Photo: Kai Pilger

Is piano a good investment?

A piano is a worthwhile investment for any home. With proper care and attention, a piano can hold its resale value perfectly well–and can last for generations. More importantly, the joy of making music is immeasurable.

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High-quality pianos can come with notable price tags, so many in the market want to ensure that this large purchase is an investment that will hold its value. With proper care, a piano will depreciate only slightly; in some cases, notable brands have even appreciated over time. Acoustic pianos from quality brands (think Yamaha, Steinway & Sons, Bechstein, and Bösendorfer, among others) hold their value best. Digital pianos are subject to more quickly diminishing values because of constant technological advancements. New models are released regularly, and the digital components wear out a little bit more quickly than their acoustic counterparts.

How long do pianos hold their value?

Just like driving a car off the lot, a piano loses a fair portion of its value within the first year. A piano will lose about 20% of its value in the first year and is then followed by a somewhat steady decline of about 2-5% annually. In comparison to cars again, a piano holds its value significantly better: a car loses about 15-20% of its value annually. In five years, a car will only hold about 40% of its original value; a piano takes 20 years to reach that same milestone. In some cases, a piano will hold its value so well that it seems to even appreciate in value. This is usually due to inflation, but few other investments can promise such a steady hand.

Here are some things to look for to ensure a sturdy investment:

High-Quality Soundboard

Choose a soundboard that is made from solid wood rather than foam board or composite materials. The soundboard determines the tone and resonance of the piano, so high-quality materials are requisite.

Traditional Finishes

There is a multitude of different finishes available, but your piano’s value will hold better with a more timeless finish like polished ebony. Classic and enduring, the elegance of polished ebony holds its value well

How do I maintain my piano’s resale value?

After choosing a high-quality piano, regular maintenance is required to ensure that the quality of your piano stays intact. Things like regular tunings and cleanings are mandatory to maintaining the value of your piano.

Regular Tunings

Yamaha maintenance guidelines suggest annual tunings, but a piano’s strings stretch a lot during its first year, so they recommend two tunings within that time frame. A piano’s tuning refers to three technical maintenance tasks: regulation, tuning, and voicing. Regulation helps ensure keys are adjusted and leveled and the touch is appropriately responsive. Tuning corrects the pitch of each note and voicing helps balance volume and tone by adjusting the hardness of the hammer felts. All in all, this process ensures the piano stays in tip-top shape for musicians for years to come.

Temperature Controlled Storage

Keeping your piano in a regulated environment is important. Fluctuating temperatures can swell wood and eventually lead to warping. This will also cause the piano to go out of tune faster and potentially permanently damage its musical capabilities and overall appearance.

Avoid direct sunlight as UV rays will fade the piano’s finish.

General Upkeep

Daily care and gentle use are also required to maintain a piano’s value. Protect the piano from scratches or stains, dust regularly, and keep keys clean. Sticky hands or not-so-gentle fingers pounding keys can cause them to stick and compromise their playability.

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Do old pianos have any value?

Antique pianos and organs can be valued anywhere from a few hundred dollars to tens of thousands of dollars. It is important that sellers realize the real value difference between a restored instrument and an unrestored instrument.

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Restoration is not cheap, but it is necessary to make any instrument worth top dollar. If your instrument was an antique automobile sitting on blocks, full of rust and ruining due to neglect, you wouldn’t expect it to fetch a very high price. If you invested in having the automobile restored to make it a show car, you could then expect it to sell for a tidy sum – likely at a nice profit after your investment. Pianos and organs are the same way. Restored instruments sell for high dollars – original, unrestored instruments simply do not. Over the past two decades, we have seen the value of antique pianos and organs nearly double across the board. Much of the credit goes to education – folks are now able to go to the internet and learn about what they have, often encouraged to invest and preserve their instruments. The best way to get a general sense of what instruments are worth (after restoration) is by comparing them against what similar instruments are selling for in the real market. It may be helpful if you go to our online showroom. Here you can see what different types and styles of instruments have been selling for over the past few years.

Will it cost more to restore my instrument than it will be worth?

How many home renovation or “house-flipping” shows have you seen on TV lately? People all over the country are renovating old homes and buildings so that they can be sold for profit in the end. Much like the real estate industry, restoring a vintage instrument adds real value to the piece, ultimately making the instrument worth more than the cost of restoration in most cases.

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