Yes, Magento sorts by the minimum price, which is stored in the price index table and takes required options into account.
In the default theme you should actually see "as low as 110 EUR" in the product list. To sort by product price alone, not minimum price, you would have to implement your own sort function.
Solution:
A solution without custom code would be to create a new attribute sort_price, make it sortable and enter the price that should be used for sorting for every product.