Just when it seemed that European wine prices would become insupportable, given the lousy (for us) exchange rate between the dollar and the euro, a funny thing happened: We’re seeing tremendous buys in European wines. Wasn’t the sky just falling only a year or so ago, with apocalyptic predictions of huge price increases?

Actually, we did see price increases. And for certain wines, such as the short-crop 2003 Burgundies, the sticker shock is real. But mostly, the anticipated nosebleed prices never happened.

The reason is that old war horse: supply and demand. Supply went up as demand declined. As one importer said to me recently, “When I went to Vinitaly [the big annual Italian wine trade show in Verona] this April, I simply waited until the fifth day of the show. By then, wineries knew what they’d sold – or hadn’t. They were ready to deal.

“So I was able to buy Barolo – not the best, but pretty good stuff – for $14 a bottle,” he said. “I can sell it to retailers for about $21 a bottle.” At that wholesale price, a retailer could, in turn, sell the wine for $29.95. That’s dirt cheap for Barolo, which hasn’t been south of $50 for several years.

This same scenario is playing out all over Europe. We’re now seeing wonderful wines from the 2003 and 2004 vintages from France, Italy, Germany, Spain, and Portugal that are stunning buys.

Consider the following exceptional reds – all from France – as proof. All three are from the torrid 2003 vintage. In the hands of great producers, who knew when to pick in that blazing-hot year and knew how to handle such ripe grapes, we’re seeing unusually rich wines unlike anything we’ve tasted in years, if ever. The good 2003s are really something.

HERE’ S THE DEAL

BEAUJOLAIS “L’ANCIEN” 2003, DOMAINE DES TERRES DOREES Owner-winemaker Jean-Paul Brun makes what can only be called the “real” Beaujolais. How can I put this diplomatically? Forget everything you thought you knew about Beaujolais. Chances are that what you’ve had, and likely enjoyed, isn’t anywhere near as expressive, pure, and – dare I say it? – thrilling as this 2003 Beaujolais from Domaine des Terres Dorees.

Mr. Brun uses wild yeasts (rather than the much more common cultured yeasts). And he only rarely, and reluctantly, chaptalizes, which is adding sugar to the fermenting juice in order to boost alcohol. It’s an overwhelmingly common practice in Beaujolais. Of course, in the 2003 vintage, no one needed to do so.

This is extraordinary Beaujolais: dense, rich, even slightly tannic on the finish, but infused with a superb delicacy. You get all the goodies that fully ripe gamay can deliver: black cherries, the tart tang of wild cherries, a fragrant scent of raspberries and minerals. This is Beaujolais as it should be, but so rarely is. $12.95.

ANJOU ROUGE “VIEILLES VIGNES” 2003, CHATEAU DE FESLES Since I was being so diplomatic about Beaujolais, allow me to continue this uncharacteristic streak of subtlety: While you’re at it, forget everything you thought you knew about Loire Valley reds, too.

The reason is that most peoples’ encounter with red Loires – made from cabernet sauvignon and cabernet franc – has left them with unappetizing tastes and scents of bell pepper and under ripe fruit. This is emphatically not the case in the 2003 vintage, where the normally temperate Loire Valley saw August temperatures soar past the 100-degree Fahrenheit mark. Whatever else happened, the reds ripened beautifully.

This is an extraordinary cabernet from Chateau de Fesles, a producer much more famous for its great sweet white wines. Created from vines about 40 years old (hence vieilles vignesor old vines), this intense yet perfectly balanced cabernet allies the suaveness and finesse that characterize the best Loire wines, with a degree of fruit intensity, even opulence, almost unheard of in living memory.

Although silky and almost irresistible right now, this cabernet will surely do nothing but improve in a cool cellar for upward of a decade. It’s a steal in rarefied red wine at $11.95. Look for a street price as low as $9.95 – and pick up a case if you like it as much as I do. Global warming notwithstanding, we’re not likely to see an Anjou rouge this ripe and rich tasting again any time soon.

VIN DE PAYS DE VAUCLUSE 2003, DOMAINE DE L’AMEILLAUD Domaine de L’Ameillaud was created by Nick Thompson, a Brit who came to France to learn winemaking, met a French woman, and, well, you know what happened. They established a 114-acre estate in Cairanne, one of the better winegrowing villages in the southern Rhone Valley.

A blend of grenache (60%), syrah (20%), and carignan (20%), Vin de Pays de Vaucluse 2003 from Domaine de L’Ameillaud is a succulent, smooth-down-the-gullet red wine. You find the cherry-flavored richness of grenache with the bracing backbone of syrah. (What the carignan adds, I can’t say, as the other two grapes are so strongly informing in this blend.)

This is a bargain red supreme. Throw some ribs on the grill, slathered with a spicy marinade or rub, and serve this wine. Some shops ask $9.95 a bottle, but look for a street price as low as $7.95.