Appraisal

[Delwin D Fandrich]

Wimblees@aol.com wrote:
> 
> In a message dated 97-08-18 09:22:14 EDT, you write:
> 
> >Dear List,
> >     While we're on the subject of attaching values to old Steinways, could
> >I have some opinions on my model O-completely rebuilt-new pinblock, SB,
> >bridges, action, keywork and top notch lacquer job on red mahogany.  I'm
> >thinking about selling and I don't see many pianos like this being bought
> >and sold around here. I'd appreciate any feedback.
> >Thanks,
> >Bob Sadowski RPT
> >Erie, PA.
> 
> I am going to ask $20,000 for my O, in ebony, with about the same amount of
> work done to it. I have had one person interested in seeing it when its done.
> 
> Willem Blees  RPT
> St. Louis


Dear Bob, Wim, et al,

I realize that the prices used and/or rebuilt (whatever that means)
pianos fetch varies with the region, but...

We currently have a mahogany O in process that will receive a new
soundboard (actually a newly designed soundboard), new bridges, some rim
reinforcement, a new set of strings to my scale design, a new pinblock,
new action parts (Renner) and new hammers (the softest Abel’s we can
find and which we’ll still have to bring down quite a bit—yes, even in
the treble). It will also be refinished, have new keytops, plated and/or
buffed hardware, etc.

When completed we will be asking $34,900 (about 80% of the current list
price for an L). We will probably actually sell it for somewhere between
$30,000 and $32,000. And when we do we’ll say a quiet “thank you” to
Steinway for continuing to raise their prices and for not improving the
acoustic design of their pianos for lo, these many years. (Well, I do
think the L has some inherent advantages over the O. But by the time
we’re through with the O, these will be negligible.) By the time we do
sell it, the buyer will be aware that he or she could have purchased a
new piano for somewhat less. If they don’t find this out on their own,
we’ll probably tell them. We don’t want any surprises, and we don’t want
them to have any either. But, this piano will sound better than either
the original O (at least we think so, none of us were around when the
original O was built) or the current L—and therein lies its value. The
differences are clearly audible and do have value. 

If we have a piano built by a company no longer extent, we simply look
at similar new instruments to form a basis for comparison. We place no
value in a pianos age unless it has true antique value—very few do. The
real “value” of a new piano—those things a buyer is willing to pay
for—is determined by many things: performance, aesthetics—style &
finish, etc., and, increasingly, the perceived value that the
manufacturers marketing department is able to establish for it. The
value of a used or restored piano may be determined partly by the above
but much more by what it is worth as a musical instrument. At least
we’ve found this to be the case. 

I should think that the same principles would hold true with any
restored piano, Steinway or whatever, whether it is still in current
production or not, although the ratio may be different. 

If the music is there, they will come.

ddf