Do Steinways appreciate?

[Wimblees@AOL.COM]

Several times now in the past couple of weeks, I have had customers tell me 
that the Steinway dealer in town is saying that Steinways appreciate in 
value. I heard there was even an article which quoted Henry Steinway as 
saying Steinways appreciate in value at a rate of 10% per year. 

Last week I appraised a Steinway S for a guy. He told me he paid $20,000 for 
it 15 years ago, being told the piano would appreciate in value. Now he wants 
to sell it to make money. But he told me last week the dealer offered him 
only $13,000. So he called me to get a second opinion. I told him I might be 
able to get $22,000 if I sold it out of my store, and he might be able to 
sell it out of his house for about $20,000, if he advertised it a lot, and 
waited. (Since the dealer offered him $13,000, I will assume he will ask 
$26,000, but probably sell it for about $22,000.) 

Doing the math, if Steinways really do appreciate at 10% per year, a Steinway 
S bought 15 years ago for $20,000 would now be worth $82,446.  Obviously it 
is not. Anyone out there wanting to give an answer to this. Do Steinways 
really appreciate in value?  If so, how much? What criteria does Steinway use 
to make this claim? Do Steinways appreciate more than other brands?

Curious minds want to know.

Willem Blees