As both a dealer and appraiser of vintage fretted instruments I am faced with the daily necessity of placing dollar values on instruments. Any appraisal or price determination is to a certain degree the subjective judgment of the particular dealer or appraiser involved, however, the figures that I or any other dealer or appraiser place on instruments are firmly based on our knowledge and experience of the market involving supply, demand, and prior precedent for instruments of this type. While there is no one simple formula that a dealer or appraiser uses for evaluations, the following factors are critically important:
1. Maker
Instruments made by famous luthiers or manufacturers are far more sought after than those by lesser known makers. A great sounding guitar by an unknown luthier may have intrinsic merit and value as a utilitarian tool, but it will rarely sell for as much money as a well known model by a famous maker even if the instrument by the lesser known maker may sound better. Typically famous makers achieve recognition because their instruments are indeed superior to those of lesser known luthiers. Martin, Fender and their famous bass bridges, Gibson, D’Angelico, Stromberg and other such makers did not achieve their great recognition without having justly earned it. While new luthiers are continually appearing on the scene and some produce very fine instruments, it usually takes a number of years for a maker to establish a strong enough reputation for his instruments to command high prices.
2. Model
Some models are far more sought after than others. In the case of Martin guitars, for example, dreadnought size instruments tend to bring more money than the smaller O, OO and OOO guitars, although the actual cost of manufacture varies very little with the size of the instrument. An O, OO or OOO-18 costs virtually the same amount to manufacture as a D-18, but the demand for vintage, used and new D models surpasses that of the smaller guitars such that the D models will bring more money. Similarly Fender Stratocasters and Telecasters are more sought after today than vintage Jazzmasters, Jaguars or hollowbody Coronado models of the same age. In spite of the fact that the Jazzmaster, Jaguars, and Coronados may have cost more when new, Telecasters and Stratocasters are more sought after and bring more money today. Similar examples can be stated for virtually every manufacturer.
3. Age
Older is not necessarily better, but virtually every manufacturer has had periods which buyers and players view as their “Golden Era.” Pre-CBS Fenders are more sought by collectors and musicians than the later models. Martin guitars of the 1930s are held in far higher regard and command higher prices than the later models. Gibson Les Paul Standards made between mid 1958 and 1960 featuring patent applied for humbucking pickups, curly maple tops and cherry sunburst finish command far higher prices than the earlier gold top Les Paul models with single coil P-90 pickups and certainly greatly more than any of the later Les Pauls.
New instruments by major manufacturers such as Martin, Gibson, Fender and Taylor are of fine quality and without doubt are suitable for professional use on stage or in the studio, but many collectors and musicians view models of the “Golden Era” as being superior. It should be noted that a company such as Martin which has been in business since 1833 had employees during the 1930s who were routinely longer tenured with the company and more skilled at hand work than those employed today.
In the case of individual luthiers the trend in this respect is quite different. The finest instruments by any skilled hand builder are likely to be his most recent ones. Just as Stradivarius built far better violins when he was 75 years old and had many years of experience than he did when he was only 16, a skilled hand builder such as Stromberg, D’Angelico or D’Aquisto or modern builders such as Benedetto, Monteleone, Kim Walker, Steven Gilchrist and numerous others are more experienced today than they were twenty years ago. If, in fact, a hand builder’s older instruments were worth more than his latest creations, that would amount to a statement on the part of buyers that in their opinion the maker had either learned nothing new in the past twenty years or had in fact actually slipped.
4. Condition
Condition needs to be evaluated in terms of cosmetics and structural concerns. Needless to say, a cosmetically clean example in original condition is worth more than the same make, model and year instrument which is highly worn although still structurally stable. Structural concerns, however, are fully as important if not more so than cosmetics. It is quite possible for a vintage instrument to have little if any playing wear but still have major structural problems. In most cases loose glue seams, warped necks or poor neck set angles can be fixed to be invisible and structurally fine. Cracks and other such structural damage are greater problems. In the hands of a skilled restorer many cracks can be made to virtually invisible, but such work is very time consuming and expensive. Re-gluing loose seams or braces or resetting a neck, in my opinion, constitutes normal maintenance and does not lower the value of the instrument.
Just as there are no violins of the 1600s and 1700s in use today which have never had maintenance such as re-gluing of loose seams and replacement of worn out fingerboards or even far more drastic work, it is essential to be aware that acoustic guitars of the 1920s and 1930s are old enough today that virtually all of them have either had or now need some maintenance to be kept in good playing order.
When I started collecting guitars in the mid 1960s it was relatively easy to find Martin and Gibson guitars of the 1930s and Gibson and Fender electrics of the 1960s in excellent playing order without need of restoration, but today an instrument of the 1970s or early 1980s is older than many of the “Golden Era” vintage instruments were when I started out.
5. Originality
As I have discussed in previous columns, originality is critically important. Obviously a forgery is not nearly as valuable as an authentic original instrument. A highly modified instrument such as a Martin D-28 which has been inlaid to resemble a Style 45 or a Gibson Goldtop Les Paul which has had the top finish stripped and redone to sunburst and P-90 pickups removed to be replaced with later humbucking pickups will not have nearly the appeal of an authentic original pearl trimmed Martin or late 1950’s sunburst Les Paul.