As I sit here today, the historic property of Foppiano has announced its sale to Martin Rey. Foppiano has been in family hands for more than a century. Like other family owned wineries, it got to the point where sales were no longer lucrative.

Alas, that’s where were at. A steep decline in sales and a campaign to make alcohol a health risk have combined to end California’s golden era. And, it’s not just in the United States. European wine producers are reporting a decline in sales.

What does this mean to consumers? I’ve been predicting for months that producers will be dumping their unsold wines at steep discounts. Some California grape growers are saying they can’t sell their crop even at dramatically reduced prices. Most of their product will go into bulk sales. But, I predict third-party producers such as deNegoce and Cameron Hughes will find a lot of good wine to sell under their labels.

I buy wines from K&L and Wine Spies. They are like negociants who sell wines for producers who can’t sell their product through conventional channels. These wines are reduced in price. I think we will see more of these wines become available for a couple of years. But, eventually producers will have to address long-term solutions if they want to stay financially healthy.

Already, we’re hearing about wine companies ripping of vines to reduce their crops while holding their prices. This is especially true among luxury winemakers who don’t want to see the prestige of their label drop with the advent of bargain prices. In Europe, some grape growers are planting olive trees where vineyards once stood — the olive oil market is more lucrative than grapes.

Isn’t it interesting how this market has changed since the halcyon days when “60 Minutes” made wine a healthy product to extend life spans? Now, wine and every alcoholic beverage is life-shortening even in small doses.