David, Thank you for your VERY helpful comments! I really appreciate all the help I get from this list and I wanted to learn the best way to determine value in a piano by myself, without resorting to "How much is [fill-in old piano or PSO here] worth?," ad nauseum. What you've laid out is a well thought-out explanation that helps me tremendously. Now it's time to get to work and plug in some numbers for my client! Thanks again, David! Regards, Rob McCall McCall Piano Service, LLC www.mccallpiano.com Murrieta, CA 951-698-1875 On Mar 20, 2010, at 09:13 , David Stocker wrote: > Rob, > > You've gotten some good advice (and some strong opinions) but most of us haven't addressed your main question: is there a standard method for determining the value? There are several. Over time, you will refine whichever ones work for you. > > When I am asked for a value on a piano, I give three different numbers; A Replacement value, a Technical value, and a Real World value. > > Replacement value is the money it would take to replace the piano with a brand new piano. This is the number an insurance company will have to deal with if the client has a replacement policy. It is also important if someone is trying to determine whether it is better to repair or replace the piano. Example: a local church was vandalized and soup was poured over the hammers and strings of a 7' Kawai. Restringing and new hammers were cheaper for the insurance company than buying them a new Kawai 7'. Replacement value is NOT the current salable price of any used piano. > > Technical value is derived from a simple formula: A-B=C. A is the amount a store or an enterprising technician could sell the piano for if it were in prime condition. It is a good ideal to cultivate relationships with local dealers so you can call them and ask them about current market values. B is the cost of putting that piano into prime condition. That means not leveling the keys, but an entire thorough regulation of the action; restringing if needs be; refinishing (that can run up to $5k for that size of piano around here!); new hammers; etc.; moving the piano also goes here. Age plays strongly into the equation because of accumulated wear and tear. A newer piano easily comes up to a positive number. A piano like the one you are looking at will have a huge, surreal negative number. C is the figure that will tell you if it is a good idea for you to buy, rebuild and sell the piano. It is also the number that will tell a client if keeping the piano and rebuilding it is a good idea. If it is an heirloom piano that will never be given away or sold, this number is irrelevant. > > Real World value is what you can get on Craigslist. As-is, where-is, "it's a piano and I know nothing about it." This number can vary wildly with no reference to anything that matters to us. I've seen pianos like that Wurlitzer grand go for anything from free to $2500. Around here, uprights will go for anything less than a thousand, grands are mostly above a thousand. There is no rhyme or reason, but it is a real value determined by a buyer and a seller and it effects what we have to pay. > > I find that by the time I give these three values with explanations, the client has a good idea of what the piano is really worth, and what they are likely to do with it. Many realize their piano is not the gold mine they were hoping, and will understand why I will offer less than they hoped. Some will conclude they don't want the hassle of selling it themselves, or they are willing to put up with the hassle. In all cases, I try to educate as best I can. > > Hope that helps, > > David Stocker, RPT > Tumwater, WA
This PTG archive page provided courtesy of Moy Piano Service, LLC