How Much Is It Worth?
Fair market value is determined by comparing the piano being appraised to recent actual selling prices of other pianos of like brand, model, age, and condition. In the chart "Prices of Used Pianos," I and my staff have attempted to approximate the fair market value of pianos of various types, ages, and conditions, though I stress that we do not have enough data to do more than make rough estimates.
Note that insurance appraisals are often for "replacement cost." This is the cost of a new piano of the same or comparable make and model, not the fair market value of the used one.
A depreciation schedule, an example of which is provided here, shows how much a used piano is worth as a percentage of the actual selling price of a new piano of comparable quality (or of the same brand and model, if still in production and of the same quality).
Idealized value minus the cost of restoration is the difference between the cost of a rebuilt piano less the cost to restore the unrebuilt one to like-new condition. As an example, if a rebuilt piano of the same or comparable model costs $15,000, and it would cost $10,000 to restore your piano to like-new condition, then according to this method your unrebuilt piano is currently worth $5,000.
These three methods of appraising will typically yield three very different values. Which you choose to use will depend to some extent on your reason for having the piano appraised (buying, selling, insuring, etc.). Professional appraisers will sometimes use all three methods, then average them to obtain a final value.
When considering a used piano being sold by a private, non-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 little more than a wish. Therefore, don't let a high asking price keep you from making a more reasonable offer. Ask the seller how they arrived at their asking price. If you can back up your offer with your own technician's appraisal (including a list of the things that need to be fixed), credible listings of similar pianos, or other evidence of the piano's true value, you stand a good chance of getting the piano at or close to your price.