One on the most difficult questions to answer is, “What is my piano worth?” This is very relative. The question is usually asked for one of these reasons:
- What to sell
- Want to buy
- Insurance Purposes
- Donation
Each of the above can have an impact on my determination.
I always answer: “If you were to set up shop to build pianos you would have to sell this instrument for $- – – – – – in order to make a profit”. This value, generally, is multiples higher than the actually amount one would hope to realize from a sale in current times.
There are several reasons for this. The most common are:
- Market conditions
- Inventory of used instruments
- Consumer ignorance (lack of educated appreciation)
- Current condition of instrument
Most people are completely unaware of what it takes to build a quality piano. This is not their fault. There just is no education mechanism in our society that brings awareness in this area. The exception to this would be piano technicians and/or music teachers who make consumer education in this field their personal mission.
This being said, I determine the value of your instrument based on these factors:
- Current condition
- Quality of original build
- Market conditions
- Cost of like-kind new
One can also do research on the internet via used piano brokerage sites. However, deflate the posted values by at least 20%. In the future I will list the top sites.
Grand Workshoppe offers the following appraisal services:
- On-site inspection
- Written value documentation
- Cost estimate for repairs
- Referral sale and purchase services