Price does indicate quality, however. In Europe, there's a big difference between EUR 3 wine and EUR 8 wine. Usually.

And only if neither wine has a reputation. A EUR 8 Bourgogne is pretty much guaranteed to be crap: you're paying for the word "Bourgogne" on the label. A EUR 8 Cotes du Rhone, however, is pretty much guaranteed to be very drinkable (a EUR 3 Cotes du Rhone: not so much. EUR 3 Bourgogne doesn't exist).

Once you go above the EUR 10 price point, it becomes hit and miss. None of these wines will be bad, but price will no longer correlate exclusively or at least predominantly with quality. In that sense the article is right.

But at the lower end of the market, where, I'd assume, most mere mortals operate, yes, price indicates quality.