need help on an appraisal

[Wimblees@aol.com]

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In a message dated 10/9/02 4:39:07 AM !!!First Boot!!!, PNOTNR@aol.com writes:


> List,
> 
> I have a customer who wants me to appraise his Steinway M.  It was 
> originally 
> built in 1915, but had a fair amount of work done sometime in the 60's.  
> (certainly not a complete remanufacture, but the piano looks like it was 
> built in the 60's)
> 
> Does one consider this as an 87 year old piano, or a 40 something?  (this 
> is 
> for his insurance)
> 
> Thanks for any thoughts
> 
> Gordon Large, RPT
> Mt. Vernon, ME  04352
> 

Gordon

For insurance purposes the piano is a 1915 model, that had some work done to 
it. Even if that work was done perfectly, the fact is, it is still a 85 year 
old piano. For insurance purposes, I would put a 1915 S&S Model M's value at 
about $7500.

Over and above that thought, though, be sure to tell your customer about 
replacement insurance. That is a rider on a homeowner policy, that will 
replace any old thing with a new thing. In other words, if his house burns 
down, even if he didn't have the piano appraised, he would get a new M, as 
long as the cost of repairing his old one didn't exceed the cost of buying a 
new one. Since it most likely will not do that, he will get enough money to 
get his piano completely rebuilt. If he had it appraised for $7500, and the 
piano was destroyed, he would only get $7500, to either get it repaired or 
towards a new one. 

Wim 

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