Yes, price points can be ridiculous. A $60 bottle can be better than $1,000 bottle EASILY, because a lot of it is name recognition, rarity, etc. and these medals means almost nothing. Look for brand, region, winemaker, etc. and you can repeat with success.
Disclaimer: I'm fine with cheap wine (~$20/bottle) that's good, and I buy it often. Just like I don't eat at "Michelin Star" restaurants every day.