In general, how does price relate to quality?

Confirmation bias cuts both ways, people often think the cheap gear they bought are giant killers, which isn't true most of the time.

A used SOTA Sapphire in good condition is a “ giant killer “

this was true in 1985 and today…

For the companies that price their products according to the cost to manufacture, it can reflect the quality of the parts used. But there have been products made using the best parts available, and (some) people still don't like how they sound.

Then there are companies that set their prices according to what they think the market will bear. That is a reflection of their understanding of the market more than anything else.

The largest factor in the quality of a product is the talent and knowledge of the designer, a difficult thing to quantify, and a subjective matter.

I did recently replace a $3K preamp with one for $599. They sounded the same as the $3K preamp with the same mono amp I was using. So I was happy, and I sold the $3K preamp for almost what I bought it for. Even happier.

However, I have 2 other amps that are totally useless (incompatible) with the $599 preamp. So in some ways I am getting what I paid for. A little sadder now.