Preamp.... It's the most important component in my opinion.. My speakers ,amp , and DAC were a little less and were about the same price each.
Of course speakers are the most important but there are a lot of great ones out there. Upgrading my preamp made such an improvement that I put off buying new speakers in favor of a new DAC. I ultimately upgradedecided my speakers but honestly don't think I would have benefitted as much if I didn't upgrade the preamp first .
The most expensive piece I own is my pre-amp. Most expensive new or used (as I bought it). My speakers are DIY bought used, but given the cost and relative rarity of the drivers, they would be the most expensive piece to replace if I had to build them from scratch.
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