market value

[Farrell]

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FWIW. Interesting part is in second paragraph below.

Just before entering this profession 5 years ago I bought a brand new =
1098 for $13,500 (long, sad story - save your breath) (although we later =
found out it had actually been manufactured 3 years prior to our =
purchase and had traveled from NY to a dealer in Tennessee, to a dealer =
in Kansas, to the same dealer in Tennessee, and then finally to the =
dealer in Florida). For a host of reasons ranging from structural =
defects to "dinging" noises, after about a year we tried to return it =
and get our money back. Dealer would not cooperate. End result was we =
traded the 1098 back to dealer and bought a lightly used Boston grand =
piano (a repo) for about 1K more (the objective being to just get rid of =
the piece of junk 1098).

Now the interesting part. This relates to the current thread - how a =
Steinway appreciates in value. I have reason to occasionally visit the =
dealer we bought the 1098 from. After our piano trade, the 1098 went =
back onto the showroom floor with an asking price of $16,000. The piano =
sat for four years on that floor. The past few months it had a price tag =
on it for $18,500. I was at the dealer recently and noted that the piano =
was gone. I presume they found some other suc*&^#, I mean, I presume =
they found another buyer for the fine instrument. Don't know what it =
actually sold for, but perhaps this is what is meant by their value =
increasing with time - an 8 year old studio increasing in value by about =
50% - who woulda thought? Whaadda deal!

Terry Farrell
(Still stewing a tad I guess.)
 =20
----- Original Message -----=20
From: "Classic Touch Ent" <classictouchent@comcast.net>
To: "Pianotech" <pianotech@ptg.org>
Sent: Thursday, January 01, 1970 11:09 PM
Subject: Re: market value


> Steinway also doesn't mention that a loaf of bread (or practically=20
> anything else for that matter) is now twice the price it was ten years =

> ago. Has investing gotten so dicey that people are now relying on =
piano=20
> salespersons for investment strategies? Anyone got this client's phone =

> #.
> Maybe he could 'invest' in some piano lessons!
>=20
> Rich Olmsted
>=20
> > In a message dated 4/19/03 8:03:39 PM Central Daylight Time,=20
> > mfarrel2@tampabay.rr.com writes:
> >
> > I was under the impression that Steinways appreciated in value. What =

> > did the D cost in 1970?
> >
> > Terry Farrell
> >
> >
> >
> > If you look at Steinway's web site, they say it is a good =
investment,=20
> > arguing that the value of a D, (or any model), bought now is 2 times =

> > more than it cost 10 years ago. Well, that might sound like they=20
> > pianos appreciate in value, but if you look in the Ascot Book from =
10=20
> > years ago, and compare the MSRP of all the pianos to what the MSRP's =

> > are now, and you'll discover that ALL pianos are twice as expensive=20
> > today as they were 10 years ago. It's a sales ploy that quite =
frankly,=20
> > as much as I like Steinways, stinks. It is very misleading, and to=20
> > some customers, very confusing Case in point.
> >
> > About 3 years ago I was asked to appraise a 10 year old S&S S for a=20
> > customer. When I told him it was wroth at most $20,000, he was=20
> > shocked. He had bought it 10 years earlier for $20,000, and were=20
> > selling new for about $36,000. He was lead to believe by the =
salesman=20
> > that Steinways appreciate 100 percent in 10 years. So he plunked =
down=20
> > $20,000, in the hopes of doubling his money in 10 years. He was mad =
at=20
> > me for telling him he had been mislead.
> >
> > Wim
> 
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