Great points. Related note: studies show (citation needed, sorry), people consistently perceive wine as better-tasting if they believe it's more expensive.
I tried tasting really old, really expensive wine a little while ago. I can't say I find it very different from new and cheap wine (certainly not better-tasting)...
Many years ago I had a 1997 Lafite, which was an excellent year from an excellent vintner, one of the premier grand crus. It wasn't quite as trendy yet and I paid about $500 for the bottle at a restaurant. I reckon it tasted better than a $30 bottle, but certainly not >15 times better.
On the other hand, the Château d'Yquem sauterne I spent $750 on (for the little baby sauterne bottle) made me feel like I was getting my full money's worth. But that's not something I'd want to drink regularly.
And no I'm not a high roller who drinks these wines all the time, in fact I haven't in well over a decade. It was a fairly transparent, but successful, status play. Now I stick to highly rated $15-30 a bottle table wines because, in the USA, that's the sweet spot and I'm not interested in spending 10 times as much for a wine that's 20% better.
That's exactly it,gourmet foods in general hold a very nonlinear price premium for that small marginal taste increment. Those increments never match the dollar increments.
