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#2154649 - 09/20/13 05:52 PM New Owner of Steinway, John Paulson
S. Phillips Offline
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#2154660 - 09/20/13 06:06 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Stephen Lacefield Offline
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Registered: 11/29/06
Posts: 195
Loc: St. Louis, MO
Very cool!
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#2154664 - 09/20/13 06:16 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10468
Loc: Maryland/DC/No. VA
Reassuring.

[And I still can't believe they sold Steinway Hall!]
_________________________
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My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2154665 - 09/20/13 06:18 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Music Me Offline
Full Member

Registered: 10/23/12
Posts: 199
Loc: New York
Thanks for posting this.
_________________________
Barbara
...without music, no life...

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#2154672 - 09/20/13 06:29 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Bob Newbie Offline
1000 Post Club Member

Registered: 09/02/06
Posts: 1549
my kind of guy!... smile

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#2154682 - 09/20/13 06:41 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Furtwangler Offline
1000 Post Club Member

Registered: 02/22/07
Posts: 1528
Loc: Danville, California
I feel so much better now.

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#2154706 - 09/20/13 07:25 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
boynamedsuse Offline
Full Member

Registered: 07/15/13
Posts: 23
That's pretty cool. His father could not afford to buy a Steinway, and now he will purchase the entire company. It seems like it could be the fulfillment (for a short time anyway) of a lifelong dream of John's.

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#2154725 - 09/20/13 07:49 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Minnesota Marty Online   content

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7285
Loc: Rochester MN
He does seem to respect the Steinway piano. I salute him for this.

I wish him well and hope that his stewardship will be truly successful.
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2154737 - 09/20/13 08:38 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
ECP Offline
Full Member

Registered: 10/07/09
Posts: 28
I wonder if his sisters are going to finally get a Steinway.
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#2154784 - 09/20/13 10:43 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
SBP Offline
Full Member

Registered: 09/12/12
Posts: 258
He does seem to care about the company. My dad works with a lot of these financial types, and a lot of them are just slimy people out to make a few easy millions in whatever market has potential (ahem-the whole real-estate/tech bubble back in the 2000s). However, there are the rare types who do know what they're doing and strive to do something other than make as much money possible. He seems like one of the latter. I definitely respect him now, and hope he'll take Steinway to a better position in the market. I wholeheartedly wish him the best of luck!

I honestly can't see why his sisters would have cried about the baby grand. I'd be crying tears of joy if my dad went out and replaced my upright with a grand, regardless of the brand (although I'd probably blast through the roof if it was a Steinway). Guess it must've been a real stinker of a baby grand :P
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#2154796 - 09/20/13 11:16 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Bob Offline
3000 Post Club Member

Registered: 06/01/01
Posts: 3854
Comes across as very genuine and down to earth.
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#2154865 - 09/21/13 03:04 AM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
michaelha Offline
500 Post Club Member

Registered: 06/05/13
Posts: 814
I believe him. Seems like maybe he bought it in defense of what Samick and Kohler were going to do to it. Maybe outsource manufacturing to Pearl River, slap on a Steinway sticker, charge $15K for a B.
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#2154890 - 09/21/13 07:21 AM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Rich Galassini Offline
9000 Post Club Member

Registered: 05/28/01
Posts: 9190
Loc: Philadelphia/South Jersey
This is initially reassuring.

But then, every customer and technician and piano teacher I speak with has brought up the question of what I think is going to happen to the company. The sale is common knowlegde. It is something that everyone has interest in and is nervous about. I have always answered that we have to wait and see.

I still feel that way. This video is a good start, for certain, but as Henrik Ibsen said, "A thousand words will not leave so deep an impression as one deed."

Fingers crossed!

This video was beautifully made to reassure us. I hope everything said is genuine.
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Cunningham Piano Co.
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#2154904 - 09/21/13 08:14 AM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Joe Muscara Offline
Full Member

Registered: 06/03/10
Posts: 31
Loc: Houston
Did anyone find it ironic or sad that the shots of Mr. Paulson were done at Steinway Hall, which Steinway has already sold and are planning to move out of?

I'd like him to buy that back.

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#2154941 - 09/21/13 10:04 AM Re: New Owner of Steinway, John Paulson [Re: michaelha]
Minnesota Marty Online   content

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7285
Loc: Rochester MN
Originally Posted By: michaelh
Seems like maybe he bought it in defense of what Samick and Kohler were going to do to it.

How could anyone possibly know the reasoning of Samick or Kohler?
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2154947 - 09/21/13 10:22 AM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
AJB Offline
3000 Post Club Member

Registered: 10/01/05
Posts: 3655
Loc: Surrey, England
Interesting. Seems genuine, which is good news. Pity he is still peddling the ludicrous investment myth, but still his reassurance about preserving the brand and manufacturing etc sounds sincere.

Steinway Hall strikes me as irrelevant: just a building. No one plays buildings. Pianos can be displayed in any modern facility, probably better.

Adrian
_________________________
S&S Hamburg D, Yamaha CLP 280


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#2154949 - 09/21/13 10:33 AM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Piano*Dad Offline
Yikes! 10000 Post Club Member

Registered: 04/12/05
Posts: 10356
Loc: Williamsburg, VA
Adrian,

Out of curiosity, have you been to Steinway Hall in NY? Indeed, any modern facility can display pianos, but the domed recital space in the front of the building was a marquee performance spot. Transferring a bunch of pianos to a new facility, even if it gleams modernity, may lose some of the brand value. And brand value is real value. Of course, Steinway may have accurately counted the lost brand value -- if any -- into the sale decision. But if they're wrong, it wouldn't be the first time that an American company shortchanged the future in the name of the present.
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#2154965 - 09/21/13 11:09 AM Re: New Owner of Steinway, John Paulson [Re: Piano*Dad]
Minnesota Marty Online   content

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7285
Loc: Rochester MN
Originally Posted By: Piano*Dad
Transferring a bunch of pianos to a new facility, even if it gleams modernity, may lose some of the brand value. And brand value is real value.

Of course, we, the great unwashed living in the boonies, make a piano selection based on the architecture of an irrelevant and unseen sales edifice. Brand value?
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2154975 - 09/21/13 11:25 AM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Piano*Dad Offline
Yikes! 10000 Post Club Member

Registered: 04/12/05
Posts: 10356
Loc: Williamsburg, VA
Quote:
we, the great unwashed

Well, take a bath, man!

Why do you generalize from your particular situation to the company's more general issues?

The fact that the glories of Steinway Hall didn't help you personally to sell Steinways to Lutheran bachelor farmers in the boonies of frozen Minnesota doesn't mean that the Hall itself contributed nothing to the brand value for LVB. And the NY area is a pretty big market.

I'm not claiming that selling Steinway Hall was a colossal mistake, though some other posters have. I don't have enough information to make that case. All I'm suggesting is that it is possible the sale was shortsighted.

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#2154989 - 09/21/13 12:09 PM Re: New Owner of Steinway, John Paulson [Re: Piano*Dad]
Withindale Offline
1000 Post Club Member

Registered: 02/09/11
Posts: 1938
Loc: Suffolk, England
Originally Posted By: Piano*Dad
I'm not claiming that selling Steinway Hall was a colossal mistake, though some other posters have. I don't have enough information to make that case. All I'm suggesting is that it is possible the sale was shortsighted.


You may well be right, possibly due to property value rather than brand value. What price heritage value?

When it comes to brand value, Mr Paulson needs to pay attention to this sort of thing:

Originally Posted By: kalee21
I have today auditioned a superb Steinway D. However, I still believe the E-272 goes beyond the Steinway in terms of the multitude of sound qualities it possesses. It just seems to offer more to me. This is very personal and both are absolutely first class concert instruments. I also found that the action on the E-272 was, for me, superior. I was achieving more with less effort - it just felt right somehow.... That E-272 just speaks to me as no other piano (with the exception of a superb Fazioli concert grand) ever has.
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Schiedmayer & Soehne, 1925 Model 14, 55" upright
Ibach, 1922 49" upright (project piano)

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#2154992 - 09/21/13 12:12 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10468
Loc: Maryland/DC/No. VA
First, Steinway Hall is a strong contributing factor in Steinway's sales in NY. It is like buying a piece of art from a museum as opposed to a commercial art gallery. Its loss will be felt.

Second, there are very few people who were aware of Samick's plans if they were to have acquired Steinway, and they aren't talking.
_________________________
Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2154993 - 09/21/13 12:13 PM Re: New Owner of Steinway, John Paulson [Re: Piano*Dad]
Minnesota Marty Online   content

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7285
Loc: Rochester MN
Originally Posted By: Piano*Dad
Why do you generalize from your particular situation to the company's more general issues?

Simply because you made the converse generalization.

Having never met a Lutheran bachelor farmer, I trust my ears and fingers when evaluating a piano, rather than trusting the façade of architectural splendor. Steinway is a piano, not a "Hall."
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2154997 - 09/21/13 12:22 PM Re: New Owner of Steinway, John Paulson [Re: Steve Cohen]
Minnesota Marty Online   content

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7285
Loc: Rochester MN
Originally Posted By: Steve Cohen
First, Steinway Hall is a strong contributing factor in Steinway's sales in NY.

What is the percentage of pianos sold at Steinway Hall NY in comparison to total sales world wide?

I believe that the image and aura of the 'mother church' in NY is not a significant sales influence to the majority of Steinway buyers. How about the "Halls" in Hamburg or London? Do Americans, or others on this side of the pond, hold them in the same awe as the NY version?
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2155005 - 09/21/13 12:38 PM Re: New Owner of Steinway, John Paulson [Re: Minnesota Marty]
Steve Cohen Offline
Yikes! 10000 Post Club Member

Registered: 05/26/01
Posts: 10468
Loc: Maryland/DC/No. VA
Originally Posted By: Minnesota Marty
Originally Posted By: Steve Cohen
First, Steinway Hall is a strong contributing factor in Steinway's sales in NY.

What is the percentage of pianos sold at Steinway Hall NY in comparison to total sales world wide?

I believe that the image and aura of the 'mother church' in NY is not a significant sales influence to the majority of Steinway buyers. How about the "Halls" in Hamburg or London? Do Americans, or others on this side of the pond, hold them in the same awe as the NY version?


Have you ever been there or talked to those who have purchased there?

Just like shoppers who are turned off by shabby looking piano stores, many are influenced by the historical architecture and the aura of buying at Steinway hall.
_________________________
Piano Industry Consultant- http://www.linkedin.com/pub/steve-cohen/6/b92/b80

Consultant & Contributing Editor - Acoustic & Digital Piano Buyer

Jasons Music
Maryland/DC/No. VA
Since 1937.

www.jasonsmusic.com
My postings, unless stated otherwise, are my personal opinions, not those of my clients.

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#2155017 - 09/21/13 01:00 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Minnesota Marty Online   content

Platinum Supporter until October 5 2014


Registered: 05/15/12
Posts: 7285
Loc: Rochester MN
Steve,

I have often visited Steinway Hall in New York, have a friend on the staff, and have selected three pianos from that showroom. I have many fond memories of my visits.

However, I don't equate it to the 'brand' that is Steinway. It is beautiful architecture, but I don't believe that sales will suffer because of a change in location or interior décor. We have no idea of how the new location will look. A surprise awaits us all.

If it becomes a new 'icon,' it may become an image for Steinway in the 21st. century, rather than harkening back to the 19th.
_________________________
Marty in Minnesota

It's much easier to bash a Steinway than it is to play one.

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#2155040 - 09/21/13 02:12 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
rxd Offline
1000 Post Club Member

Registered: 03/11/09
Posts: 1703
Loc: London, England
Have they moved out yet? I doubt they will.
It's not an unusual business practice to sell a building and continue occupancy of it but paying rent to the new owners.
_________________________
Concert & Recording tuner-tech, London, England.
"in theory, practice and theory are the same thing. In practice, they're not." - Lawrence P. 'Yogi' Berra.

Eschew obfuscation.



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#2155051 - 09/21/13 02:34 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
peekay Offline
Full Member

Registered: 08/31/13
Posts: 184
Under the deal for the Steinway Hall, Steinway may remain in the building for 14-months rent free, plus an option for another 4 months at a fee. So, they are looking to move out before 18 months, although it's possible they will keep a small presence in the Hall.

Steinway owned the building, but they had sold the land many years ago. The land is now worth much more than the building. Between operating the Hall, and (presumably) paying increasingly expensive rent for the land, Steinway was losing millions of dollars each year. So keeping the Hall wasn't a realistic option.
_________________________
Working on RCM Grade 8

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#2155158 - 09/21/13 05:55 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Bob Offline
3000 Post Club Member

Registered: 06/01/01
Posts: 3854
Edited - off topic



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www.PianoTunerOrlando.com






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#2155176 - 09/21/13 06:24 PM Re: New Owner of Steinway, John Paulson [Re: peekay]
4evrBeginR Offline
1000 Post Club Member

Registered: 06/27/09
Posts: 1607
Loc: California
Originally Posted By: peekay
Steinway owned the building, but they had sold the land many years ago. The land is now worth much more than the building. Between operating the Hall, and (presumably) paying increasingly expensive rent for the land, Steinway was losing millions of dollars each year. So keeping the Hall wasn't a realistic option.


Now it all makes sense. No wonder; in that case, it is sensible to sell the building when you don't own the land. It is interesting how they could structure that arrangement in commercial real estate. I guess in NY, it is possible to structure any deal in any arrangement as demonstrated by the derivative traders.
_________________________
Art is never finished, only abandoned. - da Vinci

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#2155193 - 09/21/13 07:03 PM Re: New Owner of Steinway, John Paulson [Re: S. Phillips]
Dave B Offline
1000 Post Club Member

Registered: 08/01/11
Posts: 1955
Loc: Philadelphia area
He certainly said all the right things. Maybe his sisters told him what to say.

I wonder what they think about their brother buying Steinway.

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