So do acoustic guitars and paintings, but as with many things of subjective value, manual labor and personal craftsmanship are intangible assets not reflected in a product's weight or materials list. You start with competent engineering (frequency response curve, off-axis dispersion, etc.) and from there begins the "art" of designing the speaker optimized for its intended audience. Just like every acoustic guitar is a soundboard with a hole, there's a fair bit of value in the effort that goes into designing a system that's worth more than the sum of their parts.Speakers seem to have the least amount of raw materials vs retail price ratio.