It really depends on personal taste. If you tend to prefer younger, fruitier wines as opposed to heavier, aged wines then going for the $50+ bottle isn't going

It really depends on personal taste. If you tend to prefer younger, fruitier wines as opposed to heavier, aged wines then going for the $50+ bottle isn't going to do you any good. Some wines actually get worse with age. You can find some really consistently great pinot noirs, merlots, and malbecs for much less than $20. I would steer clear of cabernet sauvignon simply because there is such a wild degree of variation in taste and it is not consistent with price. Be aware of prices by region as well. Some grape varieties grow more easily in certain climates and as a result will be more cheaply produced. The Oregon wines have recently gotten noticeably more expensive, but this has more to do with it becoming a trendy region much like Napa Valley in the past. So be aware of factors in price when buying wines, and your personal preference in wine body should be the ultimate determinant of how much you should be willing to spend. On a side note, if you're ever throwing a dinner party stick with the lighter wines. I break out the schmitt sohne riesling for $8 a bottle during the summer and while it's too sweet for my taste, guests usually love it.