First, some history. The S Works bike from Specialized were to represent the absolute state of the art without regard to price. The ultimate frameset retailed for about $3,800 and Specialized claimed to just break even on the frames. There was a planned run of 170 or less frames for 1992. Merlin made the titanium lug set for the frame, at an approximate cost of $1,700-$1,800 per set, and a team of five builders at Specialized hand assembled them into frames.
If anyone out there owns a specialized ultimate one of our retrobike veterans is setting up a resource dedicated to them. Post up your interest on this thread.
Specialized S-Works Ultimate