BEST ANSWER
Hello Artist1 and thanks for your question.
As a pianist, the value of any instrument is based on several factors: 1) condition and components of the instrument--more specifically the harp, harp size, piano wood, style and the keyboard; 2) maker/manufacturer of the instrument; and 3) rarity. Bosendorfer and Steinway pianos tend to be the most famous rare pianos commanding prices equivalent to small houses. More common brands, such as Baldwins, might be worth only a $1000 in good condition. Grand pianos are worth more than uprights or spinets and even the color of the piano can add or reduce its value.
To get an estimate of your piano's worth, contact your local piano dealer to ask for an evaluation. You can start by taking pictures of your piano to the dealer's showroom. Shoot a picture of the piano from the front, take a picture of the name of the manufacturer, the serial number and manufacturing information inside the piano lid or near the front of the harp (if a baby grand or grand piano) and any ornamentation on the piano or as well as the condition of the keys. The dealer may not be able to give you an exact answer, but you'll at least get a "range" of pricing for the piano.
Even if you don't plan to sell a piano, but own one, it's a good idea to constantly update the stated value of the piano for your insurance carrier. I routinely travel through piano stores to check on the value of my special edition Kawaii for my homeowners insurance coverage (and to play the new pianos--okay, I really go to play the new pianos, but I do keep track of prices too). This way, should there be a fire or water damage, you can assured that the piano is properly covered should you wish to have it restored or replaced.
Good luck and thanks again for your question!
Sincerely,
Grace Morioka, SRES, e-Pro and devoted pianist
Area Pro Realty
San Jose, CA
Wed Apr 22 2009, 22:58
Fair Housing and Equal Opportunity