There are plenty of buyers looking to save a bit of money on the resale market, yet used pianos can be difficult to sell. Although the market is competitive, by expanding your options and learning how to sell your piano privately, wholesale, and/or through consignment, you can set yourself up for a successful sale.
How much is an average piano worth?
An upright piano costs between $3000 $6500 on average. High-end upright pianos average around $10,000 $25,000. Entry level grand pianos costs between $7000 30,000. High-end grand pianos such as Steinway, Bosendorfer, and Yamaha can cost between $65,000 $190,000.
How much are pianos worth?
Piano Type Age Approximate Value Range
--------------- ----------- ------------------------------------
Steinway & Sons 40+ years $1,000- $15,000 “shell value”
Steinway & Sons 5-10 years Around 80% of new $60,000 to $90,000
Steinway & Sons 10-20 years 60-70 % of new $45,000 to $70,000
Steinway & Sons 20-30 years 50% of new $40,000 $60,000
How do I value my piano?
Appraisers of used pianos and other consumer goods typically use three different methods to determine fair market value: comparable sales, depreciation, and idealized value minus the cost of restoration.
Are pianos easy to sell?
But, unfortunately, there are some pianos that are hard to find buyers for in the current piano marketplace. Apart from a few exceptions, most spinets, older upright pianos, and roll-style player pianos can be difficult to sell.
Are pianos hard to sell?
Upright pianos especially have a much tougher time selling when they are older than 30 40 years old. Grand pianos older than 50 years old don't sell that well either unless it's a luxury model like a Steinway or Yamaha. It's not uncommon to see a Steinway from the 1800's sell for almost as much as a brand new model.
Can you make money selling pianos?
One possible additional income source for a piano technician is to buy and sell used pianos. If you go through the piano and clean and tune it as well as make any necessary repairs or adjustments, the piano can usually be sold for a profit to add to your income.
Do pianos hold their value?
From a financial perspective (excluding instruments with special historical or artistic value), pianos are a depreciating asset. They depreciate quickly for the first few years and then slowly thereafter. They may eventually appear to appreciate in value, but the appreciation is entirely due to inflation.