How much would you pay for wine?

As some of you may know, I quit my singing career and have taken up winemaking, which is not as fun as it sounds, though the results have been better (and faster) than expected. This year we will be marketing our own label, a top-of the range, excellent quality dry Cabernet/Merlot, as well as a secret blend slightly sweeter red wine and a local variety (also dry red).

I really have no idea how much to charge people though. A quick look at a supermarket revealed prices ranging from 1.49 (euros) for a litre of what seemed to be red pee, to 15–25 euros for a 750ml bottle of decent table wine (the company we sold our juice to last year).

We don’t want to put the prices too high, especially since people don’t know us yet. Everyone who has tried our wine has said it’s the best they’ve ever tasted, and we’re hoping to get some international awards soon. But generally speaking, how much would you be willing to pay for a bottle of wine you have never tried before, even if you heard the best things about it?

Would a high price actually make you think it’s probably good (just because it’s expensive), or would there be a price that’s simply too high to pay, no matter how good the quality?

(your answers can be in your local currency, this is more to get a general idea about people’s attitudes rather than an actual market research statistic).