(FORTUNE Magazine) – Call it the Great Grape Squeeze. The price of first-class Bordeaux rose a head-spinning 30% last year, and topflight California wines kept pace. Blame a bunch of souring factors. A string of so-so vintages in Bordeaux since 1990 has the prime stuff in low supply. In California vineyards, infestation by a voracious louse, the phylloxera, has sidelined some 20% of the top acreage. Plus, Americans are quaffing more, following a spate of press touting red wine's health benefits. Next? Moans columnist James Laube of Wine Spectator: "Prices are going to continue to rise because there is just not enough premium wine to meet demand."

Don't reach for Chateau Screw-Cap just yet: There are solutions for the wannabe wine maven. Those with a nose for a bargain as well as a bouquet can slash their wine bills by scouring catalogues, haunting auctions, and perhaps even dropping by discounters like Costco.

Highfalutin auctions shouldn't put you off. Sure, you've heard about the $27,600 double magnum of Chateau Lafite 1865 or the six Chateau Petrus 1961 magnums that went for $39,000. But most of what gets auctioned is far cheaper and often a bargain to boot. Says Fritz Hatton, head of Christie's U.S. wine department: "Half the cases have estimates of $500 or so."

Deals abound. Sherry-Lehmann Chairman Michael Aaron, who helps run Sotheby's auctions, estimates that first-growth Bordeaux sells for 10% less than it does at retail. But that's just an average. The wily wine lover who wields his or her auction paddle right does much better. Flip through Christie's 1995 fall catalogue and you'll see that a case of 1984 Joseph Phelps Insignia sold for $345, including the 15% auction premium that gets tacked on. At retail that would have cost at least $250 more. And a case of 1983 Chateau Grand-Puy-Lacoste fetched $253, vs. the $359 it would have gone for at a cheap wine shop.

To join the party, call Sotheby's or Christie's in New York City, Davis & Co. in Chicago, or any of the other respectable auctioneers around the country. You'll have to fill out a form and get a catalogue, but needn't appear in person: You can usually bid by phone, fax, or mail. You'll also need a strategy, but be prepared to walk home empty-handed: Pick five "lots" that you'd like to own and set absolute caps on what you're willing to pay for them. Chip in with a couple of friends to bid on a mixed lot of different wines, which sometimes brings lower prices. Consider avoiding the best-known wines and vintages that attract neophytes and trend followers. And wait until the first of several identical cases has been bought. If a winning bidder does not exercise an option to buy the rest of the stash at the same price, the remaining cases can come more cheaply.

Caveat emptor is the rule when culling the postal system for bargains. Best forget wine-of-the-month clubs, which are a great way for an outfit to unload shoddy goods. And mail-order wine catalogues are often just a sideline for a retail shop. But with perseverance, bargains can be had.

The best game plan is to get on half-a-dozen good mailing lists and pick and choose among them. Remember, the fellow offering a bargain on Brunello may gouge you on Gewurtztraminer. Turnover is often lightning quick, so when you see a deal, grab the phone. Such outfits ship only to certain states, and they'll often charge varying shipping rates depending upon where you live. The Wine Club in California, for example, has a wide selection and charges just 12% above wholesale, compared with 33% or more for many stores. But a $37 shipping charge outside California can easily swallow those savings.

A well-known outfit is Geerlings & Wade, which ships to most big states. It often picks up low-cost, high-quality Bordeaux by using wine futures or by striking deals with chateaus seeking to unload older vintages. A 1985 Chateau Pichon- Lalande sells for $44.99 (at retail it's about $75). But the company won't get you as good a deal on California offerings. The Wine Messenger, currently shipping only in New York (but adding other states), keeps prices low by selling lesser-known labels, buying a vineyard's entire production, and often paying cash in advance. A 1990 Chateau Grandis Haut-Medoc, full and with balanced tannins, cost just $12.95. In blind tastings, it bested wines costing 30% more.

Then there are the likes of St. John's Wine Exchange, a "California wine consultancy" that deals in hard-to-find offerings from boutique wineries. The payoff? Because they aren't hyped, some are the equal of wines costing far more.

Don't be snooty about where you buy, especially if you're looking for familiar names produced in big volumes. Wine columnist Laube, always scouting for a good buy, nabbed a bottle of Veuve Clicquot, cheap at $25.95, for just $21.99 at his local Price Club. A Florida Costco yielded a 1992 Cakebread Cellars Napa Valley Cabernet Sauvignon for $20.99 (retail: $24.99). Heck, if you spend smartly at a discounter, you can even pick up a camcorder with your cabernet.

Sotheby's: 212-606-7000; Christie's: 212-546-1131; Davis & Co.: 312-587-9500; The Wine Club: 800-966-5432; Geerlings & Wade: 800-782-9463; The Wine Messenger: 800-760-3960; St. John's Wine Exchange: 800-964-9463