I thought I was understanding where you were going, but maybe not.
Now that the Sennheiser HE1 and Hifiman exist, does not all of a sudden make other headphones more expensive or less valuable. You can buy a HD650 (which you said you liked), same as you always could have. The prices of houses in Monaco don't alter your house's valuation. Manufacturers in any industry make new products and charge as much as they can, but that doesn't mean consumers have to buy. A lot of other markets are normalized in that the outrageously priced stuff simply won't be bought and will eventually stop being sold. This is not the case in audio, where people seem to have more money than sense or hearing ability, and smaller attention spans than that of small fish. There always has and always will be the Ray Samuels and Hifimans of the world; it just so happens that in audio people like these have no problem succeeding in the industry. Also, there is no denying the R&D work that is being done on *some* recent headphones in an attempt to actually improve upon the existing aggregate, for example the HD800 and MDR-Z1R. In fact, one could argue that before the HD800 and the explosion of expensive headphones that followed suit (and continue to do so), there was a slump in the high-end market and headphone R&D because manufacturers decided there was not enough demand.