For wine lovers, the pleasures of the grape are infinite. There is the stream of ever-changing vintages; the emergence of new regions; mercurial varietal trends; and myriad flavor components in the bottle. But, to be honest, what I enjoy the most about wine is the hunt, or what one collector friend calls "the sport of wine." In fact, he finds such delight in the pursuit of the world's most desirable bottlings that he has unintentionally become a purchasing agent for his friends, most of whom would rather spend their time drinking and talking about wine.

There is a knack to securing interesting and exciting wines at fair prices, and those who pursue such wines through "futures" programs are no longer buying the best known names in Bordeaux. Why? The prices are sheer insanity. To wit: the 2000 Château Le Pin, a boutique Bordeaux, was offered at $10,000 per case (after paying an exorbitant price, one need only wait two more years to receive it, and then another ten for the wine to mature); the 2000 Haut-Brion, which most folks in the wine trade hadn't even tasted when the wine was offered on the futures market, seems like a relative steal at $4,000 per case.

Depending on how one approaches the game, futures players can indulge in either frivolous spending or wise investing.

Wine futures have been a fixture of the Bordeaux wine trade for decades, but it was the legendary 1982 Bordeaux vintage that brought the concept to wide consumer attention. Basically, it's a way for wineries to put your money at risk instead of their own. The aging process ties up capital for wines that may spend two years or more in barrel, so wineries are prepared to give customers a break in price if they'll pay up front. It's really a contract that fixes a price for a wine well ahead of release, and obligates a consumer to pay that price up front, sometimes in several installments but always well before delivery.

What many consumers miss in this scenario is that the contract is really between the purchaser and the wine merchant, not the château itself. The merchant has a futures contract (at a better price) with a distributor, who in turn has a futures contract (at an even better price) with an importer, who has a futures contract with a broker (yes, that price is considerably better). Only the broker deals directly with the château. From château to consumer, the escalation in price may be several hundred percent, which certainly erodes some of the sense of bargain, but then we're not generally privy to the price the broker pays the château in this pay-now-drink-later business.

In 1983, early in my career as a Bordeaux lover, I shelled out nearly $300 for myfutures purchase of four cases of the 1982 vintage. I wasn't flush enough or informed enough to buy first growths; instead, I bought good wine that seemed like a steal when I finally got to pick it up. By then, the pain of coughing up the money months before had passed, and the wine seemed almost free.

According to wine critic Robert Parker, who made his reputation predicting the success of the 1982 Bordeaux vintage, "The lesson consumers can learn from history is that buying futures of the finest wines always makes economic sense in the great years."

This presupposes, of course, one knows early on which years are great, and which wines are best. Vintage 2000 does appear to be a very fine year in Bordeaux (though there is an inevitable premium being paid for that milestone date on a wine label).

I don't have an issue with well-heeled collectors who eagerly shell out mini-fortunes for first growths (it's an example of classic supply and demand economics). My problem with wine futures is the hype factor.

For the last six months, I've been bombarded with weekly mailings from various wine merchants touting their latest 2000 Bordeaux offering. The tone of these circulars generally implies that the opportunity is a landmark event one cannot afford to miss. Which is simply not true.

Buying futures of wines not yet tasted is risky and forces consumers to tie up resources that could be applied to wines already available. And the fact is, much Bordeaux has been overpriced for several years, making them poor investments.

I'm not persuaded by the argument that consumers have to buy futures because there won't be any wine available for sale when the vintage finally arrives on our shores. Yet there are some real bargains in 2000 Bordeaux to be considered. Amidst the hoopla surrounding the garagiste wines and first growths commanding a pirate's ransom, dozens of good, solid Bordeaux are being offered at prices that are comparative bargains. Estates in Pomerol are generally small, so quantities are limited, frequently making them appealing options for futures purchase. Some fine Saint-Emilion châteaux are available, too, for as little as $30 per bottle. Compare that to $1,200 per bottle for Le Pin and some deals become apparent.

Sure, I love Cheval Blanc, and Château Margaux is invariably seductive, but let's face the facts: When you serve a wine, what's in the glass matters most, not what's on the bottle. For collectors, the unstated purpose of many of these Bordeaux futures purchases is really to own tiny pieces of artwork (otherwise known as labels) mounted on green glass (otherwise known as bottles).

And what of other regions? California got into the futures business in the late 1980swith Opus One leading the pack. Age-worthy red wines from Australia, Italy and Spain are on the futures track, too; trumpeting possible scarcity in the marketplace, merchants are already pushing the concept in these regions.

Before they run wild, I suggest taking a lesson from the California model. A handful of producers with impressive track records for high-quality, small-production wines - among them Chateau Montelena Estate Cabernet Sauvignon, Joseph Phelps Insignia and Robert Mondavi Reserve Cabernet - successfully market such bottlings in pre-release sales. Too many other California wineries that have no proven track record are using low production and scarcity tactics, mimicking the established leaders by inflating pre-release prices to $75 or more per bottle. Buying futures far in advance is always a risk, but unproven wines, even a few weeks pre-release, can be a real gamble despite the marketing hype.

Obviously, futures may be the only way to acquire highly allocated, small-production wines, but buyer beware: You could end up paying for scarcity rather than quality.

To avoid such pitfalls, develop a rapport with a knowledgeable wine merchant with experience in the futures market. Cultivating such a relationship will pay off.

A number of merchants help offset their costs by offering attractive, pre-arrival prices a few weeks before wines show up in the store and, even if you can't afford to buy futures, you will likely be put at the top of the retailer's list for allocated wines, just like my friend, the savvy sleuth to whom we all look for that elusive bottle.

Indeed, he is rarely stuck with expensive, overrated wine.