school buying 40% of a piano

[Jon Page]

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At 03:03 PM 09/15/2000 -0400, you wrote:
>One of the pianos at Colby is a Yamaha G2 from 1982.  It actually belongs to
>a local citizen who had no room for it, and has been loaning it to the
>school.   Very typical G2 btw.
>
>Now she wishes to donate it, or rather donate 60% of it to the school, so the
>music department needs to come up with 40% of it's fair market value.
>
>Owner says she paid $7K when new in the 80's.  Is 50%  or $3500.00 a
>reasonable asking price for an 18 year old G2?  This would mean $1400. for
>the school  (Seems like a great deal for the school, but since both the
>school and the owner are customers, I want to be absolutely fair)
>
>Gordon Large, RPT
>Colby College
>Waterville, ME

Using the '60 year rule', being about 20 yr old, the piano is valued at 66% 
of a new G2.

Other than that you have to consider overall condition and market in your area.
I would think the range will be $4500 on the low side and maybe as high as 
7500.
Condition would determine this as well as the price of new models.

Is that vague enough?

Jon Page


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