From Bach to Buddy Holly, “Music is the Shorthand of Emotion”

While there is no official central database for the movement, sale, and pricing of musical instruments, unofficial figures suggest that the market is growing slowly but steadily year on year. With some musical instruments such as Steinway pianos, Stradivarius violins, and Gibson and Stratocaster guitars worth millions, getting musical instrument insurance is a serious business.

Stradivariuses and Steinways

Many sales of high value musical instruments are not publicised. Stradivariuses and Steinways can change hands for large sums of money without the instruments ever going on the open market or to auction.

When they do exchange hands publicly, the prices can reach sky high levels. One example of a Stradivarius violin that made headlines was the Messiah, constructed and built at the beginning of the 18^th century. In nearly perfect condition, the Messiah has an estimated value of $20 million and is now exhibited at the Ashmoleum museum, Oxford.¹

Stradivarius musical instruments are not just limited to violins, but can be cellos, violas, or other stringed instruments made by the Italian maker Antonio Stradivarius in the 17th and 18th centuries. They are considered the finest and most exquisitely crafted stringed instruments in the world. Often worth millions, their rarity drives up prices.

If you play, collect, or own a stringed instrument such as a violin however, it doesn’t have to be a Stradivarius to be worth thousands and even tens of thousands. Age can be on your side if you own an instrument such as this, with prices starting at $2,500 (£1,925) and reaching to $15,000 (£11,550), regardless of age. Collectors and musicians will be more concerned with the condition of the instrument and the quality of sound, which can often improve with usage and age.²

Probably the most illustrious piano maker is Steinway. Steinway & Sons was founded in 1853 and is renowned worldwide for making beautifully crafted upright and grand pianos. They also produce what has come to be known as the Steinway sound – a rich and powerful tone which has seen these pianos played in the best professional concert halls around the world.

Steinways retain their value with prices rising by approximately 4% each year. Like many antiques, their market price increases steadily, with a 50-year-old Steinway worth nine times more than its original price half a century ago.³

The most expensive Steinway ever sold at auction was the piano which made a star appearance in the 1942 film classic Casablanca. This was the same piano behind which the character Sam sat and to whom Ingrid Bergman said the iconic line, “Play it again Sam.” The infamous painted piano was sold at auction in 2014 for $3.4 million (£2.62 million), proving that provenance plays an important part in the value of musical instruments.⁴

Even if you cannot stretch to over £2.5 million for Casablanca’s star piano, an upright Steinway can cost from $32,300 (£24,877) to just under $40,000 (£30,810). A Steinway grand piano made in Hamburg (Steinway produce pianos in both Queens, New York and Hamburg, Germany) is valued from around $80,000 (£61,627) to just under $176,000 (£135,586).⁵

American Original ’50s Stratocaster

Played by Buddy Holly, Jimi Hendrix, Tom Petty, and David Gilmour to name a few, the Stratocaster electric guitar was first introduced to the market in the 1950s.

Today it is one of the most iconic electric guitars in the history of popular music. The most expensive Stratocaster ever sold to date is the ‘Black Strat’ which appeared on Pink Floyd albums and songs, until a red Stratocaster replaced it. The Black Strat was sold in 2019 for a record-breaking $3,975,000 (£3,062,240). ⁶

The 1959 Gibson Les Paul Standard is also known for its rich, well-rounded sound and beautiful craftsmanship. Only 650 were made and it was used by musicians such as Buddy Holly and Eric Clapton, becoming highly sought after amongst collectors. Prices for the Gibson guitar now start at $6,000 (£4,600) and reach to around $400,000 (£308,000), depending on the make and model.⁷

When you are insuring musical instruments, your usage of them will be taken into consideration by the insurer. A high net worth Private Client home insurance policy will usually cover musical instruments within the overall Contents Insurance and include a section for Fine Art/Antiques/Collectables.

Depending on the nature of your musical instruments and how you use them, a high net worth Home Insurance policy will usually cover your musical instrument. This would include Worldwide as standard, Public Liability insurance, high single item limits and high end claims handling. If you are a professional musician and earn an income from performing with your instruments or possibly teaching with them, you might need to consider a separate policy.