ZMF is an interesting brand in that you will never see them increase prices of the headphones over time, even if everything involved in manufacturing the headphones costs more with time. This alone merits props, and then let me urge everyone watch this video detailing the large number of steps involved in the making of any ZMF headphone set followed by the extensive quality control and assurance. Now add a few more steps to that with the Caldera Closed—it took me a long time to disassemble these headphones just enough to look at the damping system. I can only imagine how much time it takes to assemble one from scratch! There are so many parts involved that it takes a brave man to offer lifetime driver warranty, so this is an important component to be accounted for when taking the $3500 MRSP into account. The whole handcrafted, boutique aspect of any ZMF product is also a big part of this, especially once you get into the special releases which are not only unique in the wood cups as with every ZMF set, but also 1-of-1 when it comes to the colors and composition. I've seen people try and offer well above selling price for certain releases because, let's face it, this is the closest audiophiles come to nerding out over fancy looking stuff.

With the currently discounted launch price of $3200, the Caldera Closed will be easier to justify for anyone who has the budget for a flagship closed-back set. The savings will allow you to also get the tuning kit, thus allowing you to change the tonality slightly here and there to better suit different music genres and personal preferences, or simply put it towards the rest of your chain if you don't have a decent DAC and/or amplifier. You don't need an expensive source for the Caldera Closed just as you don't need a $3000+ set of headphones either, but I am not going to stop anyone from getting what they want as long as it's a responsible purchase. If you are able to afford this, then please do due diligence and make sure this is the set for you. ZMF makes it easy with its highly customizable offering and then makes it hard with the different special releases over time—there is even a custom shop option planned for later this year allowing you to work directly with ZMF on the exact parts and wood type/design/finish that will go into your custom set of headphones! I am unabashedly a wood guy, so please note the inherent bias in my words here as opposed to from someone who may be indifferent or even dislike wood ear cup headphones.

Outside of the aesthetics, the ZMF Caldera Closed is still a very good set of headphones—doesn't mean it will be the set for you though. I mentioned before how the tuning kit/ear pads/mesh all can change the sound signature of the Caldera Closed to varying degrees, but the base tonality and technical aspects are still the biggest factor in whether you will like how this sounds or not. It's a unicorn of sorts in that the bass is punchy while the mids may feel slightly recessed, if not potentially muddy. The upper mids rise earlier than typical and yet the ear gain itself is on the more relaxed side so some vocals could sound nasal while others sound absolutely perfect to you. It's hard to say since your specific HRTF varies from mine, but one thing is sure—the Caldera Closed is a closed-back planar magnetic set that is not fatiguing. The tuning is part of it, and then there's the clever low-pass filter keeping the treble from going out of control as with most other such headphones on the market. The end result is a pair of headphones that has a deliberate and unique tonality which manages to be fun and performs well—especially for a closed-back set—despite not being as resolving as some open-back sets you can get for the price. But you are not going for a closed-back set unless you needed the isolation in the first place, so that part is moot. I'll also give a shoutout to the Caldera Closed for putting out a sound signature different from others which adhere to the Harman target. The latter set may well be more versatile when it comes to different music genres, yet the Caldera Closed executes its tonality well enough to no doubt become another winner for ZMF. I'll recommend it to people who can afford it thus, and also award it a deserving innovation award for the novel back-damping system and low-pass filter implementation too.