Decline and fall: Greg Sandow ponders what's left of the classical-recording industry.(economic aspects and anlysis)

In 1959--when the classical-record business was in vibrant health--the Decca record company released the first studio recording ever made of Wagner's Das Rheingold. Nobody knew, back then, whether there was any market for recordings of Wagner's Ring operas, and this one, with the Vienna Philharmonic and an unparalleled cast, cost an unprecedented sum to make. People at other labels were sure it wouldn't sell.

But it did sell--in fact, it was a sensation, even showing up on the pop-album charts. I bought it, though I was only in my teens, and I must have paid the equivalent of at least $75, at today's prices, for the set of three LPs. I've never forgotten how ...