Not OP but good friends with some highend winemakers who hold a similar but slightly different view, which is that below $20 dollars (or whatever the breakpoint is now) most vinyards generally can't afford the processes that allow for the best class of wine to be reliably produced, and above that price point, most can afford those processes.
You do occasionally get cheap wines that hit above their weight, but that's unusual.
More common, you get wineries hitting below their weight for a number of reason the winemakers aren't very good, there are issues with vinyard, it's a bad harvest, or the winemaker just wants bigger profits and is trying to convince people their wine is better than it is.
As an example of vinyard issues, I know a man whose vinyard produces very poor wine because his soil is rich in serpentine, which makes the wine smell funny. Even doing everything "right" his wine is not going to taste as a good as that made identically by someone with better soil.
This does not mean that wines at that price point must be good. I know someone who made the mistake of buying in a vinyard that was extremely rich in serpentine
You do occasionally get cheap wines that hit above their weight, but that's unusual.
More common, you get wineries hitting below their weight for a number of reason the winemakers aren't very good, there are issues with vinyard, it's a bad harvest, or the winemaker just wants bigger profits and is trying to convince people their wine is better than it is.
As an example of vinyard issues, I know a man whose vinyard produces very poor wine because his soil is rich in serpentine, which makes the wine smell funny. Even doing everything "right" his wine is not going to taste as a good as that made identically by someone with better soil.
This does not mean that wines at that price point must be good. I know someone who made the mistake of buying in a vinyard that was extremely rich in serpentine