Blue Book of Pianos Pricing Guidelines


Our Appraisal information is used by Libraries, Retailers, Factories, Salespeople, Music Teachers, and Auction Houses. We combine over 50 years of piano buying and selling experience. We supply you with the latest sales data in order to provide you with an accurate current value of your piano based on several factors including age, depreciation, condition, size, grade and rarity of your piano, not approximation. Our data banks list most known brands of pianos and their prices.
The charge for each Appraisal is $25.00

At times you may want or need a written appraisal to prove the value under certain conditions. We provide the necessary signed legal written forms at no extra charge. An appraisal prevents you from selling your piano for too little or paying too much for one. We also provide the necessary signed written forms for IRS & U.S. Courts at no extra charge.

Written Appraisals are needed for such purposes such as:

BUYING INSURANCE COMMUNITY PROPERTY
SELLING ESTATE TAX REBUILDING
TRADING DONATIONS EQUAL DISTRIBUTION
DAMAGE  CLAIMS REFINISHING TAX DEDUCTIONS

Your piano appraisal is only as accurate as the information you provide us with.

Fair Market Value

It’s important to remember that the real fair market value of a piano (or anything else) is the price that a buyer and seller would agree on. An appraisal is only an estimate of what that price would be. An appraisal cannot create value beyond what someone would actually pay for the piano. I often hear of pianos that are supposedly worth a great deal because of some special factor.

Definitive Answers when Buying or Selling New, Used, and Reconditioned Piano.
To clarify the information on the definitive Fair Market Value of a new or used piano.

Guidance Regarding Appraisal Requirements for Non cash Charitable Contributions

Who is a Qualified Piano Appraiser?

The title of "Piano Appraiser" must be earned by education or years of experience. The appraisal must be made by a qualified appraiser in accordance with generally accepted appraisal standards. It also must meet the relevant requirements of Regulations section 1.170A-13(c)(3) and Notice 2006-96. Notice 2006-96, 2006-46 I.R.B. 902, is available at http://www.irs.gov/irb/2006-46_IRB/ar13.html .

Piano Appraisers Minimum Criteria

Either 1,800 hours of personal property appraisal experience, of which at least 900 hours are in area(s) of specialization, or 4,500 hours of market related personal property non-appraisal experience in area(s) of specialization, or Any equivalent combination of personal property appraisal experience and market related personal property non-appraisal experience in area(s) of specialization. We have over 50 years experience.

Appraised value is based on the age, condition, size, grade and rarity of the piano. Value greatly depends on condition and the make of the piano. These values are stated in U.S. Dollars based on local market values from several sources. Comparisons of pianos of this type, age, condition and nature offered for sale in newspapers and the internet by private parties, music stores,  auction houses, and piano teachers. Most appraisers have some wholesale and retail sales experience buying, selling, trading new and used pianos. The Appraiser must have knowledge of the local market area. No two markets or conditions are the same. Piano teachers and piano tuners are not qualified piano appraisers without the certification.

Other Types of Valuation

Several other types of valuation are sometimes called for:

Replacement Value: This is the value you want to insure your piano for in case of loss or damage. Replacement value usually refers to the retail price that you would need to pay to buy the nearest new equivalent to the piano you have. If there is a new piano that is similar in size, quality of general construction and description, then this is usually a new piano. If there is not new equivalent, then usually the replacement value is based upon what it would cost to find a used piano that is similar and have it remanufactured to like-new condition.

Current Market Value: This is the retail price that a piano buyer will pay in today's market. Usually a buyer will pay the dealer more if they are buying from a showroom than they will pay you if they are buying the piano from your home.

Wholesale Value: This is the wholesale price that a piano dealer will pay to purchase your piano for the purpose of reselling it later at a retail price. Usually the dealer will pay you a lower amount for an immediate cash purchase than they will pay you if you are willing to wait until the piano sells on consignment before receiving payment..

Idealized Value Minus the Cost of Restoration

Thus, this method of figuring value is best used for pianos of relatively recent make when the model is still in production, or for older pianos whose makers have remained under relatively constant ownership, location, and standards, and for which, therefore, a comparable model can reasonably be determined. Note that depreciation is from the current price of the model, not the original price, because the current price takes into account inflation and, if applicable, changes in the value of foreign currencies.

This is the difference between the cost of a rebuilt piano and the cost to restore the un rebuilt one to like-new condition. For example, if a piano, rebuilt, would be worth $50,000, and it would cost $30,000 to restore the un rebuilt one to like-new condition, then according to this method the un rebuilt piano would be worth $20,000. This method can be used when a piano needs extensive, quantifiable repair work. It’s not appropriate to use this method for an instrument that is relatively new or in good condition

Depreciation

The depreciation method of determining fair market value is based on the fact that many types of consumer goods lose value over time at a more or less predictable rate. A depreciation schedule, shows how much a used piano is worth as a percentage of the actual selling price of a new piano of comparable quality. The problem here is that so many older brands are now made by companies different from the original, in different factories and parts of the world, and to different standards, that it can be difficult or impossible to determine what constitutes a “comparable” new piano..

The comparable sales method compares the piano being appraised with recent actual selling prices of other pianos of like brand, model, age, condition, and location. Generally speaking, this is the most accurate method of determining value when one has access to a body of information on recent sale prices of comparable items. The problem here is that, with few exceptions, it’s rare to find several recently sold pianos that are perfect matches for all these criteria. There is no central repository for sales information on used pianos, and each appraiser or technician, over a lifetime, sees pianos that are so diverse and scattered as to these criteria that they are likely to be of only limited value as appraisal guides. (Exceptions might be technicians or dealers who specialize in used Yamaha, Kawai, or Steinway pianos, brands that have attained near-commodity status in the piano business.)

Robert T. Fürst - Author
Bluebook of Pianos
Rancho Santa Margarita, Ca. 92688

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