Press - Business Week

Buying A Used Steinway? A Few Notes
Andrea Rothman, Business Week, January 18, 1993

For more than a century, Steinway pianos have captivated musicians with their touch and rich tone. Prices are rich, too: Steinway's smallest baby grand sells for $23,900.
But you needn't pay that much to get your hands on a superb instrument. Many of the most beautiful Steinways ever made are now more than 60 years old and, even after restoration, sell for considerably less than new ones. Some musicians contend that older pianos are preferable. Tannis Gibson, an artist-in-residence at the University of Virginia, chose five restored Steinways for the school's music department. The pianos have "a more beautiful, singing sound," she says. "Some people describe it as a sound with more soul."

Golden Years? Many of the best Steinways were produced between 1890 and 1930, say fans of the older instruments. It's hard to pin down just why such magic existed during that period, but restorer Sara Faust of Faust Pianos in Irvington, N.Y., believes it was a combination of craftsmanship and materials. The harp, the flat part of the cast-iron frame that forms the heart of a piano, was "virtually perfect, the woods that were used for the case were beautiful, and the construction and the care that went into it—everything—was really right on the money," she says. A refurbished Steinway generally sells for 25% to 30% less than a new one. Faust sells a fully rebuilt Model M Steinway – a baby grand that measures 5 ft., 7 in. from the keyboard to the back—for $19,000, vs. $27,400 for a new one from Steinway.

The folks at Steinway say the belief that older instruments are better is "an old canard," but a spokesman admits it's one "we're accustomed to hearing." Steinway has a factory restoration center in Long Island City, N.Y., that refurbishes pianos for customers who bring them in.

At anywhere from $1,000 to $15,000, restoration is expensive and can cost more than a piano is worth if it's not a great instrument to begin with. But Steinways aren't the only pianos worth restoring. Experts say Mason & Hamlin also produced many fine pianos in the early decades of the century, as did Knabe. The simplest way to find a good instrument is to go directly to a restorer or a dealer who sells rebuilt pianos. Most should have instruments in stock and can also contact customers as others are available.

People willing to invest some energy and who want to save money can also scout out instruments themselves and then take them in for restoration. Check out newspaper ads, attend estate sales, or visit local auctions. Many of the pianos on sale will be junk. But a lucky looker can snap up a dusty old family piano that turns out to be a fine vintage instrument –and goes for just a few thousand dollars. If it's a Steinway, you can learn the age of the piano by checking the serial number on the cast iron plate inside the piano with the company. Before putting down money, it makes sense to pay a local piano technician to have a look inside the instrument to make sure there are no defects, such as a cracked plate, that would make restoration impossible. The expert should also be able to provide a rough estimate of how much work would be required and the cost. Any reputable musical instrument store can recommend a technician.

Gut Rehabs. The key to acquiring a beautiful instrument is finding a top-notch restorer. There is no guild to certify such people, and anyone who puts in new strings can claim to be a professional. A true restoration can involve replacing the action, or moving parts, inside the instrument, putting in a new pinblock or new strings, rebronzing the iron plate, and refinishing the piano case. Before hiring anyone, ask for referrals, particularly for ones from such professional clientele as major universities, concert artists, and local symphonies. Then try and get a look at some pianos the person has worked on.

Once it has been restored, a piano should look and feel as though it were new—and with maintenance should last a lifetime, says Faust. By that time, your grandchildren will be able to restore it all over again.

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