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.

While celebrity collectibles have been a good investment for years, guitars themselves have largely been overlooked. However, the guitar was perfected between the 1930s and the 1960s, depending on the model, and instruments from this period are highly regarded. Some people think that in fifty to a hundred years, guitars from the mid 20th century will be thought of in the same way as violins and cellos from the 17th and 18th century.

The appeal of any guitar grows over time, and there hasn't yet been a period when the market sank. That makes a vintage guitar a great investment choice, as well as a visually and emotionally rewarding collectible. There's nothing like being able to say that you own the guitar once played by a legend.

Values only continue to go up, too. While a 1959 Fender Sunburst Stratocaster, one of the most famous types of guitar, originally cost about $250, it brought between eight and nine thousand dollars in 1997. Today, you might have to pay seventeen thousand for a model with a slab fingerboard.

Recent stock market unpredictability has meant that people are more interested in guitar collecting. These vintage instruments are a great type of protected investment. For collectors who want to cover all the bases, consider a varied collection - acoustic, electric, exotic, antique, vintage, contemporary and even custom guitars.

Over the past couple of years the vintage guitar market has taken a hit here and there but overall has proven to be a sound investment for most. The experts say that when inflation accelerates and the dollar shrinks collectibles prove to be a good place for your money.

People are starting to realize how much these instruments from the 50's 60's, and 70's really meant to our culture.

There is a very limited supply and there still seems to be a high demand for these pieces of history which has proved to be a good choice for those who have invested in these instruments, such as the Gibson Les Pauls' and Fender Telecasters and Stratocaster's from the same era. (50's, 60, and 70's).

A good place to start collecting vintage guitars as an investment would be to focus your research on obtaining guitars from the list below. This list includes that have been inducted into Vintage Guitar Magazine’s Hall of Fame. There are, of course, other lists and other guitars worth investing in, but this is certainly a great place to begin.

In the coming weeks, I will be featuring each of the exquisite instruments in detail. This information will prove useful in your search for vintage guitars that will provide a good return on your investment.

Gibson SG Standard

Inducted in 2009
By 1960, declining sales of the Les Paul model had Gibson looking to revamp the guitar. So the company gave it a radically redesigned, much thinner (and lighter!) body intended to better compete with Fender's Strat. But the things that made up its very heart and soul - especially its humbucking pickups - remained. Today, the early-'60s version is a true classic.

Gibson Les Paul Model (Goldtop)

Inducted in 2008
Les Paul tried for years to convince Gibson it needed a solidbody in its line. Finally, Ted McCarty brought a single-cut experiment guitar to Les for his approval. Though its origianl bridge/tailpiece was far from perfect, the instrument served as Gibson's test bed through the '50s. Eventually, it reached the pinnacle among guitars and today sits among the top collectibles.

Gibson J-45

Inducted in 2007
Martin's "dreadnought" flat-tops were big and dominated the guitar market of the 1930s. By the early '40s, Gibson knew it needed a big flat-top to compete, and he J-45 ("J" for Jumbo, "45" indicating its price in dollars) was it. A 16" round-shoulded flat-top, even in the tough times of its launch, it received a very warm welcome and has ever since remained one of - if not the - most popular Gibson guitars.

Fender Jaguar

Inducted in 2006
Jumping on the speeding Fender bandwagon in 1962, it helped the company stay on top throughout the decade, with its fancy new vibrato tailpiece, sophisticated electronics, and (usually) a funky custom color. If you played instrumental rock at the time, you either had one of these or you were probably ignored!

Gibson ES-5

Inducted in 2006
One of the first guitars built after Ted McCarty took charge of Gibson, it helped solidify the company's position as the world's preeminent electric archtop maker. Today, its late-'50s variant with three PAF humbuckers and Switchmaster tone control is one of the most collectible of its ilk.

National Tri-Cone series

Inducted in 2005
Its warm, sustaining tone emanates from three aluminum "resonators" designed to help guitarists stand out in big-band or orchestra settings. But, soon after being introduced, Nationals were adopted by Hawiian and blues players. Today, the Tri-Cone produces what many consider the ultimate acoustic blues tone.

PRS Custom

Inducted in 2004
The first production instrument from a company that has become the guitar's preeminent modern success story.

Gretsch White Falcon

Inducted in 2004
Like many great guitars, it has evolved through several versions. But it has been a classic since day one, for both it sound and utterly unique aesthetic.

The 1954-'56 Gibson Les Paul Custom

Inducted in 2003
Can you say "Black Beauty?" Though Gibson didn't give it the name, Les Paul himself chose black as the secondary color for the guitar bearing his moniker. Gibson did, however, use it to experiment with a three-pickup configuration and to introduce its famed Alnico-magnet pickup.

Fender Jazzmaster

Inducted in 2002
Designed and marketed by Leo to cut into Gibson's jazz market, it supplanted the Strat at the top of Fender's line in 1958. And though its sound kept it from catching on with jazzers, garage surf bands of the day ate it up. It is one of the most copied solidbody designs of all time.

Gibson SJ-200

Inducted in 2002
A landmark amongst acoustic flattops, the SJ-200 was designed for cowboy guitarist Ray Whitley, and any cowboy worth his salt played one. Its popularity carried over to other genres, and never faded. From its jumbo-sized, sunburst-finished body to its ultra-fancy pickguard, bridge, and headstock, it was considered the consummate flat-top. Just ask Emmylou!

Gibson ES-150

Inducted in 1999
Gibson's first electric Spanish guitar was also the first good-quality electric to hit the market. Favored by Charlie Christian, it housed Gibson's first pickup, which is still in high demand and considered a classic.

Martin D-45

Inducted in 1998
Originally the fanciest of Martin's innovative dreadnought line. If you had one of the 96 made in the 1930s and early '40s, your net worth would be considerably higher than it is now.

Rickenbacker 360/12

Inducted in 1997
It was good enough for George Harrison and gave us the "jingle jangle" of Roger McGuinn. That's more than enough for the 360/12 to be the only 12-string in the VG HoF.

Gibson Flying V

Inducted in 1996
One of the most distinct guitar designs ever created, but it wasn't a hit when it came out in 1958. Rock and rollers discovered it the late '60s and the V still makes a unique statement today.

Gretsch 6120

Inducted in 1996
If you play rockabilly, you better have one of these! Introduced as the Chet Atkins Hollowbody in '54, the 6120 soon shed the "G" brand and western inlays of the early versions, but never lost the Western Orange finish or the cool twang.

Fender Jazz Bass

Inducted in 1995
With its two specially designed pickups, offset waist, and slimmer, narrower neck, the Jazz Bass was intended to be the more tonally diverse, slicker-playing descendant of the Precision. The fact it was available in Fender custom colors (often with matching headstock) makes it all the more cool.

Gibson L-5

Inducted in 1994
Introduced in 1922 and with a design guided by the legendary Lloyd Loar, the L-5 was the first modern archtop guitar. Initially a non-cutaway acoustic, the L-5 went through many changes, ultimately becoming a single-cutaway with two humbuckers.

D'Angelico New Yorker

Inducted in 1993
George Gruhn said of it in the March 2000 issue of Vintage Guitar, "The New Yorker is significant due to its superb quality and aesthetic artistic appeal," and is "one of the finest guitars in the history of the instrument."

Gibson Super 400

Inducted in 1993
Introduced in 1934, with its 18" body and deluxe features, the Super 400 was the largest and most expensive guitar in the Gibson line. Its influence was soon apparent in the designs of many of the great archtops built by others. Whether the earlier non-cutaway acoustic version or the later double-pickup cutaway, it remains a true work of art.

Fender Precision Bass

Inducted in 1992
The first bass in the VG Hall, and why not, it only forever revolutionized how the bass was played. One of the most innovative ideas in modern music history.

Gibson ES-335

Inducted in 1992
Born during Gibson's "golden era," the semi-hollow body ES-335 wedded archtop looks with solidbody performance. Whether it has dot inlays or blocks, it remains one of the coolest designs in guitardom.

Martin D-28

Inducted in 1991
The first acoustic in the VG Hall, the D-28 launched Martin's line of incredible big and loud dreadnoughts in 1931. The D-28 has inspired many guitarists and builders, and remains one of Martin's most popular models.

Fender Telecaster

Inducted in 1991
Leo Fender's timeless classic is about as simple as an electric guitar can be, but still has the magic to appeal to guitarists playing just about any style of music. Every guitar player has a Telecaster (or should). Along with the Strat and Les Paul, the Tele is among the most popular designs around.

Fender Stratocaster

Inducted in 1990
The VG Hall of Fame was started in 1990 and we had little doubt the Strat would be among the first instruments selected for inclusion by our readers. Three single-coils, a vibrato (usually), and that great contoured, offset-double-cutaway body. Some 50 years after its introduction, it is still one of the most popular designs.

Gibson Les Paul Standard ('Burst)

Inducted in 1990
Also an easy first-year selection, LP Standard was introduced with a sunburst finish in 1958, and the '58 to'60 models are the most valuable vintage solidbody guitars. The Les Paul Standard is a classic no matter what finish it bears.

If I asked you to guess an investment that can give you 500% appreciation of six months, what would it be?
I'll bet that guitars wouldn't be your first response.

In the forty years since Jimi Hendrix played his white Fender Stratocaster before a 500,000 people at Woodstock, guitars are now firmly established as collectible items.

Such legendary events have led thousands of enthusiasts to seek out vintage Fender Stratocasters from the 1970s.
A late '60s Strat', then worth a couple of hundred dollars, can today sell for as much as $30,000.
Other items, like a '60s Gibson Les Paul Jr., can appreciate by an incredible 500% after six months of ownership.

And the best news is, with the guitar market down alongside stock prices, there are plenty of opportunities for new investors.

"Now, the baby boomers that bought the guitars are selling them back," Harvey Moltz of Rainbow Guitars, an Arizona-based vintage and modern instrument dealership, told Forbes.

Guitar prices are dropping by as much as 40% - so dealers are stoking up their storage rooms with vintage guitars for the first time in 30 years.

There is one particular factor that can guarantee a guitar's appreciation...

Aside from being in mint condition (with original parts, electronics and paint), the guitars must be tied to an artist or event that resonates in the modern popular conscience.

For instance, 1980s ESP guitars were played by, and are associated with, Metallica.

While such guitars hold value now - particularly with today's wealthy who loved metal in their youth - the value of shred-friendly guitars is likely to fade as the collectors themselves age.

But Woodstock and other classic-rock-associated guitars are likely to increase in value yet again - partly due to music releases and merchandising from labels like Warner Bros to coincide with Woodstock's 40th anniversary.

But, even if prices are more affordable - with a '56 Gibson P-90 Les Paul Gold Top dropping from $80,000 in 2007 to as little as $35,000 - you should still be cautious with your cash.

The year of a guitar's manufacturing date can affect the value dramatically.
For instance, electric guitar production increased dramatically after the Beatles' 1965 North American tour. Guitars from this era are less rare, and therefore less valuable.

A scarce guitar is the black mid-'60s Gibson ES-345 played by Jefferson Airplane's Jorma Kaukonen at Woodstock. The model is a much rarer find due to its colour.

Many guitars can increase in value over time, but few instruments will exhibit the long-term value or prestige of Woodstock instruments, despite their current (relatively) low prices.

Here are some guitars to look out for....
Carlos Santana
Guitar: Pre-1965 Gibson SG Special with P-90 Pickups
What You Should Pay: $5,000-6,000
These guitars were the favoured choice of Santana and Pete Townshend even after Gibson phased it out in the '60s.

Stephen Stills
Guitar: Late-'50s Gretsch White Falcon
What You Should Pay: $30,000
This guitar has not been hit hard by the recession, and has the potential for future growth in value due to its connection to several star performers.

But avoid post-1967 models. Baldwin manufacturing bought the company from Fred Gretsch, and made poorer-quality guitars.
Jimi Hendrix
Guitar: 1968 Olympic White Fender Stratocaster w/all-maple neck and cap
What You Should Pay: $25,000-30,000

Don't buy just any '60s Strat, as not all have Hendrix's rare, all-maple neck, fingerboard and Olympic White paint. Non-Jimi models depreciate more due to generalisation of value.

To buy the Jimi Strat, you'll have to pay big, but your investment will be safe. The link between the instrument and Jimi is enough to keep this guitar - made after 1965 - appreciating in value.

Les Paul Axcess Standard features:
Les paul style body with Weight relieved mahogany back with belly scarf
Carved mapleneck top with 1-piece set mahogany neck and Rounded with contoured heel cut neck profile
Rosewood fretboard
22 no. of frets
Pearloid trapezoid neck inlays hardware
Klusonelectronics tuners
pickups: Burstbucker 1 neck with Burstbucker 2 bridge

Guitar features are a very important aspect to evaluate when buying a new instrument, and that is just what Gibson Custom's Les Paul Axcess Standard has to offer: excellent features with a price that matches perfectly. Top grades for Les Paul Axcess Standard depicts what most musicians feel about this instrument's features, so you should be confident in it's value. A job well done by Gibson Custom!

You can plug this baby into a toaster and, God knows, maybe it would sound as great as it does with any other amp. Seriously, Gibson Custom made a Les Paul Axcess Standard, a terrific sounding instrument that deserves all the praise it can get. There is simply no need to change anything stock-provided parts built into this axe, as it sounds professional all the way. Gibson Custom's Les Paul Axcess Standard is a over the top sounding instrument.

This beauty has virtually no flaws. Gibson Custom surpassed their traditional quality and produced an instrument that is built great, and built to last. Finish is amazing and the hardware easily adjustable to fit any kind of action. The neck is superb and smooth while playing. Les Paul Axcess Standard stays in tune 99% percent of the time and responds well to various playing styles.
Les Paul Axcess Standard is reliable and durable guitar, that measures up to top built guitars. It will perform well in any imaginable situation, and will stand the test of time, if you take the usual care of your instrument. It is no secret that Gibson Custom makes good, quality instruments, and that is surely the case with Les Paul Axcess Standard guitar.

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The 1959 Les Paul that has come to be known as “Number Two” was purchased by Page in 1973 after trying for some time to acquire an exceptional second Les Paul. This was several years after having acquired his other legendary Les Paul—“Number One”, a ’59 ’Burst with shaved-down neck profile and no serial number—from Joe Walsh. “Number Two” was essentailly all original when he aquired it. Jimmy did have some modifications done to the neck shape so that it would more nearly match the feel of his "Number One". The neck is certainly slim but not to such extremes as the now-ultra-slim neck on “Number One”. It had a strong, beautiful sunburst finish with a red element that had faded to a dusky amber-brown, along with a clear serial number dating it to 1959. Page played this Les Paul frequently through his days with Led Zeppelin, and in the early ’80s decided to make it an even more versatile instrument. Page also added that he wanted to "explore the full range of what the two humbuckers have to offer". He designed a switching system for coil splitting, series/parallel, and phase-reverse options for both pickups, and employed a skilled electronics technician to devise a working schematic and make his sonic vision a reality. The result comprised a push/pull pot on each of the guitar’s four standard controls, plus two push-button switches hidden beneath the pickguard, all mounted on a ’59 Les Paul Standard that is otherwise a superb example of the breed, both in tone and playability.

The Custom Shop Jimmy Page “Number Two” Les Paul was recreated with intense, inch-by-inch examination of Page’s original guitar, inside and out. The process of getting it right involved the production of a number of hand-built prototypes, each of which was checked and critiqued in detail by Page himself. Approval of the final iteration was only offered after the legendary artist had intricately examined and extensively played this last prototype in his London home—after which it was given the thumbs-up, worthy of being the template for the Custom Shop Jimmy Page “Number Two” Les Paul. Only 325 examples will be produced in total: The first 25 instruments are to be aged by vintage-reproduction master Tom Murphy then inspected, played and hand signed and numbered by Jimmy Page personally. An additional 100 guitars will be given the extensive aging treatment and 200 will be finished to Gibson’s VOS specs.

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For some people, selling goods at the Treasure Hunters Roadshow in Middletown has been music to their ears — particularly if the good was a guitar.
The Roadshow, which evaluates valuables and antiques, has been at the Manchester Inn since Tuesday; today, Oct. 24, is its last day.
Many items, even if they’re antiques, haven’t been fetching high prices in the weak economy, said Greg Taylor, a manager at the Middletown show. However, gold, silver and guitars are the exceptions.
“Gold and silver prices are so high, and with vintage guitars, the wood they used can’t be reproduced today,” Taylor said.
For example, earlier this week in Middletown, someone brought in a Gibson ES 330 from the early 1960s. It sold for $300 when it was new, but a collector bought it for $4,500, said Taylor.
Someone else brought in a gold coin from 1871 that had a face value of $20, but sold for $3,500.
The Treasure Hunters Roadshow looks somewhat similar to “Antiques Roadshow” on PBS, but experts there appraise items for insurance purposes, Taylor said. The Treasure Hunters Roadshow buys items for collectors and gives the sellers a check.
As of Friday afternoon, 312 people had visited the show since it started Tuesday. Taylor didn’t have local sales figures but said a typical week brings in $100,000 or more.
Kim Holt of Middletown came to sell off some coins and “did pretty well.”
A man from Springboro, who asked not to be identified, was trying to sell a Disney toy train set that he guessed dated from the 1940s or ’50s. He was offered $300 for it, but decided to try his luck on eBay, where the same set sold for $600.

Vintage Guitar magazine the market bible on all things Vintage Guitar, developed the "The 42-Guitar Index" in 1991. It tracks the ongoing values of excellent condition original pre-1970 Gibson, Fender and Martin guitars. Pre 70's because those instruments are the most valuable, however guitars from after 1970 are starting to rise steadily.

The average value of an instrument in their index for 2007 is a very healthy $19,706, and that represents a staggering 438% increase since 1991. This equates to an average of 27% compounded annually.

The bulk of that growth has occurred in the past few years. Last year alone showed an amazing 54% increase. Why the sudden and massive increase? Simple, stock is drying up and these instruments have gone underground in collections world wide.

There are three main brands of guitars that lead the pack in investing circles, Gibson, Fender and Martin, all American guitars. Gibson however leads the pack in the vintage guitar market and outranks all other vintage guitar brands in terms of increase in value over the past 20 years, slightly edging out Fender and far exceeding Martins.

As an example, an all original museum quality 1959 Gibson Les Paul Standard may soon fetch over US$500,000! This particular guitar made between 1958 to 1960 is not only rare, but is also one of the greatest sounding guitars of all time and has been used on many of the finest rock albums of all time.

Fender guitars, and in particular the custom colors models are still highly desirable instruments for both players and investors. If we take a 1962 Fiesta Red Slab Stratocaster from 1996 to 2007. In 1991 they sold for an average price of $10,650. Find one now and you will have to pay an average of $41,500 - this equates to a low of $29,000 and a high of $54,000.

Martin guitars have produced similar rises in value and make excellent investments as well, but the really big money is in the Fender and Gibson models.

It was designed as an entry-level model for younger players who couldn’t afford a Les Paul but still wanted a high quality Gibson model. The original versions had single cutaway bodies, but there was a double cutaway version available from 1958. The body is the same shape as the Les Paul, but with different finishes, including TV Yellow and cherry red. The Gibson finish TV Yellow was introduced on this guitar. The idea of this finish was that it would look good on television, which was only black and white at the time.

The only models available are the single and double cutaway models. The only pickup configuration available is one P-90 single coil with a “dog-ear” shape.

As the entry level model of the Les Paul range it had only two knobs- one tone and one volume control- as opposed to the two tone and volume controls of Les Paul Standards, Customs and Specials. It also had a different scratchplate to the other Les Paul models- while other Les Pauls had floating scratchplates, the Junior had a more cost-effective fixed one. The design of the scratchplate varies from model to model.

A variation on the Les Paul Junior shape is the 1961-63 model, the SG/Les Paul Junior. This utilised the body of what would become the SG. However, it was disliked by Les Paul, the famous jazz guitarist known for designing the Les Paul guitar on which the Junior was based. Because Paul disliked the radical, pointed shape he refused to have his name on the guitar, so Gibson changed the name to the SG, although the shape remained in the Les Paul Junior range as the SG/Les Paul Junior.

The Junior is now also offered as an Epiphone model. Epiphone are a guitar company which Gibson purchased in 1957, who now make budget versions of classic Gibson designs.

A famous Les Paul Junior user is Billie Joe Armstrong of punk band Green Day. Gibson offer a signature series of Junior models dedicated to him. These models are based on the single cutaway version. Also, Juniors were used extensively by Leslie West of 70s hard rock band Mountain.

Although the Junior is overshadowed somewhat by the more famous Les Paul and SG models it has inspired many players who otherwise wouldn’t be able to own a Gibson, and original versions have become rare and prized collector’s pieces over their lifespan.

It is also worth mentioning that there was another budget Gibson model, which was introduced 5 years after the Junior. Called the Melody Maker, it was even more inexpensive than the Junior. It had a simple, single cutaway slab body in a similar shape to the Les Paul.

It is still offered in the Gibson range in virtually the same format as the original version, but with a different pickup.

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Gil Hembree was 20 years old and working the counter at Kitt's Music on G Street NW when he spotted a 1962 Gibson catalogue featuring the music-making duo of Les Paul and Mary Ford.

It wasn't the couple that caught his attention but rather the guitar slung over Paul's shoulder: an original-style, single-cutaway Gibson Les Paul model with a gold finish.

That was 1966. Soon after, Hembree saw an Evening Star classified ad for a 1952 Gibson Goldtop Les Paul. He paid $100 to a country-music fan in the Maryland suburbs. Hembree later sold it to a musician for $400, booking a profit he used to help cover tuition at American University, where he studied accounting.

"He had no idea, and I didn't really either at the time, what these were worth," Hembree said of the transaction. "I just thought they were cool."
Today a 1952 Goldtop in excellent condition is valued at $15,000 by Vintage Guitar magazine, which publishes an annual price guide.

Hembree said his experience sparked a decades-long hunt for vintage guitars, many with Les Paul's name on them, to buy, collect and sell -- often at a profit.

Rare guitars are among the many collectibles whose value has surged with the explosive rise in wealth earlier this decade that inspired investors to sink cash into goods such as art, rare coins and antiques.
The death of Paul, a pioneer whose innovations transformed popular music and paved the way for rock-and-roll, has spurred fresh interest in vintage guitars. Of particular interest are certain models with his signature emblazoned on the headstock, considered the grand prize among collectors and often sold in private deals featuring authenticators and incredible sums of cash.

Like any investment, collectibles have potential for great gains (as Picasso's masterpieces show) and for a steep slide to oblivion (think Beanie Babies). Timing, as they say, is everything, and even investments with lasting value (homes, for example, and yes, guitars) can get carried away in a bubble.

But financial planners caution against speculating on collectibles. "To make 10 or 20 percent on your collectibles," said Michael Walther of Oak Wealth Advisors in Deerfield, Ill., "the piece probably has to appreciate 50 to 100 percent from what you paid for it."

Diversifying into hard assets such as rare coins and guitars can be a smart hedge against inflation, but don't buy up collectibles with money you may need on short notice, said Marc Henn, president of Harvest Financial Advisors in Cincinnati. Looking to unload a guitar quickly could cause headaches, as well as big losses.

"I would not want to have assets in collectibles and be forced to have to sell them to eat," Henn said. "You would probably get taken to the cleaners."

Determining the value of a guitar can be tricky. Unlike stocks, they are not traded and scrutinized on a public exchange. An instrument's condition, sound quality and even who played it can factor into its value. But guitars, as with most collectibles, experts and dealers say, are best bought only if they'll be enjoyed.

"I have zero dollars in the stock market, because they're not things that you can see and touch," said Joe Ganzler, who bought a 1959 Les Paul in 2001 for $175,000 and makes a living authenticating vintage Les Pauls. "If my guitar was suddenly worth $50,000 tomorrow or $5,000, at least I would still have that thing."

The market for such guitars is heavily populated by nostalgic middle-aged guitar-slinging collectors with disposable income who remember such musicians as Eric Clapton and Led Zeppelin's Jimmy Page in their prime wielding late-50s models.

Still, in the days since Paul's death, some collectors have abandoned that sentimentality, wondering: Will my guitar fetch more money now?
"Some of us have found that question to be a bit tacky," said Tom Wittrock, a collector of vintage Gibson Les Paul guitars and a host at http://www.lespaulforum.com, where a member was heckled for broaching the subject the day Paul died. "It also seems like an inevitable question," added Wittrock, who owns a store in Springfield, Mo., that sells vintage and other used guitars.

Inevitable because speculation and staggering price flux have stoked the vintage-guitar market in recent years. Consider the Gibson 1959 Sunburst Les Paul Standard with heavy tiger-stripe, flame-grained maple. One in excellent condition was worth as much as $125,000 in 2002. Its value reached $420,000 by 2008.

Then the recession sapped discretionary spending, and growth screeched to a halt even for that prize 1959 model, which is projected to drop in value to $300,000, or 28.6 percent, according to Vintage Guitar magazine's upcoming 2010 guide.

"When the recession came around, the people who were getting these very large bonuses, who comprised a very large portion of our customer base . . . stopped coming around," said Stan Jay, president of Mandolin Brothers, a Staten Island guitar shop.

The 1952 lost 57.1 percent, which was more typical of the broader vintage market, experts say. It's the bust that has some wondering, and hoping, about whether Paul's death might boost prices.

The day Paul died, Chuck Levin's Washington Music Center in Wheaton alerted regular customers that it had two 50th-anniversary Gibson Les Paul Goldtops for sale. Collectors snapped them up within hours. That same day, eBay saw a 28 percent uptick in the sale of Les Paul instruments.

Even so, some experts are skeptical.
"I was laughing about how people would ask that silly question," said George Gruhn of Gruhn Guitars in Nashville, an expert vintage appraiser. "Les Paul is an obviously very important figure in the history of guitars, but his passing is not in my opinion going to change the near-term value of Les Paul guitars."

Behind hefty prices on vintage guitars are a number of factors. Structural and cosmetic condition are important. Rarity and simple supply and demand are fundamental. Gibson, for example, manufactured only about 1,700 Les Paul Sunbursts from 1958 to 1960, adding limited supply to insatiable demand.

But perhaps most influential -- what makes a guitar iconic -- is the music that's been made using it. When released, the 1959 Les Paul was a dud. Before long, such blues and rock ax-wielders as Clapton, Michael Bloomfield and Page were using Les Pauls to define an era of sound, in the process burning its sunburst finish into the minds of avid followers.
Gibson's Les Paul -- there are many, many models -- is still an essential instrument in any recording studio, said Grammy Award-winning producer and guitarist Scott Shuman of Falls Church.

"If you're a carpenter it's like having a hammer in your toolbox," Shuman said. "It's just part of the sound of American music."

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1981 GIBSON LES PAUL STANDARD VINTAGE TOBACCO SUNBURST DELUXE ELECTRIC GUITAR
	$2,899.82 Time Remaining: 3d 19h 7m Buy It Now for only: $2,899.82 Buy It Now | Add to watch list

1973 Gibson Les Paul Custom Black Ebony Vintage Black Lighted Pics
	$3,395.00 Time Remaining: 29d 16h 20m Buy It Now for only: $3,395.00 Buy It Now | Add to watch list

VINTAGE 1976 GIBSON LES PAUL STANDARD WITH STUNNING TOBACCO BURST FINISH 365
	$2,399.99 Time Remaining: 13h 26m Bid now | Add to watch list

1958 Gibson Les Paul Custom 58 Celebrity owned Used Rock History RARE
	$350,000.00 Time Remaining: 3d 22h 48m Buy It Now for only: $350,000.00 Buy It Now | Add to watch list

GIBSON USA LES PAUL DELUXE 1978 IN HARD CASE
	$1,499.99 (1 Bid) Time Remaining: 18h 18m Bid now | Add to watch list

85 WORLDWIDE SHIPPING Vintage 1972 GIBSON LES PAUL RECORDING CUSTOM MODEL
	$2,985.00 Time Remaining: 29d 17h 35m Buy It Now for only: $2,985.00 Buy It Now | Add to watch list

1954 59 Les Paul Gibson Jr
	$665.00 (7 Bids) Time Remaining: 18h 45m Bid now | Add to watch list

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