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It's a system. One bad step and it's all for naught.
An audiophile is practically defined by his/her thoughtful and considered approach to selecting components. Which part of the audio chain do you spend the most time auditioning before purchase?
Are you nuts? Where in the world can you audition stuff anymore? I live in Orange County, CA, and I wanted to listend to Harbeth M30s. It turns out the only dealer is down by Escondido? WTH? Needless to say I didn't bother. OTOH, I did buy a set of Acoustic Reality amps direct from the manufacturer because of a money-back trial-at-home guarantee. And I'm thinking of doing the same thing with the Zu Druids. Auditioning, yeah, what planet do you live on?
As the front line voice of the system, speakers clearly make or break the illusion of musical reality. Today's electronics are so uniformly excellent, the only real variable is the quality and design of the speakers. As with most things in life, good audio design is in the ear of the listener. Every design has it's ups and downs, and finding retailers who carry a nice selection of speakers as featured in your magazine is becoming harder and harder to find. On the plus side, speaker quality keeps improving, so perhaps with a more limited opportunity to hear these products, buyers will still end up with a decent sounding system.
Until recenty, I made purchases of source components based solely on specs and the odd review. That has recently changed, however, as I have been made aware of component mismatches that tend to produce overly lean or bass heavy playback. Now, I try to listen to source comps (analog) with a variety of preamp/amp combinations, if not my own, before hand. Digital components don't seem to be a problem as I typically use outboard DAC anyway.
I think that the key word here is "chain." Isolation of any component, from interconnects to loudspeakers, could do a potential audio consumer more harm than good if the sum of the parts does not add up. In short, audition the system as a whole. If you truly like what you hear, then have fun tinkering with its parts (components) later on. Trust me on this one; I've seen too many people perseverate on one part of an audio chain only to find out later that the one part they were concentrating on in no shape or form fit well into the system "chain."
Any good amplifier should be able to drive any speaker properly without any major glitches. Same with electronics. There are differences but they are a lot more subtle than the differences between speakers. To get the most for bucks, speakers come first.
Loudspeakers because they are the biggest pain to haul around and protect once I get them home. I spend at least one hour with a speaker I consider a potential purchase in a shop before I say it is worth a listen at home. Often, I will spend another 30 minutes 2-3 weeks later before I commit to bringing it home for a listen. Any shop that has a problem with that...well...you know.
Since loudspeakers are the component that add the most (by far) to distortion, it is only right that you spend a long time getting the kind of distortion that suits you. Next up, an amplifier that is able to stay "current" with the speakers. People should audition the two togeter.
I suppose that the answer to this question should be speakers, but when I was putting together my current system, I spent the most time auditioning preamps. This may have been because I ended up not liking the first preamp I chose, and, after that, it took some effort to find one that worked well with the other components that I’d already selected. However, that was almost five years ago, and I’m still happy with my final choice.
Whilst source components define the absolute quality of your replay system and amplifiers are responsible for the preservation of the signal and, of course, the available power, it is loudspeakers that interact directly with your listening room and with your ears. It may be because they are still the most "imperfect" part of the replay chain but it is loudspeakers that seem to impart the character of a system. Most people can be in broad agreement about the relative merits of source components and amplifiers (despite the ongoing digital/analogue valve/transistor debates) but people are much more divided on the relative merits of different speakers. I know people who couldn't live with say a Quad ELS57 and others who couldn't live with anything else. Loudspeakers are the ultimate representation of your tastes in music and audio and require the greatest care in attention in their selection for long term satisfaction.