The Lowdown on Fine Instrument Investing

Rare musical instruments as investments are attractive because a growing wealth market appreciates the finite supply of fine violins and other instruments.

Whether in a strong economy where market-traded securities are performing well, or in economic downturns when such securities aren’t, a perennial topic among the investor class is the wisdom of owning fine, scarce objects.

Those objects range from fine art to rare coins to antique cars to other collectibles such as stamps, first-edition antique books and precious jewelry, gems, silver and gold. But unique among these items are fine musical instruments – in particular the most storied and rare violins, cellos, violas, stringed bass and harps. Pianos are also in this category, albeit with huge costs relating to moving them from one owner to the next.

The most valuable violins are those crafted by the Italian master luthiers, Stradivari and Guarneri. As of mid-2019, the most expensive violin on earth is the Messiah Stradivarius (1716), valued at $20 million (US). The Vieuxtemps Guarneri, at $16 million, is the second-most valuable, followed by the Lady Blunt Strad ($15.9 million), the Carrodus Guarneri ($10 million), and the Ex-Kochanski Guarneri ($10 million). These prices are round numbers because most are held by museums or anonymous owners and not recently sold.

Interestingly, those instruments held by unnamed owners are often on loan to exceptionally talented players who themselves cannot afford to purchase the instruments, despite soaring career accomplishments.

For would-be investors, there are several critical questions to ask before bidding to buy one of the few thousand or so rare, fine stringed instruments made by a notable violin maker.

Is it a smart investment?

No reputable investment or auction house can legally predict the future value of a stock, a fund, an antique car, or a fine violin. An investor in fine objects very often looks beyond its monetary value to appreciate something more transcendent.

A Toronto based dealer, Ric Heinl, says a $10,000 instrument today could double in about 20 years, essentially a 3.6% rate of increase, which would be considered a laggard. But that doesn’t hold for all instruments. A 2013 study by economists at Brandeis University looked at rare violins as compared to the S&P 500 Index in the years 2007-2012 and found the musical instruments outperformed market securities; note this period bridged the global financial crisis that began in 2008, perhaps indicating these are counter-cyclical investments (i.e., they outperform the market in recessions).

Can it be bought in shares?

It is entirely possible for a collection of individuals to pool their funds to buy an instrument, although the legal arrangement for that would be on them, not the seller.

Another option is for the investor to purchase a portion of an instrument from a middle-aged player who intends to continue playing it for some time into the future. The agreement would be to purchase the remainder upon their retirement or death. What this does is provide liquidity to a player while allowing him or her to continue playing it.

Speaking of liquidity, it should be clear that the sale of these investments do not happen quickly. The global market – with an expanded base of wealthy collectors, particularly in Asia – means dealers sometimes must travel extensively with the instrument to show it to prospective buyers. Even a domestic sale takes months if not years to execute.

What is the size of the inventory?

About 650 Stradivari instruments – violins, cellos, violas, harps, guitars) – survive, and catalogs list at least 148 Guarneris that are extant. But instruments made by Maggini, Amati, da Salo, Stainer and others remain highly valued. And that is just the stringed instruments, not counting the Steinways and other remarkable instruments around the world.

The point is that value for all instruments is driven by scarcity. There will be no more Stradivariuses. Further, demand increases with increasing wealth in parts of the world that previously were not involved in such investments.

What are the transactional costs?

Reputable dealer and auction house commissions range from 5 to 20 percent of the sales price. Unless the investor is also very schooled in the instrument under consideration, it makes most sense to purchase through a dealer or auction house that can attest to the instrument’s authenticity (maker, provenance, condition, etc.).

What do you do with a fine instrument once you own it?

Better-preserved instruments should be played – because the world needs beautiful music, and the condition of the violin fares better with careful use and appropriate maintenance. This is why investors who are not players should and do loan their instruments to virtuosos.

Demystifying the Violin Bridge

The bridge in all stringed instruments is a simple, unheralded part that transfers vibrations from the strings to the instrument body. It’s all physics!

There’s an argument in education theory circles that the 21st century emphasis on STEM – preparing students for careers in science, technology, engineering, and math – leaves out something important: the arts. This is why more progressive school systems are now calling it STEAM, with the A representing the visual and performing arts.

That more progressive stance isn’t just about tacking on music or painting classes to coursework in physics, calculus and coding. It’s about integrating all of the above into a relationship, where understanding one might help with understanding another. Better yet, something like studying the violin might help a student gain a better understanding of such things as the Doppler effect, bridge cables, and friction.

Take for examples the violin, viola, cello or stringed bass. All include a small but vital part called the bridge. It’s a simple piece of maple wood, cut in fanciful ways, serving as a lift on the strings to provide their tension. The bridge also raises the strings on a slope that makes the instrument more playable. When the instrument is played, the bridge transmits vibrations of the strings to the body of the instrument, where the sound is then amplified.

Fine stringed instruments require customized bridges that cannot be purchased stock. A violin shop with a reputable in-house luthier who makes or repairs fine cellos, violins and violas, will usually handcraft a fine bridge for a high-end instrument. Though an experienced player can learn to properly place their bridge, placement of the bridge on an instrument is typically best left to professionals.

The engineering of cable-tension bridges – of the type that span rivers and carry vehicular traffic over them – is similar in that the tension has to be very closely engineered for it to work. What’s different with the violin bridge is that, as the supporting structure over which the strings are laid, it is not firmly anchored deep into the “ground” (instrument). The violin bridge is completely and easily removable.

This movability in the violin bridge is an essential characteristic. It would fail to provide that vibration transfer to the body of the instrument if it were glued or otherwise permanently affixed to the instrument.

But as any bridge engineer could explain, the supporting structure like the violin bridge needs to be perfectly (or as close as possible to perfect) perpendicular to the instrument body surface. Any kind of lean, any deviation from a 90-degree angle perspective, would likely be unsustainable.
Importantly, when tuning any stringed instrument the shifting of the strings can affect this bridge angle; the violinist should therefore make manual adjustments to the bridge when tuning.

A collapsed highway bridge is a disaster, and particularly with early 20th century designs several did. A collapsed violin bridge may not involve the loss of life, but to a violinist it could lead to a disastrous situation nonetheless. Not only is the instrument at least temporarily unplayable (the strings would go limp), but could happen with such force as to damage the body and displace the soundpost in the interior of the violin body.

One mystery of music physics that remains to be solved – listen up, STEAM students – is whether there is value in drilling holes into a bridge. Discussion boards on various violin-interest sites offer a mixed review: some say it adds to the vibration transfer, others say it ruins a perfectly built violin bridge. One commenter even went so far as to say that drilling holes, then filling them with lead shot sealed inside, can produce “some really interesting buzzes and rattles.” Which isn’t called for in any of the compositions of Tchaikovsky, albeit one can always devise their own interpretations of the music.

The same poster warns “there’s a lot of rubbish out there on the Internet.” Better to figure this out in a physics and music class.

The Violinmaking School of Cremona

The traditions that gave us the best violins ever made continue in this northern Italian city. This heritage is even recognized by UNESCO.

It might be hard to understand the shared characteristic between traditional violin craftsmanship in Cremona, Italy and the following: polyphonic singing (Georgia), yoga (India), the hopping procession of Echternach (Luxembourg), the Charreria equestrian tradition (Mexico), wedding costume traditions of Tlemcen (Algeria), tango dancing (Argentina and Uruguay), lavash bread making (Armenia) and avalanche risk management (Switzerland and Austria).

All are on the UNESCO Lists of Intangible Cultural Heritage, which seeks to protect “important intangible cultural heritages worldwide and the awareness of their significance.”

For the Cremonese, the pride they hold in their fine stringed instruments – violins, violas, cellos and bows – is both historical and contemporary. Beginning with the luthiers (violinmakers) of the 16th century, family names on instruments that survive today are revered by musicians, audiences and auction houses alike: Stradivari (yes, makers of the Stradivariuses), Amati, Guarneri, Rugeri and Bergonzi.

Some argue that the fine Italian violins, violas and cellos crafted in each violin shop of the early violin makers are due to the specific growing conditions for the maple and spruce woods at the time. A “mini Ice Age” occurred from the 15th to 17th centuries in Europe, where low summer temperatures led to slower growth of the trees and thus a more dense wood (tree rings were more closely spaced). This finding isn’t universally accepted, but what most people in the world of stringed instruments agree on – seconded by UNESCO – is that the methods of skilled craftsman are the reason violins made in this region have exceptional tonality and overall quality.

The Cremona International Violin Making School (Scuola Internazionale di Liuteria di Cremona), founded in 1938, is a key bulwark in keeping this tradition alive. Students study sound and technique, develop the craft, and learn the cultural background of the Cremona violinmaking heritage. Over 80 years of operations, the school has produced almost 1,000 graduates, a little more than a third of whom are Italians, another third non-Italian Europeans, and the remainder non-Europeans. In a recent year there were 176 enrolled students.

The Cremona technique is considered unique to all other violin making around the globe. As the 70 different molded pieces of wood of each instrument are made and applied, they are adapted to the other parts of the violin. Given the vagaries of wood, a natural product of trees, this means that every instrument varies from one to the next.

Two official bodies supervise the creation of violins in Cremona: the Stradiari Violin Makers Consortium, and the Violin Making Italian Association. Since 2013, the Violin Museum of Cremona, in the Palazzo dell’Arte, has a display of new and old instruments, in addition to an auditorium where performances by masters are held.

So let the Swiss save people from avalanches, the Armenians keep their bread traditions alive, and the people of Buenos Aires tango the night away. In Cremona, the working luthiers, faculty and students all ensure that new violins live up to the legacy of the city’s famed masters.

The History of the Baryton

The thick neck of this obscure stringed instrument speaks to the double duty it and its players serve to produce its rich tonality. Barytons are quite rare.

The baryton, a member of the viol family, is a rare but still-played instrument in the 21st century. Aficionados of the music of Joseph Haydn understand its beauty and place, particularly within the 123 trios the 18th century composer wrote for the baryton, cello and viola. A baryton is unlikely to be found in a catalog of fine stringed instruments for sale of any typical violin shop.

But the story of this impressive looking instrument, a relative of the bass viol but with a double set of strings – six gut strings in front, nine wire strings in back – has a strong relationship to the story of a quirky, influential Hungarian prince and his tastes in music.

Its specific origins are vague, likely beginning when a luthier in the early 17th century combined the viola da gamba and the bandora, a long-necked plucked string instrument similar to the cittern. Evidence of extant instruments or descriptions found in documents suggest that only 50 were ever built before modern versions in the 20th century (including one created by luthier Hans Benning of Benning Violins in Los Angeles in 1963).

Barytons have two sets of strings, one that is bowed and a second, behind the neck, that is plucked. A second function of the back strings, which are made of wire, is to vibrate sympathetically. The sympathetic tone was occasionally referred to as the buzzing of bees, however when plucked it’s not unlike the sound of a harpsichord. The player is required to have the same nimble mental skills of an organist, playing two lines of music simultaneously.

But it was Prince Nikolaus, a nobleman of the Esterhazy family that was among the landowner magnates of the Kingdom of Hungary, who brought the instrument to its highest levels of popularity in the 1760s and 1770s. Nikolaus had, as did much of the European aristocracy, his own court musicians; consider how in the time before recorded music it was mostly the rich who had music performed in their homes (castles, mansions and palaces), with cheaper recorders, lutes and human voices at best the instruments of the masses.

Nikolaus had the good fortune of inheriting Joseph Haydn, the Esterhazy Kapellmeister (master of music) from his deceased brother, along with the title prince. To please his new boss – and to make up for some indiscretions – Haydn honored Nikolaus’ wish for compositions for the baryton. Alas, the 123 trios are Haydn’s least-known works due to the rarity of the instrument.

The instrument has, after a century of neglect, been revisited and played in the 20th and 21st centuries. This began with a revival in 1936 in Munich, where a copy of the instrument was made for Christian Dobereiner, a German player and conductor who was a proponent of Early Music.

The Nikolaus baryton, made by J.J. Stadlmann in 1750, survived World War II and is preserved in the Hungarian National Museum. Haydn’s own baryton, also made by Stadlmann, is also preserved and housed in the collection of the Gesellschaft der Musikfreunde Wien. The International Baryton Society was created in 1992 to assemble and disseminate information on the baryton and to organize events, including conferences and concerts. One such concert was held at the palace of the Esterhazy dynasty in modern Hungary.

How Violin Rentals Generally Work

The option to rent an instrument makes sense in a variety of circumstances. Understanding the variables should help players decide what’s right for them.

To rent or to buy a violin? This is the question parents of violin students generally ask. The answer depends on a number of factors, not the least of which is how enthusiastically the student embraces their musicianship. But simply knowing how it works should help the parent sort through their options.

First, if your student violinist is …

Very young and therefore small in stature. As violins come in eight sizes, enabling even very young children to study the instrument, it makes little sense to purchase the smallest of sizes unless you are very confident the small stringed instrument will be used by other, subsequent children. The three smallest sizes – 1/10, 1/8 and ¼ -- should be rentals while the 1/2 and larger instruments might be worth purchasing.

Just beginning. There are beginners who are 3 years old and others age 30 and 60 and even later (fyi, studying an instrument is recommended as a way to prevent cognitive decline). It’s reasonable to rent in the first year at least to determine if the interest in playing will endure – at which time a purchase might make more sense.

Experienced enough to appreciate good tone. Rental instruments are sometimes of a lesser quality than what the student wants. Higher quality, fine stringed instruments are easier to play. As musical proficiency increases, so too does the need for a better instrument, quite likely one he or she owns.

Second, understand the variables of violin rentals …

Renting costs include instrument rental, instrument set up, and insurance. This might be $50 or more per month ($600 per year), however that balances against what insurance and maintenance (string replacement, for example) costs would be with an owned instrument. With rental instruments string replacement is usually included.

You can rent-to-own. Some stringed instrument shops will allow you to accumulate credit toward a purchase of a violin, a cello, or viola with monthly rental payments. It’s a good option for people who think ownership is a distinct possibility, but most violinmakers will not treat it the same as monthly payments on credit. Rather, it will more likely come with limitations, such as how value from rental fees will not exceed 50% of the value/price of the instrument.

Renting to own can be a smart plan for growing children, as it allows an accumulation of money as the child’s needs a larger instrument (the rented instrument is not necessarily what ends up being owned).

Rental instruments are sometimes poorly maintained. As with rental cars, it’s a “buyer (renter) beware” situation. The fact that stringed instruments are subject to changes in humidity, or may have been mishandled by a previous renter, suggests that the instrumentalist renting a violin should work with a trusted local violin shop with a good reputation. That dealer, typically a skilled luthier, would provide a thorough examination of the instrument to ensure it was in optimal condition.

Sometimes a purchase is just not affordable. At the lowest end a violin can cost as little as $100 – but the student who shows talent and enthusiasm might expect to spend ten times as much (and much, much more if the child progresses to serious study). If a family cannot afford that a rental instrument might make sense until the resources can be mustered to buy it (the rent-to-own option may or may not be available).

So there is no “right” or “wrong” to renting. It all has to with the circumstances of the student and his or her family.

A History of Violins in the World of Jazz

The versatility of bows on strings is evident in how musicians over the past century have found ways to swing an instrument that can do bebop as well as Bach.

To understand the history of violins in jazz music, one should understand the history of jazz itself. Violins aren’t typically the first jazz instrument that comes to mind – saxophones, trumpets, percussion and the stringed bass might have that honor – but from the very beginning violins (and versions of violins) have played an important role in the development and expression of this uniquely American musical style.

To be clear, jazz derives African musical traditions. The city where jazz was born, New Orleans, was and remains a polyglot of cultures going back hundreds of years, a place where Spanish explorers, French traders, Cajun immigrants, African slaves and freemen, and Creole culture converged. Here the fusion of musical styles emerged in the late 19th century that evolved into French quadrilles, ragtime, blues, swing, Gypsy jazz, and bebop. Eventually cool jazz and free jazz emerged.

The sound produced by the violin was a bit soft for some of these styles, but instrumentalists and instrument makers found ways to make up for that. Among those were the Stroh violin, a combination of the familiar stringed instrument with an amplification horn tacked on, what looks like a violin and a trumpet got together and made a baby. The electric violin, seen in modern music, is perhaps the great grandchild of the Stroh (minus the horn bell). Both enable the violin to be a standout in the idiom.

Certain recording artists saw early value in the violin as a jazz instrument. They include A.J. Piron, Alphonso Trent, Andy Kirk, Stuff Smith, Claude Williams (of the Count Basie Orchestra), Eddie South, Juice Wilson (Freddie Keppard band), Edgar Sampson (Fletcher Henderson band), Angelina Rivera (accompanying Josephine Baker and Spencer Williams), Leon Abbey, Clarence Black, Carroll Dickerson, and Erskine Tate. A three-violin section in the W.C. Handy orchestra illustrated the love for strings by Handy, considered the Father of the Blues.

Perhaps the best-known jazz violinist was Papa John Creach (1917-1994), who played with Louis Armstrong, Fats Waller, Nat King Cole, Jefferson Airplane, Hot Tuna, Grateful Dead and the Charlie Daniels Band.

Particular gratitude for giving a star role to violins and other stringed instruments in jazz goes to the Romani (“gypsy,” by another name) groups. Called “gypsy swing,” “gypsy jazz” and sometimes, “hot club jazz,” its origins are in France during the interwar (1930s) period. The style originated with accordions and banjos, but with a strong dependency on string instruments, drawing from the cultural history of the Roma people, which rarely included brass instruments. Among the stars of this genre was Stephane Grappelli.

Contemporary jazz violinist Regina Carter, of the Regina Carter Quintet, teaches and performs the jazz violin to its breadth and depth. “Back in the 1920s and 30s violins were part of the Big Band era, but in the bebop era it was less part of the idiom,” she said in a 2003 Kennedy Center program for students on non-traditional repertoires for jazz ensembles. “I like to improvise and come up with my own voice. Playing jazz is less bow and less vibrato; you really have to swing it. It’s about learning the language of this instrument. There are a lot of things you can do with a violin.”

A Look Into Violin Making Competitions

As only humans can craft fine stringed instruments – violins, cellos, violas, basses – some are better than others. Luthier competitions show us who.

While violin performance competitions are well known to students and fans of fine stringed instruments (the cello, bass, and viola also have their competitions), a somewhat more obscure contest type are violin making competitions.

There are several such competitions held annually or biannually, and they include pitting bow makers against each other as well. Artisan craftsmanship, artistic execution and acoustical merits of instruments are part of the judging criteria. Most competitions keep the identity of the luthier hidden in the judging process to ensure objectivity.

These competitions are held around the world, the largest of which are as follows:

Violin Society of America, Dallas (in 2019) – While not the largest such competition globally, it is the biggest and most prestigious event in the Americas. Instrument and bow categories are judged for fine violins as well as violas, cellos, and bass instruments. Each category has one gold medal winner, however multiple luthiers are cited with a silver medal for tone or certificate of merit for workmanship.

BVMA International Violin and Bow Making Competition, London – Hosted at the Royal Academy of Music, the first of these was held in 2004 and draws more than 350 entrants each year.

China International Violin Making and Bow Making Competition, Beijing – Since 2010 the ascendant music culture of China has meant violin making competitions are now held about every two or three years. Reportedly it has grown in size each time, with no fewer than 18 jurors weighing in on craftsmanship and artistic execution.

Ente Triennale Internazionale Strumenti Ad Arco, Cremona – As the name indicates, this is held every three years in the city where the finest violins and bows of all time were made by the likes of Stradivari and Guarneri. A rule for entry is that no instrument be more than three years old or artificially aged.

International Violin Making Competition, Mittenwald – This is held every four years in the center of German violin making. Rules stipulate that instruments and bows be less than two years old, and be made according to traditional craftsman standards.

International Henryk Wieniawski Violin Making Competition, Poznan – This is among the older competitions, having been first held in 1957 and staged every five years.

Few of these competitions are held annually, as they are significant undertakings. Assembling a qualified jury, as well as entrants, is significantly time consuming and require the resources that the sponsoring organization has to furnish (entry fees are charged to partially finance most competitions).

Winning is not the only objective of violinmakers who enter these competitions. In many such events, dealers and instrumentalists who consequently develop an appreciation for the instruments and their makers review the instruments.