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I agree - the award nomination and voting was rushed. It was even run twice due to some confusion over what was being voted for: manufacturer or model.
And as someone who took part in the voting but who rarely reviews gear that sells for north of US$10K (because I don't write about what I personally could not afford), it was impossible to vote for anything beyond that which I'd had direct experience. I assumed that the the likes of Stereophile and TAS would cover the high end. But as you say, one funky side effect is seeing a multi-thousand amp going up against a $1K-er.
Moreover, I don't recall seeing nomination limited to product being issued in the past 12 months. That would rule out the KEF LS50, would it not?
One could make a case for the D'Agostino vs Wyred4Sound standoff being entirely valid when viewed in the context of value for money. Value doesn't have to be the sole preserve of the entry level. That said, a category for absolute performance might indeed be required. Where this runs into rough waters is when we stop to consider the paucity of reviewers, even the hard-working folk at Stereophile, who get to audition any more than two or three statement power amps, turntables or D/A converters in any given year. How can one reliably call out 'best' in a price category without first having surveyed the majority of the field? I find it extremely tricky even when considering DACs below the $10K marker, a category in which I hear the most units per year.