I agree with arguing against the 'source is the most important' mantra, AFAIK started by Ivor Tiefenbrun of Linn, in a time when there was a marketed quality jump in sources (the Linn Sondek LP12). Today it's not really the case anymore. "Good enough" sources are at hand for relatively cheap price, there are also reasonably priced "good enough" amps, but divergence in speakers is still huge. Differences in headphones are also huge.
But whether it's 50% of total budget depends on case by case, and in which upgraditis stage the buyer is. And seems to work differently with headphones than with speakers.
The remark works when it's about a jump in quality of the speakers (or headphones). When it's about diminishing returns (most of hi-fi enthusiasts' case), the situation may become different, as people already know which speakers or headphones work best for them, and invest more into "matching" amps and sources, chasing the diminishing returns in their chosen niche, generally becoming comfortable with the added costs. Case by case the 50% may still hold true, but not in general - not based on what I read on these forums.
It also depends a bit on the price range, since IMHO the price limit below which it is not worth going with electronics (for a given speaker or headphone) influences the ratio. It also depends on the synergy: relative resolutions (remember Wadia's argument about matching digital vs analog resolution), compensating or amplifying problems, etc.
Take some personal examples for good sound for the bucks:
HD650 + good-enough amp + DAC: headphones cost less than 50% (electronics hitting the limit)
Stax 207 + amp + DAC: headphones cost less than 50% (electronics hitting the limit)
TH900 + good-enough amp + DAC: headphones cost about 50% or much more (easy to drive)
Grado RS1 or GS1000 + amp + DAC: headphones cost more than 50% (easy to drive)
HD800(S) + [needs good amp] + [needs matching DAC]: headphones cost less than 50%, needs good matching
Stax L700 + amp + DAC: headphones cost less than 50% (electronics hitting the limit)
007 Mk1 + [needs good amp] + DAC: headphones cost less than 50% (need for good amp and source)
009 + good amp + DAC: headphones typically cost much less than 50%, or around 50%, and rarely more than 50%.
(But there are examples to the opposite as well, for instance I really recommend the 009 +
this amp combo.)
Orpheus 2: although you can't buy them separate, the bulk of the price seems to go into the electronics.
Turning to speakers, taking isolated examples of good sound,
Linn Isobarik DMS, Infinity Renaissance 90, Yamaha NS-1000M etc + amp + DAC + new crossover parts: used speakers cost less than 50% (electronics hitting the limit)
Sonus Faber Electa Amator, Extrema: used speakers cost about 50% (sweet spot)
Harbeth M30.1 or C7ES3 or SHL5 + amp + DAC: speakers cost about 50% (sweet spot)
Dunlavy IV + amp + DAC: used speakers cost about 50% or less (bloody cheap speaker for this sound quality, and scales well)
Quad ESL 2905 or Magnepan 3.7 + amp + DAC: speakers cost more than 50%
Harbeth M40 or SF Guarneri + amp + DAC: speakers cost more than 50%
Audio Physic Caldera or Virgo 25 or Avanti 25 + amp + DAC: speakers cost more than 50%.
Sonus Faber Amati + amp + DAC, used speakers cost more than 50%
Dunlavy VI + amp + DAC: used speakers cost more than 50%. I'd name this speaker the absolute bargain of the century, and the biggest headphones ever
.
I could have gone and mention more (Wilson, Magico, Acapella, B&W Diamond etc) but the rule seems to hold: the higher you move, the speaker is taking more part of the budget.
I am aware that people like Jonathan Valin may disagree about scaling speakers with amps (consider Soulution amps for instance), but I hold to my opinion. It pays off to put the money into scaling the speakers rather than the electronics.
When you build the speakers and amps yourself, then it's again different: high end speakers are relatively cheaper than high end electronics. See Lynn Olson's
Ariel and
amp) projects.
In conclusion, the tendency with speakers goes opposite of what is going on with headphones, except in DIY.
Sorry for the off-topic, but it felt good to remember all those systems above
.
Corrections and disagreements are welcome
.
