Individuals who are unaware of the price do not derive more enjoyment from more expensive wine. In a sample of more than 6,000 blind tastings, we find that the correlation between price and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines slightly less.
Experts do prefer the more expensive wines, but this only means that for the non-experts, the negative correlation between price and popularity is even stronger.
In terms of a 100 point scale (such as that used by Wine Spectator), the extended model predicts that for a wine that costs ten times more than another wine, non-experts will on average assign an overall rating that is about four points lower.
I am reminded of this classic paper on wine-tasting:
Do More Expensive Wines Taste Better? Evidence from a Large Sample of Blind Tastings
Experts do prefer the more expensive wines, but this only means that for the non-experts, the negative correlation between price and popularity is even stronger.