steinway piano prices

This image is from Page 7 of the former “Steinway Investment Brochure,” which claims Steinway pianos go up in value over time. Click the image to see the entire brochure (PDF). The claims made in this brochure have been heavily disputed by The Hatch Institute’s investigative journalists and past Steinway piano owners.

In 2019, a number of piano buyers sued Steinway & Sons for actively marketing their pianos as “investments” that would increase in value over time.  Steinway owners claimed they were shown graphs and factory-authorized marketing literature that indicated Steinway pianos have appreciated consistently over decades when, in reality, most new Steinway & Sons pianos depreciate significantly – some as much as 50% – in the first day of ownership.

Even here in Phoenix, we’ve seen piano salespeople claim that “German Pianos go up in value over time.”

…but do they?

Are pianos a good investment?  Do they go up or even hold their value over time?  What factors go into determining a piano’s value and how can you know what to expect when you buy one?

With more than 50 years of piano selling experience, we are uniquely qualified to bring you the truth about this hotly-debated topic.  We’ll give you the facts and help you set your expectations so you don’t find yourself in the position these Steinway owners did.  Let’s get started!

 

 

How does one establish a piano’s value in the first place?  How can you know what a piano is worth?

boy at grand piano

“Value” can mean different things to different people. Watching your loved one smile when (s)he plays year after year could be viewed as a “piano holding its value.”

In short, a piano is worth whatever someone is willing to pay for it.  Granted, that sounds like a lazy answer, but it is the most important one to remember because it touches all of the other factors involved.  Next, it’s important to remember that “value” can mean different things to different people.  For example, a pianist who gets deep personal joy from playing his or her piano will assign value to the instrument that a non-player may not.  Because of how it performs, the pianist may be willing to pay more for the piano than someone who doesn’t play.  Can you see why this isn’t a simple question to answer?

In general, new piano prices are a product of production cost plus logistical expenses (transport, company overhead, sales prep, etc.) and profit margins for the companies involved.  Generally, new pianos have a more consistent and/or predictable pricing formula.  Used pianos, however, can vary greatly depending on age, maintenance, condition and demand.  New digital pianos are priced the same way new acoustic pianos are, but used digital piano resale value can be greatly affected by obsolescence.  Finally, resellers tend to ignore any infused technologies when considering the resale value of player pianos or silent-practice system hybrids.  For these pianos, only the acoustic piano components contribute to the piano’s resale value.

That said, here are the specific factors that resellers consider when assigning a resale value to a piano:

 

Demand

used Steinway piano

Words like “restored” or “rebuilt” have little meaning. If you are considering a “restored” or “rebuilt” piano, it’s important to ask questions. Who did the work? What kind of parts did (s)he use? Does (s)he warranty the work and – if so – for how long? Don’t let a used piano seller convince you a piano is “like new” when all they did was polish its cabinet.

Notice the title of this section is not “Brand.”  All too many people fall into the trap of assuming a piano brand has inherent value. It’s not the brand name that matters.  It’s the number of people looking for that brand name that affects a piano’s value.  I’ve seen far too many people ready to shell out loads of cash on old Steinways in terrible condition simply because of the name.  There’s definitely a demand for used Steinway pianos.  However, this is not the only factor involved.  Old, poorly-maintained Steinways have little value because they will require tens of thousands of dollars in “restoration” expenses.  Even “restored” Steinways that weren’t restored well have little resale value because the demand for “badly rebuilt Steinways” is very low.

Even well-made new pianos like Mason & Hamlin, Schimmel or Steinberg have less resale value because there is little demand for them in the resale market.  Meanwhile, venerable brands like Yamaha, Baldwin and Kawai command better resale values because of their market demand.  These are all important factors to consider when buying a piano.

 

Age and Condition

It’s a common myth that pianos improve with age.  They don’t.  They will degrade over time.  If not kept in a stable environment, they will have an even shorter lifespan.  Once again, however, age is not, by itself, decisive when determining a piano’s resale value.  High-demand pianos command higher resale values – even as they age.  Also, age alone does not tell us how well the piano was maintained, or how carelessly it was played. Age alone also doesn’t tell us whether or not the piano was kept in a climate-controlled environment with stable humidity and temperature controls.  It doesn’t tell us how tightly the tuning pins still grip the pinblock or whether or not the piano’s soundboard still has its crown.  All of these concerns come into play when determining the piano’s resale value and very few laypeople are qualified to evaluate them.  That’s why it’s dangerous to purchase a used piano from a homeowner or “uninitiated” third-party.  In fact, whenever you are considering a used piano (especially one with a higher price tag), you should employ an expert piano technician and have him or her help you evaluate your prospective piano.  The small fee he or she may charge will save you thousands of dollars down the road.

 

Construction

piano stringing - Steinway vs Bosendorfer

Bosendorfer utilizes a single stringing technique that – though more costly and time consuming – preserves the purity of each note’s tone. Steinway, bends their strings around hitch pins, which creates dissonance (or “false beats”) in the piano sound.

Another factor – possible the biggest factor – in determining a piano’s value is it’s construction quality.  Imagine if you were interested in buying a book shelf and not a piano.  How much would you be willing to spend on a solid oak shelf from a high-end furniture store vs. a DIY shelf from Amazon or IKEA?  Which would you expect to last longer, perform better and, thus, command a higher resale value?

Like that solid-wood shelf, high quality pianos made with world-class components and industry-leading construction methods last longer, perform better and command higher resale values… especially if they are in high demand, are well-cared for and as young as possible.  It all fits together!

A great example of construction quality in the piano business is Bosendorfer.  Where most brands (even famous names like Steinway) build their rims out of laminates and their cabinets out of poplar, Bosendorfer uses solid spruce.  Where other brands bend their strings around hitch pins, Bosendorfer ties each individual string off to prevent inharmonic overtones.  Even the keytops on a Bosendorfer are made with a scratch-resistant resin to preserve their beauty and quality for decades!  This kind of attention to detail increases demand, extends the piano’s life and ensures that the instrument will age better than its competition over time.

Likewise, Yamaha has long had a global reputation for quality as the company owns every business involved in building a piano – from the forest to the factory warehouse – ensuring that Yamaha pianos offer the very best quality available in each of their five price categories (handcrafted, premium, concert, home and consumer grade).  This increases the piano’s value even though some of the price categories are significantly more budget-friendly than Bosendorfer or Steinway.

Yamaha also has a sterling reputation in schools all over the world.  Recently, we had the privilege of replacing all the pianos at a local school with Yamaha pianos.  The previous “high-quality, German-made” Schimmel pianos were no longer adequate after less than 20 years of use and the school decided to replace them with pianos that had proven themselves in classrooms around the world.  Yamaha’s reputation for quality had value!

 

Warranty

We recently wrote a blog on piano warranties and how important they are to the “care and feeding” of your piano.  Read that blog here.

5 star Google reviews Riverton Piano Company

Check the piano store’s reviews. If they’re good, you know that company works hard to satisfy their clients and to maintain a sterling reputation.  This gives their warranties (and also their pianos) more value.

In short, warranties offer peace of mind to consumers and, thus, have value.  When you purchase a used piano from Craigslist or Facebook Marketplace, you have no warranty and no help after the sale.  That’s why so many folks choose to purchase their piano from a dealership with a vested interest in making them happy.  If you buy a piano from Riverton, we’re motivated to make sure you’re satisfied.  Satisfied clients leave 5-star reviews and refer their friends and family to us.  We only stay in business if we take good care of our clients.  …but businesses have expenses and purchasing a used piano from a dealer can sometimes be more expensive than finding one from a third-party seller online.  Still, having a place to go when you need help has value… and that’s why people continue to do it.

 

All of these factors come into play when determining an instrument’s value.  It’s not just construction, age or brand name.  It’s all of this and more.  …so how do you know if the piano you’re considering will hold its value?

Look around.  Find out what that piano is selling for online.  Ask a few respected technicians about the piano’s reputation and quality.  Ask your dealership about their warranty or consignment policy.  Look at the purchase from every angle and then ask yourself the most important question:  “Do I love this piano?”

If so, buy it… because it’s only worth something if you find value in it!

 

Conclusion

Yes.  Every new piano is going to depreciate in the first 4-5 years of ownership.  That’s common across the entire industry.  It’s also why reputable piano dealers offer a 10-year full trade guarantee.  We protect you from that depreciation and help you upgrade without worrying whether or not you can resell the piano on your own!  If, however, you keep that piano long enough, well-made, in-demand pianos with excellent maintenance will start to recuperate their lost value.  Some pianos can even regain up to 80% of their lost value if you wait long enough!  No piano, however, will “go up” significantly in value (beyond inflation) unless it has a unique feature that massively increases its demand (ie – it was played by a world famous celebrity, leader or musician; it was featured in a beloved movie; it was historically significant in some way; etc.).  Anyone who tells you otherwise is misleading you and should not be trusted.  Pianos are not financial investments and should not be viewed as such.

You don’t buy a piano to make money.  You buy a piano to make music.

Whichever piano you choose should be the one that delights you with its performance and beauty.  Yes.  Do your research and make sure the piano is well-made and highly respected.  Make sure the company you are purchasing from has a good reputation for after-the-sale service and support.  Do everything you should to make a good purchase decision (…and – if you need help with that, ask us for our FREE Piano Buyer’s Guide), but find the piano that pleases your soul – not your checkbook.  That is the key to long-term success in piano ownership.

Even a digital piano owner who gets thirty years of joy out of their (now obsolete) instrument “got their money’s worth” because they understand that the investment isn’t in the piano – it’s in the player.