Do Steinways appreciate?

[Frank Weston]

The idea that any piano "appreciates" is mostly marketing hype.  There are
pianos that hold value better than others, and Steinway is certainly one;
however, if investment with the idea of profit is the motive, best to put
your money into the stock market.

If appreciation is defined as being worth more in today's dollars than a
piano was worth in yesterday's dollars, then some pianos could be said to
appreciate.   But, in terms of real worth, this definition is flawed.  Since
a dollar in 1960 would have bought  about what five dollars will buy today,
a piano purchased in 1960 for $5000 would have to sell for over $25,000
today in order to have truly appreciated.  More than likely such a piano
would do well to sell for $5000.  Compare this to $5000 in the stock market
in 1960 which would be worth (on average) $55,000 today, which is more than
double the real worth.

BTW, if you can get $22,000 for a 1984 Steinway S, you are one hell of a
salesman.

Regards,

Frank Weston