<html><head></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div>A Steinway bought for $4500 in 1965 is <span class="Apple-style-span" style="font-family: monospace; white-space: pre; ">"worth" about $12K - $16K in today's market </span>(William Monroe).  Original price  was about a year's salary for someone.  45 - 50 years later (today) it is worth about half a year's salary.  </div><div>A new Steinway depreciates $7000 in the first five year (Wim Blees)</div><div>Rebuilt B: 26K (1993) to 45K in 2012, "<span class="Apple-style-span" style="font-family: monospace; white-space: pre; ">their value doesn't drop like a stone</span>" (Dale Erwin)</div><div><br></div><div>while these are mere examples, they do reflect the reality of the appreciation or depreciation that these instruments have.  None of these are examples of a "fine [financial] investment" .  I would say a fine investment would start at 5% above inflation.  At that rate, in 20 years an asset would indeed go up 3 - 4 times in value.</div><div><br></div><div>Now where is the Steinway that cost $40,000 in 1990 that sold for $120,000 and more, as the President of Steinway clearly states?  How do they get away with stating this, or what am I not understanding?</div><br><div> <div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Verdana; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-align: -webkit-auto; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Verdana; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0); font-family: Verdana; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px; font-size: medium; "><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space; "><div>Jurgen Goering</div></div></span></div></span></div></span></div><br class="Apple-interchange-newline"><br class="Apple-interchange-newline"> </div> <br></body></html>