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All in all, I think the way that Sennheiser has things set up right now is optimal for them as a profit-maximizing business.
I'm not saying I know for sure that they'd make a better profit if they lowered the price and I know they're doing what they think is best but its just that those sorts of decisions turn out wrong fairly often.
Given how different the HD800 is from the rest of Senn's product line up until the early impressions of the HD700 were reveled it not like its going to poach from their own product line much. The 800 and the rest of Senn's audiophile 'phones are apples and oranges.
Second is elasticity of demand. Given how many people I see complaining about the price and saying they like it I'd imagine there's a fair bit of elasticity.
How far it has to drop has to do with my next point. Senn's price fixing scheme. The HD650's MSRP was until recently $650 and routinely sold new for just over half that from reputable and authorized retailers. The margins for the retailer and manufacturer still seam to be about the same though. I noticed that on their B-stock page Headroom used to have used/returned HD800s that were still sold at MSRP but included several hundred dollars of "free" extras like a Headroom Micro Amp or Micro DAC. In a similar fashion they also sell some bundles that include other price fixed headphones with accessories for considerably less that separate total. The savings was suspiciously close to the MAP required to be an "authorized" dealer and qualify your purchase for a warranty.
Retailers are quite willing to sell the HD800 for less, they're just not allowed to. This shows that it's likely that Senn is selling them to retailers at normal wholesale prices and not even making any extra money from the dealer's inflated and fixed prices. Now that the HD800 is no longer brand new and wouldn't command the near MSRP prices that new products often do it would seem safe to assume that both dealer and manufacturer could still profit at a retail price closer to the 54% of MSRP that the HD650 was sold at for quite a long time.
My opinion is that the HD800 does not even exist to be profitable by itself. As far as I can tell the price fixing has no benefit to Senn except to make the brand look prestigious. Its just them saying, "Look how cool we are!"
There are some other possibilities that would explain their price fixing strategy but the ones I can think of rely on the marginal costs for the HD800 being much higher than I'm assuming. I'm not convinced its likely though since this is just the sort of thing that Senn should be geared up for and the HD800 isn't that different from a traditional dynamic.