Six years ago he and a group of City friends set up a wine club. They meet regularly, tasting current and older vintages of, among others, Ch?auneuf-du-Pape, Loire, Bordeaux, Alsace, Chablis and vintage Champagne.Stephen then buys a case or two of those he likes, such as 1998 Vieux T?graphe and Ch?au de Beaucastel. Most recently, he has bought the 2000 Bordeaux crus bourgeois Ch?aux Siran and Monbrison for less than £175 a case in bond. “I try to buy at least two cases of every wine, as you can sell a case if you open the first and don’t like it, but if you buy only one and it’s fantastic, you never have enough.”He feels that prices are currently too high for “great wines” and buying for investment has become harder. He thinks Robert Parker’s influence on the pricing policy of Bordeaux ch?aux has taken away an element of purchasing advantage.His main recommendation is to buy lesser-known ch?aux in great years, rather than great wines in poor years. And to acquire a couple of wine merchants who can be relied upon “as you need some leverage to get a few cases of what you want in great years”.In the absence of a dramatic upturn in prices, the saleroom still presents opportunities for buyers. The excitement over the high-priced 2000 Bordeaux vintage has made mid-range classified Bordeaux from good vintages like 1995 and 1996 look underpriced.

The same applies to the 1998 vintage in St Emilion and Pomerol. Bordeaux remains the yardstick, but the smart money is looking for bold new challenges, in Burgundy and, to an extent, the Rh?and the up-and-coming icons of Italy, Spain, California and Australia.But anyone serious about investing in wine should remember it is a time-consuming minefield Storing it well and carefully is a must. So remember one failsafe piece of advice to provide motivation: buy your wines to drink, even if they can’t be Lafite or Latour.A drop of the right stuff?Five of the best* 2001 Chateau de Beaucastel (below), Chateauneuf-du-Pape, £23 (Farr Vintners) Fabulous Chateauneuf from a great vintage for Southern Rh?* 1996 Grand Puy Lacoste, Pauillac, £30 – £33 (Wilkinson Vintners, Robert Rolls) Brooding, well-structured, stylish but woefully underrated claret.* 2000 Chateau Lynch Bages, Pauillac, £52 (Farr Vintners). Superlative fifth growth claret with concentration, class and complexity.* 2001 Artadi El Pison, Rioja Alavesa, £55 (Berry Bros & Rudd) Amazing mix of black cherry fruit, oak spice and power.* 1998 Haut-Brion, Pessac-L?nan, £97 (Wilkinson Vintners) A great, intensely rich and complex first growth.Five of the worst * 1997 Lafleur, Pomerol, £50 (auction) Massively overpriced when it first appeared, now on the way down.* 1997 Chateau Le Pin, Pomerol, £215 (auction) Trading on its name but underwhelming and overpriced.* 2000 Chateau Mouton-Rothschild, Pauillac, £253 (Berry Bros & Rudd) The least impressive of the first growths in 2000.* 1999 Roman?Saint Vivant, Domaine de la Roman?Conti, £394 (Berry Bros & Rudd).

Normally a good bet but this average effort is the odd man out.* 1982 Chateau P?us, Pomerol, £1135 (auction) Absurdly overpriced even by P?us standards given its lacklustre showing in 1982.InformationAuction houses* Christie’s, 8 King St, London SW1 (020 7627 2707) * Sotheby’s, 34-35 New Bond St., London SW1 (020 7293 5000) /wine* Bonhams, 101 New Bond St., London W1 (020 7629 6602) * J. Straker Chadwick, Abergavenny, Monmouthshire (01873 852624) Merchants* Wilkinson Vintners, London N19 (020 7272 1982) Wilkinson finewine.co.uk* Berry Bros & Rudd, 3 St.James’s St., London SW1 (0870 900 4300). * Farr Vintners, Sussex St, London SW1 (020 7821 2000). .* Robert Rolls & Co, London EC1 (020 7606 1166). Mail rollswine * Fine & Rare Wines, London W10 (020 8960 1995) .