The technicality involved in storing your wine does not need to be complicated. It is actually simple but does require some ingenuity to figure out the best solution for you. Whether you are just starting a collection or you have thousands of dollars invested in fine wines, you want to keep your wines in healthy condition.

What to Cellar
Not all wines require long-term aging and storage. It depends on the type of wine, region of origination, creation method, and the particular year the grapes were harvested. That said, generally whites normally do not age for long, while reds age for 5-10 years. Really, it all comes down to what you yourself enjoy best.

Where to Store Wine
Cellars and basements are the ideal place, but just may not be an option for many people. Your next best option is a controlled wine cabinet. They come in many sizes and cost ranges, and the storage tool that I personally use. However, if neither of these works for your situation, you just need to do the best you can and follow the suggestions below.

Storing Tips
You will need to find somewhere fairly cool and humid that is not subject to a change every time the central heating or air conditioner fires up. The ideal temperature is between 50 and 60 degrees. However, a five degree fluctuation in either direction is acceptable and will not significantly affect quality. Storing at very low temperatures will cause a slowing of the aging process and too much heat will cause premature aging. A cool and constant temperature helps to maintain its flavor and quality. 

Humidity is also a factor but fluctuations have less of a negative impact than temperature. The prime reason to watch humidity is that a high humidity can cause the labels to unglue or mold. This can have negative impact on the wine´s presentation and/or the bottle's resale value. A low humidity dries out the cork, even if the bottle is properly stored on its side (which helps keep the cork moist). 

Light
Light is also a consideration when storing wine. Wine bottles should always be stored away from direct sunlight. Ultraviolet light and bright artificial light penetrate wine bottles and rush premature aging. If wine is exposed to light for an extended period, the chemical composition can be altered and the taste ruined.

Storing Services
High-end wine merchants offer storage services. This can be an excellent solution if your budget allows. A big problem here is the loss of spontaneous viewing, selecting, and uncorking.

Source: WineDefintions.com  
Contributor: Jim Stein (Syracuse, NY)
Photo from Strat's Place