Well, kind of. You might still be paying for taste, but not necessarily for objective quality. As many people have pointed out in these comments, sometimes you

Well, kind of. You might still be paying for taste, but not necessarily for objective quality. As many people have pointed out in these comments, sometimes you are paying for interesting flavor profiles that are not as easily found in moderately priced wines. That doesn't necessarily mean better, but you might be paying for scarcity in the flavor.