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Help with valuation #2251914 03/25/14 02:13 PM
Joined: Feb 2014 Posts: 8 G Greg Akins OP Junior Member
OP Greg Akins Junior Member G Joined: Feb 2014 Posts: 8	I have a Sohmer baby grand Model 50 (SN: 130236) which is part of my parent's estate. It's a gorgeous instrument that I wish I could keep, but just don't have enough room. Can anyone give me advice on valuing this one? Looking at this site ( https://www.pianoworld.com/value3.htm ) it appears it might be worth anywhere from $1000 - $6000 My parents earmarked a portion of the estate as a gift to their church. The church indicated they would like the piano and I suggested we put a value on the piano and then include it as part of the gift; hence the interesting in valuing the piano. Any help is greatly appreciated.

Re: Help with valuation Greg Akins #2251958 03/25/14 03:48 PM
Joined: Aug 2013 Posts: 195 Near Olympia L leel Full Member
leel Full Member L Joined: Aug 2013 Posts: 195 Near Olympia	I recently donated a piano to a non-profit organization, and discovered that the IRS now requires a third party expert unaffiliated w/ that organization to make the estimate.

Re: Help with valuation Greg Akins #2252181 03/26/14 01:26 AM
Joined: Dec 2012 Posts: 2,087 California, USA M musicpassion 2000 Post Club Member
musicpassion 2000 Post Club Member M Joined: Dec 2012 Posts: 2,087 California, USA	Value is totally dependent on condition. I think you'll need to hire someone to appraise it. Pianist and Piano Teacher

Re: Help with valuation Greg Akins #2252191 03/26/14 01:47 AM
Joined: Jun 2003 Posts: 32,060 Oakland B BDB Yikes! 10000 Post Club Member
BDB Yikes! 10000 Post Club Member B Joined: Jun 2003 Posts: 32,060 Oakland	The type of appraisal that you would need depends on whether you need it for the IRS or just for the purposes of determining how much of the estate it comprises. Unless the estate is large enough to owe an estate tax (I think it is about $5,000,000 now) you should not need the appraisal the IRS requires, and you should be able to call an experienced piano technician in your area for an appraisal that you and the church can agree on. I suspect that it would be closer to the $1000 range, rather than $6000. That would not have been the case some time ago, but there are a lot of 5 foot grands available new at prices that have driven a 55 year old medium level grand down in price in the used market. Semipro Tech

Re: Help with valuation BDB #2252389 03/26/14 12:30 PM
Joined: Feb 2014 Posts: 8 G Greg Akins OP Junior Member
OP Greg Akins Junior Member G Joined: Feb 2014 Posts: 8	Originally Posted by BDB The type of appraisal that you would need depends on whether you need it for the IRS or just for the purposes of determining how much of the estate it comprises. Unless the estate is large enough to owe an estate tax (I think it is about $5,000,000 now) you should not need the appraisal the IRS requires, and you should be able to call an experienced piano technician in your area for an appraisal that you and the church can agree on. I suspect that it would be closer to the $1000 range, rather than $6000. That would not have been the case some time ago, but there are a lot of 5 foot grands available new at prices that have driven a 55 year old medium level grand down in price in the used market. It's not for IRS purposes (unless that factors into the taxes on the estate when it comes to that). It's just for an agreement between the church and myself so that it can be factored in to the percentage that my parent's will dictates. I know that values have really fallen lately.. this is a great piano. I don't mind the church getting it cheap; but it's a shame that the depreciate so quickly. Thanks for your advice.

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