Hi, this is Robert Estrin at LivingPianos.com, the question today is: Why are Steinways so expensive? I’m sitting in front of a concert grand Steinway that costs new over $200,000. Can you believe it? You might wonder, are they really worth that? Why do they have to cost so much? After all, you can get brand new pianos for less than $10,000. What’s up? Why are they so expensive? Well, there are a lot of reasons and we are going to get into it right now.
First of all, Steinways are created to be the finest pianos possible. They are made with the best materials with highly skilled labor and have a long, rich history of piano manufacturing. There are a number of piano companies mostly in Germany, that make pianos on an extremely high level and cost as much as Steinway. On top of that,
Steinway in New York uses all union labor.
New York union labor! New York City labor – can you imagine the cost of that? The real estate in New York is incredibly expensive and all the woods and other materials are also premium quality which doesn’t come cheap.
More than that, even though they’ve been doing very well and had a banner year, they only built and sold about 1,100 pianos last year. They sold every one they built, which is a good thing! So, there is a demand for these pianos. Steinway does have the distinction of being extremely sought after both new and used. So dealers don’t typically discount them, or have to discount them, they sell all the ones they can possibly build as it is. Whereas other top-tier pianos, often times dealers have to discount them some in order to be able to sell them.
The Steinway name is so powerful because they essentially own the concert market.
No other companies can support concert grands in every major city in the world. That’s a very expensive endeavor at $200,000 a pop! Even in the used market, Steinways cost more than any other top-tier piano. It is partially because of the name. Also, the quality, the workmanship, and the materials are all top-notch. It is the same reason why, for example, a Toyota or Lexus has one price, but a Rolls Royce costs a lot more since they are not mass-produced.
That’s the long and short of it as to why Steinway costs so much. If you are looking for that Steinway sound and the Steinway performance and a piano that you can keep for generations, it could be worth it to you. Thanks so much for joining me, Robert Estrin here at LivingPianos.com, Your Online Piano Store info@LivingPianos.com 949-244-3729