I tend to think the price of wine has much more to do with _prior_ vintages than the current one in the bottle. A winery is a brand, they build a strong brand

I tend to think the price of wine has much more to do with _prior_ vintages than the current one in the bottle. A winery is a brand, they build a strong brand by consistently producing good tasting wine (also: advertising, PR, etc). So, when you pay top dollar you should have an increased likelihood of enjoying the wine just bought. It doesn't mean you will though. On the flip side, cheap wines may actually taste great. They just haven't built up a reputation for that yet, maybe if they do things right their price per bottle will triple over the next 3 years. You never know. I think this explains most of the price disparity within a certain range... let's say between $0-$150 / bottle. Anything priced above that range, is probably more driven by something else. Could be more advertising, "collectors" bidding the price up, limited production, etc. - for the most part it's "irrational" (for lack of a better word) and has nothing to do with taste.