Earlier quoted context omitted.
There have been a lot of blind wine tastings done and the results are always interesting. Sometimes cheap bottles score as high, or higher than vintages. Other times people can spot the cheap "carton" wine easily. My wife and I love to cook, have discussed opening our own restaurant, have eaten at lots of very expensive "haute cuisine" restaurants and have tasted lots of wines. Part of the "problem" is that taste is…
The secret is that a lot of cheap wine is pretty darn good. I imagine there's somewhat of a correlation between price and quality, especially at the absolute bottom end of the pricing scale. But it's a very loose correlation.
As to the matter of price, most of my wine tasting friends (including some with proper wine collections) are perfectly ok paying 5-10 euros for a bottle, as long as they like the wine - some of them have even made it a specialty to find good and cheap wine.
At the other end, I was once served wine without knowing what it was at a friend's place. I took a sip, then something happened in my head, and I started crying (I cry when food is really good) . I still remember that particular bottle, and the, well, infinite landscape that had suddenly opened in my mind (I know it sounds utterly ridiculous , but this is how it felt). No other wine has had the same effect on me, and it turns out the bottle was worth about 400 euros!