The Audio Research Reference 10 is here $30k

when you have capital you can crank out innovation like crazy, and with a big box business and huge retail network distribution to the marketplace is instant. Innovation is the lifeblood of any business but it can get to the over the top point. The real marketing question is how to keep current customers in the family so they don't get discouraged after shelling out hard earned dough for a Reference piece before the latest best.

The margins are really long on a 30k piece, but I would guess though you need the volume from the middle of your line to keep growing and taking share from the competition. I am sure they are smart and have done plenty of research, maybe more of us change and upgrade, like changing socks, than I realize. I know I have become more interested in small box companies that build with passion for the hobby (which comes with risk also) no beefy customer service in some cases and shaky longevity. But the price point is also usually worth the risk/reward. I don't mean to imply ARC is not passionate about their business - it is just a big business in this industry and staying on top requires a different set of rules. There are lots of choices out there. Just my two cents - I do own one ARC piece that I like alot.

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I cannot afford to buy the Reference products new, but when they come up for sale on the used market several years later they are good buys. Frome $25k new, the Ref Anniversary is now down to $14k on the used market. In a couple of years, I will be able to afford one...and it will still be a great preamp.

My Ref3 is eight years old and it still brings tears to my eyes when I play it. I have no doubt that the Ref Anniversary that I buy in two years will be a stellar preamp.
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Mitch, nice! Doesn't sound like you need it! How do you know it will bring you closer to the music than you already are! Sounds like you have made it...congrats!

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Thanks for the kind words Pops. I'm certainly content with my current preamp, but the curiosity of the Ref5 SE and the Ref Anniversary is driving me nuts!
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No thanks, I will wait for the Reference 20 MKII, which should be available sometime next year for $50K