The auction will be held at Christie’s, a reputable auction house based in Washington, DC, and is expected to reel in about $1 million in earnings. Some special pieces, such as the 1958 solid-body Gibson Flying V electric guitar previously owned by Albert King, are expected to attract bids as high as $90,000.

“They have been my true friends through the best and worst of times. I never planned to put together a collection. I just bought ones that I liked, the ones that sounded good and played well,” Richard was quoted saying in a statement.
Gere says he's parting with the instruments to support humanitarian causes around the world

Collectors, fans and musicians gathered at Bonhams New York yesterday for a sale of 75 guitars and 55 amps from the collection of Eric Clapton. The items were auctioned to benefit The Crossroads Centre in Antigua. With 100 percent of the lots sold, the final auction total more than tripled pre-sale expectations, with proceeds going to the drug and alcohol rehabilitation centre founded by Clapton in 1998.

Bidders from all four corners of the globe battled throughout the 4 ½ hour auction and included clients from the U.S., Asia, Australasia, UK, Europe, and the Caribbean. Notably, a private Russian Eric Clapton fan and collector showed keen interest in the room and Asian participants included those from Japan, Korea and Hong Kong.

“It has been a privilege and an honour working on this exceptional sale and being associated with one of the most iconic living musicians, Eric Clapton,” said Jon Baddeley, Worldwide Head of Collectables at Bonhams. “Arguably the greatest guitarist of all time, Eric Clapton inspires an ever-expanding fan base, many of whom made the journey to Bonhams in New York over the past few days and joined us for this remarkable auction. We were delighted to play our part in raising funds for The Crossroads Centre, a charity with a noble mission and a cause that remains very close to Eric’s heart.”

Guitar highlights included a 1948 Gibson L-5P that sold for $82,960 and a 2005 Zemaitis S22BP 3S that sold for $75,640. The top amp of the sale was a pair of 1997 Fender Twin Amps that sold for $42,700

The 1960s weren’t all about psychedelics and hippies. The decade had a certain charm to it — magic that can be traced back to the emergence of the electric guitar.

The guitar symbolized freedom and rebellion for a generation seeking to escape from the political and social unrest of its time. Through improvisation and experimentation, guitarists reached a sense of reality that Americans hungered to be a part of.
To this day, many people feel a mysterious desire to pick up a guitar and shred. Eric Clapton is one of the leading figures that brought the electric guitar to the forefront of youth culture in the 1960s and was a huge innovator on how the instrument is played today. The documentary Eric Clapton: The 1960’s Review explores what the decade was like for the young guitarist and reveals the story behind his rise to fame.

The bulk of the documentary details Clapton’s involvement with The Yardbirds, John Mayall’s Bluesbreakers and Cream and Blind Faith. It was with these bands that Clapton built a huge following and was propelled into stardom. Clapton was always known for his virtuosity and fluid style, but throughout his career he struggled to find the right band to properly showcase his talents.
Is it possible to capture the energy and feeling of the 1960s in two hours? This documentary makes a valiant effort. Clapton’s story is told through interviews with former band members, experts on his career and of course the man himself. It features rare archived photos and footage of Clapton when he was just beginning to pursue music.

The documentary’s story isn’t anything new: it tells the tale of a musician just starting out, trying to make his way in the world. The movie shows Clapton at an early age, listening to records to try and find the sound he liked.

Yet, what makes the film unique is the man himself. Clapton’s musical history, from his raw talent with the guitar to his involvement in many influential bands of the 1960s, makes the film intriguing. Were he a lesser musician, the movie might fail, but Clapton’s charisma carries the documentary, particularly his search for musical identity.

During this time, musicians with similar tastes were able to communicate with each other through the albums with which they were most passionate. Often the connection that musicians had through music they loved was the catalyst for starting their own bands. In this period of growth for Clapton, he was essentially picking up the influences that would later define his sound.
For Clapton, it was all about the blues.

Clapton was attracted to the purity of blues music from artists Muddy Waters, John Lee Hooker and Robert Johnson, who provided the guitarist with the feeling he wanted to convey in his own way.

He dealt with many of the issues that plague musicians to this day. He had to find a way to buy a guitar, transport his equipment, find like-minded musicians to play with and figure out the best way to showcase his talents. Clapton was able to do this by joining what would become some of the most legendary bands of the generation.

Many people know Clapton from his hit songs, such as “Layla” and “I Shot the Sheriff.” What a lot of people might not know is that he didn’t start writing songs until later in his career. The 1960’s Review examines the very beginning of Clapton’s career as a guitarist, leading up to who he would eventually become.

Being such a blues purist, Clapton found himself bouncing from band to band, looking for the right sound while still being regarded as one of the elite guitarists of the decade. This documentary features that struggle and how Clapton dealt with it throughout the period.

The documentary aims to be a historical and educational reference rather than entertainment. The DVD is 120 minutes of old footage and has narration comparable to a video that might be shown in a classroom setting, not a concert film.
Despite this, Eric Clapton: The 1960’s Review is a detailed glimpse into the early stages of a legendary artist. It is an extremely informational film for any die-hard fan interested in diving deeper into the life of Clapton and some of the most formative years of his life.

Bob Faulkners's Gibson Super 400 still sounds great... and he quite a surprise when he took it to the show.
"It was $547 and now it's estimated some of them are $40,000," Faulker said.
Dolores Sidorak bought her guitar in 1967 and it's been under the bed for 40 years.
"When I was told I had to sing along with playing, that ended my career!" Sidorak said.
For her $280 investment, Dolores received a check for $1,800 for her guitar.
So check the basement and attic--those grade school music lessons may yet pay off.

"We have a database of well over 10,000 collectors in three countries. You know if it's cool and musical, we want it, we want to see it, we want to give you a check for it," said Stambaugh

WHAT: International Vintage Guitar Collectors Association Guitar Show
WHEN: October 12-October 16
Tuesday-Friday (9am - 6pm) Saturday (9am - 4pm)
WHERE: Crowne Plaza Cleveland South Independence
5300 Rockside Rd.
Independence, OH 44131

What I take from these interviews is that there is still a promising financial future in investing in vintage guitars. As has always been the case, some guitars will appreciate in value more than others. Now might be a good time to buy while prices are down if you are willing to hold onto the guitar for a while.

It has been nearly 40 years since he kissed the sky for good in September 1970, but in all that time Jimi Hendrix -- regarded by many fans and critics as the greatest guitarist who ever lived -- has never been off the radar of popular culture.

This anniversary year of his death in London at the age of 27 will mark a number of events commemorating the man and his music, some of them focused on Seattle, where he was born and raised, a city that has by turns accepted him and, according to some, held him at arm's length despite international multi-generational renown that continues to this day.

For Janie Hendrix, Jimi's stepsister and CEO of Seattle-based Experience Hendrix, the company that monitors the music and images central to Hendrix musical legacy, 2010 is shaping up to be a banner year for Hendrixiana.

"It's really about bringing this music to the generations and giving them that experience they wouldn't feel any other way, other than standing in front of the Marshall amps" that Jimi himself used onstage, she said.

A "new" album
"Valleys of Neptune," an album of Hendrix in concert and in the studio, was released March 9, 2010. The album, which includes unreleased studio material, live recordings and new arrangements of "Fire," "Stone Free" and the blistering blues-rock classic "Red House," was recorded in a turbulent period in Hendrix's life, as the guitarist made changes to the original lineup of his band, the Experience.

The three original Jimi Hendrix Experience studio albums -- "Are You Experienced?", "Axis: Bold as Love" and the epochal double album "Electric Ladyland" -- also got a makeover, with deluxe reissues in March. In mid-March, all four new Hendrix releases were among Billboard's top 100 albums, with "Valleys" entering the charts at no. 4.

"Valleys of Neptune"
For Patrick Smail, a product manager at Seattle's Easy Street Records (where the "Valleys" record has been at or near the top of store sales since it was released), the resurgence of Hendrix's popularity is no surprise. "It's a testament to the legacy of Hendrix, what he was and what he was all about," he said. "We're lucky in Seattle, he's part of the ethos here. When something like this comes out, it's special. It's just the chance to 'experience' his music in an updated way. Even folks with the old bootlegs still want to hear this new music. This stands up to the music of today."

Hendrix started playing the guitar while a youngster in Seattle, and was in a band called the Rocking Kings while a student at Garfield High School. His music career really started after a short stint in the Army, and away from Seattle. But his presence is felt in this laid-back Northwest city.

Hendrix in Seattle
For one thing, his final resting place is at Greenwood Memorial Park in nearby Renton, Wash., still a destination for many music fans who make the pilgrimage. And his life is celebrated at Seattle's Experience Music Project | Science Fiction Museum, the Seattle sci-fi and rock culture museum and concert hall, which continues its two-years-running "Jimi Hendrix: An Evolution of Sound" exhibition.
Fragment of a Strat that Hendrix famously burned at the Monterey Pop Festival (on display at the Experience Music Project).

The exhibit explores Hendrix's evolution from unknown to emerging young guitarist touring the "chitlin' circuit" in the South, from his time in the creative crucible of New York City, to his arrival as an already accomplished supernova on the London music scene in 1966. The exhibit has plenty of relics for the true fan to admire, including the Fender Stratocaster he played onstage at Woodstock, and shards from other guitars he destroyed onstage.

Also, films on Jimi Hendrix's life and legacy will be shown throughout the year at the EMP's 200-seat JBL Theater.
Elsewhere in Seattle, there's a move afoot to renovate a Seattle park, a site whose name was formally changed to Jimi Hendrix Park in June 2006 but which has largely sat undeveloped and unadorned since then. Janie Hendrix hopes to raise $1 million for the project between now and 2012.

Development of the park, which is next to the city's Northwest African American Museum, was the subject of a January community meeting. Several ideas for Hendrix remembrances were floated there, one apparently set to move beyond the idea stage: a crop-circle concept incorporating an outlined image of Hendrix that would occupy the six acres of the park's open space -- an image that could only be completely seen from high overhead. Janie Hendrix said this idea was expected to move forward, with plans for an unveiling sometime in 2012.

And she said that a dispute over whether to move a Hendrix statue on Seattle's Capitol Hill to the Hendrix park has been settled: The life-size statue, at a location near Broadway and East Pine since 1997, stays put. (See images of the statue.)
"Mike Malone [a Seattle developer and owner of the statue] has agreed to keep the statue there," she said. "He's going to create another statue of Jimi that he'll design and which we'll put in the park."

Jimi's music, live on stage
The "Valleys of Neptune" release came just days after Experience Hendrix, the fourth edition of the biennial all-star-players concert tour, kicked off in Santa Barbara, Calif.

The artists to be featured on the tour performing music written and inspired by Jimi Hendrix amount to a guitarist-heavy who's who of respected players in rock and blues. Aerosmith's Brad Whitford, Joe Satriani, Jonny Lang and Kenny Wayne Shepherd are involved, as well as Doyle Bramhall II, Ernie Isley, Living Colour and bass player Billy Cox, a close friend of Hendrix from Army days (they were members of the 101st Airborne Division) and throughout Hendrix's career (Cox played in both the Experience and Band of Gypsys, and appeared with Hendrix in legendary performances at Woodstock in 1969 and the Isle of Wight Festival in 1970).

Some tour stops include stops at the Warfield Theater in San Francisco, and the legendary Fox Theater in St. Louis, as well as performances in Denver, Chicago, Milwaukee and Atlanta.

Expect the 2010 edition to tap more of the passion of the genuine article. "Jimi said he recognized the energy of different audiences and the energy of the stage and how when they collide, it's another energy," Janie Hendrix said. "The more these guys do it, the more they gel on the tour, they establish another identity and they get tighter and tighter as time goes along."
This time out, the Experience Hendrix tour is about bringing the live Hendrix sound where it hasn't been before. Seattle, for example, where it all began, was passed over this year, Janie Hendrix said: "We decided to hit different cities than we hit before. We've never been to Atlanta or North Carolina, so we're trying to get to some different cities this year."

All of it, from the torrent of new releases to rumors about Hendrix being immortalized anew in Rock Band, from a tribute tour to a statue in a park, prompts the question: What is it about Jimi Hendrix that we can't get enough of? Why does he seem as fresh today as the day he died? Janie's answer speaks to both the music and the mythology of James Marshall Hendrix, the power of a sound and the pathos surrounding an icon who exits at an early age.

"He created over 110 songs in four years, and it's real music," she said. "It's a whole creation all its own, it doesn't fit the niche of jazz or rock or R&B, it's its own creation. Lyrically, musically and iconically as an individual, he put it all together.

"And he died so young ..."

The new Jimi Hendrix album is probably the best of his posthumous releases. It contains twelve tracks of never-before-released tunes and alternate takes on previously-released material. The music has the feel of completion, far more so than his other posthumous albums like Cry of Love, War Heroes, and Loose Ends.

I heard one cut live in November of 1968 and later wondered why it had never made it onto an album: Sunshine of Your Love. It’s an instrumental version of Cream's best-selling song. The first thing you notice is the faster tempo; the second of course is Hendrix’s phenomenal guitar work. How he handles the piece differently from Eric Clapton is best summarized by Franz Joseph Haydn’s quote on W.A. Mozart: “People say I have genius, but Mozart stood miles above me.” After a minute, the piece slips into a rhythm guitar riff that charms with its subtly variations, then erupts into untethered virtuosity. Hendrix’s jaw-dropping musicianship reminds me of his guitar work in All Along the Watchtower.

Ships Passing Through the Night has also never been released before. The lyrics are nothing extraordinary, but the solo guitar riffs may send you back to the days of Electric Ladyland. Clocking at 5:52 it’s one of the longer cuts on the album and features wild perambulations. The title piece, Valleys of Neptune, melodic and furiously inventive yet still ragged, has never appeared in this full band version. Bleeding Heart differs from the version on War Heroes and contains solo guitar work and tight playing that should amaze anyone. Contained wildness. The longest track, Hear my Train A Comin, is the only full-band version of this 12-string acoustic song (from Jimi Hendrix:Blues). Blues is right. He even scats while playing. Listen close to the last minute, when the tempo mysteriously slows, the volume drops to a whisper, then bang! There’s a final shout and a stinging guitar coda. Another blues tune, Red House, contains expanded arrangements and shows that Hendrix had not only been listening to B.B. King, but had actually surpassed him. Like the recently released At Carnegie Hall (Thelonious Monk quartet) and My Dusty Road (Woody Guthrie), Valleys of Neptune is a welcome visit from beyond the grave. Who knows how many more are out there lurking in dusky catacombs?

TrackList:
1. Stone Free
2. Valleys of Neptune
3. Bleeding Heart
4. Hear My Train A Comin'
5. Mr. Bad Luck
6. Sunshine Of Your Love
7. Lover Man
8. Ships Passing Through The Night
9. Fire
10. Red House
11. Lullaby For The Summer
12. Crying Blue Rain

-- Peter Bates

Nearly 30 of those favorites are confirmed for the June 26th show, which will feature Clapton in a headlining set with his own band and, if previous festivals are any indication, jamming with many of his guests as well. Returning veterans of the first two Crossroads shows include Jeff Beck, Robert Cray, B.B. King, the great Rick Nelson and Elvis Presley sideman James Burton, Jimmie Vaughan, Sheryl Crow, Los Lobos, ZZ Top, Steve Winwood, gospel-steel phenomenon Robert Randolph and one of Clapton’s personal heroes, Louisiana slide-guitar ace Sonny Landreth. “He’s a giant to me — his thing is so perfect,” Clapton says of Landreth. “When we send the invites, he’s the first guy that always comes back, the next day: ‘I’m in, what do you want me to do? I’ll open the show.’ Absolutely no bones with that guy.”

Among the artists making their Crossroads debuts this year are the Allman Brothers Band, British folk-guitar master Bert Jansch, singer-guitarist Keb’ Mo’ and Brazilian bossa nova legend Joao Gilberto. “I wanted to open it up a little,” Clapton says of the bill, “so it’s not so much about virtuosity as roots.” Clapton is especially excited by the booking of the reclusive Gilberto, who rarely performs abroad. “The whole thing was an excuse for getting him out of Brazil,” Clapton confesses with a laugh. But, he adds, “a festival about guitar doesn’t have to be all heavy metal or all rock. It would probably surprise a lot of people who don’t play that someone like me or Derek Trucks [of the Allmans] can admire and enjoy someone like Gilberto.”

Clapton notes that the musical success and smooth production of the 2007 festival — a one-day event also held at Toyota Park, a relatively intimate soccer stadium just south of downtown Chicago — encouraged him to do Crossroads at least one more time. The 2004 concert was, in contrast, a two-day marathon, held at the enormous Cotton Bowl in Dallas. “I’ve convinced the business guys this is the last one,” Clapton says, grinning. “Because they’re the ones who have to deal with all of the unraveling — the agencies, managers and record companies. I’ve kind of said, ‘We’ll do three.’ I like three. I’m a ‘three’ guy.”

Asked what the Crossroads festivals have achieved in greater public awareness of his peers and influences and the art of guitar playing, Clapton modestly responds, “I have no idea.” But the guitarist contends that Crossroads is not a typical music festival in that “it comes from the heart of a musician. It’s not a business deal, and there is an enlightenment in that. People realize we really love what we do.

“And hopefully,” Clapton adds, “it gets better every time. That’s the deal.”

Full list of confirmed performers:
Albert Lee
Allman Brothers Band
BB King
Bert Jansch
Buddy Guy
David Hidalgo and Cesar Rosas of Los Lobos
Doyle Bramhall II
Earl Klugh
Eric Clapton
Gary Clark Jr.
Hubert Sumlin
James Burton
Jeff Beck
Jimmie Vaughan
Joao Gilberto
Joe Bonamassa
John Mayer
Keb Mo
Pino Daniele
Robert Cray
Robert Randolph
Sheryl Crow
Sonny Landreth
Steve Winwood
Vince Gill
ZZ Top

As both a dealer and appraiser of vintage fretted instruments I am faced with the daily necessity of placing dollar values on instruments. Any appraisal or price determination is to a certain degree the subjective judgment of the particular dealer or appraiser involved, however, the figures that I or any other dealer or appraiser place on instruments are firmly based on our knowledge and experience of the market involving supply, demand, and prior precedent for instruments of this type. While there is no one simple formula that a dealer or appraiser uses for evaluations, the following factors are critically important:

1. Maker
Instruments made by famous luthiers or manufacturers are far more sought after than those by lesser known makers. A great sounding guitar by an unknown luthier may have intrinsic merit and value as a utilitarian tool, but it will rarely sell for as much money as a well known model by a famous maker even if the instrument by the lesser known maker may sound better. Typically famous makers achieve recognition because their instruments are indeed superior to those of lesser known luthiers. Martin, Fender, Gibson, D'Angelico, Stromberg and other such makers did not achieve their great recognition without having justly earned it. While new luthiers are continually appearing on the scene and some produce very fine instruments, it usually takes a number of years for a maker to establish a strong enough reputation for his instruments to command high prices.

2. Model
Some models are far more sought after than others. In the case of Martin guitars, for example, dreadnought size instruments tend to bring more money than the smaller O, OO and OOO guitars, although the actual cost of manufacture varies very little with the size of the instrument. An O, OO or OOO-18 costs virtually the same amount to manufacture as a D-18, but the demand for vintage, used and new D models surpasses that of the smaller guitars such that the D models will bring more money. Similarly Fender Stratocasters and Telecasters are more sought after today than vintage Jazzmasters, Jaguars or hollowbody Coronado models of the same age. In spite of the fact that the Jazzmaster, Jaguars, and Coronados may have cost more when new, Telecasters and Stratocasters are more sought after and bring more money today. Similar examples can be stated for virtually every manufacturer.

3. Age
Older is not necessarily better, but virtually every manufacturer has had periods which buyers and players view as their "Golden Era." Pre-CBS Fenders are more sought by collectors and musicians than the later models. Martin guitars of the 1930s are held in far higher regard and command higher prices than the later models. Gibson Les Paul Standards made between mid 1958 and 1960 featuring patent applied for humbucking pickups, curly maple tops and cherry sunburst finish command far higher prices than the earlier gold top Les Paul models with single coil P-90 pickups and certainly greatly more than any of the later Les Pauls.

New instruments by major manufacturers such as Martin, Gibson, Fender and Taylor are of fine quality and without doubt are suitable for professional use on stage or in the studio, but many collectors and musicians view models of the "Golden Era" as being superior. It should be noted that a company such as Martin which has been in business since 1833 had employees during the 1930s who were routinely longer tenured with the company and more skilled at hand work than those employed today.

In the case of individual luthiers the trend in this respect is quite different. The finest instruments by any skilled hand builder are likely to be his most recent ones. Just as Stradivarius built far better violins when he was 75 years old and had many years of experience than he did when he was only 16, a skilled hand builder such as Stromberg, D'Angelico or D'Aquisto or modern builders such as Benedetto, Monteleone, Kim Walker, Steven Gilchrist and numerous others are more experienced today than they were twenty years ago. If, in fact, a hand builder's older instruments were worth more than his latest creations, that would amount to a statement on the part of buyers that in their opinion the maker had either learned nothing new in the past twenty years or had in fact actually slipped.

4. Condition
Condition needs to be evaluated in terms of cosmetics and structural concerns. Needless to say, a cosmetically clean example in original condition is worth more than the same make, model and year instrument which is highly worn although still structurally stable. Structural concerns, however, are fully as important if not more so than cosmetics. It is quite possible for a vintage instrument to have little if any playing wear but still have major structural problems. In most cases loose glue seams, warped necks or poor neck set angles can be fixed to be invisible and structurally fine. Cracks and other such structural damage are greater problems. In the hands of a skilled restorer many cracks can be made to virtually invisible, but such work is very time consuming and expensive. Re-gluing loose seams or braces or resetting a neck, in my opinion, constitutes normal maintenance and does not lower the value of the instrument.

Just as there are no violins of the 1600s and 1700s in use today which have never had maintenance such as re-gluing of loose seams and replacement of worn out fingerboards or even far more drastic work, it is essential to be aware that acoustic guitars of the 1920s and 1930s are old enough today that virtually all of them have either had or now need some maintenance to be kept in good playing order.

When I started collecting guitars in the mid 1960s it was relatively easy to find Martin and Gibson guitars of the 1930s and Gibson and Fender electrics of the 1960s in excellent playing order without need of restoration, but today an instrument of the 1970s or early 1980s is older than many of the "Golden Era" vintage instruments were when I started out.

5. Originality
As I have discussed in previous columns, originality is critically important. Obviously a forgery is not nearly as valuable as an authentic original instrument. A highly modified instrument such as a Martin D-28 which has been inlaid to resemble a Style 45 or a Gibson Goldtop Les Paul which has had the top finish stripped and redone to sunburst and P-90 pickups removed to be replaced with later humbucking pickups will not have nearly the appeal of an authentic original pearl trimmed Martin or late 1950's sunburst Les Paul.

Collectors place a great premium on a fully original pristine condition example of a prime collectible model, but such pieces are becoming increasingly more and more difficult to find as each year passes. A beautiful original pre World War II Martin with an expertly done neck set such that the work is invisible and the guitar plays perfectly will have a value virtually the same as a pristine example. Similarly, re-gluing of loose glue seams or loose braces is not a major consideration.

On the other hand, refinishing or restoration of major structural defects, however well done the job may be, will result in an instrument of lesser value than one which is pristine. Needless to say, an expert restoration of structural and cosmetic defects such that the work is virtually invisible will result in an instrument of far greater value than one which needs work or has been poorly repaired. Much of the time and effort put into instruments in the Gruhn Guitar repair department is spent undoing poor previous repairs. It is far easier to work on an open but un-repaired crack than to fix one which has been firmly glued with epoxy in the wrong position.

I am frequently asked if repairs will lower the value of an instrument. If it were true that any repairs simply resulted in depreciation, I would immediately be able to lay off seven of my most expensive employees. Needless to say I have not done so because it is my opinion that proper restoration greatly enhances the value of instruments. While I like to see instruments in totally pristine unplayed condition, the fact remains that these guitars, banjos and mandolins were made to be played and enjoyed and over the years they do become worn and need maintenance.

Worn out original frets result in a guitar which is unplayable and worth less than one which has been expertly refretted. Over the years wear, natural aging and unfortunate accidents can and will happen. The work of a truly expert restorer should be virtually invisible. It can be said as a compliment that the work of a luthier may be as distinctive as his signature such that it can be identified from across the room at a glance, but the same comment applied to the work of a repairman or restorer would be an insult. A truly superb restorer leaves no sign that he was ever there. An instrument with cracks, loose bracing, worn frets, poor neck set angle or other such problems is worth far less before restoration than afterward if the work is properly done. There are plenty of repairmen who can refret, glue loose braces and do set up work, but remarkably few who can take a crack and make it structurally stable and visually virtually invisible. At Gruhn Guitars we pride ourselves in having one of the finest repair shops in the world, but we take great pains to accurately represent all instruments we offer for sale such that repair work is disclosed.

6. Supply versus Demand
Some instruments are extremely rare but rarity is not necessarily to be equated with desirability. Instruments may be rare for a variety of reasons. Since individual luthiers build based on orders and manufacturers produce instruments based as well on dealer and customer demand, rarity can be a sign that a model was not well accepted by the public. A model can be very rare because the company received no orders do to lack of public interest. Examples of instruments which are rare because there was little if any public demand when they were made would be Gibson Victory guitars and basses and Martin pre-World War II archtop f-hole guitars.

Some instruments are rare because they were introduced ahead of their time. The Flying V and Explorer Gibsons of 1958 and 1959 are prime examples. These guitars were so radical that they were laughed at, in spite of the fact that they were very fine sounding instruments. It was not until many years later that they were recognized as being great collector's items not only for rarity but due to their historic significance and extraordinarily fine quality. Today there are not only Gibson made V's and Explorers but over the years these designs have inspired makers such as Hamer, Kramer, Ibanez, Dean and numerous Japanese, Korean and Chinese knock-offs such that there are now hundreds of thousands of instruments which owe their direct lineage to the extraordinarily rare 1958 and 1959 originals by Gibson.

Other instruments are extremely rare because they were introduced too late. The original 1922-24 Lloyd Loar-signed and dated Gibson F-5 mandolins are a prime example. The mandolin craze died after 1921, but the F-5 was not introduced until mid 1922. It would be much akin to introducing the finest buggy whip in the world after the invention of the automobile. People simply did not care how good a mandolin was. There was no demand for one until Bill Monroe introduced bluegrass music in the mid 1940s.

Today an original Loar signed F-5 will bring well over $100,000, but in 1922-24 nobody cared. Gibson flat-head Mastertone banjos of the 1930s are another such example. The demand for banjos was minuscule after the Dixieland movement died by the end of 1928. During the 1930s when the flat-head Mastertones were made there was a strong demand for arch top f-hole guitars, but it was not until Earl Scruggs popularized flat-head Mastertones during the mid 1940s onward that there was any demand for such an instrument.

Interestingly enough the sunburst Les Paul Standard of mid 1958 through 1960 is another such example. There were far more Gibson Les Pauls made during 1952, 1953 and 1954 than in 1958, 1959 or 1960. The sunburst Les Paul may well be the ultimate Les Paul model guitar, but it was introduced at a time when the demand for these instruments was falling.

It is exceedingly difficult to kick start demand by introducing a better model instrument once the demand for this style is waning. Numerous companies have tried but failed in such attempts. The fact remains that the finest mandolins and banjos were made after the demand for these instruments had passed. The vintage originals of the "Golden Era of Production" are not necessarily those made during the "Golden Era" of the music itself. Sometimes an instrument is designed for a specific type of music only to become truly popular with collectors and musicians at a later date once it is discovered that this type instrument can be used for a totally unforeseen function. Lloyd Loar did not envision chord chop rhythm to drive a five piece bluegrass band with a mandolin, but the fact remains that the F-5 took on a whole new life when Bill Monroe picked it up. Similarly Leo Fender did not anticipate what Jimi Hendrix would do with a Stratocaster nor did the Gibson design team of the 1950s envision the rock and pop scene of the 1970's to the present.

Some instruments such as D'Angelico, Stromberg and D'Aquisto guitars are rare because they are hand made masterpieces by an individual luthier who was incapable of high output. D'Aquisto had a minuscule output ranging from about seven to twelve instruments a year. D'Angelico was only slightly more prolific but lived longer and produced guitars over a greater time span resulting in more total output. Stromberg guitars of the late period from 1940 through 1955 are among the finest rhythm guitars ever made by any luthier, but the early Strombergs prior to 1940 are relatively mediocre instruments. In view of the fact that these are superb instruments made by a tiny workshop for only fifteen years, the total number of such pieces is extremely small resulting in great rarity.

Some instruments are rare due to the fact that they are limited edition "instant collectibles." Martin, Gibson, Fender, Rickenbacker, Taylor and numerous other manufacturers are producing pieces of this sort. I have written a great length on this topic in Vintage Guitar magazine as well as in previous columns. Suffice it to say that I do not consider these to be the ultimate investments. Just as I would not recommend collecting Franklin Mint replicas of Samurai swords or Civil War swords rather than having the originals, it is my opinion that instruments made as deliberate limited editions are frequently not particularly good investments.

On the other hand, it is my opinion that there are some superb new instruments being made today both by individual luthiers and manufacturers such as Martin, Fender and Gibson. The Fender Custom Shop models as well as their Masterbuilt instruments and Martin "Golden Era" guitars as well as Gibson Custom Shop Historic models are of exceptionally fine quality. How they will stack up in the future as collectibles remains to be seen.

Clearly, the instruments we view as "Golden Era" collectibles today were once production instruments made to be used and played. It is my opinion that the best new instruments produced today do indeed have the potential to be collectible in the future. It is, however, difficult to predict future values. Much depends on what the manufacturers and luthiers producing these instruments today do in the future. If, for example, a company goes out of business or lowers its standards of quality due to a change of ownership or any other reason, the higher quality instruments of today could become highly collectible in the future. If, on the other hand, new instruments twenty years from now are made to the same or even better standards of quality than the guitars of today, the current models may not appreciate nearly as much.

While rarity alone does not make an instrument desirable, in some cases obviously it is a factor for consideration. Unlike postage stamps or coins in which rarity is everything, musicians want instruments of great quality. Demand for sunburst Les Pauls is far greater than for Les Paul Customs of the same age or for numerous other models which may in fact be more rare. Gibson made over 1500 sunburst Les Pauls from mid 1958 through 1960, but there are millions of people who would like to own one and have bid up the prices such that prime examples can be over $150,000. There are, on the other hand, instruments of which less than a dozen were made but for which there is little demand resulting in prices under $1,000.

7. Sound and Playability
Obviously as a musician, sound and playability are of paramount importance; however, in evaluating vintage instruments or setting prices I do not generally take these factors into consideration. The reputation a particular make, model and age instrument has is not an accident. The pieces which command high prices have a reputation such that one of a particular make, model, and year is typically extremely good, but tone and playability are rather subjective. It should also be noted that if a guitar is not set up in good playing order and does not, as a result, sound good or play well, it can be worked on such that in all probability it will play just fine. If I have two guitars of the same make, model, and year, one of which is extremely clean but in my opinion does not sound especially great compared to another one which is in rougher physical or cosmetic condition but which I think sounds great, I will still get a higher price for the cleaner one.

8. Prior Precedent
While any evaluation is based to a considerable degree upon the knowledge and subjective judgment of the dealer or appraiser, prior precedent figures prominently. When evaluating instruments I take into account prices I have previously been able to get for similar instruments as well as prices other dealers with whom I am familiar have gotten. "Blue book" prices are based on dealer input which usually involves their prior precedent in sales. Prior precedent of "asking prices" versus actual sales figures are less relevant to me. Asking and getting are not one and the same. As I have previously stated, I do not go strictly by blue book values. It is my experience that all too often blue book prices can be either higher or lower than my own experience dictates. It should also be noted that neither do I go strictly by previous achieved prices. I take into account current market conditions. If I get an instrument which is an extremely prime example or if in my judgment the market has heated up such that an item is now in greater demand than it would have been the last time I had one, I will ask more.

Needless to say it requires a very skilled and experienced appraiser to take all of these factors into consideration. It is not possible to price guitars simply by picking up any of the so-called "blue books." Some of these books are better than others, but in my opinion none of them are totally accurate nor do I use any of them extensively for setting prices of my own inventory or in comparing appraisals. None of the blue books are helpful in identifying an instrument or determining its originality. In order to do an appraisal one must first properly identify the piece. Not only must one determine the make, model and year, but one must be certain that it is in fact original and one must determine the extent of any modification or repair.

9. Memorabilia Appeal
Instruments which have been owned and used by celebrities have memorabilia appeal. Frequently their appeal to fans of a particular performer may result in prices far higher than they would otherwise command.

The base line value for any memorabilia piece is the amount this piece would bring if it had been owned by nobody special. While there is no way to apply a simple formula or "blue book" yardstick in evaluating memorabilia, I try to take in to account the importance of the former celebrity owner, how many instruments he or she had, how extensively they used this particular instrument, and what if any track record there may be for previous instruments placed on the market which have been owned or used by this performer.

Typically, instruments owned by deceased celebrities will bring more money than those owned by living artists, but it is just as critical to determine how many instruments an artist may have had and how frequently such pieces come on the market. For example, Bill Monroe used one 1923 F-5 mandolin throughout most of his career, whereas Eric Clapton, Billy Gibbons, and Rick Nielsen of Cheap Trick, have owned hundreds of instruments. Typically, an artist who has had hundreds of pieces go through his hands will not add as much value to a guitar as an equally prominent artist who has used only a few instruments in his career, however, it is worthy of note that in a charity auction some of Eric Clapton's guitars brought astronomical prices. The ones which brought in excess of $100,000 were, however, instruments which he used a great deal. Some which he had barely touched still brought as much as $50,000 but it is my opinion that had they been offered in anything other than a celebrity auction context, they would not have brought even half that amount.

Typically, rock star instruments, particularly those associated with Jimi Hendrix, Eric Clapton and Elvis, command higher prices than country music artist memorabilia, but a guitar certifiably owned and used by Jimmie Rodgers or Hank Williams Sr., would certainly bring a great deal of money. It is at best a very subjective judgment to try to compare and contrast values imparted by prior ownership by artists such as Johnny Cash, George Jones, Marty Robbins, Hank Snow or other Opry stars.

It should be noted further that some artists sold millions of records but were not highly respected by guitar players, whereas others, such as Mike Bloomfield, never had a hit record in their entire career but are idolized by pickers. Needless to say, when selling any instrument as memorabilia it is absolutely critical to be able to document the piece with letters, preferably by the former owner as well as photos, film clips, or other documentation from family members, band members, or managers. I am offered instruments said to have been owned by Jimmie Rogers, Hank Williams Sr., Elvis, and other celebrities almost every week, but without proper documentation, I don't take the bait unless they are offered at their intrinsic value as an instrument.

Needless to say it requires a very skilled and experienced appraiser to take all of these factors into consideration. In order to do an appraisal one must first properly identify the piece. Not only must one determine the make, model, and year, but one must be certain that it is in fact original and one must determine the extent of any modification or repair. After forty years of virtual total immersion in this market I use my knowledge and "gut feel" rather than any "blue book," but I am still learning every day. I don't claim to know it all.

About the author
George Gruhn is the co-author (with Walter Carter) of Gruhn's Guide to Vintage Guitars, which is the comprehensive field guide to vintage fretted instruments, and the companion volumes Acoustic Guitars and Other Fretted Instruments and Electric Guitars and Basses. These books chronicle the history of American stringed instruments and are beautifully illustrated and exhaustively researched. His articles are published in numerous magazines.

Gruhn moved to Nashville in 1969 after getting his bachelor's degree from the University of Chicago and doing graduate work at Duke University and the University of Tennessee. In 1970, he established Gruhn Guitars, which is one of the largest dealers of vintage and used instruments in the world, located right behind Nashville's Ryman Auditorium. The "guitar guru" has been a featured columnist for Pickin', Frets, Bluegrass Unlimited, Guitar Player and Vintage Guitar. He is the former vice president of research and development for Guild Guitars, and his designs are currently featured on a line of Tacoma guitars.

"Since 1963, George Gruhn has distinguished himself as the one to see in Music City - or anywhere for that matter - if you're in the market for a vintage stringed instrument . . . He categorizes his interest in guitars - like that of his staff and most of his clientele - as beyond obsession. 'Those with a serious interest have an addiction, and we've got the goods,' Gruhn says of his customers, who include the heavyweights of popular music - Eric Clapton, Neil Young, Johnny Cash, Lyle Lovett, Vince Gill, George Harrison, and Paul McCartney, just to name a handful." - Bone Magazine

Contact Information
George Gruhn, Gruhn Guitars
Phone: 615-256-2033
Email: gruhn@gruhn.com
Web: Gruhn Guitars