"And that wine prices are based on their taste not their alcohol content?"

If wine prices were determined by taste then the most expensive wines in the world would be Oregon pinos, Rioja tempranillos, albarinos, etc. But in fact most of these wines are dirt cheap. The things that determine the price of wine are mostly the brand of the wine itself and the brand of the region it comes from. Taste plays only a very small role in pricing. And the alcohol content actually significantly effects how people perceive the taste, because when people are tasting a dozen plus wines in a sitting they tend to prefer the ones with higher alcohol content because they stand out more as they lose their taste perception, even if these wines wouldn't be that good on their own.