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There is an optimal point at which the price of a given wine will result in the highest marginal profit for an upscale eatery with the fancy wine list. Not an economist, but TWC is pretty sure that a lower markup will move more wine than marking up a ten dollar wine to thirty six bucks (US).
Our ten dollar wine that cost thirty-six dollars was excellent and is a good buy at $10.00. It is deep reddish going-to-purple in the glass, medium bodied with dark fruit. This is an easy drinking red wine that was perfect with the stunning Lasagna and delightful Eggplant Parmesan that came courtesy of Maggianos in Denver.
UPDATE: Ben makes a good point about markups in the comments.....case in point is The Wine Club in Ca, a company whose philosophy is to markup all wine by the exact same percentage, which I believe is 13% over cost. Coupled with knowledgeable staff and good selection, this model has proven itself over the last two decades.