Mason & Hamlin $$$???

[PianoBook@aol.com]

In a message dated 96-08-09 11:43:24 EDT, you write:

<< A customer wants to insure her Mason & Hamlin grand and needs to know its
 value.  It is a model "A" about 5' 11" serial no. 30865.  It was nicely
 restored by Frank Hanson in Boston around 1980.  The customer says it was
 appraised a few years ago for $18,000.

 Any input on price ranges for this piano would be appreciated.

 Walter Sikora, RPT
 Chapel Hill, NC


Mason & Hamlin model A is 5' 8"; serial no. 30865 is about 1923.

Are you looking for replacement value or fair market value?  Depends on the
insurance policy.  Replacement value usually means the cost of replacement
with a completely new piano manufactured today, although I suppose it could
mean the cost of replacement with a M&H *rebuilt* today.  Fair market value
is how much the customer could sell *her* piano for today.

When M&H pianos roll off the "assembly line" in a few months, the list price
for a satin ebony model A will be about $33,000, give or take.  Although the
actual "street" price will probably be lower (depending on dealer and
situation), the customer probably wants as high a price for replacement value
as can be justified, and the $33,000 list price qualifies for that.

As far as a "replacement" value for a *rebuilt* piano (rather than a new
one), if Frank Hanson were to rebuild a model A today, including new board
and block, refinishing, etc., he would probably sell it for between $15,000
and $20,000 (just a guess, but not unreasonable).  Let's say $18,000.  That
would then be the replacement value for a rebuilt (rather than new) M&H model
A.

As far as the fair market value of a Mason & Hamlin A that was rebuilt 16
years ago, the best thing would be to find other comparable sales in your
area.  But if that is not possible, figure that 16 years is about 30% of the
life of a piano (or rebuilding job) figuring average wear (adjust accordingly
if wear is other than average).  If the market value of a M&H model A just
prior to rebuilding is, say, $5,000 (another guess), then the $13,000 "value"
of the rebuilding job ($18,000 minus $5,000) is about 30% used up
(depreciated), bringing the current fair market value down to about $14,000.
 This is one way of figuring the fair market value of a previously rebuilt
piano and, in my experience, yields a figure that is probably not far from
that of comparable sales I have seen in the Boston area.

Larry Fine