(FORTUNE Magazine) – The 1997 Burgundies are still six months to a year or more away from your wine merchant's shelves, but the vintage will likely be one of the most overpriced in recent memory. The early warning was sounded at the annual Hospice de Beaune auction, held in Beaune, France, on the third Sunday in November. The Hospice, a charitable institution, is one of the largest owners of premier and grand cru vineyards in Burgundy, and the auction of its wines (still in cask) is the prime indicator--the Standard & Poor's index--of where Burgundy prices are going. This year, spurred by a small, high-quality harvest and a host of very nontraditional bidders from Asia and Eastern Europe, the average lot fetched a staggering 46.5% more than it did last year (a 15% or so increase was expected). As a rather stunned headline in the local newspaper, Le Bien Public, put it, prices went "sur l'orbite."

There's no need for you to chase the '97s into outer space. While young Burgundy is notably difficult to characterize while still in cask, the '97s are probably going to be pretty good. But the '95s, already in bottle, and the '96s, most of which are also in bottle, are truly remarkable--and much better values.

Among the '95s and '96s, as always, the finest Burgundies come from such supergrowers as Domaine Leroy, Ramonet, and Domaine Rousseau. These are no-brainers, but you will pay dearly for them. Grand vin comes at grand cost.

To find great wines at great prices, search out vintages from the less well known villages: St. Aubin and Auxey-Duresses, among the whites; Savigny-les-Beaune, Fixin, and Santenay, among the reds. Even the best of these should cost under $20 a bottle. For a real bargain, try the floral, honeyed white '95 Macon-Vergisson ($10) from the grower J.-J. Litaud.

Nor should you ignore the very fine '92 whites, '93 reds, or even the '94 vintage. The latter has been written off by some American wine publications, but it's at least good, and the wines are cheap. Two notable bargains: the succulent, raspberryish Beaune Clos de la Mousse from Bouchard ($25); and Jadot's delicious red Savigny, Dominode ($18).

What are the best of the '95 and '96 vintages? The good ones are numerous, but it's easiest to find the wines from the top houses. Look for Drouhin's '95 Volnay-Chevret ($40), an elegant red that's long on the finish, or his '96 Puligny-Montrachet ($30), a superb white village wine. Jadot has the usual bundle of very fine wines from both vintages, beginning with the delicious '95 Beaune Clos des Ursules ($35). If you feel like blowing your wad, try the fabulously concentrated '96 Clos de Vougeot ($80). Bouchard, after a few years in the doldrums, has come back strong. I'm wild about the '95 and '96 Meursault Les Genevrieres ($55), the licorice-scented '95 Gevrey-Chambertin Les Cazetiers ($45), and the superb '96 Le Cortin ($55).

So in a few days, when your local wine merchant starts hyping 1997 wine futures, say no thanks. This is not a vintage to buy en primeur--in cask. There's too much that's good already on the shelves, and it's cheaper.

--John Anderson