Having a Steinway sitting proudly in your lounge or hallway will make a huge statement and get everyone talking. But how can you be sure that these pianos are the real deal, and you wouldn’t be better investing in other pianos instead? This is the question we will discuss in detail below, to give you peace of mind if you decide to go down this route.
There are many factors to consider when investing your money into anything. Market interest in any particular industry will fluctuate, so you have to keep a close eye on what people want at any given time. Different trends come and go, meaning that demand could be high one minute but low the next, and it is difficult to keep track.
Appreciation
One of the most important things to think about when investing is the value of your goods over time. With a lot of items, their value will depreciate as they tend towards their end of their useful life. Even objects that typically have a long lifespan, such as pianos, will lose value the older they become.
The same is true for other musical instruments, which are often considered to be useful for 7 years, or 8 before they completely depreciate. This can make it difficult to invest in such assets, as there is always a feeling that you’re working to a time limit.
Steinway Pianos, however, are an exception to this rule – Steinway Pianos have actually been proven to increase in value throughout their history. This is because they are specifically designed with durability in mind, and lovingly hand-crafted using only the highest-quality materials.
They can endure for many decades, and are often passed down from generation to generation. The beautiful sounds they produce are treasured by the families and enjoyed by all ages.
With this guarantee, it is safe to say that you can invest in Steinway Pianos at any time without worrying about them losing value. Interest in Steinways has always been high and there is unlikely to be anything that will compromise their position in the industry.
If you want to sell your Steinway Piano, you stand to make profit the longer you wait, so time is on your side and you don’t need to make any snap decisions that could cost you dearly. You will still be able to enjoy playing your piano for many years before selling it on, as long as you look after it properly and keep it in excellent condition.
Reputation
Steinway Pianos have enjoyed a strong reputation all over the world for more than a century as one of the leading global piano manufacturers. They offer many different piano options, so customers can always find a model to suit their needs. There are standard plain wood pianos as well as more exotic woods and artistic designs.
Anybody looking to buy a piano would not need to carry out time-consuming research on the brand first, as the name Steinway speaks for itself; therefore, provided their budget allowed for it, a Steinway Piano would be a safe option.
Steinway Pianos are beloved by notable people in various fields, including classical pianists and famous pop stars. From Lang Lang to Kanye West, anyone who’s anyone covets the brand, which has certainly helped it to dominate the luxury piano market.
Steinway Pianos are just as suited to being a statement furnishing as they are to providing a professional performance instrument. By owning a Steinway Piano, you will enjoy an exclusive standing amongst esteemed members of society. Their standout reputation alone is enough to justify the high cost of buying a Steinway Piano.
Cost
Of course, before committing to an investment, you need to make sure you can realistically afford to make it. Steinway Pianos are comparable in price to some luxury cars, so it isn’t a decision to be taken lightly. Of course, as with everything, there is a price range – upright Steinway Pianos are considerably less expensive than their grand pianos, which in turn have varying costs depending on what size you go for.
In addition to the upfront cost, you should also factor in the cost of upkeep. Pianos, especially those at the top end of the market, need to be tuned regularly to ensure they perform at their best. Steinway recommends owners should have their pianos tuned at least every 6 months, although higher usage requires more frequent tuning.
Piano tuners are generally few and far between, which means that you can end up paying higher rates for one to travel to your area. It usually takes around an hour and a half to tune a full-size piano, but some tuners prefer to take more time to deliver the best service possible. Piano tuning is skilled and lengthy work, so this is an outlay you need to be prepared for.
A set of piano strings should last at least 30 years, so restringing is not often something you need to look at. Piano strings can be replaced individually if one breaks, but a complete restring costs thousands of dollars, so for most mid-range pianos it isn’t worth the money to get this service done.
However, if you have had your Steinway Piano for a very long time and you want to keep it in excellent condition, you may need to shell out for a whole new string set to be fitted.
Other maintenance costs you may need to cover include things like voicing, regulation and hammer replacement. Voicing a piano means refining the tone of the piano by adjusting the felt around the hammers. These hammers hit the string with a brighter or softer sound, depending on the density of the felt.
In contrast with tuning, which is precise and scientific, voicing is a subjective process, so it takes a technician with a good ear to achieve an even tone across the whole piano. Regulation is also important for this, and involves adjusting the mechanism that allows the hammers to strike by pressing a key.
Each key has a number of different parts that require attention during the regulation process, and adjustments are carried out on dampers, pedals, key heights, and everything else in between. This usually takes 1-2 whole days to complete, but is necessary for maintaining playability and extending and extending the life of your Steinway Piano.
Investment diversity
Experienced investors will be aware that the best way to protect your money is to invest over a range of different assets. If it is financially viable, you can invest in other high-end musical instruments such as Stradivarius violins.
There are always plenty of collectors who are willing to spend large sums of money on the best models they can find. That said, you should try and make sure any assets in your portfolio are well-made and of a high quality that reflects their price.
Before parting with bundles of cash, potential buyers are likely to research the prestige of the manufacturer and the individual instrument – the more information available, the more likely they are to be convinced. As far as diversifying your portfolio is concerned, it can be a good idea to have some mid-range makes as well, but you should try and stick to mainly high-end brands to complement your Steinway Pianos.
However, if you are going to branch out to other instruments, make sure security around them is tight. Pianos are bulky and non-mobile, making them very difficult to steal. Therefore, although Steinway Pianos are some of the most sought-after in the world, they are unlikely to fall victim to theft.
There have been many reports of violins, flutes etc. being stolen, leaving their owners bereft. The chances of this happening are obviously less if you don’t take your instrument out a lot and you also try to keep it hidden from view, but thieves can still break into a property and take high-value items that aren’t fixed.
You should definitely take time to work out where you want to store your instruments – if at your home, do you live in a safe neighborhood with enough security?
Summary
As you can see, Steinway Pianos are overall a strong and stable investment to make – they are renowned throughout the music industry and have secured around 80% of the high-end piano market. Steinway Pianos appreciate in value, which is a rare characteristic in physical assets, particularly ones that tend to be handled on a regular basis.
They are usually kept by the same person or family for long periods, so they won’t have a long list of previous owners and it is easier to keep track of their history. The main issue you will come across when investing in Steinway Pianos is the costs, both of the initial purchase and the ongoing maintenance, but your potential profit may far exceed these combined and you can easily end up with more than you started with.
Hi, my name is Matt Roberts, and I have been a financial analyst and advisor for the past 7 years.
While my job is based within the money industry, in my spare time I enjoy looking into potential new investment opportunities. From cryptocurrencies, to purchasing vintage cars, everything has the potential to gain you money if you are wise and make the correct investment decisions.
Through this site, I hope to educate others on investing in general, and hope to provide others with useful information that can benefit them and the opportunities they have. If you are not confident with finances, investing money can be a daunting step, however, it is a lot easier than many people are led to believe.
