How do appraisers determine a piano's value?
Three methods dominate: comparable sales of similar brand, model, age, and condition; structured depreciation from new retail price; and the idealized value minus cost of restoration method, which compares a fully rebuilt example against what it would take to bring your piano to that condition. Appraisers cross-reference the Blue Book of Pianos, marketplaces such as PianoMart, and dealer pricing for the specific make.
Is an old upright piano automatically valuable?
No, and this is the most common misconception we encounter. Many mass-market uprights over 30 years old trade between zero and negative value once moving, tuning, and deferred maintenance are counted, and older instruments from discontinued American makers often bracket between $0 and $5,000. Age and sentimental history are poor indicators; brand tier, condition, and market demand set the price.
Does the brand change how a piano holds its value?
Dramatically. Dealer valuation data show a 5 to 10 year old Steinway can retain around 80 percent of its new price, and even a Steinway over 40 years old may carry shell value of $1,000 to $15,000 before rebuilding, while similar-age mass-market instruments may have little or none. A credible appraisal segments by brand tier and build quality instead of applying one flat age curve to every piano.
What information is needed to appraise a piano accurately?
Brand, model designation, serial number, and measurements: height for uprights, length for grands. Condition documentation covers the finish, soundboard, strings and tuning pins, hammers and action, and pedals, supported by 10 to 15 photographs including the serial number and interior components. Missing serials or undocumented interior condition materially weakens any value conclusion.
Can I rely on a piano depreciation table or calculator alone?
Only for a ballpark. Published schedules, such as 75 percent of new price at one year declining to about 55 percent at ten years, are useful starting points for younger instruments, but they ignore local oversupply, regional price differences, and mechanical issues like soundboard cracks or pinblock instability. For insurance scheduling, donations, or estate work, unadjusted guide numbers can lead to over- or under-insurance and disputes.