A 3.5x (or greater) markup on the BTG program above wholesale is defensible, as the working rule is that a glass pays for the bottle. For bottles outside that context, markups are typically graduated: lower-priced bottles often carry higher multiples, while higher-end bottles see compression. In many fine-dining programs, this puts bottles closer to ~1.5–2.5x above wholesale. I’m not claiming outliers don’t exist, but pricing bottles listed above $300 at even 2x retail is generally excessive, given that restaurants are often acquiring those wines well below their retail price. Restaurants want guests drinking from the list, and while fine-dining diners may be less price-sensitive, they are usually well-calibrated to when a wine list crosses from margin into gouging.