Do hi-end DACs offer true value or diminishing return...

I don’t wish to offend anyone, but in the case of DACs, I would have to say that there is certainly a point of diminishing returns. I’ve heard some epic sounding systems with rather modest DACs. But it is all a personal choice. Those with unlimited disposable income will swear up and down that the über expensive components generally sound ‘night and day’ better. That has not been my experience at all, especially with respect to DACs. After around 10k let’s say, you can spend 40k and that DAC may show very slight differences that one has to really listen for.

Wise observation, especially when someone know anything about acoustic...

I don’t wish to offend anyone, but in the case of DACs, I would have to say that there is certainly a point of diminishing returns. 

@mahgister +1! A DAC is essentially a sound card. That’s all! Put it in a fancy machined-from-a-solid-billet case and you can charge $50K for the same parts as the $100 KTB DAC. Nobody will be able to tell the difference from, say, the real expensive Audio Note DAC! Because Hi-End DAC’s are a good example of confirmation bias!

I am not an " objectivist", but in spite of some difference in sound between all dacs, the industry being mature now, the diminushing point is here very soon...

My low cost dac can be upgraded but what it gives already  to me : a battery low noise working then no connection to the grid, an equalizer i need, a  big files bank, and  decent good dac operation if i trust my highly sensitve AKG K 340, then  any real upgrade, not a marginal change in sound with a tube dac or whatever, will cost me 50 times  his price at the least  ...I can live with " the out of the head", clear three-D  speaker like soundfield from my headphone  i enjoy now without any upgrade of the basic dac payed 200 bucks  ...

@mahgister +1! A DAC is essentially a sound card. That’s all! Put it in a fancy machined-from-a-solid-billet case and you can charge $50K for the same parts as the $100 KTB DAC. Nobody will be able to tell the difference from, say, the real expensive Audio Note DAC! Because Hi-End DAC’s are a good example of confirmation bias!

Logically speaking (neither objectively nor subjectively), if a DAC is neutrally transparent without any particular "sound", its SQ can be assessed in several dimensions of criteria such as (1) high ends are open, ary and articulated without treads of edginess or digital glares; (2) midranges are rich / full without vocal sibilance; (3) bass is weighty and nimble; (4) width / depth / height of soundstage; and (5) separation of sound sources either vocals or instruments.  I think most of audiophiles should have the caliber to differentiate the high-end DAC from average DACs in these dimensions.  I believe the price point of deminishing return for these DACs will be high (like a few thousand dollars), depending on quality of components like capacitors, transformers, wires, casing and craftmanship.  Beyond this price point, a DAC that costs $10k, $20k or close to $100k will most likely belong to the class of so-called premium pricing imho, i.e., setting a high price tag to yield an impression that a product should have remarkably high quality such that the product is well suited only in a premium stereo system.