Great article in the new yorker this month about how in a blind taste test a panel of experts recently judged that a series of inexpensive wines from New Jersey were better than expensive wines from Bordeaux. Other blind taste tests have found similar negative correlations between enjoyment and price, on average people tend to enjoy expensive wines slightly less than cheaper ones. However the most interesting part of the article is about how the perception of wine quality is a big factor in the enjoyment of wine. If people expect they are getting an expensive bottle they will enjoy it more and if they expect a cheap bottle they will enjoy it less - even if its the same wine with two different labels! But I suppose I shouldn't be surprised people are paying big margins for fancy labels with little to no different in quality.