After fifty years, in retrospect. One of my first and best sounding sets of speakers were Acoustat 2 + 2… loved them in the showroom. Brought them home… my system couldn’t even remotely power these things to sound good. So I brought home a 75 pound Yamaha behemoth amp… maxed the needles … could not power them. So I got rid of them and bought a brand new Threshold s500… took out a loan… $18,500 in today’s dollars. Then I couldn’t afford the speakers.
After that, speakers first, then optimize the electronics to support them. For a decade or so my speakers were down to 18% the total value when I had ribbon speakers (including subwoofers). But overall it has hit at 30% and the most expensive piece. They set the capability… I can’t imagine having a bunch of electronics and swapping speakers to get the right sound. Besides the technology of the boxes changes much faster.. so a set of speakers tend to stay in my system longer.
I now have Sonus Faber Amati Traditional and can’t image upgrading for at least ten years.