Need a suggestion for a red wine choice.

[stevebody]

For a glorious, drink-now wine in that price range, I suggest three Italians:

La Carraia Fobbiano (about $38), a Merlot that is as interesting and characterful as any wine you'll ever try, and...

Allegrini La Poja, a 100% Corvina (one of the workhorse grapes in Valpolicella) that is elegant while still being earthy and approachable, and...

Seghesio "La Villa" Barolo '97 or '98, a slightly CA styled Barolo that is just simply one of the most accomplished pieces of winemaking you'll EVER encounter. Not the California company of the same name, this Seghesio is an old Italian house that knows the Nebbiolo grape inside and out and crafts these wines like Swiss watches.

Hope that helps.