You can’t compare the watch industry to high-end audio. Today, expensive watches are more like jewelry—stylish objects without practical function, given that everyone has an atomic clock in their smartphone. High-end audio, on the other hand, serves a real purpose, offering what many consider the best possible sound with no true alternative.
If you’re going to discuss high prices, start with the costly gear from Audio Note UK. Ex. top models of AN-E.
Watches all tell time - they have a practical function to watch aficionados who value a second hand "sweep" over quartz watches that jump from second to second. Some value the quality of the finish, and the quality of the intricate movements among other aspects of watches that include the "jewelry" aspect - but audio has the EXACT same quality and tube amps, like it or not, is the equivalent of the analog watch that doesn't strictly speaking tell "accurate time" the way a quartz watch does. Tubes = analog automatic watches and SS = Quartz "technically accurate" and all generally less interesting. Regardless the term Audio Jewelry exists for a reason.
AN UK is also in the luxury end of the market - earlier I noted that selling $2500 amplifiers can sully a brand's "Luxury Status" but AN UK, much to the chagrin of many, still can't keep up with all the backlog of all the orders for 5 and 6 figure products.
I have been on forums for many years and I understand the focus on the most expensive models. The M3 is the same amplifier design as the M5, M6 and M8 - the difference is solely parts quality. So someone may complain that the M6 is double the price of an M3 and the M8 is double again and adding the Sig version is double that. Unlike - pretty much everyone else - at least there is the M3 option that normal people can afford that still offers a healthy dose of the M6 and M8.
In an attempt to be objective this stuff with an "American Capitalist" hat on - The free market decides what is the best whether I like whatever it is the market has decided. Coke outsells Dr. Pepper, Mr, Pibb and A&W Rootbeer. I like all three more than Coke but whether I like it or not - coke is king. Michael Jackson was the king of pop - I can respect his talent but his voice was not my cup of tea. When I was a kid I loved The Outfield - "who the hell are they?"
SET amplifiers are a niche audiophile product in a niche industry where most people think Bose is the best. If it isn't sold at Best Buy 99% of the world has probably never heard of it.
What is fascinating really is that people who all agree that Single Ended topologies sound the best all already share a pretty similar ear in the sense that we largely concur that this stuff is above the likes of Bryston and that is already way above the likes of Bose or surround sound receivers at Best Buy. Then SET guys want to argue even more within a group they should be "friends with" in that most of the SET guys I know have "friendly preferences" for 2a3, 300B, 45, 211, 845.
But nope - let's all argue even more. So I go back to the "market" because the market decides what is good. There are plenty of speakers on the market that I do not like the sound of that have been selling for 30 years (Magnepan for a start). But they sell, and people like their take on the music reproduction. The same way people love Michael Jackson.
When someone buys an expensive version of something - whether it be the expensive version of an amp or speaker (or car) they are making a choice that suits them. Personally, if I were to buy a Ford Mustang I would absolutely want the V8 GT or higher - for me the point of a Mustang is to get the V8 sound not the 4-banger Ecoboost. But OTHER people are happy to own the "look" of the Mustang and don't care about sound or ultimate performance. Every Mazda Miata review pretty much all say "buy the manual" and don't get the automatic but the automatic sells 2-1 over the manual because, I suspect, most people like the look of it and are not planning to take it to the track or don't want the hassle of a manual (or don't know how to drive one).
I can't speak to Kondo but I can speak to the AN OTO amp that was designed by Guy Adams (Voyd Turntables) and the amp was and still is massively popular 32 years on. But when it first came out people loved it and badgered Audio Note to put out a higher-grade version with better transformers better cables in the SE Signature that more than doubles the price and another balls-to-the-wall Silver Signature variant. Enough people want it they'll make it. They can do that because almost everything is made to order anyway - people order OTOs with headphone outputs geared for headphones. And this with relatively affordable gear - I am not uber-rich but it is nice to know that I can order a "special" OTO just for me with what I want as connections or various upgrades. Not many companies allow that.
Sure there are the uber-rich audiophiles who go to AN UK and say - "I have this rare tube - I want you to design from the ground up an amplifier for it because there aren't any. AN UK's gives them an $800,000 price and they say okay. Then other rich guys hear about that - wait there is a new amp above Gaku On - they ring up suddenly they're selling a dozen of them. Now you are in a different luxury realm because they custom make it for the customer. It's not about going to store and buying "just another Kondo or AN UK Ongaku or a top Boulder or Gryphon that everyone has - not it's "build this for me" and you have exclusivity - you are now a unicorn - only you possess the "one ring" of audiophile Godliness. And that's sort of how the AN UK Legend amplifier is being marketed. The market decides and the market asks AN UK to make them near million-dollar amplifiers while many others have a long long long long list of "discontinued products." And when you used to sell a ton of products and now you only sell a few that looks to me like a company barely staying in business.