<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40"><head><meta http-equiv=Content-Type content="text/html; charset=us-ascii"><meta name=Generator content="Microsoft Word 14 (filtered medium)"><style></style></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Comic Sans MS";color:navy'>Just to keep up with inflation that piano would have to be worth approximately $32,000. To now be worth somewhat less than half that amount makes it a somewhat questionable financial investment.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Comic Sans MS";color:navy'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Comic Sans MS";color:navy'>ddf<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Comic Sans MS";color:navy'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Comic Sans MS";color:#632423'>Delwin D Fandrich</span><span style='font-size:10.0pt;font-family:"Calibri","sans-serif";color:#632423'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Comic Sans MS";color:#632423'>Piano Design & Fabrication</span><span style='font-size:10.0pt;font-family:"Calibri","sans-serif";color:#632423'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Calibri","sans-serif";color:#632423'>6939 Foothill Court SW, </span><span style='font-size:10.0pt;font-family:"Comic Sans MS";color:#632423'>Olympia, Washington 98512 USA<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Comic Sans MS";color:#632423'>Phone  360.515.0119 — Cell  360.388.6525</span><span style='font-size:10.0pt;font-family:"Calibri","sans-serif";color:#632423'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Comic Sans MS";color:#632423'><a href="mailto:del@fandrichpiano.com"><span style='color:blue'>del@fandrichpiano.com </span></a></span><span style='font-size:10.0pt;font-family:"Comic Sans MS";color:#632423'>— </span><span style='font-size:10.0pt;font-family:"Comic Sans MS";color:#632423'><a href="mailto:ddfandrich@gmail.com"><span style='color:blue'>ddfandrich@gmail.com</span></a></span><span style='font-size:11.0pt;font-family:"Calibri","sans-serif";color:navy'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Comic Sans MS";color:navy'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:36.0pt'><b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'>From:</span></b><span style='font-size:10.0pt;font-family:"Tahoma","sans-serif"'> pianotech-bounces@ptg.org [mailto:pianotech-bounces@ptg.org] <b>On Behalf Of </b>William Monroe<br><b>Sent:</b> Wednesday, February 15, 2012 5:04 AM<br><b>To:</b> pianotech@ptg.org<br><b>Subject:</b> Re: [pianotech] video interview Ronald Losby, President of Steinway<o:p></o:p></span></p><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p><p class=MsoNormal style='margin-left:36.0pt'>Hi Jurgen,<o:p></o:p></p><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'>I've a client who just purchased an 1965 M from it's original owner.  The purchase price was $4500, US.  The piano (in quite nice condition) I would suggest is probably "worth" about $12K - $16K in today's market, without any additional work.  So no, the numbers you suggest are not reasonable, however, some increase in "value" is possible.  Of course, there is inflation to consider............<o:p></o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'>But I do think that the idea that the Steinway as an investment has some merit, though probably on the order of a durable good that "maintains" it's value over time.<o:p></o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'>William R. Monroe<o:p></o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt'><o:p> </o:p></p><div><p class=MsoNormal style='margin-left:36.0pt'>On Tue, Feb 14, 2012 at 10:26 AM, Jurgen Goering <<a href="mailto:pianoforte@pianofortesupply.com">pianoforte@pianofortesupply.com</a>> wrote:<o:p></o:p></p><div><p class=MsoNormal style='margin-left:36.0pt'>Interesting link, thanks for this, Kent.<o:p></o:p></p><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'>One thing struck me:  Can anyone tell me how S&S can continue to make statements about the pianos as an investment?<o:p></o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'>Quote Ronald Losby: "They actually make a fine investment.  A piano that was built 20 or 30 years ago can command 3 to 4 times what its original purchase price was."<o:p></o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'>I am not positive on S&S prices  20 - 30  years ago, but is he really stating that someone  could sell their 1985 L for $100,000?  Or that a 1985 D could fetch  over $200,000?  To my simple way of looking at it, this sounds beyond outlandish ....<o:p></o:p></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p><div><div><div><div><div><div><p class=MsoNormal style='margin-left:36.0pt'><span style='font-size:13.5pt;font-family:"Verdana","sans-serif"'>Jurgen Goering<br>Piano Forte  <br><a href="tel:%28250%29%20754-2440" target="_blank">(250) 754-2440</a><o:p></o:p></span></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><span style='font-size:13.5pt;font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></div><div><p class=MsoNormal style='margin-left:36.0pt'><span style='font-size:13.5pt;font-family:"Verdana","sans-serif"'><a href="http://www.pianofortesupply.com" target="_blank">www.pianofortesupply.com</a><o:p></o:p></span></p></div></div><p class=MsoNormal style='margin-left:36.0pt'><span style='font-size:13.5pt;font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></div><p class=MsoNormal style='margin-left:36.0pt'><span style='font-size:13.5pt;font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></div><p class=MsoNormal style='margin-left:36.0pt'><span style='font-size:13.5pt;font-family:"Verdana","sans-serif"'><o:p> </o:p></span></p></div><p class=MsoNormal style='mso-margin-top-alt:0cm;margin-right:0cm;margin-bottom:12.0pt;margin-left:36.0pt'><o:p> </o:p></p></div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div></div></div><p class=MsoNormal style='margin-left:36.0pt'><o:p> </o:p></p></div></div></body></html>