How Much Is My Conn Baby Grand Piano Worth
The valuation of used pianos is difficult. Prices of used pianos vary wildly, depending on local economies, supply and demand, and the cosmetics and playing condition of the musical instrument at paw, including the corporeality and quality of any restoration piece of work washed. As if this weren't enough, it'due south nigh a certainty that no two pianoforte technicians or pianoforte salespeople would return exactly the same verdict on any given piano's value. Art existence what it is, dazzler is in the eye and ear of the potential purchaser, and values are very much subjective.
In addition, when considering a used pianoforte existence sold by a individual, non-commercial seller, keep in heed that many such sellers really have no firm idea of how much their piano is worth, and take made up something based on little more than a wish. Therefore, don't let a loftier asking price continue you from making a more reasonable offer. Enquire the seller how they arrived at their asking price. If you lot tin back up your offer with your own technician's appraisement (including a list of the things that demand to be stock-still), credible listings of similar pianos, or other show of the piano's true value, you stand a adept chance of getting the piano at or close to your cost.
In this commodity, I've tried to assemble some data and tools to aid buyers and sellers understand the appraisal process and determine the value of a piano within a reasonable range.
Fair market value is the price at which an item would change easily betwixt a willing buyer and a willing seller, neither of whom is compelled to purchase or sell, and each of whom has reasonable knowledge of the relevant facts.
Appraisers of used pianos and other consumer goods typically use three unlike methods to determine fair marketplace value: comparable sales, depreciation, and idealized value minus the cost of restoration.
Comparable Sales
The comparable sales method compares the piano being appraised with recent actual selling prices of other pianos of like brand, model, historic period, condition, and location. Generally speaking, this is the most accurate method of determining value when one has access to a trunk of information on recent sale prices of comparable items. The problem here is that, with few exceptions, it'due south rare to observe several recently sold pianos that are perfect matches for all these criteria. There is no fundamental repository for sales information on used pianos, and each appraiser or technician, over a lifetime, sees pianos that are so diverse and scattered every bit to these criteria that they are probable to be of just limited value as appraisement guides. (Exceptions might be technicians or dealers who specialize in used Yamaha, Kawai, or Steinway pianos, brands that accept attained nearcommodity status in the piano business.)
To handle this trouble, I and my staff take attempted to estimate the fair market value of pianos of various types, ages, and conditions by querying a number of piano technicians almost their memories of comparable sales. The result is the accompanying chart, "Prices of Used Pianos," though I stress that we do non have enough information to do more make crude estimates. This chart is almost useful for determining the approximate value of many brands of older piano for which information technology would otherwise exist hard to find enough comparable sales to determine a value. Understandably, yet, the cost ranges shown in the nautical chart are quite broad. The chart is organized by categories of vertical and grand piano broken downwardly by age (pre-1950 and 1950–1985), quality (Boilerplate, Better, Best), and condition (Worse, Average, Better, Reconditioned, and Rebuilt). For prices of pianos made since 1985, I advise using the depreciation method, described later in this article.
Prices of Used Pianos (U.s.$)
| Private Seller | Dealer | ||||
|---|---|---|---|---|---|
| Worse | Boilerplate | Better | Reconditioned | Rebuilt | |
| Vertical, pre-1950, average brand | 0–300 | 0–600 | 300–1,000 | ane,000–1,500 | Northward/A |
| Vertical, pre-1950, ameliorate brand | 0–500 | 300–1,200 | 700–1,200 | one,200–2,000 | N/A |
| Vertical, pre-1950, best brand | 500–2,000 | 1,000–iii,500 | 2,000–5,000 | 3,000–six,000 | N/A |
| Vertical, 1950–1985, average brand | 0–600 | 400–1,000 | 1,000–2,000 | i,200–2,500 | North/A |
| Vertical, 1950–1985, better brand | 0–800 | 700–1,500 | 1,000–2,500 | 2,000–four,500 | N/A |
| Vertical, 1950–1985, best brand | 700–2,000 | 1,500–4,000 | 2,000–v,000 | four,000–7,000 | N/A |
| Vertical, 1985– | Use Depreciation Schedule | ||||
| M, pre-1950, average brand, five′ | 0–500 | 700–1,500 | 1,000–ii,500 | 1,500–3,500 | Due north/A |
| K, pre-1950, boilerplate brand, 6′ | 500–i,200 | ane,500–ii,000 | ii,000–3,000 | 3,000–4,500 | N/A |
| Grand, pre-1950, average brand, vii′ | 800–i,500 | ane,500–3,500 | 3,000–five,000 | iv,000–7,000 | N/A |
| One thousand, pre-1950, better brand, five′ | 500–ane,000 | 2,000–3,000 | ii,500–4,000 | 5,000–8,000 | N/A |
| Grand, pre-1950, better brand, half dozen′ | i,000–2,500 | 2,000–4,000 | 3,000–6,000 | vii,000–x,000 | 15,000–25,000 |
| Grand, pre-1950, better brand, 7′ | 1,800–three,500 | three,500–7,000 | five,000–10,000 | eight,000–15,000 | 18,000–thirty,000 |
| Grand, pre-1950, all-time brand, 5′ | three,000–6,000 | half dozen,000–9,000 | 8,000–xviii,000 | 15,000–23,000 | eighteen,000–35,000 |
| Grand, pre-1950, best brand, 6′ | six,000–8,000 | 7,000–15,000 | 12,000–20,000 | fifteen,000–28,000 | 28,000–50,000 |
| K, pre-1950, best make, 7′ | vii,000–10,000 | 12,000–18,000 | 22,000–35,000 | twenty,000–40,000 | 35,000–65,000 |
| G, 1950–1985, average make, 5′ | 500–one,200 | one,000–two,500 | 1,500–3,000 | 3,000–5,000 | Due north/A |
| G, 1950–1985, average brand, 6′ | 500–2,000 | 2,000–iii,000 | 3,000–5,000 | 3,500–6,000 | N/A |
| Yard, 1950–1985, average brand, seven′ | 1,500–iii,000 | ii,500–4,000 | 4,000–6,000 | 4,000–8,000 | Due north/A |
| Grand, 1950–1985, amend make, 5′ | 800–2,000 | 2,000–4,000 | 2,000–six,000 | five,000–ix,000 | Due north/A |
| Chiliad, 1950–1985, better brand, half-dozen′ | i,500–3,000 | 2,500–five,000 | iv,000–8,000 | 8,000–12,000 | 12,000–22,000 |
| Grand, 1950–1985, meliorate make, 7′ | 2,500–5,000 | 5,000–9,000 | 8,000–13,000 | ten,000–twenty,000 | 15,000–30,000 |
| Thousand, 1950–1985, all-time brand, 5′ | 4,000–nine,000 | 7,000–fourteen,000 | 9,000–18,000 | 15,000–21,000 | 20,000–35,000 |
| K, 1950–1985, best brand, six′ | vi,000–10,000 | viii,000–15,000 | 12,000–20,000 | 20,000–28,000 | 28,000–50,000 |
| Thou, 1950–1985, all-time brand, 7′ | eight,000–12,000 | 14,000–22,000 | 18,000–28,000 | 20,000–40,000 | 35,000–65,000 |
| Grand, 1985– | Apply Depreciation Schedule | ||||
The cost ranges given reflect the wide possibilities a heir-apparent faces in the used-piano market. At the depression end of each range is a price i might find in a poor economy or a "heir-apparent's market," where supply exceeds need. At the high end, the prices are consequent with both a better economy and a higher demand for the type of instrument indicated. In some categories, the prices nosotros received from our sources varied all over the map, and we had to use a considerable amount of editorial discretion to produce price ranges that were not so broad as to be useless as guidelines, and to retain at least a modicum of internal consistency in the chart. For that reason, you lot should expect to find some markets or situations in which prices college or lower than those given here are normal or appropriate.
The prices given here for pianos that are not reconditioned or rebuilt (those labeled Worse, Average, Improve) are the price ranges y'all might expect to find when ownership pianos from private owners. The Reconditioned and Rebuilt categories correspond prices y'all might encounter when shopping for such pianos at piano stores or from piano technicians, with a warranty given. In some cases nosotros accept omitted the Rebuilt price because we would non wait rebuilding to be cost-constructive for pianos of that general historic period and type. In every case, prices assume the least expensive fashion and finish; prices for pianos with fancier cabinets, exotic veneers, inlays, and and so forth, could exist much higher.
Quality
"Best brands" include Steinway, Mason & Hamlin, and the very best European makes, such as Bechstein, Blüthner, and Bösendorfer. "Better brands" include the well-regarded older names mentioned in the accompanying commodity for the pre-1930 menstruation, such equally Knabe and Chickering; and names such as Baldwin, Everett, Kawai, Sohmer, Yamaha, and others of similar quality for the 1950–1985 menstruation. "Average brands" are pretty much everything else.
Status
Worse, Boilerplate, and Ameliorate refer to the status of the piano in comparison to the corporeality of clothing and tear one would expect from the piano's age. However, even Worse pianos should be playable and serviceable. Note that because many buyers are quite conscious of a piano'due south appearance, pianos that are in good shape musically simply in poor shape cosmetically will often sell at a price more consistent with the Worse range than with a college i. This offers an opportunity for the less furniture conscious buyer to obtain a bargain.
For a give-and-take of the definitions of reconditioned and rebuilt, please see the section "Buying a Restored Piano" in this commodity. For the purposes of this nautical chart, nonetheless, nosotros have adopted the requirement that a piano has not been rebuilt unless its pinblock has been replaced, and that a piano that has been restrung, merely without a new pinblock, is considered to have been reconditioned. Note that these definitions are not precise, and that both the quality and the quantity of the work tin vary greatly, depending on the needs of the instrument and the capabilities of the restorer. These variations should be taken into account when determining the piano's value.
Depreciation
The depreciation method of determining fair market place value is based on the fact that many types of consumer goods lose value over fourth dimension at a more than or less predictable rate. A depreciation schedule, such as the ane here, shows how much an unrestored used piano is worth as a percentage of the actual selling toll of a new pianoforte of comparable quality. The problem here is that so many older brands are at present made by companies dissimilar from the original, in dissimilar factories and parts of the world, and to unlike standards, that it tin can be difficult or impossible to determine what constitutes a "comparable" new piano. Thus, this method of figuring value is best used for pianos of relatively recent make when the model is nonetheless in production, or for older pianos whose makers have remained under relatively constant ownership, location, and standards, and for which, therefore, a comparable model tin can reasonably exist determined.
Capeesh or Depreciate?
Some piano manufacturers market their instruments as "investments" and tout their potential for appreciation in value. If that'southward the case, then why a depreciation schedule? Do pianos appreciate or depreciate?
It depends on how y'all look at it. Imagine parking a sum of coin in a savings business relationship earning 2 percent interest at a time when inflation is at 3 percent. Each twelvemonth, the balance in the account grows . . . and loses purchasing ability. This is something similar the situation with pianos. After a large initial drop in value during the first 5 to ten years (because, unless given an incentive to buy used, most people would adopt a new pianoforte), used pianos lose value in comparison with similar new ones at almost 1.5 to 2 percentage per yr. Notwithstanding, considering the price of everything (including pianos) is rise in price at 3 or three.5 per centum per twelvemonth (the charge per unit of inflation), the value of your used piano will appear to rising by 1 to 2 per centum per year (the difference between the depreciation and the inflation).
Why do we figure depreciation from a comparable new piano instead of figuring appreciation from the original price of the used 1? Theoretically, information technology could be done either style. Just the price of a comparable new piano is easier to look up — one might take to do a lot of research to find out what grandma paid for her piano. And the price of the new piano embodies all the inflation that has occurred betwixt the original purchase of the used piano and the present, avoiding the problem of having to look up the change in the cost of living during that time. The case is even stronger for using this method with foreign-made pianos: Tying the value of a used pianoforte to the cost of a comparable new one makes information technology unnecessary to calculate the changes in the currency exchange rate — and sometimes changes in the currency itself! — that accept occurred since the used piano was new.
Figuring depreciation from a comparable new piano is not without its ain problems, however. With and so many piano brands of the past now defunct or made to entirely different standards (unremarkably in China), the task of figuring out what constitutes a "comparable" new piano can sometimes be formidable, if not impossible.
Notation that depreciation is from the current price of the model, not the original price, because the current toll takes into account aggrandizement and, if applicable, changes in the value of foreign currencies. The values are meant to reverberate what the piano would sell for betwixt individual, non-commercial parties. I suggest adding twenty to 30 pct to the computed value when the piano is being sold by a dealer, unrestored, but with a warranty. These figures are intended only every bit guidelines, reflecting our general observation of the market. "Worse," "Average," and "Better" refer to the status of the used piano for its age. A divide chart is given for Steinway pianos. Other fine pianos, such as Stonemason & Hamlin, or some of the best European brands, may command prices between the regular and Steinway figures.
Depreciation Schedule
| Age (Yrs) | Percent of New Value | ||
|---|---|---|---|
| Worse | Average | Better | |
| 5 or less | 70 | 75 | fourscore |
| ten | 60 | 65 | 70 |
| 15 | 45 | l | 55 |
| 20 | 35 | 40 | 45 |
| 25 | 25 | xxx | 35 |
| thirty | xx | 25 | thirty |
| Verticals only | |||
| 50 | 5 | 10 | 15 |
| 70 | 0 | five | 10 |
| Grands only | |||
| 50 | 10 | 15 | 20 |
| 70 | 5 | 10 | xv |
| Steinways | |||
| 5 or less | 70 | 75 | 80 |
| 10 | 60 | 65 | 70 |
| 15 | 50 | 55 | 60 |
| twenty | 40 | 45 | l |
| 25 | 30 | 35 | 40 |
| 30 | 25 | xxx | 35 |
| Verticals just | |||
| 50 | v | x | 15 |
| 70 | 5 | 10 | 15 |
| Grands simply | |||
| 50 | 15 | 20 | 25 |
| 70 | x | 15 | 20 |
Idealized Value Minus the Cost of Restoration
This is the difference between the cost of a rebuilt piano and the cost to restore the unrebuilt 1 to like-new condition. For case, if a pianoforte, rebuilt, would be worth $50,000, and it would price $30,000 to restore the unrebuilt i to like-new condition, then according to this method the unrebuilt pianoforte would be worth $20,000. This method can exist used when a piano needs extensive, quantifiable repair work. It'due south not advisable to use this method for an instrument that is relatively new or in proficient condition.
Other Types of Valuation
Several other types of valuation are sometimes called for:
Replacement value is what information technology would cost to replace the used piano with a brand-new one. This value is often sought when someone has purchased an insurance policy with a passenger that guarantees replacement of a lost or damaged piano with a new ane instead of paying the fair market value of the used one. The problem here, again, is what make and model of new pianoforte to consider "comparable" if the original brand and model are no longer beingness made, or are not beingness made to the same standards.
Here it may exist helpful to consult the rating nautical chart in the Piano Buyer commodity "The New-Piano Market Today" Cull a brand whose relationship to today'southward piano market is similar to that the original make bore to the piano market place of its twenty-four hours. Whatever brand and model you choose, depending on how high a replacement value you seek, you can employ either the manufacturer'due south suggested retail cost (highest), the guess street price (lowest), or something in between. These prices, or information on how to estimate them, can be plant in the "Model & Pricing Guide."
Merchandise-in value is what a commercial seller would pay for the used pianoforte, ordinarily in trade (or partial merchandise) for a new ane. This is discounted from the fair market value, typically by at least twenty to 30 percent, to allow the commercial seller to make a profit when reselling the instrument. (In practice, the commercial seller will often pay the fair market value for the used piano, merely to compensate, volition increment the price of the new piano to the consumer.)
Save value is what a dealer, technician, or rebuilder would pay for a piano that is substantially unplayable or unserviceable and in demand of restoration. Information technology can be determined using the idealized-value-minus-cost-of-restoration method, but discounted, like trade-in value, to allow the commercial seller to make a profit.
Audit, Audit, Inspect
In closing, I'd similar to remind yous that your best protection against heir-apparent's remorse is having the piano inspected by a piano technician prior to purchasing it, particularly if the piano is more than 10 years old. Sometimes it will be sufficient to speak to the seller's technician about the piano, if he or she has serviced it regularly and has reason to believe that he or she volition proceed servicing information technology nether your ownership. Nevertheless, in most situations, yous'll be better off hiring your ain technician. You can observe a listing of Registered Piano Technicians in your area on the website of the Piano Technicians Guild, www.ptg.org.
More Information
If you're serious about buying a used piano, boosted data in The Piano Book may be useful to y'all, including:
- How to remove the outer chiffonier parts to look within the pianoforte
- How to do a preliminary inspection of a piano to rule out those that are non worth hiring a technician to audit, including an extensive checklist of potential problem areas
- A discussion of bug that frequently come up in regard to the rebuilding of Steinway pianos
- A complete listing of older Steinway models, from 1853 to the nowadays
- How to locate the series number of a piano
- A list of manufacturing dates and serial numbers for Steinway pianos.
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Steve Cohen assisted with updating the price chart and depreciation schedule.
How Much Is My Conn Baby Grand Piano Worth
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