Sometimes, I almost feel embarrassed popping up in all these amp threads like Bogner/Matchless etc, but they're 2 California companies, and I was pretty deep in the music and gear scene out here. So here's a story from uncle GJ!
In the early 90's, I was playing in LA rock and blues bands, but also had a girlfriend that played stuff like Stevie Nicks. Her guitar player was an early partner in the Matchless Co. and I played bass in the band just to stay busy.
So, I had access to all the early Matchless amps, because the guitarist would bring a different one to practice every night. Awesome for me!!! I was using a Marshall/Mesa rack in my own band at the time, but was intrigued by these new $3000 amps, which had a lit up logo.
Like others said, Matchless was born by Mark Sampson and Phil Jamison's desire to build a roadworthy GREAT sounding Vox. Then, they branched out with other models loosely based on Bassman/JTM45 like the Chieftain and Clubman.
Being a rocker, I wasn't sure it was my sound back then, but kept my mind and ears open when the boutique craze hit. I learned what different amp models excelled at, and Matchless/Badcat is for the player that wants clean breakup at a normal stage volume.
The sound is more akin to Petty, Toad the Wet Sprocket, REM etc. If that's not your vibe, you don't need a Matchless or Badcat.
The main thing with boutique amps is to find ones that suit your exact style, and just because it has a high price tag doesn't mean you'll like it.
Early on, I realized how much better boutique amps were than even the old vintage amps. It's arguable, but I think I'm right. You just have to find the right one, and invest in it. You'll save money over time. Years ago, I determined that for ME, the Bogner was my dream gainy amp and the Matchless Chieftain was my dream clean amp.
I did everything I could, and sold all my stuff to get them, so I wouldn't have to keep going through subpar gear.
Overall, I think I did the right thing, because I haven't bought new amps in almost 10 years, because quite frankly, nothing can beat the Ecstasy or Chieftain....nothing. nada.
On the used market, I bought the Ecstasy head for $2175, 4-12 for $700, 212 for $375, and the Matchless for $2000. A lot of money upfront, but that was the end of the spending, so I actually saved money NOT going through more amps to nail the sound.
I even had other Matchless amps, which I sold. The Chieftain won. It even killed all the Fenders and Fender PtoP clones I owned.
So, for all those wondering about a guy who's owned exactly 89 guitar amps.....that's the end for me. Bogner Ecstasy and Matchless Chieftain. And to be honest, the Bogner's clean channel is every bit as good as the Chieftain's clean. I've even thought about doing the impossible and selling the Chieftain for a Bogner Duende Sola Mojado.