Appraisal

[Frank Weston]

Paul McCloud wrote:
> 
> List:
>         I would like to know how I should do an appraisal on a Grotrian grand
> piano. 

To do a meaningful appraisal you should know what a similar new piano
actually sells for today.  If $63,000 is a valid figure, then subtract
from that figure the cost of all the work that would be required to make
the piano like new.  For example of the total cost to repair/refinish
the case, replace worn action parts, regulate, etc. is estimated at
$6000, then the piano should be appraised at $57,000.

Another approach is to find three or so similar pianos that have sold
recently.  There are lots of web sites that you could check.  Estimate
the difference in value between each similar piano and the piano you are
appraising to get a comparison value, then average the comparisons.  For
example, if you find a similar Grotrian that sold for $17,000, but that
needed $7000 worth of work to be equal to the one you are appraising,
then the comparison value would be $34,000.

Finally, you could average the appraised values obtained by each method.

Lots of work, so make sure you get paid well for it.

Frank Weston