Old pianos have no value just for being old. In other words, prospective buyers are not collecting pianos; they want to be able to play them. Pianos have parts that wear out and must be replaced, and a piano that hasn’t been regularly tuned will not hold a tuning. So, old pianos are at a disadvantage in the market.
That being said, if your piano is in excellent condition, both cosmetically and operationally, its current retail (replacement or insurance) value is approximately $1,500. The fair market (private sale or auction) value is approximately 40% of the retail amount or $600. This is the figure the IRS uses for deductions.
I hope this answer has been helpful to you, Diann.
If you have any further questions or problems concerning your answer, please let me know.
If you would like to work with me on further questions you might have, it would be a pleasure to work with you again. All you have to do is put my name (Judith) at the beginning of your question.
I need your positive rating! Could you very kindly rate my services (with the stars or "accept" button) as this is how I get paid by JustAnswer, at no extra cost to you. We can still continue to communicate here on this thread after you do.
Thank you so much!