How should wines be stored?

Wine stores best under cool, dark, and somewhat humid conditions. The ideal temperature is 50-55° F. Wine stored under warmer conditions tend to age faster. A wine that would normally keep for 6-10 years might keep 3-5 years under warm or bright storage conditions.
 
A dark basement corner is ideal for storage. Try to avoid storing wines in an upright position. Storing wine horizontally keeps the cork moist, which preserves the seal and prevents air from seeping into the bottle.
 
Source(s):
Wines.com "How Long Can I Store Wine?"
Mywinesdirect.com "Wine FAQs"