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Thread: Remember When Loars Were Less Than $10,000?

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    Default Remember When Loars Were Less Than $10,000?

    I grabbed an old FRETS magazine to read during lunch at work today. It was the Feb. 1986 issue that has the feature story on Bill Monroe’s then recently smashed mandolins. But the part that really grabbed me was a sidebar story written by George Gruhn discussing Loar values. Here is a small section…

    “Today a clean, original 1923 F-5 would likely sell for between $8,000 and $9,000. A comparable F-5 in rough condition, but structurally sound and playable would bring considerably less. One that had been smashed, then repaired, would be difficult to sell at even a small fraction of the price a clean original specimen would bring.”


    If we had only known... actually, maybe some of you guys did.

    MojoMando
    Last edited by MojoMando; May-05-2010 at 3:45pm.

  2. #2
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    Default Re: Remember When Loars Were Less Than $10,000?

    I remember in the very early 80's in Norco (festival in Orange County), I played a Loar at the Randy Snoddy picnic tables. He was a dealer of fine vintage Martins and Gibson mandolins. I remember I played the Loar and the cost was $5000!!!!!!!! My good friend was thinking about buying it but backed out. Just way too much money!!!
    ntriesch

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    Wood and Wire Perry Babasin's Avatar
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    Default Re: Remember When Loars Were Less Than $10,000?

    In the Fretboard Journal, Chris Thile interview (more of a dialogue), done by David Grisman, they were discussing "Loar" prices. Chris had just paid $200,000 for his, and David shared that he bought his first for $550.00 in the late 60's. Apparently he passed up several during those early years in the same price neighborhood because he couldn't afford them...

    wow........... Perry

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    Mando-Accumulator Jim Garber's Avatar
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    Default Re: Remember When Loars Were Less Than $10,000?

    When I had a "chance" to buy one it was probably mid 1980s but I recall the dealer's prices were around $10,000-12,000.

    It is all relative. I bought my first Gibson mandolin (1919 A3 whiteface) around 1978 from Mandolin Brothers for $300. They were the higher priced dealers at that time but it was a nice instrument. I had to sell my Vega cylinder back to afford it. I also recall a few years later trying a great Gibson Nick Lucas guitar but balking at the fact it was $1200. Those are worth at least ten times that now. Oh well.

    Then again, I got my Monteleone mandola from John and tho today it was a real steal, i was worried about spending so much for it.
    Jim

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    Registered User Bill Halsey's Avatar
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    Default Re: Remember When Loars Were Less Than $10,000?

    Uh-oh, look out -- what else we do old Loar geeks have to talk about?

    Many come to mind, including a very nice early Loar (a '22, I think) at The Fret Shop in Chicago in the early '70s. Very clean, but with two tiny screw holes in the light sunburst top where a pickup had been mounted. As I recall, it was priced at $1200.

    Another Loar F-5 traded hands thru a Chicago violin shop back then for $1200.

    At a festival campgrounds in the '70s, I saw one that had been completely denuded of its finish, offered for $500. Story was that it had once been in the care of a preacher who felt that it was too ungodly with all that colored sunburst and shiny varnish.

    Again, sometime in the '70s, I recall a very fresh '24 that a friend sweated bullets to gather the princely sum of $1600 to purchase from an individual (typical closet & widow story).

    There are probably others that have evaporated from my recollections, but the last one I recall under the spec'd $10k limit was a Loar F-5 offered by a collector for a shocking $9000, at a swap & sell meet at a North Chicago shop, probably around '78 or so. Good condition, but sounded pretty sleepy. So sleepy, that when Dave Bromberg & I jammed (I played the Loar & he played mine), he declared mine the winner. And mine wasn't all that great. Funny, how that stuff goes.

    Fun topic. I happened upon this thread early, but I'm sure there will be many, much more interesting accounts. And I wasn't even paying attention in those days...
    ~Bill~
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  6. #6

    Default Re: Remember When Loars Were Less Than $10,000?

    I passed on a loar that Randy Snoddy wanted to sell me for 8500 back in the late 70's. But when I was 19, 8500 was as far out of my reach as 200k is now!

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    Registered User Ivan Kelsall's Avatar
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    Default Re: Remember When Loars Were Less Than $10,000?

    Ain't 'hindsight' terrific !!!. If i decided to worry over some of the instruments that i've passed up,even here in the UK,i'd be having sleepless nights. I passed on a wonderful condition Bacon & Day "Silver Belle" Tenor banjo that was going for 'half a song',back in the '60's. I also let a 'one of a kind' custom built Vega Vox Plectrum Banjo slip out of my grasp.The owner wanted £100 UK for it,again back in the late 60's. Considering that my salary as a 'junior' draftsman was only £15 ($20) a week,it was a bit too rich for me.But if only i'd known !,
    Ivan
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    Default Re: Remember When Loars Were Less Than $10,000?

    At a Woolworth's Soda Fountain in 1957 a Coke was 10 cents; a Malted Milk Shake (with 2 scoops) was 25 cents; a Banana Split was 39 cents; a BLT was 50 cents.

    Gold in 1960 was $35 per ounce.
    In 1980: $193 oz.
    In 2008: $973 oz.

    The 1965-66 Shelby Mustang GT350 was $4,368 when new.
    They now go as high as $200,000.

    In 1960 Stradivari violins averaged $18,000.
    In 1980: $125,000.
    In 2008: $7 million to $10.5 million.


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    Registered User Ivan Kelsall's Avatar
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    Default Re: Remember When Loars Were Less Than $10,000?

    I used to have a Stradivari Violin. I bought it at a 'used goods' sale back in '67. It had a label inside that said that it was made by Stradivari in (whenever) in Cremona. Mind you there wasn't much of a market for Violins made by Bert Staradivari at the time,
    Ivan
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    Default Re: Remember When Loars Were Less Than $10,000?

    I remember for a while, Loars were leveled at $40k for a minty one. Then all of a sudden around 2000-2001, to quote John Madden, "Boom!"

  11. #11

    Default Re: Remember When Loars Were Less Than $10,000?

    Quote Originally Posted by AlanN View Post
    I remember for a while, Loars were leveled at $40k for a minty one. Then all of a sudden around 2000-2001, to quote John Madden, "Boom!"
    I remember a buddy of mine buying one for around that (15 yrs or so ago??). Back seam separating, cleated cracks, etc; needed a lot of work. I didn't say anything but thought to myself, (what a waste!!!) Yeah right

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    Registered User Pete Martin's Avatar
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    Default Re: Remember When Loars Were Less Than $10,000?

    I even remember when Stradivarious violins were less than 10,000.00 Shows how old I am...
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    Layer of Complexity Kevin Knippa's Avatar
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    Default Re: Remember When Loars Were Less Than $10,000?

    I was curious to see inflation-adjusted values mentioned in this post just to get a sense of how the market-perceived value of a Loar-signed instrument has changed. By market-perceived, I mean the value buyers have been willing to place on the instrument separate from the effects of inflation. I checked against several inflation calculators I found through Google, and this is what I found.

    $550 in 1968 (an early Grisman-owned Loar) has the same buying power as $3,503.60 today (avg. inflation over this period of 4.51%)

    $12,000 in 1985 has the same buying power as $24,609.57 today (avg. inflation over this period of 2.91%)

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