And, as for size, I guess that's a big issue: is there a clear "cut-off" below which it is just best not to go if I don't want to have to upgrade again in four years (presuming that my daughter continues her development)? 5'8"? 5'10"?
A 5'8" piano would be fine for your daughter - even a little smaller, if the brand is higher end. By the time she would really have the use of a bigger piano, she would be earning a salary as a professional musician.
For a child who is studying classical music, is a bigger mass produced (but good quality like Yamaha or Kawai) piano generally going to be preferable to a smaller high-end brand?
I would go for a higher tier, but smaller piano.
And for us parents who have some concerns about long-term investment value, what are the pros and cons of going with a well-known name like Steinway versus other brands like Estonia that are getting good reports but don't have the same widespread name recognition among non-professionals? Thanks again for your advice! It's hard to include all relevant info w/o making each posting overly long . . . .
Much like folks in the computer business used to say, "nobody ever got fired for buying IBM", the thinking has always been that virtually only a Steinway would hold its value long term. Of course, the purchase of a Steinway vs. a comparable but less well known competitor involved paying more money (which when compounded over the years would be substantially more ... but I digress.)
It is anybody's guess what the value of a new Steinway today will be in 20 years, but I would say that this is dependent on the general economic situation, especially that of the upper middle class with its attitude toward luxury, status symbol purchases (i.e., buying a Steinway is definitely a luxury purchase), as well as the popularity of the acoustic piano vs. other instruments - as well as indeed musical activities vs. non-musical or pseudo-musical activities (e.g., Guitar Hero, etc.) - and even the true acoustic piano vs. the electronic fake acoustic piano.
Maybe it's because of my horrendous experience in finding professional work now that I am just in a sour mood about the relative prospects of the USA economy, but I think I forsee a long period of time in which conspicuous consumption will be curtailed. The working class in the USA will demand that government policies share the wealth one way or another to meet their needs, and the upper middle class will increasingly feel a sense of forboding that their perch in the economy could be ruined at any time, so they will seek to live on a lower level, saving their excess income in case the hard times come sooner that they expect.
In this sort of environment, I see the market for a status product like Steinway shrinking, and folks who have been holding onto their "investment" Steinway will be in for a rude shock.