<HTML><BODY BGCOLOR="#ffffff">In a message dated 10/9/02 11:11:33 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 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. </BLOCKQUOTE> I'm not sure what you mean by not making a profit, but the bottom line is you will make the same profit in both deals but speculating with your own money on one.  I try to make money however I can and as I stated earlier the cost of wholesale Steinway's has risen to the point where it's almost not worth restoring and retailing. <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px"> 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.</BLOCKQUOTE> Making $7,000 on a $18,000 investment in one year is certainly better than the bank. <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px"> 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> Of course! <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px"> <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px"> </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.</BLOCKQUOTE> Again, of course and in my opinion it will bring $12 to $15k, depending on the condition and that is the value of the piano as it sits. <BLOCKQUOTE TYPE=CITE style="BORDER-LEFT: #0000ff 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px"> 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 </BLOCKQUOTE> We all know of that rare Steinway that went for $5k somewhere but that is the exception and can't be counted.  The fact is all of the wholesalers I know are trading in the $10k range and the retail market for a reasonable playable "M" in this area is in the $12k to $15k range. David Koelzer Vintage Pianos DFW</HTML>