Aries-Cerat DAC's

https://forum.audiogon.com/discussions/aries-cerat-helene-review

Reach out and touch you realism. The power supply is larger than some high-end amps. Nothing touches Helene in the $20K category. It will certainly rival some DACs near $40K. A plus is that you can set the tube bias to your musical taste. Stavros is one of the most gifted designers in the industry. 

I've heard the Helene DAC in a really great system and it was excellent. Really open and natural sounding. Prior to that I believe they were using a more expensive MSB converter which I felt was not as good as the Helene (system owner agreed with me).

I've also experienced their more expensive Kassandra DAC, and I didn't care for that one as much. That system was better with the Lampizator they had prior (system owner disagreed with me).

Just goes to show we all have different preferences, and also synergy can be a tricky thing.

+1 @jeffreyw One of the best DACs in its price range, it outperforms many other DACs costing two to three times more. The Aries Cerat DAC delivers a dynamic, organic sound that feels more analog, unlike many DACs that come across as overly digital. You'll be more than satisfied with its performance. Plus, Stavros provides exceptional customer service that truly stands out.