Pictures at an Exhibition

The Reiner/CSO is possibly the best recording of the orchestral version. Lewis Layton recording engineer for this and other Reiner/CSO's. I have the RCA .5 Series half-speed remaster made from the analog tapes.

I think audiophiles want to think the conductor has some magic, but it’s the players doing 97% of it. The conductor can make small changes with tempi and dynamics, but that’s it. Conductors are, however, very good at marketing. Also, modern orchestras play much much better. 

It was my impression the OP was asking for piano performances, not the version orchestrated by Ravel.

An audiophile friend (Focal speakers, Linn table, etc.) considers the Ivo Pogorelich recording (DGG "4D" from 1997) to be his reference standard for piano recordings. And it is very fine: very natural, with the microphones at a normal listener’s distance from the instrument. Pogorelich is (or was) an interesting figure, by the way. I’ve got lots of stories about him; my wife was a musicologist and concert organizer in the former Yugoslavia. Amazing technique!

One of my favorite works.  This is my favorite piano version (Byron Janis)!  As a bonus, it also include the orchestral version with Antal Dorati and the Minneapolis Symphony.

https://www.amazon.com/Moussorgsky-Pictures-Exhibition-Chopin-Etude/dp/B0000057MI

I was introduced to this piece through the ELP version.  I picked up the original Telarc version (vinyl) and as usually happens, the first becomes your reference.  Anyway, I must have a dozen versions, but the Telarc remains my favorite.