At this time last year, the Great Recession was adjusting its grip around the throat of the  economy. In the year since, it has loosened a bit but not enough to let the wine flow.

On the retail side, sales have been more or less flat after decades of growth; on the restaurant side, things have been much tougher. The net result is that the pipeline is full of wine waiting for someone to buy it.

Terrible news, if you’re a winery, importer or distributor. But if you’re a buyer, you’ve got an opportunity to buy wines you might not normally be able or willing to afford.

So while we’re all looking to be smart with our money, that doesn’t mean you have to always be cheap.

A quick run through the stores in this area reveals a lot of wine at all price points that ought to grab your attention.

Some of these will make ideal gift giving, and how much better will it taste when you’ve paid a bit less than usual?

Nothing works for gift giving like European wine: It has an exotic label with foreign lingo, and most people have no idea how much (or little) it costs. With the following wines, bear in mind that the prices quoted might vary a bit, as is the nature of the current economic strife.

For French white wine, I’d think about buying Trimbach Riesling 2007 ($20), Chapoutier Belleruche Blanc Cotes-du-Rhone 2008 ($14), Laroche Chablis Saint Martin 2007 ($22) or Domaine du Rochoy Sancerre 2006 ($28).

For reds, 2007 Rhones are legendary: Clos de l’Oratoire Chateauneuf-du-Pape 2007 ($42) or Domaine de la Solitude Chateauneuf-du-Pape 2007 ($46), but consider also Chateau Fourcas Hosten 2000 ($40) or Charlopin Bourgogne Rouge 2007 ($26).

From Italy, I’d think about Allegrini Palazzo della Torre 2005 ($19), 2005 Righetti Amarone($34), Tenuta Sette Ponti Crognolo, Tuscany 2007 ($36), Lisini Rosso di Montalcino 2007 ($36), Boroli Barolo 2004 ($45) or for a crisp and tangy white, La Tunella Pinot Grigio 2007 ($17) or Jermann Pinot Bianco 2007 ($24).

There are plenty of other pretty white wines from other places: Yellow + Blue Torrontes 2008 ($14), Peller Estate Dry Riesling 2007 Niagara ($16), Burgans Albarino 2007 Rias Baixas ($14), Craggy Range Sauvignon Blanc 2008 Martinborough ($29 though it can be found for less), Strub Niersteiner Paterberg Spaetlese 2007 ($23) or Cluserath Weiler Trittenheimer Apotheke Spaetlese 2007 ($31).

Vino with a Latino note? Spain is the most consistent producer of red wine bargains: Alto Almanzora Este 2007 ($10) and Evodia Garnacha 2007 Calatayud ($10) are just two of the bargains out there. And South America has plenty to offer as well: Elsa Malbec 2008 Argentina ($10), Yellow + Blue Malbec 2008 ($14), Catena Cabernet Sauvignon 2006 or Malbec 2006 ($22), Punto Final Reserva Malbec 2006 ($24), Colome Estate Malbec 2007 Salta ($26) or Dona Paula Seleccion de Bodega Malbec 2005 ($46).

A lot of people prefer American wine, and if California bargains were once scarce, the economy is changing that: I’ve seen Alexander Valley Schoolhouse Cabernet 2005 ($42), Cosentino the Cab 2007 ($14), Mount Veeder Cabernet Sauvignon 2006 Napa ($40, though some bottles go for far less), 2005 Gundlach Bundschu Mountain Cuvee 2005 ($21), O’Brien Seduction Oak Knoll 2006 ($39), and Lail Blueprint Cabernet Sauvignon 2006 ($49). And Zinfandel and Zin blends usually offer value: Seghesio Zinfandel 2008 Sonoma ($22), Seghesio Zinfandel 2007 Rockpile ($35), Ridge Lytton Springs 2006 ($31), and Peter Franus Zinfandel Mount Veeder 2006 ($35)

Since Pinot Noir is the fastest growing variety in the U.S., somebody’s likely to enjoy receiving it: Ramsay Pinot Noir 2007 ($20), King Estate Pinot Noir 2007 ($25), Irony Pinot Noir, Monterey 2005 ($15), Calera Pinot Noir 2007 Central Coast ($24), 2007 Hirsch Pinot Noir “M” Sonoma Coast ($47), Dain Anticipation Pinot Noir ($42) or Patz & Hall Pinot Noir Sonoma Coast 2006 ($46).

Chardonnay is still the No. 1 white wine in the U.S., so you might look for gifts such as Jordan Chardonnay 2008 ($31), Merryvale Chardonnay 2007 Carneros ($29), Angeline Chardonnay 2007 Russian River ($11), Sanford Chardonnay 2007 Santa Barbara ($24), Rombauer Chardonnay 2008 Carneros ($30) and Novy Rosella’s Chardonnay 2008 Carneros ($25). In times like these, the smart buyer should be looking around, checking the Web and getting cozy with retailers. But if you’re one of those smart buyers, be sure to ask yourself, is my retailer a smart buyer, too?