steinway M price

[Wimblees@aol.com]

Robert Hussa:

I don't know if through all of the notes you got a very good answer to your
problem. One of the things to consider is that the value of anything is only
as much as what someone else is willing to pay for it. In other words, if
something is worth $25,000, but in your neck of the wood, nobody has $25,000,
but they do have $5,000, then that object is worth $5000.  There is another
factor to consider also. If your customer HAS to sell the piano, then the
"best offer" is what the piano is worth. If someone is willing to come up
with $30,000, then that is what it is worth, but if she can't find anyone
willing to pay more than $10,000, then that is what it worth. But if she
doesn't "have" to sell it,  and is willing to sit on it for a while, then she
should ask a fair price. Which is what you are asking.

Considering that a new ebony M retails for around $32,000, with a formula
that I use, I would say that  the piano is worth around $24,000. That is, if
it is in excellent condition, and doesn't need anything to make it better.
 The formula I use is this: pianos less than 25 years old are worth about 75%
of what a comparable new piano sells for today, less any repairs or
adjustments it needs. Therefore, if the piano needs cleaning, regulating,
hammers shaped, etc, subtract the cost of that from the price of the piano.

Now that is what the piano is worth. Again, what it will sell for in Central
Wyoming is another question. Perhaps if you use a comparable item of equal
value, and compare that price with what it sells for elsewhere, it will give
you an idea of how much the piano is worth. For instance, a 1996 Mercuri
Villager with air, luggage rack, power steering, power windows, etc.  sells
for around $21,000 in St. Louis. If that same van sells for around $30,000 in
Central Wyoiming, then you have a mark up of about 25%. I think you get the
picture.

The bottom line. She should ask $25,000, and take nothing less than $20,000,
unless she is desperate and needs money today.

Wim Blees RPT
St. Louis