Maybe it's a coastal difference, Cole, but out here the prices are usually about 1/6 of what the bottle is selling for on the list, which works out to half your formula (assuming a 2x retail markup, and I won't go to a place that has more than 2x markup unless I'm bringing my own wine). The wholesale of the wine is 580/case, net, so a glass under your formula would be nearly $50, under what we see here a little less than $25. Many also offer "tasting pours" which are 1/2 - 2/3 of a regular pour, i.e., $12-17.
Now, we're told that the price of a glass has to cover breakage, rent, etc., but it seems to me that those fixed overhead items are going to be the same whether you sell a $12 glass of wine or a $50 glass of wine, and to tell the truth, at $50 you're not going to have a big enough name that is selling that cheaply, so no one is going to buy a $50 wine. So the logical thing to do is to figure your fixed overhead as fixed overhead and charge that portion of the price as a fixed add-on to all wines, instead of as an across-the-board percentage. Some thoughtful places do that, and sell more wine because of it. After al, the people who buy expensive glasses of wine don't break more glasses than those who buy cheap glasses of wine. And why should they pay more for the rent that covers their seat at the table?