wine Exchange is large enough, and has sufficient clout among distributors, that they can leverage even better margins above already discounted offers. Whereas in the past they may have gotten a 30% discount, they may now be getting a 50% discount for buying in large up large inventories. That's the sort of bargain they can pass on to the consumer. Not every shop has this sort of leverage, but most stores have taken advantage of closeouts, end-of-vintage or end-of-year specials.

Meanwhile, the new $25 sweet spot is crowded with value. After a string of good vintages in the Beaujolais, Loire and Rhône valleys, even the most modest bottlings from those regions are drinking beautifully. The 2007 vintage in the Piedmont will one day yield some exquisite Barolos and Barbarescos; but the inexpensive Nebbiolos from Alba and the Langhe -- not to mention a bumper crop of excellent Dolcettos and Barberas -- are marvelous right now. In Spain, 2007 wasn't quite the same quality vintage as in France and Italy, but the values from places like Montsant, Rueda and Bierzo are as strong as ever.

Every retailer I speak with mentioned the exceptional Malbecs of Argentina, which continue to outperform for their price. Not only do they get better with each vintage, but they also stay inexpensive -- almost all of them are under $20. And most retailers predicted that Australia's crowded tier of premium Shirazes and other reds -- wines that came into the market at $40 or more -- is almost certainly going to be discounted for tremendous bargains.