Appraisals

[PianoBook@aol.com]

>Steve Brady's responce to the question about worth of a 1940 Baldwin M was
>well thought out.  As local market can be considered with one of his
>suggested methods.  The value of a piano in one part of the country is not
>the same in another.  Value is directly related to availability.  (Supply
and
>demand).

>Larry Fine's responce on the other hand left no room for the local market.
 >It is expected that everybody in every part of the country has the same
>access to pianos.  This is not the case.  One size doesn't fit all.

>I suggest knowing your local piano market above all.

>Tim Coates


Reply:

Your're right that ultimately knowing the local market is the best way
because ultimately a piano is worth only what someone locally will actually
pay for it.  But since the number of different combinations of piano age and
model is almost limitless and the "market" for each combination too small to
even arrive at a "value" in most cases, the depreciation schedule is a handy
place to start to fill in the gaps in market knowledge.  It is intended only
as a guideline for approximating what the market is, or would be if there
were enough sales to call a market, and must be adjusted according to the
condition of the piano and the local market until it "feels" right in one's
experience.  As I mention in my book, the depreciation method is only one
possible method of appraising.  Steve Brady, in his recent post, appraised
the same piano using the two other methods mentioned in the book.  Often
appraisers use all three methods to help arrive at a value.

Larry Fine