Great grapes! The best of last year's wines to buy and stockpile now.

News flash: The 1994 wine harvest is resting in bottle or barrel, and the reports of its health are in:

* Burgundy's quality is just above average, with whites likely to be more exceptional than reds, says Rebecca Wasserman Hone, a wine broker for the Burgundy region of France.

* Bordeaux Wine Bureau spokeswoman Fiona Morrison rates the region's vintage as "good to very good, with firm structure and good acidity."

* Importer Philip di Belardino, vice president of trade relations for Palace Brands at Heublein Inc., reports Italy's quality as very good to excellent in the central and southern regions, and fair to good in the northern regions due to rain.

* Carol Sullivan, executive director of the German Wine Information Bureau, reports excellent wines from the Riesling grape and a good number of sweet, ripe wines, while the earlier, rained-upon varietals are of average quality.

* And California's Wine Institute reports that while quantity is down, quality is high.

Vintage reports are intriguing, but what do they mean? How and when can we judge the wines for ourselves? That depends on the wine. We've all heard about the importance of aging wines, but in fact, at least 85% of the world's wines are meant to be drunk young, a year or two after harvest. Remember, wines from Southern Hemisphere wine-making countries (e.g., South Africa, Chile, Argentina and Australia) are harvested six months earlier--in February and March, rather than in September and October--giving them a half-year head start. Young wines include all roses, many whites and light reds.

Among those white wines best enjoyed in their youth are: Muscadet, Pouilly-Fuisse, Pouilly-Fume, dry Vouvray and Sylvaner from France; Pinot Grigio and Soave from Italy; and dry Chenin Blanc and white Zinfandel from California. Red wines to enjoy young include Bardolino, Dolcetto and Grignolino of Italy; most Beaujolais of France; and all Gamay from California. Champagne and other sparkling wines are always ready to enjoy when you buy them. The finest vintaged champagnes, however, will continue to give pleasure for some years to come, provided they are properly stored (laid on their side in a cool setting with dim light).

Only the finest wines, those at the top of the quality pyramid, require aging to develop their full potential. Made from the finest grapes, they are elegant wines with rich and complex bouquets--qualities that need time to mature. Wines of this quality include: reds such as Cabernet Sauvignon, Merlot, Syrah and classic Zinfandel and whites such as some Chardonnay in the U.S.; the chateaux wines of Bordeaux; the great reds and whites of Burgundy; some reds of the Cotes du Rhone; such Italian reds as Barolo, Barbaresco, Brunello di Montalcino and Chianti Classico Riserva; and Rioja of Spain.

And so, what wines are we enjoying in 1995? Most likely, the delightful, young wines of 1994 and the great, aged wines of other years, now mellow and round and ready to savor.

GREAT WINES OF 1995

Among the many great wines on the market this year are:

CALIFORNIA

Clos du Val Zinfandel 1990--$15

Joseph Phelps Vin de Mistral Syrah 1992--$22

Shafer Merlot 1992--$21

Simi Cabernet Sauvignon 1991--$14

ITALY

Ceretto Bricco Rocche Barolo 1990--$50

Mastroberardino Taurasi Riserva 1986--$23

Monsanto Il Poggio Chianti Classico 1988--$36

FRANCE

Laboure-Roi Echezeaux 1991--$49

Chateau Palmer 1989--$68

Clos des Papes Chateauneuf du

Pape 1992--$24

SPAIN

Marques de Murrieta Reserva 1990--$23