Helping You Determine the Value of A PianoPlease note, this article was written back in 2009. While the main points are still valid some of the prices will have changed.To help you determine the value of your piano.Much of the information here is from by Larry FineFor a great source of additional information check out our today!How Much Is It Worth?Ultimately, something is worth only as much as someone will pay for it. Piano prices vary greatly depending on the locale and the particular situation.The value of a piano also depends very much on how knowledgeable the seller and potential buyers are. For every piano, there is what I would call an “informed value” and an “ignorant value.” The informed value takes into account the technical quality and condition of the piano, whereas the ignorant value does not, being based primarily on how the piano case looks (if even that). Unfortunately, the ignorant value is more often than not what the piano actually sells for.Let the buyer bewareIn most private transactions, the seller hasn’t the foggiest notion of what the piano is worth, and the asking price is vastly over-inflated, often based on such considerations as that “Uncle Joe liked this piano, and he played all his life, so it must be a fine instrument.” In these cases, there’s plenty of room for negotiating. If the piano needs considerable repair, encourage the technician to tell you this in front of the seller, as it will better your bargaining position. Even where the seller knows the informed value of the instrument, the asking price is usually set high in the expectation of bargaining, and you can generally expect to agree at a price of from 10 to 30 percent less.PricingThe list on the next page shows the approximate selling prices of various ages, makes, and types of piano, gathered by Mr.
Fine from his contacts around the country. Twenty-five technicians returned a questionnaire in which they listed the average low and average high selling prices (not asking prices) in their area for the pianos described here.