Question about value of restored 1929 Martin

[jansch101]

So I come to this situation from a work experience of almost 40 years as a piano restorer primarily on Steinway and Mason and Hamlin grand pianos as only those pianos speculatively bought then restored and finally sold can the time, labor and restoration monies be justified to ensure a profitable selling price. Lesser named pianos can withstand only partial restoration to keep it profitable with a realistic selling price.
So I’m wondering how this is applicable to restored older Martin guitars as I consider a third guitar for my collection ,this one is a restored 1929 2-217 model Parlor Martin, original tuners, Bake Lite bridge pins, refretted with original style bar frets, new custom bridge, and all necessary neck work, mahogany case in original untouched condition . I saw a similar model for sale on I think Reverb. .a few years different that had similar work but with a full cabinet refinish priced at $6500, the one I saw was half that price.

[ssstewart]

wow! sounds like a beautiful piece of history. would love a pic or 2. as far as value, imo once its refretted ( even with original style bar frets) a chunk of its original value would be diminished, same as the custom bridge work. nonetheless, would be a nice one to add to a collection...without pics though and full detail, very hard to judge on whether it would be profitable to flip and sell. when i redid all the work i did on my 29 stewart, it was a labour of love, once i repaired the bridge (even though i used apiece of 1815 ebony) that dropped any value quite a bit, same as the tuners i replaced (even though i still have the originals) i wanted it playable for me to enjoy. the appraisals i got on mine from 4 places were all over the map ( $3000-$11000) one place even suggested putting a truss rod in it!!! WHY? it aint moved in 90 years and it would have destroyed the originality i was trying to maintain (neck is still straight as an arrow- dont need any relief imo (personal pref). and the birds eye maple body was like i never seen which is what drew me to it originally..even though it was in 2 pieces.

good luck, sounds like a gem worth investigating further.

[jansch101]

Don, this is interesting , in my field of expertise with ‘golden age’ Steinway’s etc, it’s primarily existing soundboard condition that determines the amount of restoration required whether to repair or replace , the rest of the procedures new pinblock, strings, pins, new action etc is more routine, as is the cabinet repair and refinishing . I will PM you.

[Bob Womack]

You know, I spent several of my college years with parts from pianos laying on every horizontal surface in my dorm room being restored. My roommate was in the beginning phases of a lifelong career as a piano technician and restorer. He went on to be hired by a large Steinway dealer and became their Artist Series rep for concert artists for a while. It really raised my respect for piano repair!

Bob

[ssynhorst]

I worry about that 'cabinet refinishing'. Why was it thought to be needed? Refinishing generally severely reduces the value of guitars. - Stevo

[pagedr]

There are two listed on Reverb right now - one asking $1,800, the other asking $5,000. The lower priced one has had a bunch of repairs, while the more expensive one is in good shape but appears to be asking a bit too much.

Looking at the recently sold listings via the Reverb Price Guide (https://reverb.com/p/martin-2-17-old...30#price-guide), it seems like somewhere between $2,500-$3,000 would probably be reasonable. Would definitely get some info on that repro bridge - who did the work, what material it's made out of it, is it period correct, etc.

[blindboyjimi]

New bar frets would not diminish the value at all. That’s just incorrect. But first of all, that’s not a collectible guitar. Secondly, if you want to collect it, that’s fine but the frets, saddle, and nut are replaceable wear items. Replacement of bar frets is very difficult and there are very few that understand how to do it. So one must know who did the work. The rest of the value will be in the original finish and original internals, like the braces, tuners, and bridge plate. It is very common for bridges to crack so the replacement should be a forgery grade copy and the exact same shape. Finally, playability and tone factor in. You’d think that’d be the most important but it’s mainly the finish and bridge plate.

[RLetson]

Short version: I'm with blindboyjimi. Long version, written while he was posting:

A data point. A decade or so ago, I paid $850 for a 1925 2-17 that had gotten a modern, shiny refinish job and a pickguard. The (very knowledgeable) dealer pointed these out, remarking that the work had been done to make the instrument a nicer gift to the previous owner. At $850, I thought the guitar a very good deal--structurally original and quite playable.

As far as dollar value on a century-old guitar, I suppose absolute original condition is a consideration--especially if "original" includes "good mechanical and cosmetic condition" as well as "all original components present." What, after all, makes a guitar worth anything? A museum rightly values preservation of the object in as close to its original state as possible. But a player values playability, which is what I got from that 2-17.

And what I will have when I get my other antique Martin, a 1920 0-18*, back from its second round of maintenance work? The first round was a replacement bridge (the original cracked at the saddle slot), made by a Martin-authorized luthier (not under warranty, obviously) from a matching piece of stripey ebony, with an historically-incorrect but functional slanted saddle slot to improve intonation. This round includes a neck reset and refret with correct-size bar frets. Is the result absolutely original condition? No. Will the guitar play like new? Yes. Will its resale value match that of a completely playable, all-original-components, never-needed-fixing equivalent model? Of course not--such items are vanishingly rare. Do I care? Not a bit.

* The 0-18 is in remarkably good cosmetic condition, not surprising, since it seems to have spent most of its life stored away in its canvas end-loader case. When I got it two decades ago, it was so clean I thought it had been refinished, but my restoration guys tell me it's original. I'm the third owner, counting the guy who acquired it and flipped it to me.

[Honkycat]

Would like to see this too!

[sizemology]

I suspect that you will get more knowledgeable feedback from the “Vintage Corner” forum at the Unofficial Martin Guitar Forum (UMGF.com) and respectfully suggest that you post your questions there as well as here.

[jansch101]

Hi sizemology, thanks for that suggestion I will follow up.
Blindboyjimi and rletson, thank you both for input and expertise, so I don’t really need a third guitar.....ooops wrong forum to find solace and understanding there, but as I was picking up my (don’t laugh) 1980’ish Yamaha FG 340 just the other day my repair guy who I consider a luthier! pointed out the 1929 Martin to me , as we traded guitar and piano maker stories ...oh and btw he did a stellar resurrection job on the Yamaha it’s an instrument I keep for alternate tunings currently it’s in open D for some Roy Harper sings I’m working on, my 2020 Martin 000-28 is now spared these pitch changes.
It’s good to have the background on these older Martin’s as I come across them in my travels and consider purchase ..thanks again

[Br1ck]

One of the past decade's should have bought that guitar episodes was a 20s 0 18. It had a nasty but solid back repair, replaced bridge and replaced tuners. It was a beautiful sounding and playing guitar, and at $2800, was half what a collector's guitar was worth. Taken as an instrument, it was a fabulous deal.