<HTML>In a message dated 10/9/02 10:14:50 AM Central Daylight Time, Kdivad@aol.com writes: <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px">Wim, you are correct that the cost of a rebuildable Steinway is at the upper limit for speculation.  I paid in the $10,000 range not $12,000 and since I rebuild the pianos myself  the costs run me around $8,000, that puts the total at around $18,000.  Though Steinway "M"s can be a little slow to sell they will still bring $25,000 as quickly as a brand new $30,000 "M."  </BLOCKQUOTE> David This gets back to a discussion this list had several years ago. You buy a piano for $10,000, and put $8000 worth of supplies into it, and sell it for $25,000. That gives you $7000 "profit." Ask yourself this question. If you were to rebuild an M for a private customer, would you do it for $15,000?  If you are willing to do that, then you are coming out the same, but not making a profit. The money you have tied up in that M did not make you any money. You would have been better off putting that money into a savings account, and letting it earn 2.5% interest. But if you charge a customer more than $15,000 to rebuild the piano, you are loosing money. Yes, you're talking about your labor, but instead of working on your own piano, you could be working for a customer and making this money. If you had nothing else to do, that would be fine. But if you are busy, it becomes a drain. <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px"> What Gordon is talking about is a different thing entirely, his customer needs to know how much insurance he needs in case the piano is damaged and needs to be replaced.  Most customers do not have the ability to find and purchase a piano at wholesale prices, especially in fairly good condition.  If I purchase a Steinway for $10,000 you can be sure it will need complete restoration (unless I get real lucky).  It sounds like this customers piano is in fair, playable condition, how could he possibly find a replacement piano the same condition for $7,500? I will purchase every "M" I can find for $7,500, but the problem is where do you find them?   David Koelzer </BLOCKQUOTE> The insurance company wants to know the value of the piano as it sits. Not what it cost to replace. And that value is what the piano will bring in a quick sale. Not what it will sell for in a store, or if the customer has a year to sell it.  That is why you need replacement value insurance. I don't know, I've been out of the wholesale purchasing business for over a year. Are older M's bringing $10 - 12,000 these days? That sounds awfully high to me. Wim </HTML>