The truth about the second cheapest bottle on a restaurant being the worst value
A study by the American Association of Wine Economists looked at London restaurants to answer the question of whether they put extra mark up on the second cheapest wine, knowing many people will order it not wanting to look cheap.
Comparing restaurant prices to prices from the Wine Searcher website, they found the biggest mark ups were in the middle priced wines on a list. The cheapest wines often had the lower mark up, prices rose towards the middle of the list, while as the price of the wine got progressively higher the mark up once again got smaller.
So in summary the research found the lower and higher end wines are the best value while wines in the middle of the list are the worst!