Dec 23, 2013

Investing in a Steinway: Is It Worth the Price?

The investment value of Steinway pianos has long been touted by piano dealers. In their sales training, Steinway teaches an acronym based on their name that must be learned by all candidates: “S” stands for sound; “T” for touch, “E” for enduring beauty, “I” for investment, and so on. New salespersons must memorize all the S.T.E.I.N.W.A.Y. touch points in order for their training to be complete.

The “investment” touch point promotes Steinway’s historically high resale value. New Steinways are expensive, and that makes the market for used Steinways very good. In 2003, Reuters reported: “A 10-year-old Steinway in good condition usually sells for about 75 percent of the current retail price, which goes up about 4 percent each year.” Consequently, there is a big demand for used Steinway pianos. Leo Spellman, senior director of communications for Steinway & Sons says “The biggest competition for a new Steinway piano is an old Steinway piano.”

But does Steinway actually live up to its reputation as a good investment and, if so, under what circumstances? If you own a Steinway piano, how can you determine its present value? Read More

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