What to do about a big increase in my mandolin’s value?

[JonZ]

Several years ago, I splurged about $3k on a McClanahan F style. This seemed to be the entry level price for a handmade instrument at the time. I added it to my homeowner insurance and then treated it like any other mandolin.

Recently I had to ship it to have some work done on it, and insured it for $3K. But, when I got home, I wondered if that was the right amount. So, I went to the website and saw this model is now selling for $15K. (Fortunately, it was not damaged in shipping!) Apparently, McClanahans have become popular with several pros, and you know how that affects prices.

So, this is good fortune, but now I feel like I own an investment rather than an instrument. I am not sure what to do.

Would you sell and buy another entry level instrument, lock it away somewhere safe and buy another to play, continue to use it at home and buy a beater for travel, or just increase the insurance and use it as before—taking it on planes, leaving it in hotel rooms, etc.?

I am not in immediate need of funds, so that’s not an issue.

What would you do?

[multidon]

Keep it, play it, enjoy it.

[Homer Savard]

Play it and enjoy it... I bought my first Gilchrist for $2250. I still play it and take it wherever I want to. Don’t just lick it up!

- - - Updated - - -

Oh geez, don’t LOCK it up!!

[Beanzy]

Revel in your good taste leading to you being in the vanguard of establishing this builder & up your insurance.
Maybe invest in an alarm,, rfid tag or tracker for the case if you feel insecure about the possibility of theft.

[Dale Ludewig]

You haven't said (that I noticed) whether you like it to play. Do you enjoy it less/more now that it's more valuable (only if you sell it). You bought it, it seems, to play and thought it would retain its value in case you wanted to part with it. Life get's teejus.

[Br1ck]

Check your insurance, mine goes up to $7500 for any single instrument. More than that needs a rider. When you have that piece of mind treat it like you always have. If you can't, sell it and buy something else.

[Charles E.]

Up the insurance and play it. I think you might regret selling it in the long run if you really enjoy playing it.
Also, new ones might be 15K but what would a used one be?

[sgarrity]

Play the damn thing!

[Mandobart]

So my house has gone up quite a bit in value - should I sell it?

[Denny Gies]

Play the snot out of it...............period.

[Bill McCall]

if It’s a burden, sell it. If not, play and enjoy it. If you can’t do either, don’t talk about it.

[dcoventry]

Great philosophical question. To wit:

My 1988 Traugott acoustic guitar I bought from Dexter Johnson at Carmel Music is a great example. It was an early Traugott, and the only neck inlay he ever did. Great guitar. I had $1000 cash, guitar was $1000. BUT, this was December of 1989, just before some Grateful Dead shows. I told Dexter what I was up to, and he said, “Dave, you’ll be needing burrito and acid money. I’ll take $900.”

Yeah. You can pry this one out of my cold, dead hands.

[Hendrik Ahrend]

Poor John Reischman!

[almeriastrings]

You'll only know what the value is if you try to sell it.....

[Ivan Kelsall]

Jon - Keep it,play it & enjoy it. Just remember to increase it's value on your house contents insurance. My Weber "Fern" is worth well over twice what i paid for it,i simply increased its insured cost - which reminds me,my Ellis isn't insured along with my Weber & Lebeda. My policy was renewed prior to my buying the Ellis - so,a job to take care of !. My instruments are on a separate policy to the rest of my home contents,
Ivan

[Ray(T)]

I paid £190 for my first (new) Martin guitar. They were quite a famous maker in those days. I doubt whether I'll ever sell it.

[Mando Mort]

I like dcoventry's story better...were the burritos good? How about the Dead? And the acid...?

[JEStanek]

If it really clicks with you, keep it and up the insurance as others have suggested. I might consider selling it, if I thought it could command a great price. I wouldn't if it really connected with me. I'm not earning any money playing mandolin. It's not a tool for my livelihood. Rather, its a instrument I play for pleasure and for fun. I'm also technically not incredibly proficient nor investing tons of my time in improving my playing now.

Does this early example of his work match the more recent and more expensive output from the shop? All builders start somewhere and not all of their instruments are equal across time. My 1991 Civic that cost us $7500 isn't worth $15K that they sell for new now or even 70% of the 15K on the used market. I think you have some false equivalency in the premise that yours is worth what a replacement may be now... but, it could be. But without a good valuation done by a reputable appraiser, I don't think you know anything accurately.

So, now maybe you have options. Keep, sell, or hold as an investment. But, you have many questions to answer first.

Jamie

[Mark Wilson]

I would treat the same as you did before you found out it might be worth more. Only now you have fonder thoughts about it. When they start selling for 15K used you can be careful carrying it around

[Paul Busman]

The answer depends on a lot of factors. How much would $15K improve your life, assuming you could sell the mando for that? You could buy any of hundreds of excellent instruments that you'd probably love, for a LOT less than that and still have enough left over for things other than one instrument. Home improvements you've always wanted to do? Travel,either alone or with a significant other,
that you've always put off for "some day"? Grand kids college fund? Personal lessons from a pro that you admire? Only you know what's important to you.
New mandolins like yours may sell for $15K, but what could you actually sell it for? It might be worth getting appraised as a used instrument by a reputable instrument appraiser. What if as a used instrument, no matter how excellent, it would only sell for $10K?Would that affect your decision? $8K?
When all is said and done,an instrument is just a thingand it's only real value is how much it's worth to you to keep it in your life.

[Tom Sanderson]

Insure it and play it, unless you need money.

[George R. Lane]

What makes you think your mandolin is worth what his mandolins are going for nowadays?

[bigskygirl]

Good for you! However, you may be mistaken in believing yours is now worth $15k...that is what it is worth to you for replacement value from that builder. You'd have to research what current market value is for your particular model and any repairs/upgrades it may need.

I bought my Northfield a few years ago and the newer models are going for several thousand more now but that doesn't mean my specific one is worth that much for any number of reasons...it may actually be worth less than what I paid for it but I like it and to me thats all that matters.

So, "what would I do"...if I like it I'd keep it. Have fun!

[Chuck Leyda]

Do you love it? Keep it, play it, and congratulate yourself for getting it at a bargain.

Do you see a different mandolin for less that you might love more? Sell yours, buy the one you love, pocket the extra change.

Do you see it is an investment? Do your research but I would suspect there are better ROI than instruments. Sell it and buy the best investment you can.

[Jeff Mando]

Do your research but I would suspect there are better ROI than instruments.

I agree. People often like to point out what a "great investment" Bill Monroe's Loar was......I like to remind them if he had bought Nashville real estate in the 1940's and kept it, it would be worth many times what the mandolin was/is worth.