A 1907 Steinway Model O classic case in satin ebony. Opposite page: 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.

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.

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.

Restoration Keys
After playing his teacher’s 1924 Steinway grand, John Loudermilk got the itch. With some careful searching and assistance from his teacher, who had worked in piano showrooms, he unearthed an unpolished gem. Other potential buyers had dismissed the 1927 Steinway for its antique green finish, but that meant opportunity for Loudermilk. “It is a great-sounding piano,” he says of the nearly 6-foot Model L. “The minute I touched the keys on this piano, I said, ‘Oh my god.’ ”

Loudermilk paid $13,500 for the green Steinway, and about $8,000 more to restore it to pristine condition. He had the cabinet stripped and refinished to a lustrous mahogany with pronounced wood grain, the plastic keytops replaced with ivory and some interior repairs made. After refurbishing, the piano appraised at $35,000. “It’s absolutely gorgeous,” he gushes.

EACH STEINWAY Heirloom Collection piano bears a medallion on the inside rim that signifies it was refurbished at Steinway’s Factory Restoration Center.

Potential buyers are often confused, however, by restorers who espouse different, sometimes conflicting, philosophies about the best approach to working on vintage pianos. Some feel it is critical that a piano be historically accurate inside and out, so they will recondition and retain original parts when at all possible. This tends to be the less expensive route. Others, including Steinway, see no reason to overlook technological advances that have arisen since a vintage piano was built. Restorers from this school are more likely to rebuild a piano, putting in a new sound board and new key action components.
Piano restoration is a complex and demanding craft, requiring precise care and maintenance of hundreds of tightly integrated parts. Collectors commonly seek specialists for specific tasks. Thomas Rourk is a registered piano technician in Carlisle, Mass., whose particular expertise is ivory keyboards. “For someone who is interested in historical accuracy and ultimate playability of the instrument, ivory becomes very important,” Rourk says.

Rourk uses vintage ivory tusks considered legal under the Convention on International Trade in Endangered Species of Wild Flora and Fauna, and charges between $3,500 and $5,500 to custom-craft keytops for a piano; other ivory restorers stockpile and use salvaged keytops.

“If an art case or just a rosewood case from 1900 is set with a plastic keyboard, in my opinion it really cheapens the piano,” Rourk says. He believes the expense of ivory is never lost. “If you’re looking at a Steinway C from 1896 with a carved case, something which is a good demonstration of its period, visually the presence of an ivory keyboard will enhance the value at least twice as much as the cost of the ivory.”

Heirloom Notes
Early piano makers were originally concentrated on the East Coast, making it more difficult for Western collectors to find a vintage treasure. Theresa and Tom Matthews bought their mahogany 1910 Steinway in New Jersey for their home in Wyoming. “We have a house full of antiques, so we decided to go with an older piano rather than a new one,” says Theresa, who thought that there was little financial risk involved. “One thing that helped us make the decision is, should we decide to move or downsize, we could simply sell it for what we paid for it or more.”

Although Matthews says she is a novice musician and does not necessarily need an exceptional piano, she is happy to have one available for the fund-raisers she hosts for a nearby opera company, replete with renowned singers and musicians. “Some of those events really merit a fine instrument,” she explains.

Aficionados who appreciate piano music but do not possess the requisite skills to play it can have their vintage piano retrofitted with a CD player that allows the instrument to be played either by hand or automatically. Original vintage player pianos can also be found. Martha Stewart has a restored 1926 Steinway grand player piano for her Maine home.

Any work on a classic piano should be done by highly skilled and experienced technicians, because poor restoration can leave lasting problems and degrade the value of the instrument. Seeking a full-time, registered piano technician with many years of experience is one way to narrow that search. Another option is to go straight to Steinway & Sons in New York. For those with a vintage Steinway already in the family, the New York factory will restore it for $15,000 to $30,000. New buyers can visit Steinway’s retail showrooms and browse choices available in the Heirloom Collection of certified, reconditioned vintage Steinways.

Heirloom Collection pianos carry Steinway parts exclusively, and are retrofitted with patented technology that was introduced later in the 20th century. Steinway Executive Vice President Frank Mazurco notes that an in-house restoration offers three primary features: the diaphragmatic sound board, the wrest plank that secures the tuning pins and the accelerated action feature that creates a highly responsive keyboard.

Eleven-year-old Victoria Roeck’s family visited Steinway Hall in 2003, where she spent hours playing both new pianos and old ones, looking for the sound and feel she liked best. Her grandparents felt she had demonstrated her commitment to music by playing a clunky upright for five years, and the time had come to find her something better. The girl kept returning to a 5-foot, 7-inch, Model M grand in a mahogany case from 1927. At $41,000, its cost was comparable to a new one of the same model.

The certified vintage piano followed Victoria home to New Jersey for Christmas that year. “I can’t tell you what a difference it makes to a kid to have a wonderful instrument to play and appreciate,” her mother says. “She loves it.” 

Wendy Lyons Sunshine is a freelance writer based in Texas.