What should I expect to pay for having a new wine label designed?

Not simply a label that I could have done using an inexpensive
"graphics"
program, but a very professional label that rivals or exceeds those
on
commercial wine.

As a package designer with experience desiging wine and spirits labels,
it all depends, as Jody pointed out, on your printing budget and run
quantity.

Your printing budget will be defined by:
1. Run quantity
2. Special effects applied to label design (foil stamping, embossing,
custom inks, custom dielines, etc.)
3. Specialized illustration to appear on label
4. Print shop quality (the finest printers are usually in California,
such as Gordon Graphics - who print beautiful labels for top wineries)
5. Designer's fee - a specialist or a less experienced freelance
designer (hourly rate varies) or a design firm

The best way to determine which designer to hire is to see their
portfolio - and see wine labels that they've done in the past. Jody
estimated right - $50/hr is the average rate for a freelance designer
with several years experience although this varies. Firms will charge
more - typically between 5 and 10 thousand for the project. Although,
it can cost less.

A Californian firm that does top wineries is CF Napa. I feel their work
speaks for itself. Personally, I work as a freelancer part time, but
work a firm called Mark Weisz Design, a package design firm, who also
does wine labels. Again the best way to know who is best for you is to
look at portfolios and get quotes.

It also helps to keep costs down by planning for the future - if you
will do other varietals you will want the design set up to work for the
future. (Including sharing foil-stamping plates and just swapping out a
colored plate - this will allow you to use a single foil plate for all
your labels.)

Hope this helps you get where you want to be! Best of luck.
Regards,
Yael Miller