Followers of the volatile world of dot commerce may recall that in early May I commented on the launch of internet wine site, Winepros, mentioning then that its share price had fallen from a year high of $1.49 to $0.70. Some five months later, on 26 September, Winepros shares were trading at just $0.30.

Competing in the same marketplace as Winepros is Wine Planet.  Wineplanet's stock has traded as high as $4.00 during the last 12 months but at 26 September its price was a mere $0.28.

Optimists who peer at the net-world through rosé-tinted glasses may see this downturn as an opportunity to buy into those companies at bargain prices. But owners who have seen their investments shrink dramatically may be wondering whether they should have spent their money on bottles of wine.

An old drinking mate relates that he chose the latter course and set up an investment cellar. He estimates that his careful buying and cellaring of premium wines for eventual auction has generated a net return of about seven per cent per annum.

Successful wine investment, he says, depends on creating a cellar that is properly insulated, air-conditioned and humidified, and stocking it with premium wines, such as those listed in Langton's Classification of Australian Wine (see listing at Winepros). As auctioneers like to know the provenance of the wines they sell, he keeps invoices and stores bottles in their original unopened cases.

To date my speculating friend's best returns on investment have come from Penfolds Grange and Bin 707, Bowens Coonawarra Estate Cabernet Sauvignon, and Wynns Michael Shiraz and John Riddoch Cabernet Sauvignon. Share market information: www.investor.ninemsn.com.au.

Sommelier Net Quiz 

The Australian Sommeliers' Association and Rosemount Estate Wines have created an innovative competition to find Australia's best wine waiter - the winning sommelier to receive first prize of a round the world trip. The competition, aimed at hospitality industry employees, will commence with a web-based examination on the Rosemount website. Ten finalists will undergo further questioning by an expert judging panel with the winner's name announced in early December.

Tastings

Chardonnay 1999  

Murray Darling region, New South Wales. Wine that comes in a groovy salmon pink bottle obviously aimed at bright young things - and it will probably hit its target. Light yellow. Fresh and fruity, a hint of oak and residual sugar, a tad of acidity and lots of easy drinkability. Rating: Bronze. Cellar: to 2002. Price: about $AUD11. Site: www.mildarablass.com.

Garry Crittenden i Arneis 2000  

Mornington Peninsula, Victoria. Pale and bright, greenish tinge. Arneis is a little-known white varietal originating in Piedmont, northern Italy. Soft and generous style with a sweet lime perfume. The palate is of medium weight with flavours of dried pear and citrus, finishing with mild acidity. Rating: silver. Cellar: to 2004. Price: $AUD20. Site: www.dromanaestate.com.au.

Jacob's Creek Reserve Shiraz 1998  

Barossa Valley, Langhorne Creek and Padthaway, South Australia. Deep cherry red. Warm and spicy nose with a touch of cloves. Abundant ripe blackberries in the mouth supported by soft tannins and sweet vanillin from carefully used American oak. Likeable short to mid-term drinking. Rating: silver. Cellar: to 2005. Price: about $AUD14. Site: www.jacobscreek.com.au.