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Solving the first and second questions requires math. Most Bordeaux wines are shipped to you 2-3 years before they start drinking well. There are exceptions, but as a general rule this is true. And, most continue to improve for years after that, so you may not want to drink all your 2003 Bordeaux the moment it hits its stride around 2008. Indeed, part of the fun is NOT doing that but tracking how the wines continue to develop and change. So, in my calculations, I knew I wanted to buy 6 bottles of Bordeaux a year (3 x red, 3 x white) , and because I didn't want to drink them too young the holes would slowly begin to emerge in about 3 years only to be refilled. This led me to believe that with a storage space sufficient to hold three 12-bottle boxes of wine, I was set.
Now you will see lots of folks out there who say you need to buy at least 6 bottles of every wine to fully track their development, or even 12 bottles of every wine. Professor Bainbridge thinks that any cellar smaller than 250 bottles is useless based on the idea you would drink a bottle of aged Bordeaux a week--but I don't have that kind of space or that kind of money. Do you? Why should we miss out on ALL the fun? Why not have a little fun? So you need to know that I am in some ways going against expert opinion here, but this is working for me and is manageable both in terms of cost and in terms of space.
Now you have to find a space that will hold 36 bottles--eventually. As this excellent article by Prof. Bainbridge explains, there are two cellaring options: active cellaring (in a refrigerated unit) or passive cellaring (in a cool, dark space). I don't have room anywhere for a refrigerated wine cellar except the garage--and only a few models are capable of keeping their cool under those
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You want to try to find a spot now that will hold at least 36 bottles, even if you are only going to put 6 bottles into it because it will save you hassles later on. And, you can use the extra space to store some of your other wine. You want to find the coolest, darkest place in your house that doesn't freeze (basements in the northeast, for example, might not be such a good idea, so check first) For many of us, this will be on the north side of the house in a cabinet, cupboard, or closet. Some people swear by unused fireplaces since the stone is an insulator. Here's one of my two storage areas, complete with vacuum, dog carrier, old lamp, and two x-boxes from the Wine Enthusiast now completely stuffed with wine. You want to avoid spaces next to fridges, heating ducts, and other things that vibrate and/or give off heat. One of the best overviews of cellaring--the whys and wherefores--is in an article by Jim LaMar on the Professional Friends of Wine site. It is good-humored, informative, and absolutely correct.
Facing the storage issues is the last hurdle you need to cross before you start buying, so next week I'll start talking buying strategies beginning with finding a good merchant who handles Bordeaux futures and pre-arrivals.