If you are looking to invest in a tangible product as opposed to stocks and bonds, you have lots of options. You consider real estate, classic cars or maybe a piece of jewelry or gold. But how about investing in a piano? To be more specific, how about investing in a Steinway piano? Yes, over the years, this instrument has proven to be a lucrative and often times better investment as far as return and enjoyment than the aforementioned items.
While many instruments built today are mass produced with materials that are cost effective, the Steinway piano is still built just as it was when the company was founded in 1853. Every component is carefully chosen for its superior quality. One piano takes an entire year to be completed and ready for the market, and only 5,000 are manufactured each year. So, demand as well as craftsmanship insures that this instrument will appreciate in value over time. Most other brands will depreciate, much like a car when it is driven off the car lot.
Older Steinways are by far the most valuable with an appreciation in value of 13.6 percent for a grand model made during the Golden Age of the piano, the 1900's and earlier. Even as young as a model built in the seventies, the resale appreciation is at about 2.3 percent. In the eighties, retail value of the concert grand rose 200 percent. That is quite a jump in just a decade. According to the Forbes report, as an investment, it outperformed other items like gold, which declined over the decade, wine increased 100 percent and a classic Mercedes Benz '54-'57 rose 43 percent in appreciation.
If you are lucky enough to already have either a grand or an upright in your family, hang on to it. Not only is it a sentimental family heirloom, but it has also appreciated in value. If it is in need of a restoration, the money needed to return it to its original state is well worth the return you will get from a fully functioning beautifully restored Steinway piano. Of course, as a family heirloom, you may not wish to sell it. What you will have is a valuable piece of family history to pass down and with proper maintenance future generations can enjoy its beauty and sound. Consider an investment in your family.
However, if you happen to be the owner of this fine instrument, it is important to take great care with its regular maintenance. To keep your investment pure, you may want to use the Steinway Restoration Center if you need your instrument rebuilt. That is the only way to guarantee all of the components remain 100 percent Steinway. This is not to say that a reputable technician cannot give you the same quality rebuild and it does not mean that your instrument will decline in value if you use another technician. It is just another safeguard option for the care and maintenance of your investment. You can be sure that if you do not take care of it, you will not profit from it.
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