Your budget - $20K - best system for a small room

I second the vote for an LS35a speaker/tube system. Or a great amplifier though solid state was the Audio Research D 52 B I saw one on Audiogon for under $500. This makes a very musical system. You could pick up a ARC SP-6B or SP-8 and have a very musical system. When I sold the stuff this was a heck of a system that you could listen to for hours. One could add a SACD player or turntable to this system and come in lots less than what your budget is probably.
Good listening,
Steve

For musical, refined and smooth - you are probably looking at tubes (YES!!). Since your room is small, you can look at some lower powered more refined amplification.

Without knowing what gear you have previously owned or auditioned and loved, this is going to be tougher. Can you give us a hint what speakers in particular have done it for you? I am inclined to mention Kharma, Merlin, and Audio Note off hand. Each offers something that could fit your description with appropriate other components.

No matter what (given what you've said so far), I am going to recommend an Audio Note DAC - in my opinion, they are oh-so-musical, can be tailored by changing the 6dj8 equivalents, and are a good deal for the price (one.1x 2.1x or 1.1x) when bought used.

I will await further feedback before I would suggest particular amps, a cable match, and some tweaks (particularly room treatments which will be essential), though...

Hey - this is a fun question!

Hope that helps so far and looking forward to part 2.
Jacob

I'd spend the $20K on renting/purchasing a decent listening room.

Are you serious?

Thank you all for your great and helpful responses. Dekay, my listening room is a home office where I spend a fair amount of time. Wish I could make it larger, but not in the cards right now.

I will start researching some of the recommendations with an emphasis on good integrated tube amps.

Joel

I've thought about your criteria. Everything in the following list would be purchased used, except for the PS Audio 300:

- Audio Research CD3 (+/- $3,000) or Accuphase DP-75v (+/$4,500)
- Magnum Dynalab 102 tuner (+/-$1,500)
- CAT SL-1 Mk. III linestage preamp (+/- $2,500)
- VAC Renaissance 70/70 Mk III tube amp (+/- $5,500)
- Dynaudio Special 25 speakers (+/- $3,000, including stands)
- Kimber Select 3035 speaker cables (+/- $1,750 for 10' runs)
- Kimber Select 1021 interconnects (+/- $1,500 for two 1 meter pairs and one 2 meter pair for pre-to-amp run)
- OPTIONAL: Belden 83802 electric wire from 20 amp breaker to 20 amp outlet for amp (+/- $125).
- OPTIONAL: One PS Audio "20-amp High-Current Ultimate Outlet" for amp, one "15-amp High Current Ultimate Outlet" for power regenerator (+/- $600)
- OPTIONAL: PS Audio 300 power regenerator for pre, CD and tuner ($1,150 w/ 10% dealer discount)

Leave EVERYTHING powered up 24/7 except for the amp (yes, leave CAT preamp on 24/7, with volume turned all the way down and mute engaged when not in use).

Trust me :)