It is common knowledge that the greater the expected value, the higher the option value. However, there are surely exceptions, as written by Paul Wilmott's FAQs in Quantitative Finance
Q: If you increase volatility what happens to the value of an option?
A:It depends on the option!
So when will an increase in expected value lead to a decrease in option value? One of my guesses is an up-and-out call option where higher volatility will make the underlying price to cross the barrier, hence zero payoff. Is there a case when this property also holds for vanilla options?