<HTML><BODY BGCOLOR="#ffffff">In a message dated 10/9/02 9:42:33 AM Central Daylight Time, Wimblees@aol.com writes: <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px">David If you're paying $12,000 for a rebuildable Steinway M, what are you able to sell if for after you've rebuilt it? A total rebuild, including finish, new board, block, strings, etc., will be in the $15 - 20,000 range. That would put the selling price about $25 - $30,000. A brand new M can be bought for that figure. Wim </BLOCKQUOTE> 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."  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 Vintage Pianos DFW </HTML>