Wine Glass Rack

It's official, I need a wine glass rack. Over the past two months, I have succeeded in only consuming wine, mostly red's with the occasional white thrown in. Nonetheless, I have a growing need to store my wine glasses somewhere other than in my cupboard with the rest of my glasses. I have a smaller apartment, so I'm limited on cabinet space as it is. So, my nonexistent readers... do you have a wine rack? If so, is it a hanging one, or a standing shelf?