Do you know the fair market value of your piano? You can find out a lot about the worth of your piano when you have it appraised. However, the appraised value of your piano is not definitive; it is based on the opinion of your appraiser. Some of the factors that piano appraisers use in their reports are market value, comparable sales of similar pianos, and the age of the instrument. Some of the most common reasons for getting an appraisal are for sales and to make insurance claims. In a report done by a professional piano appraiser, the following components of the piano are evaluated:
- Hardware – Includes Cabinet and Finish
- Keyboard – Hammers, Repetitions, Keyframe, Keybed
- Dampers – Damper System
- Structural Integrity
Appraisers of used pianos usually base their reports on several different factors to determine the fair market value: comparable sales, depreciation, and “idealized value” without the cost of restoration. The idealized value is considered in used pianos and those that are not in good condition. It is the difference between the cost of a rebuilt piano and the cost to restore the un-rebuilt one to like-new condition.
Learn about professional services for restoring pianos in Richmond, VA, by Taylor Piano Restorations. We sell used and remanufactured pianos that include a number of different brands. Contact us for more information.