I have long suspected that this was the case. In a culture that tells us every day to spend more on things we can't afford, that only the super-rich (and super-thin) are having real fun, and that it's better to die in debt than to deprive yourself of any of your entitlements to consumer goods during your life, this comes under the "sad but true" news department.
According to the story that appeared in the Australian newspaper, The Age:
The study found that inflating the price of a bottle of wine enhanced a person's experience of drinking it, as shown by the neural activity. Volunteers consistently gave higher ratings to more expensively labelled wines.
"What this study shows is that the brain's rewards centre takes into account subjective beliefs about the quality of the experience," Professor Rangel said.
"If you believe that the experience is better, even though it's the same wine, the rewards centre of the brain encodes it as feeling better."
So, there we have it. Your response to a wine is subjective. One of the things your brain takes into account when making its subjective judgments about a wine is the cost. So I guess there was no point in telling you to try that $12 Zweigelt. Even if it's just as good as an overpriced $45 Pinot Noir, you will still tend to think that the Pinot is better, because of that pesky price tag.
My brain must be wired funny, because I get the biggest tingle in my "rewards center" when I drink great wine and discover it only cost $8. Maybe I need a good electrician.