Steinway grand pianos are some of the most sought-after and recognized pianos in the world. Not only do they sound better than almost any other piano brand, but they’re also beautiful centerpieces sought after by decorators and collectors alike.
You might wonder, “How much does a Steinway grand piano cost?” Well, the answer depends on a few things, but you can be sure that any Steinway will cost way more than most other pianos.
Even the cheapest Steinway grand pianos go for tens of thousands of dollars in good condition, and higher-end models range in the hundreds of thousands.
In this article, we’ll explain the factors that affect the price of a Steinway grand piano. Keep reading if you’re interested in what kind of budget you need to buy a Steinway grand piano, new or used.
Types of Steinway Grand Pianos
Steinway has several types of pianos listed on their website. However, they don’t share a public price list, meaning it’s hard to figure out how much a piano might be without speaking to a salesperson directly.
Luckily, we’ve done that work for you. Below, find an updated price list and specifications for Steinway grand pianos in 2022 from a registered retailer in the New York area.
Steinway Grand Piano Model S
The Steinway Grand Piano Model S is the smallest grand piano size Steinway offers. It measures 155 cm x 147 cm and weighs 252 kg (540 pounds).
Steinway Grand Piano Model M
The Steinway Model M grand piano is the second smallest grand piano Steinway has available. It measures 170 cm x 147 cm and weighs 275 kg (560 pounds).
Steinway Grand Piano Model O
The Steinway Grand Piano Model O is the largest of the small-grands range Steinway has on offer. It measures 180 cm x 147 cm and weighs 280 kg (616 pounds).
Steinway Grand Piano Model A
Known as the salon grand, the Steinway Grand Piano Model A measures 188 cm x 147 cm and weighs 315 pounds.
Steinway Grand Piano B
The Steinway Grand Piano B is the second-largest grand piano Steinway has available. It measures 211 cm x 148 cm and weighs 345 kg (760 pounds).
Steinway Grand Piano D
The Steinway Grand Piano D is the largest grand piano Steinway makes and the most popular model for concert halls worldwide. It measures 180 cm x 147 cm and weighs around 280 kg (617 pounds).
Factors That Affect Steinway Grand Piano Prices
Aside from the model type of the Steinway grand piano, a few other factors will affect the piano’s final price tag, including finish, size, age, and condition.
Piano finish is a lacquer applied at the end of the manufacturing process that gives the instrument its iconic shine or matte appearance. Finish can range from inexpensive ebony or satin to luxurious mahogany.
An expensive finish can add tens of thousands of dollars to a Steinway piano’s final price tag. For example, a Steinway D with a basic finish costs around $198,400.
However, a higher quality finish can push the price to upwards of $220,000, and the price can be even higher with custom engravings or other additional touches.
Size is the most important factor when considering the price of a Steinway grand piano. The larger the instrument, the more materials and labor that go into making it. Indeed, Steinway has several grand piano sizes (outlined above) from S to D.
Each size up reflects a significant price increase. For example, New York Steinway’s smallest piano, the Model S, costs about $80,100. The next Model M is only a small size increase, but the price goes up to $86,200.
If you’re buying or selling a used Steinway, the condition is obviously going to affect the instrument’s price tag.
Since pianos, especially Steinways, are very expensive to repair. Major damage to a Steinway grand piano will subtract thousands of dollars from the sale price.
However, many older Steinways have been refurbished or entirely rebuilt. That means they feature new parts mixed in with the old, along with a new finish to top it off.
Even if they feature all original parts, older Steinways in worse condition will typically go for less than rebuilt models. A caveat to this rule is if the piano has a history attached to it.
Collector pieces can go for much more if the instrument was played by a famous musician or has some other role in history. These pianos can go for hundreds of thousands of dollars, even if they’re in rough shape.
The Market For Used Steinways
While you might think that older Steinway grand pianos diminish in value over time, the truth is a bit more complicated than that.
While it’s true that a new Steinway will almost always be more expensive than a used model, the way to calculate how much an older model is worth is different from most markets.
The prices for old Steinways in good condition are directly impacted by the price for new Steinways of the same model type.
As the price for new Steinways increases due to inflation or supply pressures, the price for old Steinways will increase as well. That means that your old Steinway may actually increase in value over time compared to what you bought it for.
However, older pianos need to be meticulously maintained, or the value can take a nosedive.
Each piano has hundreds of small parts that are very expensive to replace, making refurbishing or rebuilding Steinways so costly. As a result, any potential gains in value as the decades roll on may outweigh the Steinway’s upkeep costs.
Hamburg Vs. New York: Does It Matter?
If you’re looking for a Steinway in the Western Hemisphere, chances are it comes from New York City. In Europe, most Steinways come from Hamburg, Germany, the piano manufacturer’s home city.
Many pianists argue that Steinway pricing varies depending on where you are and which factory the piano came from. However, this is hard to confirm because of Steinway’s notorious safeguarding of their price points.
Many people believe Hamburg pianos are more expensive because the strings are supposedly of higher quality. Realistically, though, the piano’s price would depend on supply and demand at any given time.
For example, if demand is high in Europe but low in America, Hamburg Steinways might be more expensive than New York Steinways.
However, if you’re in North America, shipping a Hamburg Steinway from Europe (if one isn’t available nearby) would be particularly expensive, much more than the same New York Steinway would cost.
While expensive, Steinways are incredible instruments that can appreciate over time, making them a fantastic investment if you care for them. Even if you don’t play the piano, Steinways are often used for interior decoration, and can add tremendous value to your home!
We hope this has been helpful in your search for the price of a Steinway grand piano. Once you’ve decided, contact a Steinway rep for a new piano or search the web for a high-quality used one. Add one of the most beautiful instruments ever made to your home today!