1976 5 Foot 1 Kimball Baby Grand Piano

The valuation of used pianos is hard. Prices of used pianos vary wildly, depending on local economies, supply and demand, and the cosmetics and playing condition of the instrument at hand, including the amount and quality of any restoration work done. As if this weren't plenty, information technology's almost a certainty that no two piano technicians or piano salespeople would return exactly the aforementioned verdict on whatever given piano'southward value. Art being what information technology is, beauty is in the middle and ear of the potential purchaser, and values are very much subjective.

In addition, when considering a used piano existence sold by a private, not-commercial seller, keep in mind that many such sellers really have no firm idea of how much their piano is worth, and have made up something based on petty more than a wish. Therefore, don't let a loftier asking cost keep you from making a more reasonable offer. Ask the seller how they arrived at their request price. If you tin can support your offer with your ain technician's appraisement (including a list of the things that need to be fixed), credible listings of similar pianos, or other evidence of the piano'due south true value, you stand up a skilful chance of getting the pianoforte at or close to your cost.

In this article, I've tried to assemble some data and tools to assist buyers and sellers understand the appraisal process and determine the value of a piano within a reasonable range.

Fair marketplace value is the price at which an detail would modify hands between a willing buyer and a willing seller, neither of whom is compelled to buy or sell, and each of whom has reasonable knowledge of the relevant facts.

Appraisers of used pianos and other consumer goods typically use three different methods to make up one's mind fair market place value: comparable sales, depreciation, and idealized value minus the price of restoration.

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Comparable Sales

The comparable sales method compares the piano existence appraised with recent actual selling prices of other pianos of like brand, model, historic period, condition, and location. More often than not speaking, this is the almost accurate method of determining value when one has admission to a body of data on recent sale prices of comparable items. The problem hither is that, with few exceptions, it's rare to detect several recently sold pianos that are perfect matches for all these criteria. At that place is no key repository for sales information on used pianos, and each appraiser or technician, over a lifetime, sees pianos that are so diverse and scattered as to these criteria that they are likely to be of only limited value as appraisal guides. (Exceptions might exist technicians or dealers who specialize in used Yamaha, Kawai, or Steinway pianos, brands that accept attained nearcommodity status in the piano business organization.)

To handle this problem, I and my staff have attempted to approximate the fair market place value of pianos of various types, ages, and conditions by querying a number of pianoforte technicians about their memories of comparable sales. The result is the accompanying chart, "Prices of Used Pianos," though I stress that we do not have enough data to do more than make rough estimates. This nautical chart is about 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 chart are quite broad. The chart is organized by categories of vertical and grand piano broken downwards by age (pre-1950 and 1950–1985), quality (Average, Better, Best), and condition (Worse, Average, Improve, Reconditioned, and Rebuilt). For prices of pianos fabricated since 1985, I advise using the depreciation method, described later on in this article.

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Prices of Used Pianos (Us$)

	Private Seller			Dealer
	Worse	Average	Better	Reconditioned	Rebuilt
Vertical, pre-1950, average brand	0–300	0–600	300–1,000	1,000–1,500	N/A
Vertical, pre-1950, amend brand	0–500	300–1,200	700–1,200	1,200–2,000	Due north/A
Vertical, pre-1950, best brand	500–ii,000	1,000–3,500	2,000–v,000	three,000–half-dozen,000	N/A
Vertical, 1950–1985, average make	0–600	400–1,000	one,000–2,000	1,200–2,500	N/A
Vertical, 1950–1985, better brand	0–800	700–one,500	1,000–2,500	two,000–4,500	N/A
Vertical, 1950–1985, best brand	700–2,000	ane,500–iv,000	two,000–5,000	4,000–7,000	N/A
Vertical, 1985–	Use Depreciation Schedule
Grand, pre-1950, boilerplate brand, 5′	0–500	700–ane,500	1,000–ii,500	1,500–iii,500	N/A
K, pre-1950, average brand, 6′	500–i,200	1,500–ii,000	two,000–three,000	3,000–four,500	Northward/A
Grand, pre-1950, average brand, 7′	800–1,500	1,500–3,500	3,000–5,000	4,000–7,000	North/A
Grand, pre-1950, better brand, 5′	500–1,000	2,000–3,000	2,500–4,000	5,000–8,000	Northward/A
Grand, pre-1950, better brand, six′	1,000–2,500	2,000–4,000	iii,000–6,000	7,000–10,000	15,000–25,000
Chiliad, pre-1950, improve brand, 7′	i,800–iii,500	3,500–7,000	5,000–10,000	eight,000–15,000	18,000–30,000
Grand, pre-1950, best brand, 5′	3,000–6,000	6,000–9,000	eight,000–18,000	fifteen,000–23,000	eighteen,000–35,000
Grand, pre-1950, best brand, 6′	half-dozen,000–8,000	7,000–15,000	12,000–20,000	15,000–28,000	28,000–l,000
Grand, pre-1950, best brand, 7′	seven,000–10,000	12,000–xviii,000	22,000–35,000	20,000–40,000	35,000–65,000
Grand, 1950–1985, average brand, 5′	500–1,200	one,000–2,500	i,500–3,000	3,000–five,000	North/A
1000, 1950–1985, average brand, half-dozen′	500–ii,000	2,000–three,000	3,000–5,000	3,500–vi,000	Northward/A
1000, 1950–1985, average brand, seven′	1,500–3,000	2,500–four,000	4,000–6,000	four,000–eight,000	North/A
Grand, 1950–1985, improve brand, five′	800–2,000	2,000–4,000	2,000–half dozen,000	5,000–ix,000	N/A
Grand, 1950–1985, better brand, half-dozen′	1,500–3,000	2,500–five,000	four,000–eight,000	eight,000–12,000	12,000–22,000
One thousand, 1950–1985, better brand, 7′	2,500–5,000	five,000–ix,000	8,000–13,000	x,000–20,000	fifteen,000–30,000
Grand, 1950–1985, best brand, five′	4,000–9,000	7,000–fourteen,000	ix,000–18,000	15,000–21,000	20,000–35,000
Grand, 1950–1985, best brand, 6′	6,000–ten,000	8,000–15,000	12,000–20,000	20,000–28,000	28,000–50,000
Grand, 1950–1985, best brand, vii′	8,000–12,000	fourteen,000–22,000	eighteen,000–28,000	xx,000–forty,000	35,000–65,000
K, 1985–	Use Depreciation Schedule

The price ranges given reflect the wide possibilities a heir-apparent faces in the used-piano marketplace. At the depression end of each range is a toll one might find in a poor economy or a "heir-apparent's market," where supply exceeds demand. At the high end, the prices are consistent with both a amend economy and a higher demand for the type of musical instrument indicated. In some categories, the prices we received from our sources varied all over the map, and we had to employ a considerable amount of editorial discretion to produce price ranges that were not so broad every bit to be useless as guidelines, and to retain at least a modicum of internal consistency in the chart. For that reason, you should expect to notice some markets or situations in which prices higher or lower than those given here are normal or advisable.

The prices given hither for pianos that are non reconditioned or rebuilt (those labeled Worse, Boilerplate, Better) are the cost ranges you might expect to observe when buying pianos from private owners. The Reconditioned and Rebuilt categories represent prices you might encounter when shopping for such pianos at piano stores or from pianoforte technicians, with a warranty given. In some cases nosotros accept omitted the Rebuilt toll because we would not expect rebuilding to be cost-constructive for pianos of that general age and type. In every instance, prices assume the least expensive style and finish; prices for pianos with fancier cabinets, exotic veneers, inlays, and so forth, could exist much higher.

Quality

"All-time brands" include Steinway, Mason & Hamlin, and the very all-time European makes, such as Bechstein, Blüthner, and Bösendorfer. "Better brands" include the well-regarded older names mentioned in the accompanying article for the pre-1930 period, such as Knabe and Chickering; and names such every bit Baldwin, Everett, Kawai, Sohmer, Yamaha, and others of similar quality for the 1950–1985 period. "Boilerplate brands" are pretty much everything else.

Condition

Worse, Average, and Better refer to the condition of the piano in comparing to the amount of wear and tear one would expect from the piano'south age. However, even Worse pianos should exist playable and serviceable. Notation that because many buyers are quite conscious of a piano's appearance, pianos that are in proficient shape musically but in poor shape cosmetically will often sell at a toll more consistent with the Worse range than with a higher one. This offers an opportunity for the less furniture conscious buyer to obtain a deal.

For a word of the definitions of reconditioned and rebuilt, please see the section "Buying a Restored Piano" in this article. For the purposes of this nautical chart, however, we accept adopted the requirement that a piano has not been rebuilt unless its pinblock has been replaced, and that a pianoforte that has been restrung, but without a new pinblock, is considered to have been reconditioned. Note that these definitions are non precise, and that both the quality and the quantity of the work can 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 off-white market value is based on the fact that many types of consumer goods lose value over fourth dimension at a more or less predictable rate. A depreciation schedule, such as the one here, shows how much an unrestored used piano is worth as a percentage of the actual selling cost of a new piano of comparable quality. The problem here is that so many older brands are now made past companies different from the original, in different factories and parts of the globe, and to different standards, that information technology tin 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 contempo brand when the model is still in production, or for older pianos whose makers have remained nether relatively constant ownership, location, and standards, and for which, therefore, a comparable model tin reasonably be determined.

Appreciate or Depreciate?

Some piano manufacturers marketplace their instruments every bit "investments" and tout their potential for appreciation in value. If that's the case, then why a depreciation schedule? Do pianos capeesh or depreciate?

Information technology depends on how you expect at information technology. Imagine parking a sum of money in a savings account earning two pct interest at a fourth dimension when inflation is at 3 percent. Each year, the residual in the account grows . . . and loses purchasing power. This is something like the situation with pianos. After a big initial drop in value during the get-go five to ten years (because, unless given an incentive to buy used, most people would prefer a new pianoforte), used pianos lose value in comparison with similar new ones at about ane.5 to two percent per year. Still, because the price of everything (including pianos) is ascension in price at 3 or 3.v percent per yr (the rate of inflation), the value of your used piano will appear to rise by 1 to ii percent per year (the deviation between the depreciation and the aggrandizement).

Why practise we effigy depreciation from a comparable new pianoforte instead of figuring appreciation from the original price of the used i? Theoretically, it could be washed either way. Only the cost of a comparable new piano is easier to look up — one might have to do a lot of research to notice out what grandma paid for her pianoforte. And the cost of the new piano embodies all the aggrandizement that has occurred betwixt the original buy of the used piano and the nowadays, fugitive the problem of having to await up the change in the cost of living during that time. The case is even stronger for using this method with foreign-fabricated pianos: Tying the value of a used piano to the cost of a comparable new one makes it unnecessary to summate the changes in the currency substitution rate — and sometimes changes in the currency itself! — that have occurred since the used piano was new.

Figuring depreciation from a comparable new piano is not without its own bug, however. With so many piano brands of the past at present defunct or made to entirely different standards (usually in China), the job of figuring out what constitutes a "comparable" new piano can sometimes be formidable, if not impossible.

Note that depreciation is from the current toll of the model, not the original price, because the current price takes into business relationship aggrandizement and, if applicable, changes in the value of strange currencies. The values are meant to reverberate what the piano would sell for betwixt private, non-commercial parties. I propose adding 20 to 30 percent to the computed value when the piano is being sold by a dealer, unrestored, merely with a warranty. These figures are intended simply as guidelines, reflecting our general ascertainment of the market place. "Worse," "Average," and "Meliorate" refer to the condition of the used piano for its historic period. A separate nautical chart is given for Steinway pianos. Other fine pianos, such as Mason & Hamlin, or some of the best European brands, may control prices between the regular and Steinway figures.

Depreciation Schedule

Historic period (Yrs)	Percent of New Value
	Worse	Average	Meliorate
5 or less	seventy	75	lxxx
10	60	65	70
fifteen	45	l	55
20	35	twoscore	45
25	25	30	35
xxx	xx	25	xxx
Verticals only
50	5	10	fifteen
lxx	0	five	ten
Grands only
l	ten	15	20
70	five	10	xv
Steinways
5 or less	seventy	75	80
10	threescore	65	70
xv	50	55	60
20	40	45	l
25	30	35	40
30	25	30	35
Verticals only
50	five	10	15
70	5	10	xv
Grands only
l	15	xx	25
70	10	fifteen	20

Idealized Value Minus the Cost of Restoration

This is the deviation betwixt the cost of a rebuilt piano and the toll to restore the unrebuilt one to similar-new condition. For example, if a piano, rebuilt, would be worth $50,000, and it would cost $30,000 to restore the unrebuilt ane to similar-new condition, and then according to this method the unrebuilt piano would be worth $20,000. This method can be used when a piano needs extensive, quantifiable repair work. It's not appropriate to use this method for an instrument that is relatively new or in good condition.

Other Types of Valuation

Several other types of valuation are sometimes called for:

Replacement value is what it would price to replace the used piano with a brand-new ane. This value is often sought when someone has purchased an insurance policy with a rider that guarantees replacement of a lost or damaged piano with a new one instead of paying the off-white market place value of the used one. The problem here, again, is what make and model of new piano to consider "comparable" if the original brand and model are no longer being made, or are non being made to the aforementioned standards.

Here it may be helpful to consult the rating chart in the Piano Buyer article "The New-Piano Market Today" Cull a brand whose human relationship to today's piano market is similar to that the original brand bore to the pianoforte market place of its mean solar day. Whatsoever brand and model you choose, depending on how loftier a replacement value you seek, you can use either the manufacturer'due south suggested retail price (highest), the judge street price (lowest), or something in between. These prices, or information on how to estimate them, tin can be found in the "Model & Pricing Guide."

Trade-in value is what a commercial seller would pay for the used piano, usually in trade (or partial trade) for a new one. This is discounted from the off-white market value, typically past at least xx to thirty percent, to allow the commercial seller to brand a profit when reselling the musical instrument. (In practice, the commercial seller volition oftentimes pay the off-white market value for the used piano, but to compensate, volition increase the cost of the new piano to the consumer.)

Salvage value is what a dealer, technician, or rebuilder would pay for a piano that is essentially unplayable or unserviceable and in demand of restoration. Information technology can be adamant using the idealized-value-minus-cost-of-restoration method, but discounted, like trade-in value, to allow the commercial seller to make a profit.

Inspect, Inspect, Inspect

In closing, I'd like to remind you that your all-time protection against buyer's remorse is having the pianoforte inspected past a piano technician prior to purchasing information technology, peculiarly if the piano is more than ten years one-time. Sometimes it will be sufficient to speak to the seller's technician virtually the pianoforte, if he or she has serviced it regularly and has reason to believe that he or she volition continue servicing it under your ownership. Yet, in most situations, you'll be better off hiring your own technician. You can find a list of Registered Piano Technicians in your expanse on the website of the Piano Technicians Order, www.ptg.org.

More Information

If yous're serious about buying a used pianoforte, additional information in The Piano Volume may exist useful to you, including:

• How to remove the outer chiffonier parts to look inside the pianoforte
• How to do a preliminary inspection of a piano to rule out those that are not worth hiring a technician to inspect, including an extensive checklist of potential problem areas
• A discussion of bug that frequently come upwards in regard to the rebuilding of Steinway pianos
• A complete listing of older Steinway models, from 1853 to the present
• How to locate the serial number of a piano
• A listing of manufacturing dates and series numbers for Steinway pianos.

Previous Topic

Steve Cohen assisted with updating the price chart and depreciation schedule.

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Source: https://www.pianobuyer.com/article/buying-a-used-or-restored-piano-how-much-is-it-worth/

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