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.

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

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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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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NO.10 - B.B. KING'S "LUCILLE"
One night in the 1950s, B.B. King was playing a dance hall in Twist, Arkansas. In those days it wasn’t uncommon to light a barrel of kerosene to keep the building warm. Unfortunately, that night a fight broke out between some rowdy locals and the barrel of kerosene was knocked over, causing a massive fire.

Once safely outside, B.B. realized that he had left his cherished guitar in the dance hall. He quickly ran into the blaze and grabbed his Gibson before the roof collapsed. Later, it was revealed that the men were fighting over a woman named Lucille. From that moment on B.B. christened all of his guitars “Lucille” to remind him never to fight over a woman.
NO.9 - KEITH RICHARDS' "MICAWBER"
Supposedly named after a character in Charles Dickens’ book David Copperfield, Micawber has been Keith’s main guitar since Exile on Main Street. Of course, when asked about the meaning behind the uncommon name, Keith coyly says: "There's no reason for my guitar being called Micawber, apart from the fact that it's such an unlikely name. When I scream for Micawber everyone knows what I'm talking about."

The 1952 butterscotch Fender Telecaster is kept in the Human Riff’s trademark open G tuning, so it’s always ready to tear through such classics as "Before They Make Me Run,” "Brown Sugar,” and "Honky Tonk Women.”
NO.8 - GEORGE HARRISON'S "LUCY"
Dubbed “Lucy” in honor of red-headed comedian Lucille Ball, this cherry-hued ’57 Les Paul was given to George Harrison by Eric Clapton in 1968. As a favor to George, Clapton played the instrument during the recording of “While My Guitar Gently Weeps.”

In the ‘70s, the legendary guitar was stolen from Harrison’s home and ended up in the hands of a Mexican musician who purchased Lucy from a music shop in California before returning to his native country. However, Harrison was able to get his beloved guitar back by trading a ’58 Les Paul and a bass to the musician in exchange for Lucy, which he owned until his death in 2001.
NO.7 - STEVIE RAY VAUGHAN'S "LENNY"
In 1980, Stevie Ray Vaughan came across this 1965 Fender Stratocaster in a pawn shop in Austin, Texas, and instantly fell in love with the vintage instrument. Unfortunately, back then he didn’t have the $350 asking price. However, Stevie’s wife, Lenora “Lenny” Vaughan, rounded up $50 from seven of their closest friends and bought the guitar for the Double Trouble front man’s 26th birthday. Overwhelmed with emotion, Vaughan stayed up late that night writing a song. The next morning, Lenora woke up to Stevie playing the newly penned instrumental, “Lenny” for her.
NO.6 - WILLIE NELSON'S "TRIGGER"
In 1969, Willie Nelson sent one of his banged-up guitars to a repair shop in Nashville. The owner told him he couldn’t fix it but he had a Martin for sale that he thought Willie might like. Nelson bought the N-20 for $750 over the phone, sight unseen. After its delivery, he immediately fell in love with the guitar, naming it “Trigger” after Roy Rodgers’ trusty horse.

Willie played the Martin so much over the years that he wore a large hole in the top. However, the country star came to appreciate the unique sound so much that he refused to have it repaired.
NO.5 - NEIL YOUNG'S "OLD BLACK"
Neil Young has owned this 1953 Gibson Les Paul since obtaining it from musician Jim Messina back in 1969.

Old Black, which got its name due to the fact that it began life as a goldtop but was later the recipient of an amateur black paint job, has been a headache for Young’s guitar tech, Larry Cragg. The old Gibson frequently goes out of tune and Young refuses to re-fret the fingerboard -- but when the stars align, Old Black can still produce one of the most distinct sounds in the music industry. “It's a demonic instrument. Old Black doesn't sound like any other guitar," Cragg once said.
NO.4 - BILLY GIBBONS' "MISS PEARLY GATES"
The ZZ Top guitarist is known for his big beard and an even bigger guitar collection. However, the ax that has always held a place in his heart is his coveted 1959 Les Paul.

As the story goes, ZZ Top gave their old 1930s Packard to a friend, Renee Thomas, to drive to L.A. for a movie audition. After landing the role, Renee and the band jokingly called the Packard “Pearly Gates” because they figured it must have had divine powers. Renee ended up selling the car and wiring the money to Gibbons on the very day he received a called about a ’59 Sunburst Les Paul that was found under the bed of a man who had recently passed away. The guitarist ended up loving the Gibson so much that he purchased it that day and dubbed it “Miss Pearly Gates.”
NO.3 - EDDIE VAN HALEN'S "FRANKENSTRAT"
Musicians have long debated whether a Fender or Gibson deserves to be called the best guitar in the world. Van Halen front man Eddie Van Halen simply combined the two to create his legendary Frankenstrat guitar.

In the 1970s, Van Halen was able to buy the ash body for $50 because there was a large knot in the wood. He then found a maple neck for the guitar for $80, bringing the grand total of his prized ax to a whopping $130. Eddie then utilized everything at his disposal, including bicycle paint, masking tape and wax to give the Frankenstrat its unique look. The crafty guitarist even cut up an old vinyl record to serve as a pickguard.
NO.2 - HENDRIX'S "WOODSTOCK" STRAT
In his short lifetime, Jimi Hendrix was able to singlehandedly change the sound of rock through his innovative guitar style and inexplicable raw talent. An intense performer, Hendrix was known to “sacrifice” his guitars by lighting them on fire. Fortunately, the 1968, the Stratocaster he played during his legendary rendition of the “Star-Spangled Banner” at Woodstock was spared this fiery fate.

After Jimi’s death in 1970, the guitar was put into storage until it was sold at auction to Microsoft co-founder Paul Allen for $1.3 million.
NO.1 - ERIC CLAPTON'S "BLACKIE"
In 1970, while visiting a music shop in Nashville, Clapton came across a rack of old Fenders. He ended up purchasing six of them at $100 apiece. Once he returned to England, he gifted three of the guitars to fellow rockers George Harrison, Pete Townshend, and Steve Winwood, and kept the rest for himself. Clapton decided to experiment by seeing if he could assemble a “Super Strat” out of the best parts from each vintage guitar. The end result was the legendary “Blackie” Stratocaster, named after the guitar’s black finish.

NEW YORK - Les Paul, who invented the solid-body electric guitar later wielded by a legion of rock ’n’ roll greats, died Thursday of complications from pneumonia. He was 94.

According to Gibson Guitar, Paul died at White Plains Hospital. His family and friends were by his side.
As an inventor, Paul also helped bring about the rise of rock ’n’ roll with multitrack recording, which enables artists to record different instruments at different times, sing harmony with themselves, and then carefully balance the tracks in the finished recording.

The use of electric guitar gained popularity in the mid-to-late 1940s, and then exploded with the advent of rock in the mid-’50s.
“Suddenly, it was recognized that power was a very important part of music,” Paul once said. “To have the dynamics, to have the way of expressing yourself beyond the normal limits of an unamplified instrument, was incredible. Today a guy wouldn’t think of singing a song on a stage without a microphone and a sound system.”

“Without Les Paul, we would not have rock and roll as we know it,” said Terry Stewart, president of the Rock and Roll Hall of Fame and Museum. “His inventions created the infrastructure for the music and his playing style will ripple through generations. He was truly an architect of rock and roll.”

A tinkerer and musician since childhood, he experimented with guitar amplification for years before coming up in 1941 with what he called “The Log,” a four-by-four piece of wood strung with steel strings.
“I went into a nightclub and played it. Of course, everybody had me labeled as a nut.” He later put the wooden wings onto the body to give it a traditional guitar shape.

In 1952, Gibson Guitars began production on the Les Paul guitar.
‘The original guitar hero’

Pete Townshend of the Who, Steve Howe of Yes, jazz great Al DiMeola and Led Zeppelin’s Jimmy Page all made the Gibson Les Paul their trademark six-string. Over the years, the Les Paul series has become one of the most widely used guitars in the music industry. In 2005, Christie’s auction house sold a 1955 Gibson Les Paul for $45,600.

Guitarist Joe Satriani called Paul “the original guitar hero,” saying: “Les Paul set a standard for musicianship and innovation that remains unsurpassed.”

Musicians react to the death of Les Paul

Keith Richards
Les Paul, along with Leo Fender, the most important developer of the electric guitar. He actually taught himself to play guitar in order to demonstrate his electronic theories. WOW!! All of us owe an unimaginable debt to his work and his talent. Mary Ford didn’t hurt either.

Joe Satriani
Les Paul set a standard for musicianship and innovation that remains unsurpassed. He was the original guitar hero, and the kindest of souls. Last October I joined him onstage at The Iridium club in NYC, and he was still shredding. He was and still is an inspiration to us all.

Joan Jett
He was a genius inventor, musical innovator, and a wonderful person. Without the advances he pioneered, the recording sciences and the electric guitar would have been left years behind. I will miss him so much.

Keith Urban
I have a mix of emotions today. On one hand, I am deeply saddened at Les Paul’s passing, and on the other a feeling of incredible gratitude and awe for his unquantifiable contribution to the world of music. His name adorns so many of the creations that I communicate through every night out here on the road ... He is also very present every time I set foot in the studio and am able to lay multiple tracks as I record, when I use echo, etc. The list of his inventions, in addition to his famous signature model Gibson, are extraordinary. I also feel that even in his nineties, the fact he was still playing every Monday night in New York is perhaps the most beautiful and inspiring achievement of all.

Brian Wilson
Les Paul and Mary Ford were among my most favorite musicians in the 50s. He was the first guy to do multi-guitar multitrack recording and that turned me on to guitars and stacking vocals for our records.

Jose Feliciano
I am deeply saddened by the passing of Les Paul. His influence on my life, as on the lives of countless others, will be felt throughout eternity. It was an honor to know him and to work with him. I extend my deepest condolences to his family and will mourn along with musicians throughout the world.

Slash
Les Paul was a shining example of how full one’s life can be, he was so vibrant and full of positive energy. I’m honored and humbled to have known and played with him over the years, he was an exceptionally brilliant man.

Dave Navarro
Les is single handedly responsible for the direction and evolution of the modern rock movement. Period. If you are a fan of modern music, you owe Les Paul an enormous THANK YOU!

Terry Stewart
President and CEO of the Rock and Roll Hall of Fame and Museum
Without Les Paul, we would not have rock and roll as we know it. His inventions created the infrastructure for the music and his playing style will ripple through generations. He was truly an architect of rock and roll.

Joe Chambers
Founder of the Musicians Hall of Fame based in Nashville, Tenn.
It’s kinda heavy, but it just felt good in your hands. The electronics that Gibson developed that went into it later just gave it a sound and a feel that is unparalleled.

In the late 1960s, Paul retired from music to concentrate on his inventions. His interest in country music was rekindled in the mid-’70s and he teamed up with Chet Atkins for two albums. The duo were awarded a Grammy for best country instrumental performance of 1976 for their “Chester and Lester” album.

With Mary Ford, his wife from 1949 to 1962, he earned 36 gold records for hits including “Vaya Con Dios” and “How High the Moon,” which both hit No. 1. Many of their songs used overdubbing techniques that Paul had helped develop.

“I could take my Mary and make her three, six, nine, 12, as many voices as I wished,” he recalled. “This is quite an asset.” The overdubbing technique was highly influential on later recording artists such as the Carpenters.

Released in 2005, “Les Paul & Friends: American Made, World Played” was his first album of new material since those 1970s recordings. Among those playing with him: Peter Frampton, Jeff Beck, Eric Clapton and Richie Sambora.

“They’re not only my friends, but they’re great players,” Paul told The Associated Press. “I never stop being amazed by all the different ways of playing the guitar and making it deliver a message.”

Two cuts from the album won Grammys, “Caravan” for best pop instrumental performance and “69 Freedom Special” for best rock instrumental performance. (He had also been awarded a technical Grammy in 2001.)

Paul was inducted into the National Inventors Hall of Fame in 2005.

A look at the life and career of guitar icon Les Paul
Archival video: 2004: NBC News profiles the life and career of guitar icon Les Paul.

Started audio amplification early
Paul was born Lester William Polfuss, in Waukseha, Wis., on June 9, 1915. He began his career as a musician, billing himself as Red Hot Red or Rhubarb Red. He toured with the popular Chicago band Rube Tronson and His Texas Cowboys and led the house band on WJJD radio in Chicago.

In the mid-1930s he joined Fred Waring’s Pennsylvanians and soon moved to New York to form the Les Paul Trio, with Jim Atkins and bassist Ernie Newton.

Meanwhile, he had made his first attempt at audio amplification at age 13. Unhappy with the amount of volume produced by his acoustic guitar, Paul tried placing a telephone receiver under the strings. Although this worked to some extent, only two strings were amplified and the volume level was still too low.

By placing a phonograph needle in the guitar, all six strings were amplified, which proved to be much louder. Paul was playing a working prototype of the electric guitar in 1929.

His work on taping techniques began in the years after World War II, when Bing Crosby gave him a tape recorder. Drawing on his earlier experimentation with his homemade record-cutting machines, Paul added an additional playback head to the recorder. The result was a delayed effect that became known as tape echo.

Tape echo gave the recording a more “live” feel and enabled the user to simulate different playing environments.
Paul’s next “crazy idea” was to stack together eight mono tape machines and send their outputs to one piece of tape, stacking the recording heads on top of each other. The resulting machine served as the forerunner to today’s multitrack recorders.

In 1954, Paul commissioned Ampex to build the first eight-track tape recorder, later known as “Sel-Sync,” in which a recording head could simultaneously record a new track and play back previous ones.

He had met Ford, then known as Colleen Summers, in the 1940s while working as a studio musician in Los Angeles. For seven years in the 1950s, Paul and Ford broadcast a TV show from their home in Mahwah, N.J. Ford died in 1977, 15 years after they divorced.
In recent years, even after his illness in early 2006, Paul played Monday nights at New York night spots. Such stars as Led Zeppelin’s Jimmy Page, Dire Straits’ Mark Knopfler, Bruce Springsteen and Eddie Van Halen came to pay tribute and sit in with him.
“It’s where we were the happiest, in a ‘joint,”’ he said in a 2000 interview with the AP. “It was not being on top. The fun was getting there, not staying there — that’s hard work.”

It may sound like rock-opera fiction, but it happens: Weekend Warrior hits garage sale and buys dusty old Fender guitar for $50 (or, cleans attic and finds the Gibson he bought in high school for $100). He visits a guitar shop in "Antiques Road Show" fashion -- and discovers the "beat-up axe" is a vintage collectible, worth $10,000. Or $20,000. Or $100,000.

The vintage guitar market has declined like other investments in this recession. But if you have cash to seed a small collection, why not start a fun hobby that's financially savvy? After all, when your 401K takes a beating, you're broke. When your vintage guitar takes a beating, it may continue to appreciate anyway, just because it looks so cool. Besides, who ever plugged a stock portfolio into a Vox amplifier and woke the neighbors?

I tapped a veteran vintage guitar expert, Wayne Sefton, owner of Midwest Buy and Sell in Chicago since 1990, for tips on what to look for when building your own collection. (His Web site is being revised; visit his MySpace page here.) Sefton has sold instruments to Wilco, Franz Ferdinand and Death Cab for Cutie. And in a 2002 Chicago Tribune article (now only available via an old Geocities link), I rated Wayne's shop as Chicago's coolest and friendliest, along with Terry Straker's Guitar Works in Evanston, Ill.

Here are Wayne's five tips for starting a valuable vintage guitar collection on a budget -- in this case, less than $5,000 per instrument, usually 10-years-old or more.

1) Buy brands collectors love. Sefton says Fender and Gibson are heritage brands bound to rise in value. Rickenbackers (played by the Beatles, Byrds and Tom Petty) are a bargain because even the rarest often sell for under $5,000. "They're great American-made guitars," Sefton says.) Avoid overseas brands.

2) Beware eBay. Guitars get bid into a frenzy there. "There's also a lot of shill bidding going on," Sefton warns. "They'll start stuff at $2,000 you can easily buy for $1,500 elsewhere." Plus, you can't pick up and play the guitar if it's halfway across the country.

3) Get an honest appraisal. Guitar Center chain stores can't do it; they may even try to give much less than your attic axe is worth. But guitar genius George Gruhn of Gruhn's Guitars in Nashville, does appraisals for the bargain price of $50. Many (including this writer) think Gruhn's is the best in the business, and so does Sefton. "I' do written appraisals for free, but that's because I'm a nice guy," he says, laughing.

4) Inspect for cracks, replacement parts and playability. A re-glued neck, refinish, or new tuners can drive a guitar's value down, Sefton says. If the guitar is all original and "mint," that's great. But so are older Fender Stratocasters and Gibson Les Pauls with that "road-worn" look. "Make sure the neck is good and playable," Sefton adds.

5) Relationships matter. Sefton takes time to educate and advise his customers, steering them toward smart investments. (Instruments I've bought on his advice have appreciated up to 300%.) "Get to know who you're dealing with," Sefton says, noting that a dealer wanting your money is far different from a dealer earning your loyalty.