June 22 (Bloomberg) -- The 2005 Bordeaux wine-futures frenzy widened last week when a dozen major chateaux finally added their prices to others already released. Increases are from 25 percent to as much as 325 percent above last year's prices.

Two first-growth chateaux, Haut-Brion and just-released Lafite, can now be had for $525 per bottle, leading to speculation of even higher prices for the rest. Retailers are urging wine lovers to lock in a cache from this truly great vintage at the lowest possible cost.

But even if 2005 Bordeaux is a legend in the making, is it worth buying now?

The wines are still aging in barrel and won't be delivered in bottle until spring or fall 2008. Prices are the highest ever. I recently experienced severe sticker shock at an offer of third-growth Chateau Palmer for $249 a bottle. For $170 I could buy the superb 2000 and drink it tonight.

``The prices are simply too high for the investment potential to be there,'' says wine adviser Mark Golodetz of Sleepy Hollow Wine Co. ``I'd buy wines that are in short supply, but overall there's little incentive to buy now.''

In five vintages of the 1990s, for example, those who shelled out for futures could have bought many of the same wines when they were finally released in bottle for exactly the same price they'd paid two years earlier.

In other words, buying futures then was a poor investment. The same seems true now, at least for short-term profits.

And this year, the unfavorable dollar/euro exchange rate puts Americans at a disadvantage.

Weak Wine Dollar

When we were buying the splendid 2000 vintage, the euro was $0.87; now it's $1.28. Which means that even if the Bordelais hadn't raised their prices, Americans would still be paying 30 percent to 40 percent more than they did for the 2000s.

``There are limits, even for the wealthiest,'' says Max Marinucci of the Wine Connection in Pound Ridge, New York.

Feeling gouged, some long-time Bordeaux buyers are trading down by looking back. Many of his customers, Marinucci says, are loading up on wines from the often less pricy but excellent (and nicely maturing) '95, '96, '98 and '00 vintages.

London broker Farr Vintners' Web site helpfully includes current prices for the 1989-1990 and 2000 vintages in its 2005 list, so buyers can compare. A case of 2005 Angelus at 1,400 pounds costs way more than the 2000 at 1,150.

Yet plenty of wine buffs are buying 2005s anyway.

``We sold 1 million pounds of futures every day this week,'' says Farr Vintners' Stephen Browett. ``For the top wines, demand is 10 times our supply.''

Five hundred cases of second-growth Cos d'Estournel (1,120 pounds a case) were purchased in one morning, and Browett is pondering how to divvy up 300 cases of second-growth Leoville- Barton among 1,000 eager buyers.

Not Put Off

Rich newbies are less worried about price, says Ralph Sands, Bordeaux specialist at the San Francisco Bay Area's K&L Wine Merchants. ``They're used to the $100 going rate for Napa cult cabs.''

To get into the game, compare prices and availability by checking Winesearcher.com's futures lists with links to U.S. and U.K. retailers. For one of my good-value recommendations -- Beychevelle, for example -- the range was $43.99 to $59.99 per bottle.

One key risk is whether a merchant will deliver the goods in two years' time. Collectors have been burned before, so deal with a reputable merchant with a long ``en primeur'' track record such as Zachys, K&L and Farr Vintners.

If you pay by credit card, ask the financial institution that issued it if your money will be refunded in case of non- delivery.

Read the fine print to determine if the price includes insurance and tax, storage and delivery options.

Futures Recommendations

So what to buy? Go for second growths such as Leoville- Barton, one of my top picks of the vintage ($100 a bottle), and Pichon-Longueville-Baron ($120).

I'd also be happy to drink Lynch-Bages, Pontet-Canet and Leoville-Poyferre (all $85), Lafon-Rochet, Beychevelle and Dame de Montrose ($40 to $50), and Chasse-Spleen ($25) if my ``investment'' turned south.

If money were no object, I'd snap up the majestic Ausone when it deigns to come on the market, and I'm actually mulling whether I can justify purchasing any Vieux Chateau Certan, my top Pomerol, at $160.

Great vintages have a way of convincing you that such purchases are rational.

Recommended retailers selling futures: http://www.zachys.com; http://www.farrvintners.com; http://www.bordeauxindex.com; http://www.premiercru.net; http://www.klwines.com. For comparative wine prices: http://www.wine-searcher.com.

(Elin McCoy writes on wine and spirits for Bloomberg News. The opinions expressed are her own.)

To contact the reporter on this story: Elin McCoy at emcwine@aol.com.

Last Updated: June 22, 2006 00:19 EDT