Is there anything better than live recordings?

With my very large music collection, I have no preference studio or live.  First is the performance.  Some performers are great live and terrible in studios.  (Mark Hambourg-pianist with 300 mediocre 78s versus great live performer).  Alternatively, live versus studio recordings vary immensely in quality of sound.  E.g. Ramsey Lewis in Chicago, fantastic live recorded sound while most of his Argo studio recordings also excellent sound.  I much prefer studio rock recordings to most live ones.  I don't discriminate on sound alone but a bad sounding recording in either is not appreciated.  (I just acquired an additional 3000 LPs and 4700 CDs-yikes!)