Yoo hoo! Waving hand here to anyone wanting to loan one of those flutes.
They usually go to particularly accomplished scholarship students at the better conservatories/schools of music (e.g. Juilliard, Curtis, Northwestern, etc.).
Good flutes are expensive, with old ones as expensive as new ones. It's a whole different sound, the top level of pre-1960 flutes and the newer ones, as the scales are different and they're tuned higher (a=442 vs. a=440 or even a=435). There are fashions in this, with the brighter newer flutes currently popular. A number of very top level professionals, however, play old Powells and old Haynes. The older flutes are harder to play, especially initially, but once mastered have far richer sounds with more overtones. It's interesting, the older ones don't sound as good right up close, but put them in a hall and the difference is astounding.
We were very lucky in finding a 1950's Powell handmade for my flutist daughter -- and then had to spend almost the price of an intermediate level flute getting a basic overhaul at the Powell factory. But, the flute is wonderful! Too bad she's not a flute major. (Her friend who is a flute major at a top conservatory likes the newer sound better and plays a Brannen-Cooper.)