It gets more problematic the deeper one goes...
First of all, it originates (this applies most of all to Western 'classical' music) in the mind and fingers of the composer. Then it is rehearsed at a given location (and most likely the bigger the ensemble, the bigger the location, with the attendant acoustic results). Then it's recorded in a studio or live - in the latter case, one take (leaving aside edits) in one particular acoustic space.
That will obviously depend on the original space and the equipment; this is where things like highly coloured earphones will take the recording away from that original performance.
If I happen to feel a close connection while listening to classical music in my hometown's world-famous Musikvereinssaal (reverberation time 2-3 seconds, a big mess of reflected sound everywhere except for the first few rows), am I in danger of fetishing the equipment?
That question is actually more significant than (feel free to correct me) you perhaps realise - there are people who'd claim you haven't heard Mahler until you've heard it at the Musikverein. One has to examine such claims to find out whether they're simply based on chauvinism and a desperate attempt to defend the superiority of one's local cultural heritage (the latter very much a Viennese malaise, as I'm sure you know) or on concrete musical elements, for example if the reverberation time is factored into the durations chosen by the composer because they're writing for that space. Of course, this then leads into the gigantic tub of worms that is historical authenticity, and we can pick apart the choices of instrument, tempi and and edition as well... Keeping to the point, what I mainly mean is that 'emotion' (not going to deconstruct that just yet) is put into the music by the composer(s) who conceive it and the performers who realise it. I don't think that the means of mechanical reproduction can add any emotion; they can put a new perspective on it, but - to take up an analogy you've used - looking at a picture in sepia doesn't bring you closer to the original picture; it potentially creates a relationship with a new guise of it. I think it's comparable to musical arrangements - orchestrations of piano pieces, for example, or Bach keyboard music on the piano (even if most people wouldn't think of the latter as arrangements).