A tribute to my friend, Henry Steinway
(written on September 18, 2008)
I just found out that Henry Steinway passed away today. Not only has the piano industry lost a great member of it's community, but i have lost a longtime friend. Rumor has it that on a bright summer day in 1969, a young, blonde-haired 15 year old named Steve Drasche was sitting on a fence near the shipping department at Steinway & Sons waiting for his father, Walter, to pick him up and go to lunch together. Henry happened to be in the shipping office at the time and asked for the foreman, "Who's that good-looking kid sitting on the fence?". We were friends ever since. There will be a lot of accolades poured on Henry over the next few days and deservedly so. He and his family have done a tremendous amount of good toward the expansion and continuation of the popularity of the acoustic piano. I will remember Henry's kindness and thoughtfulness (he was always sending me calendars or photos or news clippings with the little notes attached). I used to say to people "He makes me feel like I'm the Steinway!" - always glad to see me, always happy to have a chat about the "old days" at the factory. Though we were almost 40 years apart in age, it seemed like we were equals in every way when we sat together at 109 West 57th St. and reminisced. I shall miss those times. Thank you, Henry
Which piano should you buy?
Cars, houses, electronic equipment. We all want to buy the best right? And yet there is that "deal-seeker" inside us that wants "the best" for less. In some cases, will even buy the less expensive item based solely upon the facts presented by promotion, marketing - or a salesperson who is worth their weight in gold. Let's look at the acoustic piano market of which I am familiar. If a retailer purchases a "finished" product for $3,000 and sells it for $12,000, it is really not even worth the $3,000 because the wholesaler had to make some money too! How good can the materials, workmanship, overall sound, feel and durability of that instrument be? Yes, there are overpriced pianos on the market today and a wise shopper can avoid these pitfalls of "too little/too much" by doing their homework. Take a look around and see who is playing what. Then as "why?". Read up on the company selling the pianos how many brands do they sell? Are they looking to sell you a cheap, inferior product if you can't afford their top of the line instruments? Would they really be willing to buy back that instrument from you at a future date?
There will be consumers that seemingly cannot afford the best and so therefore, will always exist the "less-expensive". But I like to compare purchasing a piano to buying a home. Most other purchases are done with the quality of longevity not being an issue. But when you buy a home, you walk around inside and you look and you imagine where you'll place the furniture and whose room will be where with the idea of possibly living there for the rest of your life. That's the way it should be with a piano, especially one that can, in later years be restored, as you would do with the home. You would also want an instrument that you can develop into, that can raise you to higher levels of performance or creating. By its tone and feel and what it "gives" to you. This is why people who purchased rebuilt Steinways 25 years ago for $10,000-$15,000 made incredibly good investments. Not only for themselves but for their heirs, should they continue to pass these instruments along. They have also had the opportunity to enjoy these outstanding instruments for all these years and will continue to do so after further restoration, when called for. The $10,000-$15,000 of then, is the $40,000-$60,000 of now and 20 years from now it will be different, higher numbers. That is because these instruments have a great design, are solidly made and are loved by millions. In the coming years the issue of quantity will create an even greater desire for these instruments for their rarity and limited availability.
Buy American
How much does purchasing products made outside of the U.S affect out economy? Over the last 50 years our foreign neighbors have taken advantage of first, more expedient travel and second, the coming of the internet age to flood the American market with their products. The success of these foreign-made products in terms of sales has been in some part, due to the failure of the newly made American products to remain at high quality levels. This began as early as the late 1950s and occurred most noticeably in the auto and electronics industries. In the piano industry, I witnessed first-hand in the early 1970s, the progressive lack of caring and dedication that had already crept into most American laborer's thoughts. We were using "made in Japan" as a derogatory term, not realizing that our lackadaisical attitudes regarding quality would soon put us in a defensive position where we still manufactured the best American-made piano (Steinway), but were now fighting for survival. Kawai, Yamaha, Sojinm Young Chang - and before we knew it - the "American" companies that were being acquired, operated and manufactured overseas (Knabe, Weber etc) became our competition. These countries have since been accompanied by China, Indonesia and Eastern European, among others. The piano industry in the U.S not that long ago boasted Sohmer, Baldwin, Steinway and Mason & Hamlin. among others. With the influx of foreign piano makers using fierce marketing strategies and cheaper part and labor. We are left with Steinway, Baldwin and a few others.
Invest in Worthwhile Purchases
It is a general rule in life that he who economizes best, survives best. The intelligent, thought out use of one's finances determines, to some degree, one's happiness and prosperity. In point of fact, one of the definitions of the word economy is: An instance of thrifty and efficient use of resources. When economic crises occur it is necessary to be even more prudent than during prosperous times. The cyclical, noticeable swing from investing in stocks to investing in gold and silver proves that when our economic system grinds, the direction most sought after is the investment in tangible products that retain their value and even quite possibly appreciate.
There still exists today a number of rare lines of vintage product that are recognized as the top of their class, manufactured at the time of craftsmanship not since matched. When it comes to wooden stringed instruments, names like "Martin" "Stradivarius" and "Steinway" are most often heard. Steinway pianos have been dubbed "The Instrument of the Immortals", and for a good reason. They are more highly sought after than ever and their availability dwindles as the majority of owners realize the worth of their possession and retain these fine instruments in their families, passing them on from generation to generation. A great investment then - a better investment now.
