Preheat griddle over moderate heat. When batter is fully risen, stir down and pour about two tablespoons onto griddle for each blini. Allow plenty of space between the pancakes, then spread each until about two inches across. Cook until bubbles form on the surface and underside is brown. Turn and brown flip side. Hold blinis covered in a warm oven and repeat with remaining batter.

To serve, place a spoonful of caviar in the center of each blini and top with a dollop of sour cream.

Caviar Caveats:

* Eat the highest-grade caviars plain on toast points that have been slightly brushed with unsalted butter. Or present caviar on a half of a small potato or crowning a blini. Accompaniments can be chopped hard-boiled egg, capers, chopped onion, a squeeze of lemon or a dollop of sour cream.

* Fine beluga from the Caspian Sea retails at about $190 for a one-ounce jar. Osetra is about $90, and sevruga about $60 an ounce. But prices fluctuate. American golden whitefish (from Lake Michigan) can be had for about $10 an ounce. Soy Kaviar is packaged in a 4.4-ounce container and sells for $24. (Fred's serves only beluga in the dining room, but Morton's Gourmet Market stocks the Soy Kaviar as well as the real stuff.)

* Avoid silver utensils. Silver reacts with caviar berries and ruins the flavor. Select natural horn, mother-of-pearl or gold implements.

* Best beverages with caviar are champagne or ice-cold vodka. Some gourmands favor hot, unsweetened tea to clear the palate and let the briny flavors of the caviar advance. Elisabeth Waters says that cold milk does the same thing.

* Never freeze genuine fresh caviar. Salmon roe or golden whitefish roe can be frozen.

* Once opened, fresh caviar should be eaten promptly. As if there would be any left over.

To learn more about caviar, you're invited to participate in a Florida Winefest & Auction seminar, at 2 p.m. April 22 at Fred's (in the Florida Room), 1917 S. Osprey Ave. Tickets are $50 per person; call 952-1109.