Musical Instrument Collecting

History

Musical instruments have fascinated both musicians and non-musicians throughout history. While instruments are valued for their sound and playability, they also hold appeal as works of art, technological innovations, and cultural icons. This has led to a thriving collector's market. Historically, the most significant musical instrument collections often belonged to wealthy patrons of the arts who sought fine European violins, violas, cellos, and other string instruments, especially those crafted by Antonio Stradivari, Giuseppe Guarneri, and the Amati family of Cremona. In many cases, their heirs donated the collections to museums, where the instruments continue to inspire instrument makers, collectors, and musicians, as well as the general public.

Along with fine European instruments, many museum collections also include ancient instruments that were culled from anthropological museums and archeological excavations around the world. The growth of ethnomusicology during the late nineteenth century resulted in the increased collection of folk instruments from indigenous cultures around the world as well as Appalachia and other regions of the United States. These instruments continue to attract many collectors today.

Cultural institutions such as the Rock and Roll Hall of Fame and the Country Music Hall of Fame have played a key role in promoting the value of twentieth century instruments. Guitars are now the most commonly collected instrument, with mandolins, banjos, fiddles, harmonicas, and other instruments played in popular music also finding their way into many collections. Models associated with famous musicians tend to attract the most interest, although many musicians and enthusiasts may also seek out less famous examples for particular sounds or simply due to rarity or unusual qualities. While handcrafted and vintage small-production factory instruments tend to be more highly valued, there is a collector's market for certain mass-market products as well.

There are as many reasons today to collect musical instruments as there are different types of instruments. Most collectors share a passion for music and are often emotionally driven. A collector might seeks out the same model acoustic guitar as a folk musician used to compose a favorite ballad, or the actual first electric guitar played by a well-known rock 'n roller. An instrument once owned by a celebrity tends to sell for much more than the same model from an anonymous owner. Condition can also influence price, as a pristine specimen will command more than a heavily worn example of the same model (unless the provenance dictates otherwise).

Some instruments are collected strictly for their decorative value and are often too fragile to play, although many instruments acquired by both museums and private collectors continue to be used occasionally. Organizations such as the Metropolitan Museum of Art, the Smithsonian Institution, and the Library of Congress feature performances by established musicians on their most valuable instruments. Some private collectors rent instruments to prominent musicians. Many people believe that collectors today share the responsibility of making historic instruments available to musicians, who are often unable to compete financially with investors.

Things to Look For

• Condition of instrument: warping, mold, cracks, dents, missing pieces, etc. Consider the costs involved in restoration and repair. Some repairs will decrease the value of the instrument.
• Condition of case, bow, or other accessories. Check for insects and insect damage.
• Overall craftsmanship.
• Materials used in construction. Ivory and bone are good indicators of age.
• Design.
• Tone and other playing qualities. One should employ the use of a good bow when testing violins, violas, and cellos.
• Appraisal/verification of current value and authenticity.
• Serial number and other identifying characteristics. Labels are not valid identification because they are easily changed.
• Emotional/sentimental value.

Trends

While the market for various instruments fluctuates, fine examples of instruments common in Western classical music—most notably the violin—consistently remain in demand and tend to steadily appreciate in value. Violins easily hold the price records for musical instrument sales at auction, with a Stradivarius selling for $15.9 million in 2011 and a Guarneri believed to have gone for over $16 million in 2012. Classical guitars and American violins have received increased attention from collectors in recent decades. Though not on the same level, pre-World War II steel-string acoustic guitars from noted makers such as Martin and Gibson have similarly long been sought after due to their acclaimed tonal qualities and use in much twentieth-century music; boutique modern instruments based on their designs are also cherished.

The 1980s and 90s saw a major boom in the market for other "vintage" instruments, particularly those associated with twentieth-century American popular music, from jazz to heavy metal. Classical music aside, in previous decades musicians often embraced new technology, and older instruments were generally seen as less desirable. This changed due to several factors, including problematic production from major instrument manufacturers in the 1970s and the nostalgia-driven consumer behavior of baby-boomers who could now afford the same instruments played by professional musicians of their youth. This helped drive up prices of the most iconic models considerably, and even less-desirable instruments followed suit in some cases, a trend that has largely continued into the twenty-first century.

Investors have found that guitars, violins, and other stringed instruments in particular are good investments, often outperforming stock indexes. This has further helped to drive up the prices of fine instruments and/or instruments once owned by celebrity musicians. The growth of eBay and other online marketplaces has also driven up prices, making it harder to find a bargain. However, online sales have also opened up the worldwide market, making it easier to for buyers and sellers to connect. This has contributed to the rising collectibility of less expensive instruments, especially as prices on the most-sought after instruments has risen out of reach of all but the wealthiest collectors.

One additional factor in the musical instrument market has been increasing attention to the rare and endangered wood species used in some instruments, as well as other exotic materials such as ivory and tortoiseshell. Even by the mid-twentieth century prized tonewoods such as Brazilian rosewood had become scarce, and in the twenty-first century environmentalists raised serious concerns about other species such as Indian rosewood, ebony, and mahogany. Increasing regulation and restrictions under guidelines such as the Convention on International Trade in Endangered Species (CITES) has had a varied effect on musical instrument sales. On one hand, international trade in instruments built with restricted materials has become more difficult, potentially dampening markets. On the other hand, existing instruments built with such materials are becoming rarer and often more valuable.

Musical Instrument Collecting for Fun vs. Profit

Collecting instruments may yield a lucrative profit, but there are no guarantees. As with any commodity, the market depends not only on the economy, but also strongly on the whims of collectors. A guitar that sells for $100,000 today might not find a buyer for more than $75,000 tomorrow. On the other hand, it could prove to be a solid investment and easily sell for $125,000 a few years later.

In general, collections will yield a greater profit if kept in optimal condition. The ability to repair and restore instruments may help generate a greater profit as well; however, some repairs and restorations will destroy an instrument's value, and should only be done in consultation with an expert.

For those who collect fine instruments, renting them to musicians may help to recoup some of the expenses incurred for insurance.

Learning More

Books

Greenwood, Alan, and Gil Hembree. The Official "Vintage Guitar" Magazine Price Guide. 2019 ed. Vintage Guitar Books, 2018.

String Letter Publishing, eds. Musical Instrument Auction Price Guide. San Rafael, CA: String Letter Publishing, 2000.

Wenberg, Thomas James. The Violin Makers of the United States. Mt. Hood, OR: Mt. Hood Publishing Co., 1986.

Wheeler, Tom. American Guitars: An Illustrated History. Rev. ed. New York: HarperCollins, 1992.

Young, Phillip, T. The Look of Music: Rare Musical Instruments, 1500-1900. Vancouver: Vancouver Museums & Planetarium Association, 1980.

Organizations

American Musical Instrument Society <http://www.amis.org/>

National Music Museum <http://nmmusd.org/>

Library of Congress's Musical Instrument Collection <https://www.loc.gov/collections/musical-instruments-at-the-library-of-congress/about-this-collection/>