Probably the most well known and most valuable piano comapny is the Steinway. It is sought out by artists the world over and has won numerous awards for its craftsmanship almost since the company’s inception in 1853. Steinway was founded as a German-American company with its American factory in Queens, New York and its German factory in Hamburg. Steinway is credited with the first of its kind marketing plan that created the “Steinway Hall” to showcase the pianos in the form of musical entertainment. As patrons walked through the store, they passed many pianos being played by musicians in all styles of music. This plan escalated sales to the point where a new showroom had to be built on 57th Street in Manhattan.
What makes a Steinway so special and sought after? First, it is completely hand-made and consists of over 1200 parts. It also takes 300 people over a year to produce one piano. Each component is the best of its kind and the craftsmen that work on these pianos have had years of training and apprenticeship in the art of piano making. The most expensive Steinway piano is the D274 concert piano and is the flagship of the Steinway line. It was first introduced to the market in 1884 and is generally considered to be the piano of choice for most concert pianists.
The D274 is too large for most people to own in their homes. It is almost 9 feet long and weighs close to 1,000 lbs. It has been estimated that over 90% of the concert pianos in the world are the Steinway D274. The famous Van Cliburn International Piano Competition offers the participants the use of two pianos: both are the Steinway D274.
The most expensive piano in the world was a D274 and sold at auction in 1997 for $1.2 million. John Lennon continued to enhance the reputation of the Steinway in his video “Imagine” where he is shown playing a white grand Steinway piano. The company has now launched a commemorative line of John Lennon pianos. This is a limited series and when they sell out, they will be retired forever. The company produces many different types and sizes of their pianos, however they list no prices for any of their instruments, however a new one typically ranges between $100,000 and even as high as $300,000 or more. The restored models from the 1800’s can cost even more depending on their condition.
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