Our mantra at WinoBee is that wine is completely subjective - and thats why we love it. While one person may enjoy an Old World Brunello, another may completely despise it. The age old rule is to find a wine that best appeases your palette, and everything else just falls into place... no matter the cost.
With that being said, a study by researchers at the California Institute of Technology and Stanford's business school did directly discover that the sensation of pleasantness that people experience when tasting wine is linked directly to its price. And we can't deny that higher-price wines (think over $20/bottle) tend to have more personality than their less expensive counterparts. These wines normally have more structure, intensity and complexity.
But if you prefer the $4 box of Franzia as compared to the $55 Justin Isoceles, just go for it! In the end, its your experience, so enjoy it the way you want! And on that note, I'm gonna go get me a "2 Buck Chuck" (yeah, I'm classy).