A glut of grapes in the United States and abroad has pushed down prices of some better-quality bottles of wine, making it a good time for people to stock up at home.

Even as the under-$10-a-bottle market explodes, consumers can trade up to a much nicer bottle of wine for just a few dollars more, something to keep in mind as New Year's Eve partygoers flock to liquor shops and grocery stores to pick up vino.

"In terms of what you can get, bang for your buck, it just keeps getting better and better," said Cyril Penn, editor of the California-based trade journal Wine Business Monthly. .

Tags: wine making