[silentplummet]

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In a 16-bit master, a noise shaping function is applied during down-conversion, by which quantization noise will be re-distributed so that most of the noise energy goes to the high frequencies (>15k) where it is completely inaudible.

For a good example of such a recording, see Ahn-Plugged (Ahn Trio, 2000, Sony BMG Masterworks). Fire up a good spectrum analyzer. You'll find the noise floor is well below <110 dB throughout most of the spectrum, even though it's 'just' a 16 bit CD.