by Stephen N. Reed
Audiences enjoying a pianist’s performance at the Boston Symphony Orchestra, Tanglewood, or a Billy Joel concert can all attest to the experience of encountering a Steinway. So, too, can movie viewers who watch a classic Steinway grand with an ebony finish being played by one of the characters.
Generations have now had the Steinway sound become part of the fiber of their lives. As a result, the value of a Steinway piano is not in doubt. In this article, we will break that value down to understand better whether a Steinway piano is a good investment.
M. Steinert & Sons has been selling Steinway pianos since 1869 and understand the different kinds of value a new Steinway brings as an investment. In this article, we will walk you through the 4 main measures of value in a new Steinway.
A Steinway’s value includes a slower depreciation than other premium brands. The relatively low volume of production (roughly 2500 pianos per year for the entire world market) is a significant contributor to a new Steinway piano’s value.
Additionally, 97% of the world’s top pianists, those performing solos with major orchestras, seek out new Steinway pianos for their performances, burnishing Steinway’s reputation as the world’s best concert piano.
Another significant factor related to value is the extraordinary attention to craftsmanship that yields a handcrafted instrument that takes twelve months to build. All this plays into the fact that a Steinway piano retains its value better than other premium pianos.
High quality materials play a role in the overall value of a new Steinway piano. Features like the special Sitka Spruce wooden soundboards and Hard Rock Maple rims adds value to a Steinway. Steinway remains the most durable and rebuilt piano in the world.
With a historical annual price increase across the Steinway line of between 3% and 5% to maintain their standards of excellence, the 20-40 year increase in cost can seem dramatic. As a result, the new Steinway model you purchase today will likely cost more as a new model in the future.
For example, a brand new Steinway Model B cost $51,200 in 1998. In 2022, a new Steinway Model B costs $124,900. As recently as 2017 a used Steinway Model B from 1998 was purchased at M. Steinert & Sons by a customer for $61,000.
However, we do not promise or promote a return like this across all Steinways – since instrument character, maintenance history, usage environment, and market conditions are big factors in the pricing of any used instrument.
Plus, one of the most tangible expressions of a Steinway’s value is the lifetime trade-up policy for a more expensive Steinway piano offered by authorized Steinway dealers like M. Steinert & Sons. Any money invested in a Steinway of lesser value can be applied for any trade-up to another Steinway.
Facts like those given above give us benchmarks as to a Steinway piano’s value. But even greater value is found in the commitment to music itself that Steinway & Sons has always exhibited.
Early on, Steinway pianos were winning awards and impressing listeners with their unique, rich tone. Steinway & Sons founder Henry Englehard Steinway, a German cabinetmaker, and his family were meticulous in their craftsmanship as they built and refined the first Steinway pianos.
But they were also musicians from a country with a rich musical heritage. Indeed, Henry had built his wife a double-string fortepiano for her wedding present. He even played the pipe organ at their own wedding before saying his vows.
To understand the value of a Steinway piano, one has to develop an awareness that all of Henry Steinway’s efforts to build the best piano were geared towards producing the best music. As beautiful a design as the Steinway has, without that perfect tone and touch, it would disappoint Henry Steinway.
Musicians as notable as early 20th Century Russian composer and pianist Sergei Rachmaninoff caught on to this high standard of quality that Henry Steinway started in 1853. In a letter to Steinway, Rachmaninoff wrote:
“I am very happy to have the opportunity of using your pianos for my concerts, because I consider them to be perfect in every way. Faithfully yours, Sergei Rachmaninoff.”
Rachmaninoff became a Steinway Artist, a group of musical “immortals” that included Franz Liszt, Arthur Rubenstein, and George Gershwin. Each understood the musical value of a Steinway, preferring them over all other brands.
Today, the Steinway Artist distinction continues with a range of performers including Lang Lang, Harry Connick, Jr., Ahmad Jamal, and Diana Krall.
Today, Steinway & Son’s share of the high-end piano market is over 80 percent. As a result, the sheer value and impact of Steinway on our modern culture is immeasurable.
When a concert pianist plays a Steinway, they are sharing an instrument from a company that has been granted 139 patents in piano making. Any piano made today, by any company, has some of Steinway’s influence in it.
Steinway occupies a place in the imagination of people around the world: an American company with international appeal. Every so often, a Steinway announcement reconfirms this place on the cultural landscape.
William Steinway showed the family’s commitment to culture and music by building a Steinway Hall in New York City between 1864-66. This structure housed the second-largest concert hall in the U.S.
Steinway Hall quickly became one of New York City’s best-known cultural centers, serving as the home for the New York Philharmonic for 25 years until Carnegie Hall was built Another Steinway Hall was built in London in 1875.
In the early 20th Century, Steinway provided elegant grand pianos to both Roosevelts at the White House. Later, the European part of the company received a royal warrant of appointment to Queen Elizabeth, which it still holds today.
Steinway’s commitment to the nation and modern culture has continued throughout its storied history in America and Germany. No evaluation of the value of investing in a Steinway is complete without an appreciation of Steinway’s place in the fabric of American and world culture.
Beyond participating in a company that has produced arguably the best musical instrument in history, and beyond affirming the value Steinway pianos continue to give to our culture, the daily value one derives from such an instrument comes from the practical use it yields to its owner.
A Steinway not only helps bring out the best music a top performer has to give. It can empower a young piano student to reach for his or her best as a piano student, compelling them to dig deeper for their personal best.
The satisfaction a parent gets from seeing their child learn to appreciate and to produce good music, along with the discipline needed to create it, has a value all its own
From Steinway & Sons’ beginnings, pianos have been built not only for concert venues but homes. With the advent of the new Spirio self-playing piano, Steinway has now made the bold move of bringing the grand piano back to the center of the home.
In addition to playing the Spirio, a Steinway Musical Library of over 4,000 pieces by Steinway Artists is included, giving added entertainment value.
Any Steinway piano, new or used, still has heirloom value as long as it is in decent condition. The original buyer, seeing their piano purchase as a long-term, family investment, can pass their Steinway down to the next generation, where it can continue to add musical value to the lives of the next household.
Thus we see that evaluating a Steinway piano has different streams which converge to create an overall value, one that may be difficult to quantify financially but which is apparent to all who benefit from the instrument.
The Steinway owner is participating in an ethic of hard work, high quality, and positive contributions to music and culture that stretch back to Henry Steinway’s roots in Seesen, Germany during the 1820s and 30s.
Henry Steinway’s commitment to building the best piano in his adopted country of America never wavered and was passed down to succeeding generations of Steinways. It is his determination that produced the overall value of the Steinway pianos that have been creating beautiful music ever since Steinway and Sons’ foundation in 1853.
Is a new Steinway piano a good investment? Musically, culturally, and practically the answer is yes. Granted, for those who are not yet able to afford a new Steinway, a used Steinway may be more comfortable.
A well-maintained Steinway can retain much of its value, more than other premium piano makers. This is partly due to the fact that used Steinway prices are tied to the price of a new Steinway, which rises 3-5% each year.
However, that is not where the primary appreciation resides. The new Steinway is an asset with several forms of value, beginning with its musical value and including its cultural and in-home value.
For more information on the investment value of Steinway pianos, read these selections:
by Stephen N. Reed
Many people would love to own a Steinway piano. However, the price of one can seem out of reach for many. Even those who can afford a Steinway may wish to have their money working for them, not placed all at once into the purchase of a handcrafted piano.
M. Steinert & Sons has been selling Steinways to a wide range of customers across New England since 1869. As we’ll see, customers with quite different financial backgrounds avail themselves of the financing options.
Being able to break the purchase price down to manageable monthly payments provides our customers with more choices, all of which are relatively easy.
As treasurer of M. Steinert & Sons, Jerome Murphy has helped many people finance their Steinway pianos over his 40-year career. Indeed, over the past ten years, 14% of M. Steinert & Sons’ customers finance their piano purchase.
Jerome explains the three ways to finance a Steinway or Steinway-designed piano at M. Steinert & Sons: through Allegro, Piano Credit Corp, or folding one’s piano loan into an existing mortgage.
“Through Allegro, a national third-party financing company endorsed by Steinway, we provide an option that works well for many of our customers,” explains Jerome.
Allegro finances other kinds of expensive purchases nationally, including luxury items and hearing aids.
“I’ve been around contracts all my life, and Allegro has one of the easiest, online credit applications,” says Jerome. The paperwork is easily produced online. You type in your information, then M. Steinert & Sons sends it off. It may seem a little daunting at first, but the terms are clearly stated. Plus, it’s simple interest, which is some serious savings.
Another way to finance a Steinway is to go through Piano Credit Corp., which is the financing company preferred by some of the bigger banks. With Piano Credit Corp, interest rates are low. Currently the interest rate is 8.99% for a ten year loan, which is a good rate for consumer lending. For a $100,000 piano loan over ten years, that would be $1,266 payment per month.
Allegro has similar rates. For a current Steinway summer sale, Allegro offers an 8.99% interest rate. For this sale, Allegro requires only a 10% down payment for all piano loans under $100,000 and 20% for loans of $100,000 or more.
“Both of these options are sound ones,” says Jerome. “Plus, we work with customers’ credit unions and are working on a local bank option. However, there’s another route worth checking out: incorporating your piano loan into an existing or new mortgage.”
Some people could possibly buy their new Steinway through their line of credit. However, what is more likely is to incorporate the piano loan into a mortgage. If a customer has a mortgage at a low rate or would like to refinance it, folding the piano loan into that mortgage can achieve significant savings.
For those with a home mortgage, it’s the difference right now between a loan at 8.99% or 3.5%. Or, say you’re a young couple, about to take out a new mortgage on your first house. This can be an opportunity to simply add the piano in as part of a new home, locking in the lower interest rate.
One other short-term option that M. Steinert & Sons does that helps some customers is the in-house financing option. Any Steinway buyer with good credit can be eligible for in-house financing by M. Steinert & Sons with 25% down.
The customer then pays three equal payments due 30, 60, and 90 days from delivery, with no interest as long as they make their payments on time and by cash, check ACH debit or wire. If the customer doesn’t make payments on time, the in-house option reverts to a simple interest installment loan with an 18% interest rate beginning at day one.
Jerome notes that he has been involved in some creative efforts over the years. In some cases, he has gone the extra mile–literally– to help M. Steinert & Sons’ customers find the financing plan that works best for them.
“I once took a Mercedes wagon as a down payment on a Steinway Model M,” says Jerome with a chuckle. “I drove it myself and turned it over to the service department each day for deliveries and home service calls. It was a very nice navy blue. Great car!”
But just who finances their Steinway? Which customers find financing to be to their advantage? Most of the financed piano purchases at M. Steinert & Sons have enabled entry-level piano buyers to buy Steinway-designed pianos from the Essex and Boston lines. However, those buying new Steinways have also benefited from M. Steinert & Sons’ financing options.
“Some are new parents, getting a new piano for their child,” says Jerome. “Others are like one customer, a wealthy gentleman, who could’ve bought his Steinway outright but wanted to keep more of his money in the market, helping his investments. He told me, “My investments return a higher rate than the interest rate on this piano loan, so it makes sense for me to finance for the longest available.””
Several years ago, Jerome encountered a new customer, a lady immigrant from South Korea, who was a professional pianist who taught piano lessons in Boston. Jerome worked with her and was able to help her receive financing through M. Steinert & Sons.
Years later, the same customer wanted to buy a new Ford car, which led to the Ford Motor Credit to call Jerome to check her credit payments. “She had paid 36 months, each time on the due date or the day before,” Jerome remembers. “I wish all of my customers had a credit score as good as hers.”
Interestingly, the same customer later purchased a new Steinway Model B from M. Steinert & Sons to add to her Model M. “You just never know who might seek a helpful financing option,” says Jerome.
For any of these financing options, good credit is the key. Any financing option becomes easier with a strong credit score. Credit cards are an issue for some people, but if they are able to clear that up, then an affordable monthly payment is often available. Substandard credit may take some time to clear up, after which a financing option can become possible.
M. Steinert & Sons is well-known for wanting to establish long-term relationships with its customers. Their piano trade policy is a good example of this.
The M. Steinert & Sons Lifetime Steinway Trade-Up Promise states that any piano, new or used, purchased from M. Steinert & Sons will receive 100% of the original purchase price for the life of the original purchaser towards any new Steinway & Sons piano of greater value.
So by starting now with a financed piano at the entry level, the M. Steinert & Sons customer can later apply the sum of those payments to a better piano. Their past payment history is rewarded well.
“And if they eventually trade up to a Steinway, by then we’ll probably have an even greater range of financing options for them to consider,” says Jerome.
Today’s piano customer has an increasing number of financing options to consider. Whether one finances through a national piano financing company like Allegro or Piano Credit Corp, folds the piano loan into one’s mortgage or has an in-house loan arranged with M. Steinert & Sons, the different financing options cover an increasing number of customers.
Such financing options make a new Steinway or Steinway-designed piano within reach.
For more details about these financing options, call Steve Hauk, Sales Manager, at M. Steinert & Sons at: (617) 426-1900.
by Stephen N. Reed
Even those who have not investigated purchasing a Steinway piano before can sense that it is going to be an expensive proposition. Even so, those unfamiliar with new piano prices for premium brands can be surprised at the upper five-figure and six-figure price tag for a new Steinway grand piano.
So what makes them so expensive?
M. Steinert & Sons has been following the evolution of Steinway pianos while distributing them since 1869. The Boston-based company has become the leading authority in New England on the subject of Steinway pianos.
M. Steinert & Sons has helped thousands of customers decide upon this significant investment for their home or educational institution: a new or certified used Steinway piano.
Understandably, some customers come to a Steinway showroom unaware of the cost of a Steinway, with its combination of special materials and legendary craftsmanship. An analogy from automobile purchasing may be helpful.
Imagine a sports car enthusiast who has received a significant promotion or bonus at the end of the year. Steeped in the mystique of the British-made Aston Martin from James Bond films, he goes to the nearest dealer to make inquiries.
To his surprise, he discovers that even the least expensive new Aston Martin model is out of his price range. What now?
This same experience can happen with music aficionados who come into a Steinway showroom for the first time. The price of a new, handcrafted Steinway grand piano can be eye-opening.
The good news is that, like a new car purchase, a new Steinway piano can be financed. Indeed, since 2000, 14% of M. Steinert & Sons’ sales have been accomplished through financing, making an expensive purchase more affordable.
So for those who simply need to stretch out their payments over time, a new Steinway purchase can still be a real possibility. Still, others will wonder: Why are Steinway pianos so expensive?
The special wood procured by Steinway for their famous soundboards alone is of great cost. Steinway pianos combine the resonance of Sitka spruce with the rigidity of Hard Rock Maple to intensify the richness of the sound.
Plus, all Steinway soundboards are made with Sitka spruce, the most resonant wood available.
To better understand the painstaking process Steinway has traditionally used to ensure that their soundboards are at their very best, only the top 1% of the Sitka spruce wood is chosen from the Steinway lumberyard.
Out of that top 1%, 40% is still not deemed fit for use by Steinway. From the remaining 60% of the top 1%, custom fitting of the wood is used to create each Steinway soundboard.
Along with the procurement of this special wood, the selection and fashioning of it by Steinway craftspeople add to the overall cost of the piano.
Perhaps the most obvious reason contributing to a Steinway’s bottom line is that it is made in America, with the associated costs of both piano materials and highly-skilled labor.
The generations-old craftsmanship that goes into every handcrafted Steinway comes at a significant cost, i.e. the cost of the labor at the Astoria, New York production facility.
One major American piano maker discovered the hard way what happens when its main factory moves to a less-expensive part of the country to save on labor costs: the quality of their product can take a nosedive.
If the craftspeople who alone know how to create these intricate musical instruments decide not to follow the company elsewhere, the loss can be staggering, even to the point of ruining the company.
Steinway & Sons has wisely remained in Astoria, New York, despite the higher costs associated with doing business there as opposed to other areas of the country. That decision underscores how valuable the Steinway craftspeople are to their company.
Steinway only makes 1,250 pianos annually at their New York facility, with 200 hands involved in finishing each grand piano.
A handcrafted piano like that is naturally going to cost substantially more than a mass-produced piano at a foreign manufacturing facility.
The various models of Steinway pianos vary in cost largely due to increases in overall size. A larger model requires more wood materials and action parts, along with the additional labor and craftsmanship needed to build a larger piano.
Larger models also have added value for their richer tone and dramatic appearance.
Another significant factor in the price of a new Steinway is the piano’s finish. As one example a Mahogany finish can add up to $30,000 extra on a new Steinway Model D.
The Steinway “Crown Jewel” collection has models with creative finishes that include Dark Cherry and Indian Rosewood. These kinds of custom finishes will increase the price over a standard ebony finish.
Steinway remains the choice of 97% of piano performers worldwide. These are professional musicians who make their living from playing the piano.
They consistently choose Steinway as the instrument that brings out their best as musicians and performers.
Such endorsements by Steinway Artists lead many to believe that Steinway is also the most expensive pianos in existence today. However, even a cursory glance at the most expensive pianos reveals a surprising fact: Steinway’s Model D concert grand appears at the very end of the list at Number 12.
The Model D’s price tag at $198,400.00 USD is actually quite a bit lower than the other pianos on that most expensive list. For example, Italian piano maker Fazioli leads the field with its F308 model offered at $347,000.00 USD.
Other top pianos like Australia’s Stuart and Sons and the Czech Republic’s Petrof are much higher than the Steinway Model D.
A CEO of a large company visited Steinway’s Astoria, New York facility and marveled at the intricate details of putting together a grand piano over 12 months (9 months for a Steinway upright) with over 12,116 parts and with 200 craftspeople’s hands contributing to the effort.
“I can’t believe you can make these pianos for that price!” he exclaimed.
Thus, the final price of a Steinway & Sons piano needs to be seen in the context of what one receives when purchasing a new Steinway: a musical and cultural work of art.
Read next an analysis of four factors that help one decide whether to purchase an expensive piano.
by Stephen N. Reed
Veteran piano consultants at M. Steinert & Sons have seen too many potential customers ripped off by irresponsible used piano dealers who offered non-certified, used Steinways.
Told that the used pianos were from a “Golden Age” of Steinways (an age that is often vaguely dated sometime in the past), the buyer is attracted both by the lower price and the novel notion that their used Steinway is somehow better than a newer, more expensive one.
Despite occasional rumors, there was no “Golden Age” for Steinway pianos. Their engineering and craftsmanship get better each year.
“The truth is, there was no “Golden Age,” when the wood and craftsmanship going into a Steinway were better than today’s newer model,” says Phil Schoonmaker, who has been selling Steinways for M. Steinert & Sons for four decades.
“Each generation of Steinways was good, but time takes its toll, even on Steinways,” notes Phil. “If the customers don’t know this, they are susceptible to an unscrupulous salesperson’s skills.”
Clearly, potential piano buyers owe it to themselves to learn about the difference between a used and new Steinway and also between two used Steinways. Steinert & Sons will only certify used pianos less than 30 years of age.
But according to Phil, if one can afford it, the new Steinway is always the better route. The fact that you’re getting the most state-of-the-art Steinway & Sons’ piano from their world class engineers and craftspeople is the key.
Phil also notes that concert pianists, who make their living as professional musicians, want the newest version. Because they make their livelihood playing the piano and want to sound their best, the vast majority of concert pianists prefer to play a new Steinway.
Let’s take a look at some of the pros and cons of both new and used Steinways.
A new Steinway represents the latest, state-of-the-art version of the Steinway & Sons piano.
A Used Steinway can have good value but only if it is certified by an official Steinway & Sons distributor.
Spending ten to forty thousand dollars for any used piano is a lot of money and yields considerable uncertainty. So if buying a new Steinway is financially possible for you, it’s almost always worth the peace of mind in the long run.
A used piano is tempting, but you need to get to know the piano very well before making any investment. Plus, if it isn’t certified, to the buyer beware.
In the end, a used Steinway can have value if its certified and in good condition. However, in terms of quality and lifespan, a new Steinway piano is always the best deal.
“The ongoing research and development, along with the best materials and craftsmanship that makes each new Steinway a masterpiece can’t be underestimated,” says Phil. “The used piano dealer who tells you otherwise is telling on himself.”
Read more about M. Steinert & Sons’ current selection of New and Used Steinways.
by Stephen N. Reed, updated for 2023 pricing on January 24, 2023
Since its release in 2016, Steinway & Sons’ Spirio pianos have captured the imagination of those who want the high performance of a Steinway Model D, B, or M grand piano paired with the highest resolution self-playing technology.
Spirio Models start around $122,000 and reach over $400,000 (depending upon size, features, and finish). The Spirio Play model adds an additional $29,000 to the price of a Steinway Model M or Model B grand piano.
The newer Spirio | r, with its added recording and high definition editing technology, adds a total of $48,000 to the new Steinway Grand Model M, B, or D (the Model D Spirio is only available in the Spirio | r version).
Let’s look into four key areas, related to the cost of the only self-playing piano to meet the high standards set by Steinway & Sons.
Steinway wants nothing to go out under its name without an exhaustive testing process. This is true for any Steinway product but especially Spirio, with the complexities involved in integrating new audio technology with a Steinway grand.
As the world’s oldest dealer of Steinway pianos, M. Steinert & Sons has an extensive understanding of all Steinway products, especially the Spirio, which we have been carrying since its launch in 2016.
The state-of-the-art technology and engineering innovations created by the engineers at Steinway & Sons account for a significant amount of the value present in each Steinway Spirio piano.
What kind of engineering innovations?
As one example, in order to achieve the high resolution now available in every Spirio grand, Steinway engineers had to place over 1,000 levels of sensitivity per key.
This is not your grandfather’s player piano. This is extraordinarily advanced audio technology, software development, and electronic engineering, all designed to produce the high resolution, nuanced sound any audiophile seeks.
Such innovation is necessary to achieve the experience of having Irving Berlin or Vladimir Horowitz interpret a piano piece. That performance is played out on the Spirio keyboard in the same, precise manner as when these piano masters were recorded years ago.
High resolution technology is needed to offer the same, precise, subtle soft and loud key strikes that a Steinway immortal played in their prime.
It is important to note, that Spirio technology must be installed during the manufacturing process. It cannot be added on after the fact. Just as developing the latest technology takes a highly qualified team, so does the craftsmanship involved in creating a Steinway Spirio. Interfacing the exceptional materials and design inherent in any new Steinway grand with the new Spirio technology being installed is a complex process.
Every new Steinway Spirio is outfitted by Steinway craftspeople to ensure that both the integrity of the original Steinway design and the functioning of the new technology blend in a seamless way to create the Spirio experience.
A key part of this process is installing a solenoid (electromechanical actuator) rail into the piano keybed (a shelf-like part of the piano that supports the keys and action). On the solenoid rail, there is one solenoid for each key.
There is also a solenoid for all three pedals, soft, sostenuto, and sustain pedals, Steinway created over 250 levels of sensitivity per pedal and a solenoid for the on/off function of the sostenuto pedal, as well.
Each solenoid contains a mechanical device that, when activated by an electronic signal, pushes against a key or against the pedal trap work, causing the appropriate keys and pedals to move up and down. All of this is put into place without compromising the integrity of the instrument.
Perfecting this player-piano technology to achieve Steinway standards adds to the value of any Spirio piano.
Unlike pay-per-song technologies, Spirio owners enjoy a huge high resolution library at no extra charge. The Spirio music library consists of over 4,300 pieces from classical and jazz legends, as well as today’s pop artists. Some pieces come from Steinway’s proprietary archival recordings of famed Steinway Artists like Sergei Rachmaninoff, George Gershwin, and Vladimir Horowitz, unavailable elsewhere. Imagine what such exclusive performance recordings would cost if each piece was bought separately.
Steinway continues to pay for new recordings of modern Steinway Artists, whose works are among the 40-50 pieces added monthly in high resolution, recorded exclusively for Spirio. These pieces are added at no additional charge, thus growing and diversifying the Spirio owner’s musical library.
In addition to these factors, one other cost factor remains: does the Spirio buyer want the original Spirio Play version or the Spirio | r version to record from their keyboard? Spirio Play costs approximately $29,000 and is added to the regular cost of a new Steinway Model B or M grand piano.
The Spirio | r adds an additional charge due to the added technology components involved, such as editing capacities and linking up with other musicians remotely. The Spirio | r, with its recording technology, costs $48,000 and is added to the cost of a new Steinway Model M, B, and D.
Both Spirio models come with the highest levels of quality and durability expected of any Steinway.
For more information about the Spirio experience, contact M. Steinert & Sons by filling out the form below.
Or – directly schedule a time to try a Spirio in Boston or Newton.
Other Spirio Related Content:
The 12 Most Expensive Pianos Updated for 2021Most people are fascinated to learn about the most expensive things–whether jewels, or cars, or houses, or clothing. For instance, many people would find it interesting to see the world’s most expensive mansions and to know what they cost, such as:
Sometimes visitors to our Steinway showrooms express surprise at the cost of a new Steinway piano – and we remind them that Steinway is NOT the most expensive piano. We wanted to find out what the most expensive pianos were in 2021 and find out where Steinway landed on that list.
Ordered from high to low – the following is a list of the most expensive pianos that are generally available for sale or from current manufacturers in stock finishes — not rare historical instruments that are found in museums, or irreplaceable one-of-a-kind Art Case pianos, or unique collectibles—these can exceed $18,000,000.
Note: Pricing on a per-model basis can vary between information sources (we used a combination of internet research, and inside-industry pricing knowledge – last updated 2021).
Most people also know from experience that the most expensive things they buy are not always the best, or don’t necessarily meet their needs. When it comes to pianos, you may be surprised to learn the results.
Fazioli was founded in 1978 in Rome by Paolo Fazioli, a musician and engineer who held management positions in his family’s furniture factories in Rome, Sacile, and Turin. Fazioli builds only grand pianos (no uprights), about 150 per year.The F308 concert grand is 10’2″ long and has 4 pedals like the Stuart concert grand.
Features includes Val di Femme soundboards (like the Ravencroft), adjustable bronze capo d’astro bars, Canadian pinblocks, and two actions and two pedal lyres as options on all models.
One of Australia’s last remaining piano-makers, Wayne Stuart, custom makes unusual pianos of unusual size–97 keys, 102 keys, and even one 9’10” model with 108 keys (9 octaves)–standard pianos have 88 keys.
Stuart’s family-run business in Tumut, southern New South Wales, uses timbers largely native to Australia and incorporates certain technical features that deviate from the norm such as 4 pedals and bridge agraffes. There are two models available, a studio grand 7’2″ in length and a full concert grand 9’10” in length. A small number of instruments are built to order each year.
The Petrof company was created in 1864 by Antonin Petrof who was from the small town of Hradec Kralove, about 150 miles east of Prague in the current Czech Republic. He traveled to Vienna in 1857 to learn piano manufacturing and returned to his hometown to found the Petrof piano factory.
Almost 90 years later, after WWII, the company was confiscated under nationalization and it wasn’t until 1990 that Jan Petrof took over to get the company back on its feet with the return of democracy. Made in the Czech Republic, the P284 concert grand is 9’2″ and is available only in polished ebony finish.
An unusual feature Petrof has invented and patented is a version of its new grand action that uses tiny opposing magnets on the wippens and wippen rail. These magnets allow for the removal of the usual lead counterweights in the keys and, according to the company, significantly alter the action’s dynamic properties.
The new action also furthers the European Union’s stated environmental goal of phasing out the use of lead in pianos. The action is adjusted in the factory for a standard touch weight and is serviced in exactly the same way as a standard action.
The Magnetic Accelerated Action, as it is known, is a special-order option on the grands. Petrof also offers as an option the Magnetic Balanced Action, which allows the player to quickly and easily change the touch weight in the range of ±4–5 grams simply by turning a knob.
Seiler Pianos was established in 1849 in Leignitz by Eduard Seiler and the company eventually became the largest piano manufacturer in East Germany. After WWII the company moved to Kitzingen, Germany where it resides to this day. In 2008 Seiler was purchased by the Korean manufacturer Samick but manufacturing of high-end Seiler pianos remained in Germany.
In 2013 Seiler introduced the lower cost Johannes Seiler series with new scale designs manufactured in Indonesia. Though in business since 1849, Seiler is relatively new to the concert-grand market, having had a 9′ grand in production for only about 15 years. The Seiler SE278 concert grand is 9’2”and it is available only in polished ebony finish.
Some features of this piano are nickel-plated cut thread German rod steel tuning pins, Renner action with hornbeam rail, solid spruce “membrator” system soundboard and white spruce ribs pre-curved and notched to the inner rim.
Ravenscroft Pianos is an American-based boutique manufacturer founded in 2004 in Scottsdale, Arizona. Under the direction of Michael Spreeman, Ravenscroft has cabinets crafted in Germany and shipped to Arizona, USA for customization. The Ravenscroft 275 is 9’0″ and is available in polished ebony, pyramid mahogany, or burled walnut finishes.
Some features of this piano are Val di Femme soundboards, CAD optimized actions, multilayer braces with inlaid beech and maple bars, and mahogany and ebony laminated bridges.
Steingraeber & Sohne started building pianos in the 1820’s in Thuringia, Germany. Today they are located in Bayreuth, Germany and are still run as a family enterprise. The Steingraeber E272 concert grand is 8’11” and is available in polished or satin ebony, walnut or sapele mahogany finish. Other veneers are also available by special order.
Some features of this piano are the Renner action, sympathetically vibrating second soundboard, natural materials and glues, white keytops from cattle bone, Bavarian spruce soundboards and hardened pressure bars and bridge pins.
The Bechstein company was established in 1853 in Berlin, Germany by Carl Bechstein. The company survived through two world wars and many economic challenges and has remained to this day. In 1963 it was acquired by Baldwin, and in 1986 Baldwin sold it to Karl Schulze, a leading West German piano retailer and master piano technician, who undertook a complete technical and financial reorganization of the company.
The C. Bechstein D282 concert grand is 9’2” and is available only in polished ebony finish. Some features of this piano are a European solid spruce untapered soundboard, solid beech bridges with beech cap, mahogany moldings and solid wood laminate beam construction.
The Bosendorfer company was established in Vienna in 1828 by Ignaz Bosendorfer. After his passing, Ludwig Bosendorfer took over and began expanding the company. In 1966 the company was purchased by the Kimball Piano Company of America and subsequently resold in 2001 to Austrian investment banking group BAWAG-PSK.
In 2008, Yamaha Corporation purchased the company, keeping the manufacturing in Austria. The Bosendorfer Imperial concert grand is 9’6″ and has 97 keys–a full 8 octaves.
The piano is available in a variety of cabinet styles–Strauss, Schubert, Baroque, Vienna and more. The finishes include satin or polished ebony, white and other colors. Features of this instrument include extra keys, an Austrian high altitude solid spruce pre-crowned soundboard, high tension independent capo bar construction, solid red beech and spruce rims pieced together, hand-wound single looped strings, and more.
Friedrich Grotrian began manufacturing pianos in Germany in 1835 in a partnership with Heinrich Steinweg (who later emigrated to the United States to found Steinway & Sons in New York in 1853).
Grotrian pianos were well known throughout Europe and well respected and managed to continue manufacturing throughout both World Wars until eventually, in 2015, a Hong-Kong based piano manufacturer under the name Parsons Music Group bought a majority interest in the company, continuing production in the Grotrian factory in Braunschweig, Germany.
Grotrian uses laminated beech hardwood for their grand piano rims and pin blocks, actions made by Renner, solid spruce soundboards like most fine pianos, and employ single-stringing throughout the entire scale. Grotrian uprights possess an unusual back construction with the posts arranged in the shape of a star for equal distribution of string tension.
In 2018, Grotrian introduced two more affordable versions under the label Wilhelm Grotrian. They are manufactured in Asia.
The Sauter company was established in 1819 by Johann Grimm in Spaichingen, Germany. When Grimm passed, the company was left to Carl Sauter, thus beginning a lineage of Sauters. Sixth generation Ulrich Sauter now oversees operations of Sauter Pianofortemanufaktur in Germany.
The Sauter 275 concert grand is 9’0” and the piano is available only in a polished ebony finish. Some features of this piano are Bavarian solid spruce soundboard, beech pin block, Renner action, a keybed reinforced with steel to prevent warping, and all pianos are fully tropicalized for humid climates. The factory produces about 500 vertical and grand pianos a year in its factory in the extreme south of Germany, at the foot of the Alps.
The Kawai company was formed in 1927 by Koichi Kawai and seven of his colleagues. Modern manufacturing began in 1955 and by 1963 Kawai centers were launched around the world. Shigeru Kawai are the company’s premium grade of grand pianos.
The SK-EX concert grand is 9’0” and is available only in a polished ebony finish. Some features of this piano are Australian wool hammers, a tapered and tuned solid spruce soundboard, alternating rock maple and mahogany rims, hand planed ribs, thinned hammer shanks, and post-delivery service when each buyer receives a visit within the first year by a Kawai master technician from the factory in Japan.
The most interesting fact regarding the New York-based piano manufacturer Steinway & Sons is that although it is the least expensive of the top 12 most expensive pianos, it is professionally and exclusively endorsed by 97% of solo concert pianists worldwide when playing with an orchestra, while all other piano manufacturers combined compete for a fraction of 3% of the symphony market.
Steinway has also been long recognized by piano historians as the world leader in technical and scientific piano innovation having garnered 139 engineering patents to date since 1853, the vast majority of which have been incorporated in some fashion into the other top brands and are now found in virtually every other piano manufacturer’s designs.
Each element of the Steinway concert grand has been designed and refined with the world-class performing pianist in mind. From the Rock Maple rim, to the Alaskan Sitka spruce diaphragmatic soundboard the Steinway D is the standard by which the others are judged.
Steinway owns the German Renner action company, the German Kluge key company and the Ohio O.S. Kelly cast iron plate company. Together these Steinway-owned companies supply many of the action and key components for most of the piano companies above.
The Model D concert grand is 9′ and is available in 13 different finishes including satin or polished ebony and many exotic hardwoods from around the world. Countless articles and books have been written about this most famous of all piano brands which has been the favorite piano of most of the world’s most eminent concert pianists in all genres.
The value of a given piano is something that remains somewhere between the heart, head and hands of the player. It’s fascinating to learn that the most famous and sought-after and respected piano in the world is not even in the top 10 in terms of cost.
As the New England representatives for Steinway & Sons we like to remind ourselves (and our guests!) that quality, cost, durability and reputation should be primary considerations when selecting a fine piano.
For more, check out our summary of all things Steinway.
by Stephen N. Reed
After five years on the market, Steinway’s Spirio high performance audio technology is gaining popularity. Indeed, one out of every three new Steinways sold today is a Spirio.
After reading this article, you will be familiar with what we feel are the best reasons to step up to a Spirio for your Steinway Model B, M, or D. M. Steinert & Sons has been a Steinway distributor for New England since 1869 and has seen various models of player pianos over the years.
“The Spirio includes a high resolution musical library, live performance capability, and recording,” said Chuck Johnson, Marketing Manager for M. Steinert & Sons.
“We’ve seen different attempts at player pianos, having served the New England piano market for over 160 years. Spirio is the most well-designed, easy to use, self-playing piano we’ve ever sold.”
First and foremost, a Spirio still has the broad palette, warmth and depth of tone, powerful resonance, and unmatched touch response—just like any other new Steinway.
The artisans at Steinway & Sons install Spirio technology at the time of manufacture, ensuring no alterations in the musical performance, nor compromise in the instrument’s beauty. The benefit to the buyer is that they have both a new Steinway grand but also Spirio technology with all of its functions.
While Spirio is state-of-the-art technology, Steinway has made it simple for anyone to use. An Apple iPad is included, and the varying Spirio functions are easily controlled with the corresponding app. Training is offered, but rarely required – it’s that easy to operate.
After working with every after-market player system in the piano business for over 30 years, we are continually impressed by the simplicity of the Spirio’s access to the genres, performers and songs we wanted to hear. When something is easy to use, it tends to get used, and is worth owning.
The exclusive, high-resolution library features over 4300 pieces and is updated with 40-50 new pieces every month at no additional charge.
This includes a growing number of classical virtuosos, jazz legends, today’s latest pop artist hits, and historical performances by Steinway immortals like Rachmaninoff, Gershwin, and Duke Ellington.
Much like the megapixel revolution of the digital camera, Spirio offers the high-tech benefit of exclusive, high-resolution recordings, preserving all the music. Every nuanced, dynamic level from infinitesimal gradation of hammer velocity as well as every shade of resonance from proportional pedaling.
The result? Experiencing performances captured by great pianists of today and yesteryear that are indistinguishable from their live performances. We’re not talking about mere recordings from your CD collection.
This is like having the ghost of George Gershwin, Duke Ellington, or Sergei Rachmaninoff playing the keys on your Steinway Model M, B, or D grand–exactly the way they performed them decades ago
Spirio provides additional, high-resolution audio entertainment long after children who play the piano are out of the nest. Moreover, the different functions Spirio provides can re-ignite an interest in music and piano playing.
For example, one M. Steinert & Sons customer decided to step up to a Spirio because her daughter, who was taking lessons, was beginning to lose interest in the piano.
Spirio has done exactly what her mother had hoped: rekindle her daughter’s interest in the piano. Exposure to all of the different musical genres and soon live recordings in real time has made music fun for her again. Indeed, their Spirio has brought the whole family together through music.
Spirio provides a Steinway grand piano that has increased value for music lovers who do not play or who do so seldom. For these customers, a Steinway grand with the Spirio feature-set makes for a more valuable, easy to use, frequently-enjoyed instrument.
The value for them is two-fold: they have both a traditional Steinway grand for the occasions when they need it, while also enjoying a high-performance Spirio system for regular use.
The Spirio is also excellent for teaching and collaboration, allowing players in different locations to share their own recordings with one another. Today’s Rodgers and Hammerstein can brainstorm from their own homes, if needed. Remote learning possibilities abound for musical educators with the Spirio, as well.
The years of testing Spirio’s capacities by Steinway craftspeople, engineers, and technicians yields tremendous value to the Spirio experience. One out of every three new Steinways purchased today is a Spirio, an indication of their growing popularity with Steinway owners.
M. Steinert & Sons has been serving New England with Steinway’s range of pianos since 1869. We were part of the 2016 rollout of the Steinway Spirio because we were impressed with the carefully-researched interfacing of the latest high resolution, audio technology and the classic Steinway craftsmanship.
We encourage you to come see and play a Spirio for yourself at either of our two locations. For more information, please contact M. Steinert & Sons by filling out the form below.
Schedule a visit to one of our showrooms in Boston and Newton to try a Spirio for yourself. Until then, learn more about the Spirio models.
TOP 9 PIANO-BUYER QUESTIONS 2023After 160 years in the piano business in greater Boston – we’ve heard just about every piano question imaginable! From “can I trade my car for your piano” to the recurrent “what’s my old piano worth?”
Here’s a look at our top 9 frequently asked piano buyer questions updated for 2023:
While the specifics have changed this year, the general rule remains: You won’t be a beginner for long! The best piano for a beginner is one that can meet the individual’s musical intentions and goals.
Some beginners hope to become advanced pianists, even professional performing pianists; other beginners want to get their feet wet, so to speak, to see if they will like it. Some beginners imagine piano playing as a hobby at most; others devote themselves to becoming the best pianists they can be. The more demanding the goal, the more important the quality of the instrument.
For the serious student, growing into a piano makes sense. Standards for touch and tone are set early in the learning process. For the casual learner without high aspirations, an entry-level vertical or digital piano can be a logical choice. Many stores allow trade-up credit to facilitate easy upgrades over time.
Steinert’s Vivian Handis wrote a fantastic article on this topic.
Steinert Tip: Check out the Roland HP704, Boston UP120s, Essex EGP173
This answer has changed over the years. At one point, Craigslist had a certain ‘ethic’ and a sense of fair play about it, but now it’s largely the last refuge of worn-out pianos. Generally speaking, Craigslist is a very risky place to buy a piano due to the general ignorance of the piano’s true condition by both the buyer and the seller. Without significant technical skills, it is difficult for a non-expert to know whether a piano will hold a tune or play properly. More subtle, but important, is to know whether it’s lost its bearing (a piano technician’s term for the bridge’s height relative to the strings). See Four questions to ask before accepting a free piano
A piano technician, or at the minimum, an experienced pianist, should evaluate a used piano. Consulting with someone who knows what to look for will give you a sense of the remaining musical life (if any!). Where there are no guarantees, there is no recourse if one brings home a clunker.
Steinert Tip: Consider the value of a Trade-in Policy and sufficient Warranty protection.
With advances in technology, this feels like an increasingly relevant question. Yet, digital and acoustic pianos still offer very different piano-playing experiences.
The sound of acoustic pianos is achieved naturally through vibrating steel strings, resonant woods, and natural dampening and friction-absorbing materials such as felt and leather. The feel of an acoustic piano is derived from its often unique combination of key length and action design. Acoustic pianos are the only instruments that offer true traditional piano sound and touch.
The sound of digital pianos is achieved electronically. Digital pianos offer many types of simulated instrumental sounds, as well as recording capability, Bluetooth, MIDI, computer compatibility, educational apps, etc.
Recently, pianos from Roland have incorporated acoustic modeling technology to recreate elements of overtones and harmonics into their piano sound. The key feel of a grand is also replicated through mechanical means in some of these newer Roland models.
They have the advantages of complete silence by means of headphones (great for families, neighbors, and roommates; ( footnote: many acoustic pianos today can also be retrofitted with silent systems), no tuning or action adjustment costs, and smaller physical size for those in smaller homes, or who plan to move the instrument frequently.
However, digital pianos cannot exactly replicate the sound or touch of an acoustic piano–they can only simulate it–and as with most electronic devices, their components deteriorate over time. They tend to be less durable than high-quality acoustic pianos.
If one is a traditional piano purist, only the acoustic piano will do for both touch and tone. Some piano teachers accept only students who are practicing and playing an acoustic piano.
Steinert Tip: Bring in your teacher and a favorite piece of music – and try both types of pianos!
Of course, that depends on age, condition, size, finish, availability, and other factors. In short, the reality is that some used Steinway pianos are essentially worthless (more below), while some rare art-case Steinways have set records (see the Alma Tadema piano at the Clark Art Institute in Williamstown purchased for $1.2 million).
If the Steinway has been rebuilt or restored in any way, other factors may apply such as where the work was done and the qualifications/skill level of who did it, whether or not genuine Steinway replacement parts were used, which exact parts were replaced, and which were not replaced, etc. Some liken this process to purchasing a used high-end automobile… who performed the service, and what parts were used?
The open market range of “Used Steinways” is very broad due to the extreme range of quality and age. Generally speaking, one should expect to pay about double for a new Steinway than for a rebuilt Steinway, unless the piano has been completely rebuilt at the Steinway factory, which costs about 20% less than the new model of similar size.
At some point, even a Steinway becomes a non-musical entity with no real value – other than its “shell” value (a term for the wholesale value of the rim/plate). Many are excited to learn about the inheritance or acquisition of a Steinway, only to find out a short time later that it will require a complete restoration to be usable. A Steinway factory restoration costs as much as 80% of new.
New Steinway prices range from the mid $80,000 range to over $200,000 depending upon size, finish, and other criteria. Rebuilt Steinways tend to range from about $30,000 to $100,000–again, depending upon the vintage, size, finish, amount and quality of work done, etc.
Used Steinways of recent vintage are usually worth more than rebuilt old Steinways and are generally valued at roughly 75% of the price of a new Steinway.
Steinert Tip: Two recent articles on Steinway aging and Pricing:
When faced with the cost of paying for lessons AND buying a piano, many become concerned with the overall cost to even ‘try’ the piano. Sometimes, the instinct is to try and get by with a substandard used piano or cheap portable keyboard. Yet, this early stage is the period where sound and touch quality can really make a difference as interest is being fueled. Great beginnings often make for great outcomes! So, if the budget or the commitment is limited, a rental could be a good option because it will still provide a high-quality piano experience. The key to a successful piano rental experience is to keep a path toward a purchase that doesn’t lose your initial investment in the rental.
At M. Steinert & Sons, with our EZ-Start program, 12 months of rental payments may be applied toward the purchase of the rental piano or any other piano that we sell. At the end of the rental period, the return transportation cost must be paid by the renter. EZ-Start rental fees and the available piano models may be viewed at http://staging-msteinertcom.kinsta.cloud/a-buyers-journey/piano-rental/.
Other pianos can be rented as well. The monthly rent is 3% of the piano’s purchase price. You can rent indefinitely and the minimum period of time is 3 months. The delivery cost and the first month’s rent must be paid upfront with an approved credit check followed by a monthly billing cycle. Six months of rent can be applied towards purchase.
Steinert Tip: We affiliate with many regional teachers and offer special pricing through them – ask your teacher if they’re connected to M. Steinert & Sons.
In general, we do not buy old pianos, but we will consider taking an old piano in trade for a better piano. The old piano must be evaluated by one of our piano technicians or sales staff and a trade value (if any) assigned to it. Our recent article on What Is My Piano Worth is a great way to understand the variables in older pianos.
In some exceptional cases, we will agree to consign newer Steinway pianos that are in excellent condition. A consignment agreement is discussed with the owner if both parties are interested in this arrangement.
For information on the age of your piano visit: http://staging-msteinertcom.kinsta.cloud/a-buyers-journey/how-old-is-my-steinway/
Steinert Tip: Learn more about our Certified Piano Program – if you think your piano might fit here – let’s talk.
Currently, there is no industry-wide accepted used piano “bluebook”, as there is for automobiles. Ultimately, one is pricing the musical art, or musicality, of which a piano is capable, which will vary widely in each case. There is no established or industry-standard valuation formula for used pianos. See What Is My Piano Worth?
Steinert Tip: For more information about what happens to pianos as they age, see: http://staging-msteinertcom.kinsta.cloud/blog/new-vs-used-steinway/
Price should reflect actual value, as the price of anything is established by its true value. Assuming the seller’s honesty, if a piano is discounted, that is its true value at that point in time.
Some piano stores and brands post significantly inflated MSRP (manufacturer’s suggested retail price) on their pianos and offer large percentage discounts to give the impression of attractive values (mark it up to mark it down etc.) –but in reality, the price for which the piano is sold is the only thing that determines its true value.
Other piano stores and brands, notably Steinway, and M. Steinert & Sons, do not engage in such strategies. Any price discounts will be done only for legitimate reasons such as length of time in inventory, true current condition, maintenance history, availability, etc.
If there is a discount, it is due to some legitimate reasons such as inventory aging, overstock, musical considerations, a very limited-time promotion, some cosmetic flaw, etc.
Steinert Tip: Call us. If you reside in our market area (Greater Boston/Eastern Massachusetts), we are committed to earning your business.
We’d like to think we have something for everyone, but it ultimately depends upon your particular piano needs, budget and preferences. We also believe that the reputation, stability, and longevity of a dealership are important for piano ownership since every acoustic piano requires basic maintenance.
Some popular piano brands change dealerships every few years. One popular piano brand has seen three different owners/dealers in the last 9 years. M. Steinert & Sons has been in business in the Boston area for over 160 years and has been the sole Authorized Steinway dealer for the region since 1869.
M. Steinert & Sons is the official supplier of pianos to the legendary Boston Symphony Orchestra and nearly all other leading musical institutions and venues throughout New England. We work with private teaching studios, community music schools, and pianists of every level while supporting the local music community and economy. We’ve made a serious commitment to keeping the piano a vibrant force in music-making in our region!
Learn more about us at: http://staging-msteinertcom.kinsta.cloud/about-m-steinert-sons/steinerts-history/
Let us help you find a piano that matches your needs and budget
updated for 2023, by Brendan Murphy, President M. Steinert & Sons
So, your child seems musical. All those studies you’ve read about music and brain development are starting to resonate. The piano lessons seem to be sticking. Practicing is one of the only times of day you see him/her calmed, focused, and engaged. The piano teacher is saying the old keyboard is not cutting it.
Or that old piano you got for free from the neighbor is not sounding too good. (I thought it only needed a tuning…?) The piano technician refuses to work on the piano, saying it is beyond its useful life. Perhaps it’s time to get a real piano. BUT… What does a piano cost?
I am asked this question almost daily by musicians, pianists, and people just curious about my profession. The history of M. Steinert & Sons and the fact that I’m 4th Generation at the company are intriguing enough for the next question to be “What does a piano cost?” Well, the answer requires some explanation.
Pianos vary significantly in price from a few thousand dollars to over $1m. In this article, I’ll address the various factors that affect the cost of a piano and discuss the typical price ranges for different types of pianos.
First, there are generally three types of piano; Acoustic Grand Piano, Acoustic Upright Piano, and Digital Piano. In this article, we’re going to focus primarily on acoustic pianos.
The basic style will be the first factor affecting an acoustic piano’s price.
Is it a Grand piano or an Upright piano? Grand pianos are typically more expensive than upright pianos because of factors inherent in their design. Grand pianos are larger than upright pianos and require more labor and raw materials than upright pianos. These things alone point to a higher price point.
Going beyond the piano style (grand or upright), many other factors affect the price, including construction method, design, and materials used. These factors can be simplified into three categories of piano; Handmade Pianos, Production Pianos, and Economy/Stencil Pianos.
Handmade pianos are instruments in which the production process is typically limited and relies on the skills of the artisans and craftspeople building the pianos. Examples of well-known handmade pianos would be Steinway & Sons, Bosendorfer by Yamaha, Fazioli, or smaller concerns, such as Stuart & Sons in Australia.
Handmade Pianos are typically made to a standard of quality rather than a price point. Handmade pianos are sought after by professional and amateur pianists and music lovers, collectors, and buyers who demand the highest quality.
Handmade grand pianos are typically on the higher end of the pricing spectrum because of the high-quality materials used, more skilled craftspeople, and more labor-intensive processes. Depending on size and model, standard model handmade pianos can range from $60,000 to over $200,000.
See our article on The World’s Most Expensive Pianos
Production Pianos could also be described as “consumer-grade.” This piano category is designed by and has materials specified by a manufacturer and utilizes more automation in the construction process than a handmade piano.
Production Pianos will vary in quality and design and thus price point. Still, they often can be a good choice for families looking for a piano that can hold up to consistent household playing. They are typically backed by a solid design and a strong manufacturer’s warranty (when new). Some well-known Production Pianos are Yamaha, Kawai, Boston, and Essex by Steinway.
It is essential to know that many manufacturers that produce “consumer-grade” Production Pianos also employ manufacturing facilities and piano designs that fall into the next category, “Economy Pianos.”
While the name on the fallboard is the same, the design/manufacturing and quality standard are not comparable. Yamaha, for instance, builds pianos of similar look and size, some of which could be considered consumer-grade, others economy.
Production grand pianos vary in price from about $15,000 to $60,000, whereas production upright pianos range from $7,000 – $18,000.
At the turn of the century in America, hundreds of piano manufacturers built pianos, including M. Steinert & Sons. Over the years, all of these manufacturing operations went away, except for Steinway & Sons.
Today, companies manufacturing overseas (typically Indonesia and China) have repurposed many old American brand names for their piano designs. Stencil Pianos are manufactured to a single design and have various names depending on the regions they are marketed for sale.
Since the manufacturer uses the same piano design with different names, the piano’s name is essentially “stenciled” on. Stencil pianos tend to use lower-quality materials and are built to a price point rather than a quality standard.
Stencil Pianos are a good choice for the non-player that wants a piano for the home-décor design elements it can bring. In many cases, Economy/Stencil Pianos are not a good choice for areas with varying climates and seasonal changes as the instruments do not hold up well to varying seasonal environments.
Economy/Stencil Pianos vary in cost but can be found between $9,000 and $17,000 for a grand piano and $4,000 to $7,000 for an upright piano. For most buyers, the low cost does not make up for the instability and poor tone quality inherent in this piano category.
“Standard-design” acoustic piano costs are described above. A Standard Design could also be considered an “off-the-shelf” piano or a standard model in regular production. These are typically ebony-finished pianos in various sizes/scale designs.
Most manufacturers offer different veneer and color options.
Veneers often offered on Production Pianos, and Economy/Stencil Pianos are typically limited to mahogany and walnut. This option can add about 10-15% to the price of the piano.
Depending on the manufacturer, these veneers might be low-quality veneers of the original species stained/colored to look like the species specified.
Handmade Pianos offer higher quality veneers and often many more options. Steinway & Sons offers 15 species of exotic veneer in their “Crown Jewel” collection. This will add 15-25% to the price of the piano. Stuart & Sons offers dramatic veneer pairings on every piano; ebony is not an option.
Did you know that player pianos have been on the market for over 100 years? Today’s player systems have come a long way from the old pneumatic pump actions controlled by paper rolls. The systems of today can be native to the instrument, such as Steinway & Sons high-definition Spirio pianos or Yamaha Disklavier. Other systems from QRS and PianoDisc can be retrofitted to most pianos.
The native systems add about 25-30% to the instrument’s price. Retrofitted systems range in price between $7,000 to $15,000. Options such as onboard music, record functionality, and external speaker systems contribute to the price.
Often a manufacturer will offer a special edition case design. This can range from a different furniture style (Louis XV or Chippendale) to unique cases with an impressive range of veneer and color options.
Steinway & Sons offers a “John Lennon” edition piano with design features specified by Yoko Ono, including incorporating John Lennon’s artwork on the case.
Steinway also recently reintroduced a historic furniture style initially released in the 1940s designed by famed mid-century design firm Teague. Special Edition Case designs can add between 15-40% to the price of the piano.
A limited-edition case design differs from the above “Special Edition” in that the production numbers are limited. These pianos are produced to commemorate special occasions and special partnerships. Recently Steinway & Sons collaborated with famed designer Dakota Jackson and international concert pianist Lang Lang to create the “Black Diamond” limited edition.
Limited Edition pianos can cost as much as double the standard production model.
Most Handmade piano manufacturers will engage with clients to create a bespoke case design. In addition to clients’ bespoke visions, certain manufacturers will occasionally make a single one-of-a-kind instrument to commemorate an event or milestone. These instruments are usually produced in partnership with an outside artist or designer.
In 2016 Steinway & Sons created the Fibonacci for serial number 600000, featuring the Fibonacci spiral illustrating the geometric harmony of nature.
More recently, Steinway & Sons partnered with famed artist Paul Wyse to create the “Pictures at an Exhibition” Steinway to celebrate Modest Mussorgsky’s immortal work for solo piano with classical painting, Russian history, and meticulous STEINWAY craftsmanship.
Price ranges vary according to design and detail but often exceed $1m.
Unlike many stringed instruments (violins and cellos), pianos do not get better with age. The piano is a percussive instrument subject to tens of thousands of pounds of string pressure. A piano is made predominantly of wood, which is subject to expansion and contraction with seasonal or climatic changes. A piano’s value comes from its musical quality, not its age.
Design, craftsmanship, and materials used will determine the useful life of a given piano. Typically only Handmade pianos have significant value as used instruments, but condition and musical quality are the paramount determining factors for the value of a used piano.
In general, a well-maintained used Handmade Piano less than 30 years old can often be valued at 70-80% of a new piano equivalent. Production Pianos less than 10 or 15 years can be valued similarly. Economy/Stencil Pianos often deteriorate rapidly and do not have much value as used instruments.
Of course, there are many variables of a used piano; age, condition, usage/wear, replaced components, etc.
