(FORTUNE Magazine) – A $1,000 bottle of tequila? That'll be the day.

Well, the day is here. A shortage of the plant from which tequila is distilled, blue Weber agave, has brought on an increase in prices. A ton of agave cost as little as $50 in January 1999; it went for $1,500 this summer. Tequila prices have followed suit.

The shortage started with an early-'90s glut, says Bob Denton of Robert Denton & Co., which imports the El Tesoro and Chinaco brands. "Farmers, instead of selling for a cheap price, called a strike and let agave rot in the fields." Many of the suppliers planted little new agave, and the eight- to 12-year maturation cycle makes it unlikely that there will be a market correction soon.

The grow-and-glut cycle is nothing new, explains Denton, but this time it was complicated by tequila's unprecedented prominence (the margarita has become the most popular U.S. mixed drink). Mexican entrepreneurs wanted to get in on the action, and by the late '90s the number of producers roughly doubled. But lacking experience marketing in the U.S., they burned up a lot of agave to fill bottles that now languish on shelves in Guadalajara. A nascent agave blight is making matters even worse.

All is not lost. Many premium brands grow their own agave; consequently they have no supply problems, and that makes them comparatively good deals in today's market. To determine the best, we surveyed bar owners, consultants, and journalists, as well as restaurants known for their tequila lists. You'll notice that the $1,000 bottle--Cuervo 1800 Coleccion--didn't make the cut.

A few things to remember: Serve it neat in a tall shot glass called a caballito or with a splash of fresh lime juice (use fresh juices in a margarita too). And leave the salt and lime wedge for the kids on South Padre. This is for sipping.

El Tesoro Silver, $32 Mexican law allows blanco varieties to age up to 60 days, but El Tesoro's Don Felipe Camarena bottles his right out of the still for minimum oxidation. It has overtones of flowers, herbs, and pine. "When people ask, 'What does agave taste like?' " says Jimmy Yeager of Jimmy's Restaurant in Aspen, "I say, 'Here.'"

Del Maguey Tobala, $125 Taos artist Ron Cooper began bottling the Del Maguey brand after learning of single-village mezcals produced once a year for religious purposes. The wild-harvested tobala variety of the maguey plant produces a mezcal admired by virtually every aficionado on our list for its overtones of cream, string beans, bananas, and smoke. It goes great with cigars.

Chinaco Reposado, $31 Yeager calls it "the perfect balance of light oak aging and pure agave flavor." The oak aging softens the alcohol and brings out the aromatics, including hints of lavender, dill, fresh flowers, and brine. The distinctive flavor goes well with seafood--for a real experience, sip it as an accompaniment to sea urchin sushi.

El Tesoro Anejo Paradiso, $120 It's difficult to replicate the taste of brandy in tequila, but El Tesoro, aged beyond anejo, gets it right. Using French and American oak barrels, Don Felipe gives it a smooth, round complexion while maintaining the flavor of the agave. "Purists won't like it," says The Underground Wine Journal's Wyatt Peabody, "but the flavors are very sophisticated."

Herradura Reposado, $34 According to Greg Gifford of New York City restaurant Citrus, Herradura grows more of its own agave than any other producer. Yet the house is known for high quality and was the only brand our experts recommended in every category. Look for a floral nose and a palate with hints of white pepper, fresh-cut wood, and dried herbs.

Herradura Seleccion Suprema, $240 Herradura grows the agave for this tequila separately to allow it to get to its ripest before distilling; super-aging in new Missouri white oak barrels brings out an aroma of single-batch bourbon. New York beverage consultant Steve Olson declares it "one of a handful in this category that's actually worth that kind of money."

Don Julio Anejo, $48 Don Julio Gonzalez is one of the tequila growing region's largest landholders. For generations his family sold agave to other producers, until he started making his own tequila at age 17. Some 50 years later, it's still regarded as one of the finest--with what Louise Owens of the Dallas Morning News calls "a mellow finish of honeyed lemons."

Patron Anejo, $53 Patron was one of the first producers to popularize 100% blue agave tequilas. It had some missteps along the way, but Peabody now says it's a "good example of how anejo should be made." It's known for its strong flavors of new wood--meaning less agave--and hints of lemon.