What Makes a Violin a Good Investment?
Stradivari violins, for all their fame, don't presently hold the record for the highest-priced violin ever sold. That honor goes to the 1741 ‘Vieuxtemps’ Guarneri ‘Del Gesu’, sold in 2013 for upwards of $15 million, besting the previous record set in 2011 by the 1721 ‘Lady Blunt’ Stradivarius. ‘Del Gesu’ is not a household name like Stradivari, yet his violins are the subject of desire by professional violinists everywhere. And dozens more makers’ rare string instruments are so sought after that they fetch prices well into the six figures.
These instruments have been appreciating rapidly. Based on our analysis of publicly available auction data, Stradivari’s average annual appreciation from 2010 to 2022 was 9.7% – not a bad return. But over that time period it is bested, for example, by violins from lesser known makers such as Joannes Pressenda (10.7%) and Lorenzo Storioni (13.4%). This “next tier” of makers have shown excellent results as investments for many years.
Choosing a violin as an investment is not as simple as picking one by a famous maker. As you can see from the chart (plotting Storioni sales since 2000) there is a wide variation in prices within an individual maker’s work. Complicating matters further, the majority of valuable string instruments are sold privately rather than via auction, making it even more difficult to determine fair market prices.
So how do you pick the ones that will outperform?
What makes an instrument valuable: Three core criteria for a good investment
Three factors can help make a thoughtful choice when selecting an investment violin, viola or cello.
First is indeed the maker’s reputation. This is necessary but not sufficient to qualify an instrument as investment-grade. Eighteenth century instruments from Stradivari and Del Gesu have long been prized by musicians, museums and private collectors, all of whom lend some authority to a maker. Pressenda’s reputation for quality instruments was perhaps bestowed by Giovanni Battista Polledro, a famous violinist of Torino who is said to have favored them. More recently, nineteenth century makers such as Guiseppe Rocca and Jean-Baptiste Vuillaume have risen in demand for similar reasons. As more people seek out the limited supply of instruments by these makers, fewer also appear on the market, increasing scarcity and further driving up prices.
Second is the quality of the instrument itself. Stradivari himself had a “golden period” from 1700 to 1721 during which he produced his best models and the record-holding Lady Blunt is a prime example from this time. Other qualities such as the sound and tonal character of the violin can increase its value. Violins by famous makers sometimes show up at auction in need of repairs; these are speculative investments at best as there are no guarantees that even the most skilled luthier (violin maker) will be able to resuscitate it.
Finally is the instrument’s provenance. As with fine art, the more well-documented the instrument is, the better chance it will retain and increase its value over time. Certification of authenticity by a reputable broker is essential. Ideally there are two independent certifications for any fine instrument, backed by an appraisal of market value conducted by a USPAP or IVSC certified appraiser.
Provenance is often enhanced when the instrument has been played by a notable musician. Not unlike homerun baseballs or rock stars’ guitars, the fact that a violin was played by a great musician has been shown to increase its value. For example, the record sale for a Storioni violin is currently the ‘ex-Ricci’, at over $600,000; its sale was accompanied by a letter from Ruggiero Ricci (after whom it may now forever be named) confirming it “as the violin on which he made his famous unedited recording of the complete Bach Sonatas and Partitas for Solo Violin.”
And often, such provenance can a valuable quality to the instrument itself. Expert musicians can identify a violin that has been well played. As Anne Akiko Myers, who currently plays the record-setting ‘Del Gesu’, puts it: “[E]very violin has its own soul, and the soul has been imprinted by a previous performer.”
The value of experience
Ultimately, buying investment-grade string instruments comes down to experience. While it may be fun to own an instrument yourself, there is never any guarantee that they will increase in value. Strumenti.com’s approach has several advantages. Our 20 years of experience buying and selling instruments allows us not just to avoid common mistakes, but helps us pick instruments that are well priced and thus most likely to appreciate in value. Also, by allowing investors to buy fractional interests in multiple instruments, the same amount of money can be diversified across a portfolio, thus reducing the risk of having made one bad choice. Finally, Strumenti.com takes care of insurance and pairs the instrument with a musician who will use it to further their career – literally putting your investment to work and helping make a difference in the life of an artist at the same time.
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