This is a very interesting question. In general, I would say yes and no. However, I'd like to break down the pricing of wine a bit to help make my point more understandable. There are basically five pricing levels for wine, which I have roughly defined in the following illustration.
I do feel comfortable saying that, as a general rule, moderately priced wines are better than inexpensive wines, and expensive wines are better than Premium-priced wines.
So, what am I saying about Premium-priced wines and the super expensive wines?
Well, starting with the super expensive, the pricing for these wines tends to reflect their demand, which is based on several factors including scores, limited production, availability, and liquidity of the market.
Premium-priced wines, on the other hand, tend to be the worst value play in the world of wine.
Far too many of these wines are not really any better than their moderate-priced brothers.
They simply reflect several common factors that come into play at these price points, namely: the use of expensive oak barrels to make a "better" wine, lowering yields to increase power and concentration, the costs of marketing of some major brands that play in this group, sheer ego, and the cost of setting up operations in the pricing -regions.