Steinway M Selling & $

[Bill Ballard]

At 6:49 PM -0400 8/29/03, Farrell wrote:
>So, two questions: Anyone care to venture an opinion on the piano's 
>value (midwest prices)?

That must be the midwest Tampa metro region, right? I thought you 
lived down on the southern proboscis, not up by the Windy City.

>And, has anyone any experience with this type of service? What might 
>be a reasonable selling fee or percentage for such a service?

The common commission up here is 5%. But that's not taking into 
account whether the piano is being moved onto your floor. In that 
case the local Steinway agency's consignment fee of 25% might be more 
appropriate, considering it's going to take up your floor space, and 
you ave to keep your place presentable for how many ever months 
(years?) it may take to sell it.

There is a significant question of where to sell it, your place or 
his parents'. His parents' house may be up for sale, and real estate 
agents love to have a grand piano in the living room, for "ambience". 
You may prefer to sell out of that house instead of your shop, 
assuming you and the son can come up with a reasonable arrangement 
for getting in to show it to your customers. That may involve the 
local representative of the estate executor, say a lawyer, or the 
real estate agent involved may be authorized to do this for you. If 
access becomes too much a hassle, that's when everyone turns to you 
and says, "sell it out of your own place".

>I'm really not up on Steinway values, but I would guess that one 
>could get at least $10K or it and maybe as much as $20K (maybe that 
>is a bit ridiculous?)?????

Given your description ( and assuming you do all the necessary 
preparations), I'd ask $20K. But that's hte asking price. For more 
research on asking prices, go check out <http:www.pianomart.com>, 
noting especially the geographical locations and descriptions of 
condition. But that's asking prices. Selling prices are something 
else. Barring extreme good fortune (which I happened to experience 
this winter), selling prices are inversely proportional to the length 
of time it takes to sell. Have an honest talk with the  owner as to 
how long he can afford to wait for the selling price he's dreaming 
of. Given that it's in probate anyway, you've easily got an 1.5 year 
window.

>What would be the wholesale value of this piano?

Check with your local large retailers and rebuilders, but until they 
sense they're in a bidding situation, you not likely to get anything 
but low-balls from them.

>Thanks for any insight on these questions.

I expect you'll be hearing from Jolly Jim Beau pretty quick. You've 
already incurred my 1% consulting fee.

Bill Ballard RPT
NH Chapter, P.T.G.

"You'll make more money selling my advice than following it"
     ...........Steve Forbes, quoting his father, Malcom
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