cost of speakers in relation to the rest of the system

I'm using vintage speakers that cost me $264 used. My integrated amp and CD player/DAC cost 13X (used) the price of my speakers. I also just bought another pair of semi-vintage speakers for $150. They need a little work, and will probably end up costing me $500 when I'm done with them. However, the modern version of that speaker retails for $4975. Is the new version better? Almost certainly. Is it $4500 better? Not to me.....

Comparing MSRP on all of my gear, my speakers weigh in at 37% of the total system cost.  They are the single most expensive item though, by a large margin.  In my system, I have 11 significant components, counting all interconnects as one component, and all power cables as a component, and the speaker cables as a component.

Component List

Linestage
Power Amp
Phono Preamp
Turntable + Arm
Cartridge
DAC
Power Conditioner
Power Cables
Interconnect Cables
Speaker Cables
Speakers

In my system, I think I have struck a good balance.  In fact, I think my speakers would be happy to live with some upgraded electronics, which would effectively make them take up even less of the overall cost.  I believe my tone arm, line stage, and power amp will all see an upgrade in the coming years before the speakers.

My front speakers represent the most $$$ spent on a single component in my system. However, their price only represent 18% of the total system cost (including tweaks). 

personally I never held with the 30%+ of your system in speakers and use speakers that are <<10% of my system cost. Matching the speakers to the room and the system to the speakers will likely pay back much more assuming you have a decent set of speakers to begin with. My bias is always to spend more on sources being of the garbage in garbage out school

+1 Almarg

If you want realistic sound levels then the speakers should be easily more than 50 - 80% of your investment.

Speakers are one of the few items where diminishing returns does NOT come into play until you hit astronomical prices...this is because realistic dynamics with low distortion at high SPL (needed for a true "you are there" experience) requires very large heavy cabinets with large woofers and very high quality transducers...all this is extremely expensive and there is absolutely no way around this except maybe a pair of good headphones....

Diminishing returns for speakers probably starts around $50,000 whereas for other components it can be between $2000 to $5000

Of course if realistic SPL reproduction  (loud & true full range) is not required then YMMV as modest speakers with small 8 or 6 inch woofers can often do quite well at low SPL