Dmitry Gindin: Expert and consultant in fine stringed instruments

APPRAISING

Appraisers are those most directly connected to the market - dealers, specialised auctioneers and, in some cases, recognised experts. Their evaluations are usually based on a combination of their own experience and past sale results of comparable items. However, the task is complicated by the fact that no two instruments or bows are identical, making exact comparison impossible. Prices for rare examples can fluctuate even within the output of a single maker, and may also depend on the purpose of the appraisal: is it for insurance 'replacement value', for a rapid sale through a dealer or musician, or for a commission sale via auction or dealership? Retail prices can vary across continents and within individual countries, while currency fluctuations and the type of venue conducting the sale also influence outcomes. Apart from published auction records, most transactions remain private, so at best only a value range can be estimated for a given instrument at a given time.

Criteria used for appraisal include authenticity and period of production (if known), condition, level of workmanship, provenance, model, sound quality, varnish colour and prevailing fashion. The perceived or actual authenticity of all parts, together with the state of preservation, remain among the most important criteria and are generally regarded as relatively objective. Yet only a small proportion of old instruments fall into the category of "fine, original, characteristic, and in excellent condition." A practical starting point is therefore to set a retail value range for a very fine example (if known), and then deduct percentages for any deviations from the "gold standards" of undisputed authenticity and excellent condition.

VALUING MULTIMILLION-DOLLAR INSTRUMENTS

It is well known that the finest centuries-old instruments are now valued in the millions of dollars. Yet only a handful of makers' names are consistently associated with ultra-high values: Antonio Stradivari and his sons, Francesco and Omobono; Giuseppe Guarneri del Gesù; and Carlo Bergonzi. Today's increasingly heated market for these masters suggests that the apex of Cremona's golden age extended across the final forty or so years of its two-hundred-year history. Far higher prices are consistently achieved for their finest examples from the most prized years than for instruments of similar condition from other periods of their output.

The most discerning connoisseurs tend to associate Stradivari's finest work with the so-called "golden period" of c.1707-1718. This designation, however, should be applied with caution in appraisals, since many exceptional examples fall outside these years. It has proved tempting - financially and otherwise - to extend Stradivari's most valuable period so as to include as many of his works as possible, with some dealers and connoisseurs suggesting broader spans such as 1700-1725.

Considerably younger than Stradivari, both Bergonzi and Guarneri del Gesù began working independently about half a century later. During most of Stradivari's arguably finest years, their own output was either non-existent, little known, or regarded as "early," and therefore not nearly as highly esteemed as their later work. Their mature production coincides and overlaps: it is generally accepted that Bergonzi's best work dates from c.1732-1740, and Guarneri del Gesù's from c.1735-1744.

Bergonzi's violin-making career, which spanned over thirty years, has posed particular difficulties, since little more than a quarter of his fifty to sixty extant instruments retain their original labels, complicating attempts at secure dating. Most of del Gesù's labels are likewise problematic, yet because his surviving instruments are several times more numerous than Bergonzi's, they can be more readily classified into distinct working periods.

Guarneri and Stradivari violins currently hold the highest price records among stringed instruments, with several examples valued at well over $20 million. Among the most celebrated are the Lord Wilton of 1742 and the exceptional Vieuxtemps violin, c.1741, which had already reached $16 million in 2012. Bergonzi’s instruments, though they have risen markedly in value since the 2010 retrospective in Cremona, are likely to remain in third place for now, with asking prices thus far not exceeding $6 million. Yet his finest creations - comparable in artistry and tonal quality to those of his two great rivals - may well move closer to them in the near future.

The last time the 1721 Lady Blunt Stradivari was sold, it realised £9.8 million ($15.9 million at the time), then a record for any instrument. Made at the upper end of the "golden period," it has peers from the same years, yet none approach its valuation - owing chiefly to its extraordinary freshness, distinguished provenance, and particularly luminous varnish. Its most recent price - again a world record - was almost 116 times greater than the £84,500 ($200,000) paid for it at Sotheby's in 1971. Because of sterling's long decline against the dollar, the violin appreciated eighty-fold in USD terms - still an extraordinary performance compared with the Dow Jones, which over the same forty years rose fourteen-fold, though of course the liquidity of a stock exchange cannot be compared with that of a stringed instrument. This is not to suggest that Stradivari's other output, or that of less important makers, has experienced appreciation on such a scale. On the whole, however, the available data confirm their long-term strength as investments.

So-called bargain hunters may still acquire a "Strad" or "del Gesù" for a few million dollars, though such examples almost invariably present serious issues, including non-authentic parts. Many collectors therefore prefer to invest in a fine Giovanni Battista Guadagnini, usually requiring a smaller outlay. Valuing Guadagnini's work is challenging, as his style shifted markedly across the various towns in which he worked. While nearly all his instruments possess superb tonal qualities, it is his late Turin violins - most influenced by the mature Stradivari model - that have historically commanded the highest values, at times fetching nearly double the price of his earlier work. This trend may yet change, with some of his earlier Milanese instruments already approaching, or in a few cases surpassing, the prices of the Turin examples. Guadagnini's violins - and his rare violas of good size - will almost certainly set new world records in the years ahead.

Other makers' instruments - particularly cellos and violas of exceptional quality - also command prices well above a million dollars, largely due to their scarcity. In this category belong the violins, violas and cellos of most of the Guarneris, as well as the "grand pattern" Amatis. The finer works of Michelangelo Bergonzi, son of Carlo, and the exceedingly rare violas and cellos of his nephew Nicola, likewise fall within this range.

Cellos by Domenico Montagnana, Matteo Goffriller, Francesco Ruggeri, the two Rogeri, David Tecchler, and Carlo Tononi also readily exceed the million-dollar threshold. More occasionally, the rare and distinguished cellos of the first two generations of the Gagliano family - some of the fastest-rising instruments in today's market - have likewise joined this elite group.

The cellos of Montagnana, Goffriller, Tononi, Tecchler and his pupil Michael Platner may command more than triple the prices of their violins. While the violins of Montagnana and Goffriller are not usually valued as highly as those of Guadagnini, they may on occasion qualify as fine solo instruments. Their cellos, however - especially those of Montagnana - are of supreme quality and have been favoured by the greatest artists, many of whom have preferred their lush, powerful tone even to that of Stradivari. Montagnana's finest cellos may therefore command prices that approach, or in some cases surpass, those of Stradivari.

Violas form a world of their own, and several of the makers cited above either never made them or did so only rarely. When of desirable size, surviving examples can command disproportionately high prices relative to their violin counterparts - particularly those from the greatest Brescian and Cremonese masters of the late sixteenth and seventeenth centuries, as well as the few by Goffriller, not to mention the handful by Stradivari should they ever reappear on the market.

The instruments of the Amati family are particularly difficult to value. Those by the patriarch Andrea are exceedingly few and, for the most part, permanently held in public and private collections. His sons Antonio and Girolamo produced instruments for about forty years, though the bulk are by Girolamo, and occasionally by his more famous son Nicolò. These instruments are rare, often in compromised condition and of small size, and therefore command only moderate prices. Should a fine grand-pattern example, or a viola in relatively pure condition, come to market, however, its value would rival that of Nicolò's instruments, whose finest and largest violins command prices in the millions. The work of Nicolò's son, Girolamo II, is only now gaining esteem, as connoisseurs begin to recognise his hand in some of his father's greatest late instruments. This contemporary of Antonio Stradivari produced relatively few instruments after his father's death, yet some of his largest grand-pattern violins and his cellos are comparable in quality to Nicolò's finest work.

Other, more readily available works - whether in less pristine condition or of lesser pedigree - fall into a category whose investment potential depends on numerous factors, both objective and subjective, not least of which is playability. Such instruments, consistently pursued by institutions and wealthy investors, are likewise bound to appreciate over time, though at lower rates than the most coveted names. The extreme price differential between the finest examples and "basement bargains" is also a familiar feature among these lesser instruments.

Genuine instruments by the greatest makers - whether classical or modern - represent excellent long-term investments with relatively low risk, provided they are in fine condition. In many cases they also continue to serve distinguished musicians and the wider music-loving public. Investors and sponsors of accomplished players often use them as instruments of promotion and publicity. Though relatively small, the international market for fine instruments has gained considerable momentum in recent years across all categories, and especially at the highest end. Its continued longevity appears assured.