Devialet 110 What Hifi review

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I do think my D200 is not great at low volumes.  Normal listening volume for me is when the display is indicating around -10 to -15dB dB with my Raidhos which are 88dB sensitivity 2.83V/m but there is a fairly clear threshold between which it's poor and when it's good.
I'm surprised Jean-Marie that your indicated volume is so different for same-spec (interms of sensitivity figures) speakers. And I don't like it very loud!  - [edit] sorry I misread your post, but I can barely hear it at -40dB!
The psycho-acoustic explanation seems quite plausible. Also perhaps room interactions at lower volumes?

Wow, my B&W's have the exact same sensitivity (88dB spl (2.83V, 1m)), and I rarely play above -32dB. When I listen to my turntable I have to turn up the volume a bit to max -24dB. Perhaps your listening position is farther away?

Yup, that surprised me too: my speakers are specified as 86.5 dB/W at 1m and I normally listen to digital sources with the volume control in the range -40 to -30 dB, sometimes -20 dB for head banging.