The Premier League holders broke the British transfer record twice over the summer, first spending a reported £116m on Wirtz, and then £125 on Isak.
Liverpool brought in several other players, including the likes of Hugo Ekitike and Jeremie Frimpong, reshaping their squad into arguably the best in the Premier League.
Speaking at the IMG x RedBird Summit alongside CEO Billy Hogan, Hughes explained Liverpool’s transfer policy.
“As best you can, you have to detach yourself from what the transfer fee is likely to be,” Hughes said.
“First and foremost, the identification of the right player for the right system for the right head coach has a fair amount of importance, and I think this is not something that’s necessarily new for the football club and its ownership.
“We pay what we believe to be fair market value for a player based on age and based on necessity of that individual to fit into the squad."