The purpose of this article is to comment on and clarify the information in Piano Buyer on determining the value of a used piano. (The Piano Buyer article has since been revised to include these comments.)
Fair Market Value
Fair market value is the price at which an item would change hands between a willing buyer and a willing seller, neither of whom is compelled to buy or sell, and each of whom has reasonable knowledge of the relevant facts.
Appraisers of used pianos and other consumer goods typically use three different More …