If wine consumers, especially American wine consumers, think of Austria at all, and manage not to confuse it with Australia — believe me, it happens –  it’s in terms of Gruner Veltliner, the country’s aromatic trademark varietal.

But these days the Austria’s wine industry is being rejuvenated and energized by the efforts of a series of dynamic young producers who are making wines will real verve and style, and a fine example of this is the Johann Donabaum Setzberg Spitz Riesling Smaragd 2006.

I opened this wine without knowing it’s price, expecting just another thin, dry European riesling. One sip though and all my preconceptions were turned upside down – my taste buds screamed This Is A Fabulous Wine!

Then I looked at my notation on the back label and saw why – it is also a $42 wine.

Now, when it comes to wines, price is not always an indicator of quality. Even leaving aside the absurd, mad-money prices commanded by certain small production trophy wines, there are far too many over priced name brand bottles turned out all over the world that I wouldn’t drink at a quarter the price. However, these are the exception – as a rule, and over time, Adam Smith’s invisible hand asserts itself, and good wines, even great wines like this, get their financial rewards, or at least their financial rewards as far as the limits of fashion allow.

Johann Donabaum

And that is why, even at this price, this astounding wine is still a very good deal.

But why is it so special? Too start with, when riesling is good it is not just very good, it is astounding. It’s as rich and complex as chardonnay but more subtle, more restrained and with a whole panoply of more slatey, earthy, mineral flavors – tasting great riesling has been describes as like licking wet stone – than you find in any other white wine.

It rolls over my tongue leaving a trail of astounding flavors in it wake, flavors that linger in the mouth for minutes after, a haunting legacy of greatness.

Lemons and tangerines, mushrooms and pepper, pineapple and cloves overlap in layers of intriguing complexity, yet this wine is still so young, and will live for at least another decade during which time all those flavors will only intensify, and it will mature and ripen into a wine of unbelievable decadence. And you thought $42 sounded expensive?

Trouble finding this wine? Try www.wine-searcher.com.