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I suspect that those that are buying these products, and make no mistake, there are buyers, are not wasting their lives perusing through threads on Audiogon.

There is obviously a market for ultra high end gear. I can't think of a single high end audio company who has not come out with a new top of the line product that cost at LEAST twice as much as their previous top of the line gear in the last 5-8 years. Companies that top of the line was $10K, now have top of the line products selling at $25K-$50K.

Why waste time arguing over what should or should not be?
It is what it is, deal with it.
Enjoy what you have and let other folks do likewise.

Some spend their money on homes, some on audio systems, some on cars, boats, travel, jewelry, etc.
I do have wealthier friends who have larger homes and little interest in audio. I also have some friends in smaller homes who spend a lot more money on cars, (brand new Jaguar XJ), jewelry, and/or travel than I would.

Point is, who cares how folks spend their money?
If you enjoy audio gear, great! If you don't, great!