After that, brand, reputation, and scarcity start to nudge up a bottle’s cost, such that for “a wine that costs $50 and a wine that costs $150, the physical traits of the wines are probably the same,” said Karl. Burgundy’s Domaine de la Romanée-Conti averages just 8,000 cases of wine a year, whereas Treasury’s Beringer Vineyards pumps out around 3.5 million cases annually. The laws of supply and demand allow the Domaine to sell 750 milliliters of fermented grapes for prices normally reserved for down payments on homes. When the price of a wine hits the triple digits and beyond, it might say more about the bottle’s value as an investment or heirloom, and less about its deliciousness as a beverage. “Anything that costs $500, it’s not about wine. You’re not buying wine. That’s a collectible,” said Orley Ashenfelter, a Princeton University econometrics professor who collaborates with Karl on the Journal of Wine Economics. Putting aside speculation or sentimental value, when it comes to flavor, “there’s no justification for a $500 bottle of wine. I guarantee you I can get you one that will cost only $100 and you won’t be able to tell it apart,” he said. “The world is full of people buying bullshit.”