Best Full-Function Preamplifier

Tony, this is not to say that you can't have a great piece of audio electronics for $20k. You can, and the choice is there. But reference level - unfortunately not. Talking new equipment, of course. And you can have a great power cord for probably something like $2k-$3k.  

$20K for a preamp?   🤣

Pick your RIAA stage. More critical than anything else. 

I second @mulveling’s rec for a used VAC. The higher-end models have excellent phone stages using 6 x 12ax7 tubes. As for Lundahl transformers, many people find them a feature, not a bug, although they can certainly be bettered by some separate SUTs.

I’ve been running a Phi Beta preamp for 12 years with dual MC phono. Built for longevity as well as great sound, it goes all day like a lumberjack, usually for 12 hours each day, since I work at home. The phono, while not quite as refined as my Allnic H3000, is robust, natural, tonally rich and throws a massive soundstage. I could easily live with it as my only phono if I cut down to just two tonearms active (from 5). I also have a Modwright PH9.0 that I never use because the internal VAC is better IMO. The Phi Beta, TOL in 2011, has been superseded by models including the 2a Signature, Master, and Statement, which employ a very similar circuit but are no doubt even better. Great stuff.

@wrm57 

I have a good friend with a Phi Beta, recently refreshed by VAC with new 6-tube phono - I think it's the Master phono board! It's a fantastic, top-class VAC, and definitely one to look out for on the used market. It clobbered the Ren V haha. 

@mulveling , yes, Kevin got this phono circuit right. Mine is also kind of a one-off now, having been upgraded with Statement transformers (pre and phono), and slide-in screw terminals on both MCs that let me swap in any value of transistor for loading. I use nude Vishays. Brent did it for me. Those guys can do anything!