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" ... The simple reason is supply and demand, even though many of the world’s most prestigious wineries play fast and loose with how much they produce and how much they sell, sometimes in the gray market. In advance of the Millennium, Champagne producers warned—quel horreur!— that there simply wouldn’t be enough of their bubblies to go around because the demand would be so great. Guess what: It wasn’t. There were oceans of Champagne available at all kinds of prices. Many people avoided the hiked-up prices of Champagne and drank Italian prosecco or Spanish cavas. And after the recession hit in 2009, with demand down, prices fell, too, with a lot of wines that once sold for $100 marked down to half that amount or less. ... "