While I haven't read "The Wine Trials 2010," and have only a hazy understanding of its most provocative premise - that everyday wine drinkers tend not to prefer expensive wines over cheaper wines in tastings where they don't know the identity of the wines - I am enjoying the debates the book is stimulating.
The most current is at Freakonomics, a member of the New York Times family of blogs. Here, blogger Robin Goldstein, co-author of "The Wine Trials 2010," attempts to clarify the book's principles. I think I better understand his methodology and reasoning, as well as his answer to the question on which he hung his posting - when are high wine prices justified? Overall, however, I agree with readers who in the comments added to the post argue that the market, however complex its gyrations, simply and ultimately sets a wine's price, which may or may not have any bearing to a wine's inherent and aesthetic worth.
Be sure to read those reader comments, especially the remarks of California winemaker Sean Thackery, No. 40 in the list.
Penfolds Bin 707 1993
2 hours ago