Steinway appraisal

[Jeff Stickney]

        I've been asked to appraise a Steinway L, vintage 1973.  One of the
methods I'd like to apply is the idealized value minus costs to restore.
The piano is in excellent condition other than the action.  The hammers are
marginal and ought to be replaced - so, my question is: Do I consider the
replacement of the teflon to be part of an "idealized value" even though the
parts aren't considered "worn out".
        I guess the strings ought to be called into question as well if
we're talking idealized - it seems I've heard the life of a set of strings
is 5-20 years depending on the level of use.  What is the criteria one
should apply for this method of appraisal to such matters?
        Also, I don't see many Steinway model anythings pass through the
market here in Montana, so any perspectives on market value, especially
close by (Mark Story?), would be appreciated.  Thanks.

Jeff Stickney, RPT    (Replies specifically to me might be appropriate here
- thanks!)
University of Montana
jpage@selway.umt.edu
Jeff Stickney, RPT
University of Montana
jpage@selway.umt.edu