priced and confused

[BojoLay]

Hello friends on the WB. It is I, Bojolay seeking guidance and advise from your expertese.

Is it safe to say that the price of a bottle of wine has little to do with the taste of the wine but rather the specific grape that goes into it?

case in point:
The other day my bro-inlaw served us a Charles Shaw Chardonay which he bought a case of at Trader Joes for less that $4.00 a bottle! I found the wine to be very good and enjoyed it.

Another case:
Couple of months ago, my wife and I were treaded to a informal wine tasting at a friends home whom buys expensive wines. He opened 3 bottles of which I can not remember the names, but they ranged from $6.00 to $50.00. Although all were good to taste I preferred the $6.00 bottle!

Am I just a cheap date or am I not sophisticated enough (yet) to know the difference. Your comments please.

BTW - what say you about the Charles Shaw brand at Trader Joes?