Aging wine

[cd4814]

Some of the wines I have purchased have remarks on the bottle stating that the wine would age gracefully. Never having the inclination to collect wines this has not been an issue. Now, I would like to start collecting. How long should one age a wine?
I mostly drink Merlots, Pinot Noirs, and Cabs. I frequantly spend $16-30 a bottle and drink the night of purchase. Having found some favorites I want to buy in case quantities but I am afraid that I may store incorrectly or alter a proper aging proceedure. I plan to invest in a small wine room - dark, good humidity 50-70% and cool.
Help and suggestions are greatly appeciated.
Thanks,
Clint