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

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

To celebrate the April 4, 1913 birthday of McKinley Morganfield, who was given the nickname Muddy Waters by his grandmother, let’s take a look at some of the basics required to start dialing in his classic, monstrously soulful guitar sound.
Early on Muddy played an acoustic archtop guitar, like a Gibson L-5, with a screw-on D’Armond “Rhythm Chief” pickup, through a small amp, such as a five-watt Gibson GA5 Les Paul Junior Combo. That gear would be close to a carbon copy of the equipment Waters first used in the Chess studios in 1946.

Less than a decade later, however, Waters was famously photographed brandishing a 1952 Gibson Les Paul Gold Top. That historic solid body model set on the rhythm pickup cuts right into the same territory thanks to the superb sound of its P-90 pickups, which were standard issue in the early and mid-1950s. With a small amp like the GA5 and some volume, the result is super-rich harmonic distortion.

Here’s a tip: don’t use a pick; use your fingers. If you don’t finger pick and you’re looking for the early Muddy sound, well, now’s the time to start.

On songs like “Louisiana Blues,” where Muddy played nasty, keening slide, he’d shift the D’Armond pickup up to about 25-percent of the distance between the bridge and neck, up from the bridge. On a solid body, try the middle pickup setting to get into the same zone.

Besides his dark, rolling, Delta-born finger picking single-note style, slide remained an essential and highly influential part of Muddy’s bag throughout his career from his Chess years to the final trio of albums he made with Gibson Firebird legend Johnny Winter: 1977’s Hard Again, ’78’s I’m Ready, and ’81’s King Bee. When it comes to slide, Winter, Eric Clapton, Billy Gibbons and Keith Richards are among Muddy’s high-profile disciples, although the two players who play closest to his keening attack were men who stood next to him on stage for years: former Muddy Waters Band members Bob Margolin and Paul Oscher.

“I can’t think of anybody heavier and deeper,” Margolin says. “A lot of his guitar style comes from the fact that he transformed Delta blues from acoustic to electric guitar. He played simpler than a lot of Delta players. He liked a very distorted sound, and he’d dampen it with his hand a little and use the volume control on the guitar. His slide playing in standard turning, or open A or G, was just devastatingly powerful.”

Muddy used a small metal slide on the pinky of his left hand, similar to the pinky slide and signature Johnny Winter slides made by Dunlop. A small slide offers more control including more efficient deployment of effects like hammering and fretting, although those weren’t a big part of Waters’ repertoire.

Unlike his fellow blues great Elmore James, Waters employed single note slide lines almost exclusively. To get that real Delta-via-Chicago sound, you’ll need to try open A (E-A-E-A-C#-E) or open G (D-G-D-G-B-D). Both permit searingly bright lines in the middle and lead pickup positions. A perfect example from Muddy’s songbook is “Honey Bee.” On the many versions of this classic that Muddy recorded live and in the studio, he typically started the tune with bold, deep lines and built solos around screaming notes.
Try this: place your slide on the 10th fret of the high B and D strings in open G and sliding – sharp and fast with some serious pressure on the strings — up to the 12th fret, and when the sound you hear coming from your amp starts to feel right, vibrate the slide over the 12th fret moving your wrist quickly left-and-right. Start with the top string at first, and then build some simple melodies by playing off both the fifth and sixth.

One last factor to consider is slide vibrato that is achieved by shaking a slide back and forth. Muddy’s slide vibrato was insane, both manic and controlled. That added to the excitement of his playing. And Waters, like his earlier Delta influences Son House and Robert Johnson, almost always slid up the neck and moved down only for radical sonic effects. Also, practice hitting notes accurately with a slide. To get deep into the Mud zone, your intonation has to be spot on. Slide is somewhat forgiving in intonation, because its fluidity is similar to that of the human voice. But Muddy was ferociously accurate, and the more accurate you are the more you’ll sound like Muddy Waters — and like a badass.

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

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

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

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

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

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

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

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

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.

1) If possible, play your own guitar through it. You want to be in familiar territory to judge an amp objectively, and it’s difficult to assess an amp’s suitability if you’re testing it with an unfamiliar instrument. Work from your comfort zone, and you’ll better know whether this one could be of use to you, or is just way out of the sonic ballpark.

2) Start with an external visual check:
• Is the amp reasonably clean, or does it appear to have been neglected? If the latter, does it look like it will clean up okay, or is this deep-down grunge?
• Do the tubes look old (is the lettering faded and discolored from excessive heat?), or do they appear to be fairly fresh, even if they are NOS (new old stock) types? It’s cool to find an old amp with its original tubes, or very old replacements, if they are still in decent playable condition. An amp that carries old, burnt-out (or nearly so) tubes, however, just indicates gear that has been neglected.
• Are the tubes reasonably tight in their sockets?
• Does the speaker look sound, tightly mounted, and in good condition, even if it’s an old one? Or is it dusty, discolored, have a brittle cone, or loose mounting bolts/screws/nuts?
• Are the cabinet’s edges and corners tight and solid?
Your assessment of all of the above will give you a general idea of the amp’s condition before you have even plugged it in. An amp that is old and a little dusty and grimy, but basically in decent condition underneath, is possibly one that was cared for well, but just stored for years and left untouched. An amp that was cared for poorly or not serviced at all, or serviced poorly, while in use for many years is a riskier proposition.

3) Has the seller installed a safe grounded, three-prong AC cord? If not, don’t touch any other electrical equipment while testing, and ask them if they will have one correctly installed (if it’s a guitar store) before selling the amp, or make a concession on the price so that you can do so. If you buy it as-is, have a three-prong cord properly and professionally installed asap. This is a safety issue, and it won’t be safe to gig or record with the amp until you have done so.

4) Turn the amp’s volume control(s) down to 0, switch the power on and let it warm up. Does the pilot light work? Are the tubes glowing as normal? Switch the standby on if it has one, and/or turn up the volume control(s) slightly. You should hear a slight — but not excessive — hum through the speaker. If there are any loud hums, squeals or oscillations in the amp at any stage in this process, switch off immediately and unplug from the AC socket.

5) If all is well, plug in and play. Start at lower volumes, try all the other control knobs for function and scratchiness. If you get a little “static” style scratchy sound when you turn any of the potentiometers but they still function much as they should, this isn’t a big deal. A tech can clean these with a squirt of contact cleaner for a minimum bench charge. If you get any major volume jumps or dead spots, that might mean the pot needs replacing. Still not too big a deal if the price is right and it’s an amp you are really interested in, but it means more of a repair investment.

6) Turn up, and play louder. If the seller insists that you test it at quiet volumes only, explain that you need to at least play it briefly at or near full volume, or the deal is off. You don’t have to crank it for hours, and it’s unreasonable to expect others to tolerate that, but play it at a fairly advanced volume for 30 seconds or a minute or so at least, and listen to how the whole amp, and the speaker in particular, reacts to the wattage you’re putting through it.

7) If you get “ringing” or “pinging” sounds or microphonics at medium or higher volumes, this could be the sign of a bad tube (as well as a number of other things that are more difficult to suspect). You can sometimes check this by gently tapping each tube in succession with a pen or pencil — with the volume at around 10 o’clock — while listening for the one that reacts excessively (note that you will get a little sound out of any good tube by doing this), ask the seller if they have a replacement tube you can try in that position. Switch off the amp, let it cool down for a few minutes, and make the swap, using a dust cloth or other protection to remove the suspect tube if it’s still hot. If the tubes are old and worn anyway, you’ll need to figure a replacement set into the purchase price (details of which below).

If the amp sounds intermittently fine, but emits odd rasping or scratching or vibrating sounds from time to time, it might have a faulty speaker. If you suspect the speaker at all, ask the seller if you can patch the amplifier’s output — if at all possible — into another cabinet of a similar impedance rating with a speaker that is known to be good, to test further. If all is well in the new cab, you have a speaker issue to consider, and need to figure a replacement into the purchase price (details of which below).

9) All well and good? You like the tone? You might have a groovy new amp, if the price is right. Even so, it’s still a very good idea to have a professional amp tech check and service any “new” used amp you acquire, especially if it’s old and looks at all worn or neglected.

10) All not so good, but you think you’d like to have it if it can be made right? If the seller doesn’t have the facilities to fix any problems for you, here’s a list of approximately replacement costs for major components that are likely to need attention.
• A full new set of tubes for a small to medium amp (two or three preamp tubes, two output tubes, rectifier tube) will cost a minimum of $80 for decent, tested tubes.
• One new 12-inch speaker will cost around $40-$50 for a fairly generic replacement of passable quality, $60-$80 for a mid-quality speaker with more character, and $100-$250 for a top-notch, high-end replacement.
• Potentiometers and worn or faulty tube sockets will cost $5-$8 per item, plus the cost of labor to replace them.
• Filter capacitors (a common weak point in older amps) will cost $4-$10 per item (multiples of this, for “multi-cap” can types), depending upon size and quality, plus the cost of labor to replace them.
• Cosmetic issues such as vinyl (Tolex, tweed) and grille cloth … well, that’s up to you, and depends on how much of a “lived in” look you can live with.

11) Extra attention: If it’s a vintage amp, and one with any value in particular, and you feel you like the tone and performance enough that you’re ready to make the purchase, it’s a good idea to “look under the hood” to see how much the original circuit has been messed with. Don’t do this all on your own, especially if you have no experience working safely with tube amps. If the seller is experienced with amps, or has an in-house tech, ask them to — having unplugged the amp and let it cool — remove the chassis from the cab so you can see the components on the board, the wiring and the undersides of the transformers. DON’T TOUCH ANYTHING! Tube amps can carry dangerous voltages even after they have been switched off and unplugged. Just make a visual assessment, to the best of your ability, of how much the amp appears to be original, and how much has been changed or modified (often an honest dealer or amp tech will walk you through this and help with such an assessment). If you’re not in a position to make this judgment, or can’t safely have the chassis removed, ask to let a qualified amp tech explore this for you before you make the purchase, especially if the amp is of any elevated vintage or collector’s value.

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At what age does a used Stratocaster become a vintage Stratocaster? The answer is a matter of opinion with various sellers advocating milestones such as 20, 25 and 30 years. Most would probably agree that a guitar younger than 20 hasn't yet earned the title of vintage. In general, market interest in a vintage guitar widens the older the instrument is, meaning the number of people interested in a 55-year-old 1954 Stratocaster is probably greater than those interested in a 20-year-old 1989 American Standard. But, saying that the number of people interested in the '54 is greater than those interested in the '89 doesn't mean that there are automatically more ready, willing, and able buyers for the '54 than there are for the '89 in light of the tremendous price difference. An original '54 on eBay will most likely get more page views than an original '89 American Standard, but it wouldn't be surprising if the Standard received more bids as there are probably a larger number of qualified buyers in the Standard's price range.

What fuels the vintage and collectible market? Simply desire. Few of these instruments trade hands because of their playability or tonal quality. If anyone finds a YouTube video of someone playing a Custom Shop Marilyn or Harley Strat in a nightclub, please email me the link. The buy-and-store attitude isn't quite as sharp with vintage Stratocasters as you will find a number of musicians who view them as they were originally intended, working instruments, and likewise a few recording studios keep a variety of vintage guitars on hand precisely for their unique tonal features. But, it's still a safe bet that the majority of vintage and non-vintage collectibles are destined for the display case, closet, or custom storage locker.

The fickle nature of desire makes for a strange and confusing marketplace. Ages and models come in and out of fashion (e.g., the CBS-era Stratocaster's migration from shame to fame) and above all else, what a buyer or seller thinks is significant about a guitar might not be an opinion shared by his counterpart. The collectible Stratocaster market has a number of subcategories, such as 1960s Custom Colors, early Custom Shop one-offs, Custom Shop limited editions, prototypes, artist-related models, '50s two-tone Sunburst Strats, etc. Some collectors follow a particular model, such as the STRAT, the Dan Smith or early American Vintage Reissues. Most Stratocaster fans develop a particular desire bias or two and considering the prolific output from Fender since 1954, it's easy to see why the collectible Stratocaster market is a noisy something-for-everyone playground.

To put this in perspective, let's say that with respect to vintage we use the liberal age of 20. This means we're looking at models manufactured from 1954 through 1989, 35 years of Fender Stratocaster history. Then, if we broaden our interest to include non-vintage collectibles, we have another 20 years to consider, and the last 20 years represents a lineup that is mind boggling in diversity from a standpoint of both U.S. production models and the Custom Shop.

Chances are you're reading this article because you have a pre-existing interest in the Fender Stratocaster and most likely your particular desire bias has already begun to form. To sharpen and focus that bias, it's time to do some homework (or a lot of homework if you're a developing Strataholic). Time to get acquainted with Fender Stratocaster history.

Though websites like Strat Collector News offer a quick fix (or not so quick if you dig deeply), there's probably no better and enjoyable way to get acquainted with the Stratocaster's history than Tom Wheeler's excellent book, The Stratocaster Chronicles. It's the history of the Stratocaster from 1954 through 2004 with fact and detail presented in a story-like manner that brings to life the people behind the instrument. Tom's currently working on a new book that will chronicle the history of the Fender Custom Shop that's bound to have an impact on the non-vintage collectible market. Also highly recommended is A.R. Duchossoir's book, The Fender Stratocaster. Strat Collector News has compiled a basic reading list via Amazon that you might find helpful. And, no matter what Stratocasters interest you, it's always a good idea to spend quality time on Fender's current website, both with respect to its current models and the other information resources it offers. Fender is keenly aware of its history and what it offers today often has something to do with what was or was not popular yesterday.

Let's say you've done your homework, your Stratocaster desire biases are in place, and you're ready to take the pulse of the current marketplace. Where to start? This, of course, is where being online is a true advantage. You could attend the various guitar shows that take place throughout the year, but that's certainly not a quick fix nor is it a very efficient way to obtain a broad market snapshot as each guitar show is limited to the particular vendors involved.

The obvious place to start is eBay, but let me first point out that I'm not advocating buying or selling on eBay (of which I'm doing neither). I'm talking about using eBay as a source of information. I'll use myself simply as a case history.
My desire bias focuses on Fender in the 1980s (including 1979's 25th Anniversary Stratocaster). I enjoy the entire Fender and Fender Stratocaster history, but the classic vintage Stratocaster market (1954-1965) has never been my cup of tea, mostly due to the wealth of information needed to determine originality. I've seen true vintage pros at work and their level of knowledge about what was to me arcane trivia was amazing, and best left to them. The '80s was a rich and pivotal decade in the Fender story that included events such as CBS's sale of Fender to FMIC (and the related model re-thinking) and the introduction of the Custom Shop. While my eBay trip today was for a general collectible market feel (what's available, what's selling, and what's not at the high and middle level of the market), as you'll see, desire bias drew my attention to a few particular models.

Sites like Bob's Vintage Guitars do the research for you, featuring the current listing on eBay for Strats and all other vintage guitars as well.

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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