What makes these vintage pianos so alluring? Many musicians and technicians believe that these instruments, when rebuilt, sound and play better than new pianos. However, no one knows for sure why this should be so, since most of the components in the piano are replaced during rebuilding. Some point to the fact that Steinway operated its own plate foundry until about World War II, afterward using a commercial plate foundry (which it now owns). Because this radical change in the manufacture of such an important component roughly corresponds with the end of the vintage era, and because the plate is one of the few original parts to survive the rebuilding process, some speculate that it holds the key to the difference. Others say it has to do with changes in the quality of the wood available to Steinway and other companies. Still others say it wasn't any single thing, but rather a combination of many fortuitous factors, including extremely skilled and talented craftsmen, that enabled these companies to make such special pianos during that period, but allegedly not afterward (though that doesn't explain why the rebuilt ones from that period should be better).

Steinway & Sons, for its part, disputes the entire idea that older Steinways are better, dismissing it as a romantic notion spread by purveyors of those pianos in their own financial interest. The company says it has done extensive testing of both plates and woods, and the idea that the older plates and woods were better has no scientific basis. It says it has also carefully inspected hundreds of older Steinways at its factory rebuilding facility, which is the largest Steinway rebuilding facility in the world, and finds no evidence that the older pianos were built better than today's — in fact, it believes that just the opposite is true. Steinway acknowledges that some pianists may prefer the sound of specific older pianos for subjective artistic reasons, but says that those considering the purchase of a restored, older instrument should do so to save money, not to seek better quality.

For more discussion of this topic, and of specific technical issues applicable to the rebuilding of a Steinway or Mason & Hamlin, please see The Piano Book.

How Much Is It Worth?

The valuation of used pianos is difficult. Prices of used pianos vary wildly, depending on local economies, supply and demand, and the cosmetics and playing condition of the instrument at hand, including the amount and quality of any restoration work done. As if this weren’t enough, it’s almost a certainty that no two piano technicians or piano salespeople would return exactly the same verdict on any given piano’s value. Art being what it is, beauty is in the eye and ear of the potential purchaser, and values are very much subjective.

In addition, 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.

In this article, I’ve tried to assemble some information and tools to help buyers and sellers understand the appraisal process and determine the value of a piano within a reasonable range.

Fair market value is the price at which an item would change hands between a willing buyer and a willing seller, neither of whom is compelled to buy or sell, and each of whom has reasonable knowledge of the relevant facts.

Appraisers of used pianos and other consumer goods typically use three different methods to determine fair market value: comparable sales, depreciation, and idealized value minus the cost of restoration.