Slightly off-topic but for luxury products pride of ownership plays a big part. Consider the simple wrist watch. There's no way a mechanical watch lIke a Patek or Rolex will keep better time than a quartz-powered Seiko or Casio yet when many people are asked to name a good watch, I'm pretty sure they're more likely to mention one of the high-end Swiss brands than a much cheaper Japanese brand.
Why would anyone pay a massive premium for a Rolex (an entry level model costs about £3000) when a Seiko costing under £100 keeps better time, ie measures better, offers more features and is so much cheaper to maintain? My guess is pride of ownership that comes from clever marketing. People will buy into the company's history, heritage etc or they are fans of the celebrities that endorse the watch (Tiger Woods, Roger Federer). In the case of Patek there's an aura of exclusivity as well, the company only makes about 50,000 watches per year compared to Rolex, which produces almost one million annually.
But whatever the reason, you cannot use rational analysis to explain the purchase decision, ie you cannot tell a prospective Rolex buyer that he's wasting his money and he'd be better off with a Seiko because it will keep better time than the Rolex.
I think when it comes to high-end audio, a similar emotional response will apply - people will pay big bucks for pride of ownership, even if the claimed sonic superiority cannot be measured scientifically.