[pianotech] Square's for $ 20K ? Is that possible?

[tnrwim at aol.com]

A local piano store just sold a 1885 Steinway Square, in decent condition, for $5000.

What insurance appraisers, and what most people think their pianos are worth, is a far cry from what consumers are willing to pay for one.

A customer of mine paid $15,000 to restore a Decker Bros Square. Now she thinks it's worth $25,000 and wants to trade it even for a Steinway Queen Ann. She can't understand why no one is taking her up on her offer. 

Many years ago in St. Louis, a young man took out a loan for $5000 for a beat up old square that had been in his family. He had been told by an antique dealer that the piano, when fixed up, would be worth $25,000, so he thought it would be a good investment. .When I told him the piano was worth maybe $500, and after he spent another $5000 to restore it, it would be maybe $2000, he cried

Some squares are worth restoring, but they will never be worth more than what's put into them. They are antiques, for looks, and historical perspective. But not as a musical instruments. 

Wim



 



-----Original Message-----
From: Ed Foote <a440a at aol.com>
To: pianotech <pianotech at ptg.org>
Sent: Fri, Oct 26, 2012 7:26 am
Subject: [pianotech] Square's for $ 20K ? Is that possible?


Greetings,
    Recently, I was asked to give an appraisal of a square grand, and my 
fair market value estimate was approx. 5% of what others expected.  In 
my experience here in Tennessee, these things can't be given away, but 
there might be other venues in which they are pursued.  I was told that 
the insurance estimate had been $20K and that various web sites had 
them advertised from $20 to $35k.
    Does anybody care to offer what prices they have actually seen paid 
for these pianos in the last 10 years?
Regards,

Ed Foote RPT
http://www.piano-tuners.org/edfoote/well_tempered_piano.html
  

 
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