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| Passion Investments: Antiques |
Rich Resonance
Wendy Lyons Sunshine
09/01/2005
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Today, the value of
a vintage piano is based not only on its brand and year (determined by serial
number), but also on the individual qualities of the instrument and how well it
was protected from the ravages of time, such as humidity fluctuations that can
cause wood to crack or swell. Decorative cabinetry commands more than
traditional straight-leg designs. A gracefully embellished 6-foot, 10-inch,
Steinway grand from 1891 was recently available at New York’s Steinway Hall for
$80,800.
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| AN
ALMA-TADEMA art case piano
reproduction brought $675,000 at auction in 2003.
Early 20th-century
pianos are considered the greatest ever made; reproductions
bring in
high prices as well. | The highest price tags are found on classic Steinways with custom
and ornate styling, called “art cases.” Their woodwork may feature
mother-of-pearl inlays, hand-painted scenes or gold leaf. The original
Alma-Tadema art case piano with gold and black flourishes, detailed pastoral
scene and heavily carved cabinetry was built in 1887. It sold for $1.2 million
at auction in 1997. A reproduction of the Alma-Tadema brought $675,000 in
2003.
Not every old piano is a treasure, so prospective collectors should
obtain an appraisal from a knowledgeable, neutral party before buying. As with
any investment, appreciation of a piano depends greatly on the model bought. In
general, however, experts expect the value of premium vintage pianos to continue
to rise as demand for the finite number of products grows. Steinway & Sons
itself is bullish on the vintage market, anticipating that within five to seven
years these classic instruments could represent one-third or more of all the
pianos it sells.
VALUE JUDGMENT
Vintage pianos built before World War II are cherished by both music aficionados
and savvy investors. Built with exceptional craftsmanship from aged woods that
produce rich, clear tones, classic Steinways have been compared to Stradivarius
violins. But collectors must work with experts who can properly restore a
vintage piano’s musical qualities and value. |
“Every piano is unique,” piano technician and historian
Theron Ice of PianoTex in Arlington, Texas, says. He has restored pianos for the
Lawrence Welk Museum and tuned for artists like Elton John. He says some of the
red flags he encounters on older pianos are loose coils on tuning pins, poor
finish quality and tonal jumps between sections of higher and lower notes. He
advises looking for an instrument with mellow, not muddy, tones—one which rings
clearly in all octaves and lacks background noise, or ghost tones.
The
Steinway brand automatically commands a high price, Ice says. But he points out
that on an individual basis, lesser-known brands of the same era can also
deliver excellent musical performance. Investors need to understand, however,
that the expense of restoring a lesser-known brand may not be recouped at
selling time. According to Betts, 95 percent of vintage Steinways and Mason
& Hamlin pianos are worth restoring; with other brands the odds are closer
to 50-50.
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