According to Reuters, private equity firm Kohlberg & Co. is acquiring 160 year old piano and musical instrument maker Steinway Musical Instruments Inc. for approximately $438 million. Steinway has evolved to become an American icon synonymous with handmade grand pianos. The company previously declined to sell itself six months earlier.
Steinways are one of the most iconic piano makers. And as a result they don’t come cheap. An average Steinway can cost anywhere between $40,000 to $100,000 for a full-size concert piano. Even buying a used one can be difficult. For an investment piece such as a Steinway, you want to be sure you are getting a quality instrument. Experts recommend that any interested buyers should have the piano inspected by a technician. A technician inspection can cast anywhere from $75 to $150 for a consultation, but its money well-spent to ensure you are getting a good return on your investment.
What you invest in to furnish your home can also have significant insurance needs. Oftentimes, your jewelry, fine art, exotic car, wine collection or custom Steinway piano won’t be covered by standard home insurance policies in the event of a disaster or damage. If you have a high value home, you want to make sure you are protected inside and out against any exposures and liabilities.
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