The Napa Valley, which had the largest production, would be priced more affordably. That was it. We adjourned for lunch. Most winemakers still conduct comparative-analysis tastings, but the markets have changed dramatically. Once there were only one or two dozen serious Napa Valley Cabernets to assess.
Today there are hundreds of singular bottlings.
Moreover, demand for the elite wines has grown appreciably, allowing for greater pricing elasticity. Now, many wine prices are calculated to create or uphold an image. This is readily apparent in the number of high-priced new wines with no track records. Several Napa winemakers this past year have told me that while they're concerned about escalating prices, they've raised theirs because they don't want to be perceived as cheap. This won't come as a revelation to those who watch the market and are turned off by the high prices prevalent today.