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#1908712 - 06/05/12 10:21 AM What is my piano worth?  
Joined: Oct 2003
Posts: 15
The Dude Offline
Junior Member
The Dude  Offline
Junior Member

Joined: Oct 2003
Posts: 15
Lexington, KY
Greetings,

My appologies for posting a question that has been asked countless times in the past.

It seems that in order to learn the piano one must have both time and talent. Unfortunately, I have very little time and even less talent. :-( So now the piano must go to make room for the wifes new living room furniture. :-( I'd like to sell the piano but I have no idea what it's worth. Also, the local piano shop/dealer has expressed interest in buying it. She wants to put it on the curb. I'd like to at least get a little for it. So, here is the specs on what I have:

K. Kawai 5' 6" black gloss grand
Model GE-1
Serial Number: 1692991

Large Decals on the inside says:
KAWAI PIANO
EXHIBITION AWARDS
MANUFACTURED BY
Kawai Musical Inst. Mfg. Co.,
HAMAMATSU JAPAN

Kawai Piano
SINGE 1927
EXHIBITION AWARDS
MADE IN JAPAN

Large raised emblem on the "harp" says
KAWAI
KK

Now for the nitty-gritty:
Overall the pinao (by my tuner) is in excellent condition.

The pin block and sound board have no cracks or damage.
The action is in Excellent condition. The hammers and damper felt have little to no wear.

The outside finish is very good except for the top lid which has some considerable scratches. Some of which go to primer. (The person I bought it from kept crap on top of the piano for "decoration". )

So, that's the story. Any idea what this would be worth?

Thanks so much for your time.

Mike

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#1908723 - 06/05/12 10:38 AM Re: What is my piano worth? [Re: The Dude]  
Joined: Apr 2005
Posts: 10,798
Piano*Dad Online content
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Piano*Dad  Online Content
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Joined: Apr 2005
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Williamsburg, VA
By the serial number, the piano seems like it's about 25 years old. My first, and very rough, guess at a value might be 6K-10K. But that point estimate is subject to huge variance depending on

* condition
* the vagaries of your local market
* your time horizon for selling

#1908727 - 06/05/12 10:46 AM Re: What is my piano worth? [Re: The Dude]  
Joined: Sep 2006
Posts: 1,124
rada Offline
1000 Post Club Member
rada  Offline
1000 Post Club Member

Joined: Sep 2006
Posts: 1,124
pagosa springs,co
I am not a technician but when it comes to pianos I know what I like. I have a K-Kawai KG-2C and everyone thats ever played it wished to take it off my hands....I couldn't part with it. I understand that the K-Kawai as opposed to the Kawai are better made models.
I hope it finds a good home.

rada

#1908846 - 06/05/12 02:09 PM Re: What is my piano worth? [Re: The Dude]  
Joined: Jan 2009
Posts: 3,489
beethoven986 Offline
3000 Post Club Member
beethoven986  Offline
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Joined: Jan 2009
Posts: 3,489
I know for a fact that one can buy a brand new GE30EP (5'5") for 12,000USD in Chicago. With that in mind, I'd say your current market value sits at around 4,000USD at best.

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#1908855 - 06/05/12 02:26 PM Re: What is my piano worth? [Re: The Dude]  
Joined: Oct 2003
Posts: 15
The Dude Offline
Junior Member
The Dude  Offline
Junior Member

Joined: Oct 2003
Posts: 15
Lexington, KY
The local piano dealer called me and offered $1,000 sight unseen and he'd come and get it. Is he low-balling me? Is $2,000 more of a reasonable price?

(Just asking... I've no idea.)

#1908901 - 06/05/12 04:00 PM Re: What is my piano worth? [Re: The Dude]  
Joined: Jun 2003
Posts: 24,962
BDB Offline
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BDB  Offline
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Joined: Jun 2003
Posts: 24,962
Oakland
It is probably reasonable for a dealer to offer that much sight unseen. A dealer who looks at it might offer a bit more, but they both need to make a profit. That profit comes after moving, any repair or tuning that needs to be done, after-sales moving and service, paying for the floor space, etc.


Semipro Tech
#1908902 - 06/05/12 04:02 PM Re: What is my piano worth? [Re: The Dude]  
Joined: May 2001
Posts: 10,846
Steve Cohen Online content
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Steve Cohen  Online Content
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Joined: May 2001
Posts: 10,846
Maryland/DC/No. VA
Selling to a dealer is usually quick, easy and safe.

That said, dealers cannot pay the actual "market value" of the instrument. They must buy it for far less. For example:

Let's say a piano has a market value of $6000. That is, a reasonably knowledgible buyer would pay a private party $6000 for the piano. Assuming that is the case, a dealer will usually be able to sell the piano at a somewhat higher price since they generally add value by tuning, regulating and touching-up the piano, arranging delivery and in-home service, providing a warranty and giving the buyer more legal recourse if there is a problem. Let's say a dealer could sell the piano for $8000.

From the dealers perspective, there is a small finite number of serious shoppers who come into the store. In a typical sale of an $8000 new piano, the dealer would pay about $4800 for the piano. The costs and risks are much less than with a used piano. Add to that the fact that in today's economy many piano owner who no longer use their pianos are selling them. This over-supply puts downward pressure on prices. So a dealer would likely pay $3000 - $4000 for the used piano even though its market value is higher.

A private seller's best bet, if they are looking to maximize $$$, is to try to sell the piano to a private party, being careful to minimize risks. If they are risk adverse, in a hurry, or don't want the hassles of selling to a private party, selling to a reputable dealer is a good alternative. But don't expect to get anywhere near market value.


Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.
#1908912 - 06/05/12 04:16 PM Re: What is my piano worth? [Re: The Dude]  
Joined: Mar 2006
Posts: 10,970
Rickster Offline
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Rickster  Offline
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Joined: Mar 2006
Posts: 10,970
Georgia, USA
Originally Posted by Steve Cohen
Selling to a dealer is usually quick, easy and safe.

That said, dealers cannot pay the actual "market value" of the instrument. They must buy it for far less. For example:

Let's say a piano has a market value of $6000. That is, a reasonably knowledgible buyer would pay a private party $6000 for the piano. Assuming that is the case, a dealer will usually be able to sell the piano at a somewhat higher price since they generally add value by tuning, regulating and touching-up the piano, arranging delivery and in-home service, providing a warranty and giving the buyer more legal recourse if there is a problem. Let's say a dealer could sell the piano for $8000.

From the dealers perspective, there is a small finite number of serious shoppers who come into the store. In a typical sale of an $8000 new piano, the dealer would pay about $4800 for the piano. The costs and risks are much less than with a used piano. Add to that the fact that in today's economy many piano owner who no longer use their pianos are selling them. This over-supply puts downward pressure on prices. So a dealer would likely pay $3000 - $4000 for the used piano even though its market value is higher.

A private seller's best bet, if they are looking to maximize $$$, is to try to sell the piano to a private party, being careful to minimize risks. If they are risk adverse, in a hurry, or don't want the hassles of selling to a private party, selling to a reputable dealer is a good alternative. But don't expect to get anywhere near market value.

Nice post, from a dealer’s perspective, Steve. I can see why you are an industry consultant, and a good one. smile

Rick


Piano enthusiast and amateur musician: "Treat others the way you would like to be treated". Yamaha C7. YouTube Channel
#1908953 - 06/05/12 05:41 PM Re: What is my piano worth? [Re: The Dude]  
Joined: Dec 2008
Posts: 472
Annitenth Offline
Full Member
Annitenth  Offline
Full Member

Joined: Dec 2008
Posts: 472
Texas
Dude, if you any flexibility at all, don't let it go for $1,000. Store it in the back bedroom on its side if necessary, lend it to a friend or rent it out for the duration...anything but setting it on the curb.

I had a 1984 5'10" walnut (case in better condition than yours, I'd guess) KG2D (new in 1984). One dealer offered to take it on consignment and said I'd net $1,000. Another figured he could sell it for $6,000, netting me about $4,000.

I sold it to a friend for some more than the $4,000. I think she got a good deal.

I'm assuming the market's about the same in KY as in TX. I think you should get about $4,000 from a private party. I personally wouldn't take less than about $3,000 under any circumstances (if the scratches are repairable).

Good luck on your sale. Your wife has got to understand that a sale takes time.


Anne
B�sendorfer 225
Technics PCM Digital Ensemble PR307
#1908967 - 06/05/12 06:03 PM Re: What is my piano worth? [Re: The Dude]  
Joined: Nov 2007
Posts: 6,828
Jerry Groot RPT Offline
6000 Post Club Member
Jerry Groot RPT  Offline
6000 Post Club Member

Joined: Nov 2007
Posts: 6,828
Grand Rapids Michigan
When is the last time the thing was tuned OR serviced???


Jerry Groot RPT
Piano Technicians Guild
Grand Rapids, Michigan
www.grootpiano.com

We love to play BF2.
#1908987 - 06/05/12 06:46 PM Re: What is my piano worth? [Re: Jerry Groot RPT]  
Joined: Sep 2009
Posts: 3,349
PianoWorksATL Offline
3000 Post Club Member
PianoWorksATL  Offline
3000 Post Club Member

Joined: Sep 2009
Posts: 3,349
Atlanta, GA
Originally Posted by Jerry Groot RPT
When is the last time the thing was tuned OR serviced???
I would presume from the OP's tuner report that it's recent enough to satisfy the dealer's sight unseen offer.

When new, that piano was basic but generally solid. Other than the piano's condition, the time that you have is the biggest factor in final price. Are you in a hurry to sell? It's hard for me to imagine most any working grand piano in the condition you described selling privately for less than $2.5k without "a gun to your head."

If you haven't already, try this. Take some detailed photos to send to the dealer and see if the range improves. Selling to a dealer is a sale of convenience, but you are still selling. wink


Sam Bennett
PianoWorks - Atlanta Piano Dealer
Bösendorfer, Estonia, Seiler, Grotrian, Hailun
Pre-Owned: Yamaha, Kawai, Steinway & other fine pianos
Full Restoration Shop
www.PianoWorks.com
www.youtube.com/PianoWorksAtlanta
#1909621 - 06/06/12 06:51 PM Re: What is my piano worth? [Re: The Dude]  
Joined: Mar 2010
Posts: 1,112
Sparky McBiff Offline
1000 Post Club Member
Sparky McBiff  Offline
1000 Post Club Member

Joined: Mar 2010
Posts: 1,112
Toronto, Ontario
Your wife wants to put a Kawai grand piano "on the curb"?
Holy carp.
If it were me I'd be putting her on the curb instead.

(I'm single and loving it!) yippie


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