In my mind there's different factors at play here.
The basic fact is that a piano costing 15k will have a different depreciation rate than a piano costing 60k this, from the very beginning - it's mere mathematics.
Depreciation from original price logically follows a different incremental scale, again this is basically mathematics [a bit as stock market works...]
Now it becomes more 'interesting' when the 15 k pianos is actually bought for 25% less ["undervalued" merchandise] and the 60k piano for also 25% less [ incrementally "more" undervalued merchandise] - the ideal situation for savy investors. [stocks anybody?]
Problem is that for many the industry has 'floating' prices and nobody seemes to ever fully understand how much a particular piano is supposed to cost in the first place.
Including all too often dealers themselves........
[hey, we strictly go by 'looks'!!]
Next consider the availability [or *not] of identical pianos on the market available *used*, being often the greatest competitor to their new counterparts.
In this regard the massproducers of this world in particualar will have to increasingly keep jumping over their own shadow - something we have been getting the taste of things by now for some time.....
Let's also not forget that some makers have by now damn near exhausted their realistic potential for future price appreciation [it didn't seem to work for Schimmel...] while certain others, especially the strong *climbers* may *not* - or at least not to the same extent.
IMHO only those with upward mobility will stand a greater chance to hold their price over time showing again a different [lesser] rate of depreciation than certain others.
Perfomance and success in the marke will IMHO depend on continually improved quality resulting by continually postive market reports and with it,increased market penetration and recognition of such product.
Last not least - consistent and steady recognition and upgrading by King Larry Fine in his bi-annual reports.
Anybody thinking the man has no power/influence on the market?
Now the only question in my mind left is this:
What was first: the "chicken" or the "egg"??