As a lavish indulgence, caviar sets the standard. Pair it with champagne, and you have a universal symbol of delicious extravagance. Who knew that eggs from a sturgeon swimming in the Caspian Sea and a few bubbles squeezed from grapes could epitomize the quintessential luxe life? But they do; they surely do.

Most connoisseurs consider the finest caviars to be beluga, followed by osetra and sevruga, all from Caspian Sea sturgeon. Lately, however, as environmental and political woes have sent Russian and Iranian caviar prices soaring into the economic stratosphere, gourmands are searching for farm-raised sturgeon and even soy-based imitations. Among the new alternatives are American sturgeon, salmon, lumpfish and golden whitefish, as well as those made from soy products.

Can these soy-based and fish-farm pretenders truly aspire to be scooped up by discriminating diners? To find out, we assembled a small panel of tasters at Fred's restaurant under the direction of executive chef Mario Martinez, who will present a special seminar on caviar at this month's Florida Winefest & Auction.

Here's a quick look at the group. Well-known patrons of the arts, Sarasota's Gil and Elisabeth Waters love to travel the globe. Originally from Vienna, a city known for caviar consumption, Elisabeth has a taste for beluga and sevruga from the Caspian Sea and searches the Internet for the best prices. Gil is an expert on all things Russian, including caviar. But this member of the caviar cognoscenti appreciates the American golden varieties, especially salmon roe.

Brigid Hewes is an interior designer with a zest for culinary adventure. She comes to our tasting with no preconceptions, since she's not a regular caviar eater. Then there's me. As food editor of SARASOTA and Gulfshore Life magazines, I get to dine up and down the coast; but my knowledge about caviar is based more on reading and interviews than extensive tasting. And sommelier Brian Deibol, who has chosen the champagnes to pair with our caviar selections, brings an expert nose and palate to the panel.

Today, chef Martinez is presenting six varieties of the little berries (that's what you call the tiny caviar eggs) in a blind tasting, as the panel members evaluate each as to color, texture, taste and general appearance. In order (we find out later), we're sampling a soy sevruga, a soy osetra, an American golden whitefish, a soy beluga, a genuine sevruga and the true beluga from the Caspian Sea. Each is presented with the traditional condiments: capers, chopped onions, lemon wedges, sour cream and chopped hard-boiled egg yolks. We're drinking three champagnes: a demi-sec, a brut and a brut rose variety. At the end of each round, we give the caviar a letter grade from A to F and rate it in order of personal preference. The big question we'll answer at the end of the session is this: Can the soy impostors or the American fish egg alternatives hold their own and even triumph over their costly cousins, the Caspian Sea beluga and sevruga caviars?

Caviar No. 1 This is soy sevruga (although remember, we don't know that as we taste); and sommelier Deibol finds it slightly fishy and salty, with the gray-greenish berries imparting a fresh and glimmering appearance. "It's nicely balanced by the sweetness of the demi-sec champagne, and I rate it a B-quality caviar," he pronounces. Elisabeth Waters, our most passionate caviar aficionado, also gives the soy sevruga a B and likes both the fishy flavor and a slightly crunchy quality. "You want the taste of the sea in your caviar," she explains, "so a bit of brine or fish taste is what you look for." Her husband, Gil, concurs, judging Caviar No. 1 as "not overwhelming, good tasting and mild."

Caviar No. 2 This is also a soy product, called soy osetra. Chef Martinez says it offers "a burst of flavor on the palate." Hewes finds, however, that the flavor of these berries can't stand up to the condiments. Elisabeth is unimpressed. "Too bland," she pronounces. Deibol likes the dark-black color of the berries.

Caviar No. 3 The third mound of berries to hit our plates is very pretty, indeed; and Martinez tells us this sunny-orange caviar can be frozen and has a gentle flavor, making it a nice garnish for snapper, grouper or yellowtail tuna. Or, he suggests, it could crown eggs Florentine for an elegant brunch dish. Gil immediately recognizes this one as American golden whitefish and says he prefers salmon roe to this version, which he judges mushy and worthy of a grade C. Deibol gives it the same grade, although he likes the way the whitefish berries taste with the chopped egg and the vibrant color. It looks pretty on the plate, and Elisabeth agrees that its appearance is a plus when thinking of party food.