1891 Small A Steinway 1889 Small A Steinway 1890 Small A Steinway
OK, Bear, where is the magic piano blue book on Vintage Pianos? Tell Me!
Folks, it doesn't exist....
A prospective buyer has looked at three c.1890+- small A Steinway restorations in three different locations...Maryland, Mizzourah, and NYC. One is priced at $23,500 (Maryland), one at $28,000 (Mizzourah), and the last at $36,000 (Big Apple). The public or buyer's perception is that somebody is trying to screw the buyer...? No, Actually Not!
Given that it costs approximately $7,000+- to refinish a wood case to Deusenberg SJ Concourse D'Elegance Standards. Given that in this case size, style, brand, and model there is a +20%(+ or -) market premium for NYC market conditions. Given that one piano sold for $28,000. We can easily compare apples and oranges... on similar Brands and Case Sizes, assuming the level of mechanical restoration is mostly equal in the Craftsmen's Vision of Touch and Tone! The three pianos in the problem are all very near the same level of touch and tone. Given: Bear has played all of them, and the level of actual mechanical restoration is excellent on all three.
The Question is: How do the instruments really compare in the retail price the buyer may pay for the vintage piano, and which one should the buyer purchase?
Steinway 1
Steinway 2 Steinway 3
1891 Small A Steinway
1889 Small A Steinway 1890
Small A Steinway
Vintage
Restored Vintage
Restored
Vintage Restored
Available in Maryland
Sold in Columbia! Available in NYC!
(Orig.Case)
Bear's Market Price Study...
A buyer will probably pay more in NYC for a vintage restoration as a fact of life. The NYC retail store is not going to sell their restoration for $31,800, when they can sell it for a higher price because of local market conditions. The $23,500 piano appears to be competitively priced. The NYC piano appears to be competitively priced for its market. A buyer may also pay less elsewhere depending upon the local market. When comparing prices, one should make some common sense market comparisons for amenity differences. What is an amenity? An amenity is a feature, such as a wood grain case, types of keys, case size, level of restoration, et cetera, and in our example, LOCATION or MARKET is an amenity. Ever heard the phrase, "Location, Location, Location?" Also, tone and touch preferences for one vintage piano restoration over another is an amenity...Make Sense?
In the real world, the buyer didn't make up his mind fast enough on the Mizzourah Ebony case @ $28,000, and someone else bought it because he would only offer $22,500 for it....that's the way it can happen. When the buyer talked to the tech in Maryland, they didn't discuss the fact that the case wasn't refinished...the buyer thought he could buy the Maryland Piano cheaper, and that the MiZZourah piano was outrageously overpriced... Dumb buyer, Huh?! When one considers the fact that the buyer can easily afford the NYC piano, has been looking for 5 years, and misses the good deal each time, this buyer is basically fooling himself!
Ok, Bear...which piano should the buyer purchase?
Bear say, "Depends on the buyer's
purchasing power and which piano he likes best...
If price is the main objective, and the buyer has to get the deal of the
century,
The buyer should probably buy a lollipop...
He's certainly not a serious vintage piano buyer..."
There really isn't a right or wrong answer, Folks!
Remember, vintage pianofortes and restoration is a "cottage industry" composed
of many individuals/craftsmen mostly doing their own thing...
The above "Adjusted Retail Value Demonstration" is based on Bear's List Price/Sale Price Analysis to compare vintage restored instruments using real estate appraisal theory. If it works for real estate, why can't it be used to analyze pianos? Nope, you aren't going to find this in any book... This analysis reflects Bear's travels, observations, and knowledge of the vintage market...
Think about it....the price of NYC real estate, rents, and the cost of doing business in the Big Apple is pretty high compared to other parts of the USA!...why wouldn't there be some market price difference? A buyer should generally expect to pay more in NYC since the cost of doing business has to be higher than Maryland or Mizzouri or Mississippi or Nebraska....make sense? Of course it does....market prices for vintage can vary by region? Of course they can... No, the above analysis does not imply any hard and fast percentage rules or any price warranty in any locale.
It is simply the "Bear Method" for comparing apples to oranges...There really are no price rules in vintage pianos...and, that's one reason why the buying public is skeptical of vintage restorations and vintage pianos, because there can be a wide variance in price for seemingly the same piano. Some folks also pursue the "ever elusive" good deal... If it takes a buyer 5 years to get a good deal, that's five years he could have been playing on a decent piano, and perhaps the Kool Kat would have made it to Carnegie Hall sooner? Time is valuable, too!
Please note in the above example, a 20% market adjustment was noted on the NYC piano... Based on list pair/sale pair analysis, 20% fits the problem or example. Can it vary? Sure! There may be no difference, some difference, or a big major difference between your locale and the Big Apple, depending upon the particular piano, level of restoration, desirability of the piano, and whether or not the piano is a unique one of a kind "Art Case" piano. There is no rule set in stone...the buyer has to use his thinking cap!
When a purchaser is looking for a modern
vintage Steinway B or D (basically the 7' & 9' critters) or a special
art case instrument, one can generally expect to pay the same price regardless
of market location. Why... most folks who own Bs or Ds don't sell them...
they rebuild them. Most folks who have unusual art cases know the rarity
of the pianoforte...simple? That's why you will find many vintage restored
Steinway 0's, Small A's, Large A's, and the smaller grand case sizes, but
one has a difficult time finding a Steinway B or D restoration for sale.
Go try finding a 20th Century vintage used or restored B or D Steinway
for sale in your market.... Good Luck if that's what you want...you're
going to need it! I wanted a Steinway B above all else and couldn't find
one... Guess What! I ended up with a Baldwin
Concert Grand with Balls... 
Feel free to click the Icon and delve deeper
into the Website...there is a link to bring you back!
Back to Main Menu? Click-on, Icon, Browser!
Back to 5- "Purchasing a new or a vintage instrument"
Or
Did I Snare You from a Search Engine?
Want
to go to the Homepage, Weedhopper?