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| Passion Investments: Collectibles |
Sound Investments
Lee Sherman
12/01/2004
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Gretsch and Rickenbacker guitars are en vogue among collectors looking
for alternatives to Fenders and Gibsons. Because of their idiosyncratic sound
qualities, however, they have a tendency to drift in and out of fashion. (When
Tom Petty wanted to recreate the singular jingle-jangle sound of the Byrds, he
had to buy a Rickenbacker.)
Dangers for Dilettantes
Now that the market for high-end guitars is
heating up, collectors have become susceptible to the same kinds of forgeries
that plague the art world. Unscrupulous sellers occasionally attempt to pass off
reproductions of vintage guitars as originals. These guitars are intentionally
distressed to appear old; luthiers scratch and scuff the finish so carefully
that they can easily fool an untrained eye.
As the Clapton sales attest,
collectors’ bank accounts can also succumb to the rarified air of auction
houses, where guitars often sell for much more than they would off the selling
floor. “I saw Strats that Clapton owned but never played that went for
$200,000,” Schiff recalls. “I question whether, outside of this auction
environment, those guitars will ever bring those numbers again.” Fellow
collectors or reputable dealers usually offer better opportunities to buy
investment-quality pieces. While an enthusiast might still be able to unearth an
undervalued vintage guitar in a dusty corner of a music shop or at a pawnbroker,
collectors who are concerned with authenticity and provenance are more likely to
be found at one of the many guitar shows held regularly across the United
States.
In any case, the guitars that have intrinsic value as instruments,
and solid proof of provenance, are the best investments. Historical
documentation in the form of pictures of the musician playing the instrument is
crucial, and references to the guitar in books or magazine articles also help.
“A celebrity guitar is like a snowflake: It is always going to be unique.
Because of that, you are always going to have more demand than supply,” Dunbar
says. “What we’ve found in the memorabilia market is that these guitars
definitely appreciate over time, and the better the piece, the more room for
appreciation.”
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