I did a bit of Internet digging and found the full articles referred to in the previous post:
American Association of Wine Economists – Journal site
What Determines Wine Prices: Objective Vs. Sensory Characteristics – PDF of study
Assessing the Effect of Information on the Reservation Price for Champagne: What are Consumers Actually Paying for? – PDF of study
If anything, the objective/sensory study proves something we’ve known about marketing all along: the sizzle sells the steak, no matter how good the steak might be instrinsically.