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The storage of wine is not a factor for most people because wine is usually purchased and then consumed shortly after. However, if you have any intention of keeping wines around for months then some precautions should be taken.
Never leave a wine open to direct exposure to the sun. Exposure to the heat and light of the sun can very quickly ruin a wine. Drastic temperature changes can also have a major effect on wine. On hot summer days cover your purchased wine in the car and drive with the windows open or air conditioning on. If you are not going straight home, use a cooler.
For someone wanting to store wine for aging purposes, you need a dark area free of vibration with a temperature ideally constant between 50 & 60 degrees F and a humidity level of 70 to 95 percent. Wine should also be stored away from odor causing products, ie: paints or solvants.
The amount of attention given to wine storage is directly related to the price and quality of the wine being stored. A first-growth Bordeaux will require ideal conditions, even if it means that you must go out and purchase a wine storage unit.
If you are storing homemade wine then you may not be so concerned with temperature fluctuations since its storage life is relatively short anyway.
The majority of wine drinkers don't have the resources or desire to put a lot of money into producing an ideal wine storing environment. However, in most cases a dark place with no vibration can be found eg. a bedroom closet, a low traffic corner of a basement (NOT under the stairs or near the washer and dryer or furnace).
If you are careful to select ageable wines that are moderately priced, then you can get away with some temperature fluctuations, such as a house in the Northern climates without air conditioning.
Buying several bottles of the same wine and trying them periodically (every 6-12 months) is a good compromise in tasting wines to see how they develope and minimize spoilage. Temperature fluctuations will cause you wine to age quicker.
Shorter shelf life is not necessarilly a bad thing. You can experience an aging wine during a short time span. I have had this over 6 months with homemade white wine, and 12 months with homemade red. Premium Ontario white wines come into their peak in about 2-3 years under my less than ideal storage conditions (wine closet).
As a general rule, red is more ageable than white. This is because of the tannins that red wines have. Tannins come from contact with grape skins during fermentation, and also from oak aging. For specific wine recommendations, contact your local LCBO or wine merchant. Champagne can be aged for decades, provided it is a premium brand and is stored properly. It ages best in 1.5 litre bottles (magnums).
For those that can afford it, a free-standing wine storage unit can be purchased. These can range in price from about $1000 to $3000 CDN and may require installations. An additional expense incurred is usually electricity (about $20.00 CDN a month). Don't confuse these units with a refridgerator. Using a fridge is not recommended because of the lack of humidity and the vibration from the motor.
If you want to invest in racks for a basement wine storage room, you choices are wood, metal, or man-made. Cardboard is not recommended due to the chemicals in its production.