FAQs

Dealer agreements are handled through the divisions, not through Steinway Musical Instruments. If you would like to become a Piano dealer, please contact Steinway & Sons directly at:

Steinway & Sons
One Steinway Place

Long Island City, NY 11105
Phone (718) 721-2600

Email: info@steinway.com

If you would like to become a dealer of Band & Orchestral instruments, please contact Conn-Selmer directly (indicating the brands of interest) at:

Conn-Selmer, Inc.
P.O. Box 310
Elkhart, Indiana 46515-0310
Phone (574) 522-1675

Email: custserv@conn-selmer.com

What is SMI's fiscal year?

SMI reports its financial results on a calendar year ending December 31.

I would like to endorse your products. Whom do I contact?

Endorsements are handled at the divisional level. Please directly contact the division that you wish to represent. For the Family of Steinway-Designed Pianos, please contact Steinway & Sons. For any of our Band & Orchestral instrument brands, please contact Conn-Selmer.

Who can I contact about a business opportunity for Steinway Musical Instruments?

If you would like to become a vendor for Steinway Musical Instruments, please email a brief description of your company’s services to ir@steinwaymusical.com. Your email will be forwarded to the appropriate person within the company. If there is interest in developing a relationship with your company, you will be contacted.

Please note that we do not do any advertising, promotions or marketing at the corporate headquarters. Our Piano division, Steinway & Sons, handles its own marketing needs and our Band & Orchestral division, Conn-Selmer, Inc. does the same. Please contact them directly for these types of inquiries.

How can I get a copy of your Annual Report?

Our Annual Report on Form 10-K is available for download as a PDF by clicking Annual Report at the top of this page. It is also available in other formats through the SEC's website at www.sec.gov and through the Investor Relations portion of this website. Please note that for the fiscal year 2007, we did not produce a glossy annual report or 10-K Wrap.

You can request a printed Annual Report on Form 10-K through any of the following methods:

Visit the Investor Relations section of our website and fill out the form under Information Request.
Email ir@steinwaymusical.com.
Call 781-894-9770 and ask to speak to Investor Relations.
Mail a letter with your request to Steinway Musical Instruments, Inc., Investor Relations, 800 South Street, Suite 305, Waltham, MA 02453.

How can I buy SMI stock?

SMI stock is listed on the New York Stock Exchange (NYSE) under the ticker symbol "LVB." Shares can be purchased or sold from any stock brokerage firm or financial institution that provides brokerage services.

When does SMI report quarterly financial results?

SMI reports Q1 results in early May, Q2 results in early August, Q3 results in early November and Q4 results in early March. Please consult the Calendar of Events page in the Investor Relations section of this website for specific dates as they become available.

How many employees does SMI have?

As of December 31, 2007 SMI had more than 2,200 employees worldwide.

Where does the company operate?

Steinway Musical Instruments, Inc.'s worldwide corporate headquarters is located in Waltham, MA. Our piano division, Steinway & Sons, is located in Long Island City, NY. Our band division, Conn-Selmer, Inc. is located in Elkhart, IN. We operate 14 manufacturing facilities in the United States and Europe. Please see Item 2 of our Annual Report on Form 10-K for a list of our significant owned and leased facilities.

Who are SMI's major customers?

Piano Segment – Most of our piano sales are to individuals, both professional artists and amateur pianists. A majority of our Boston and Essex customers are between 35 and 45 years old and have an intermediate level of musical skill. They hold graduate degrees and report annual household income over $100,000. Our Steinway & Sons customers are slightly older, between 40 and 50 years old, and have an advanced level of musical skill. They also hold graduate degrees but report income over $300,000.

We also sell pianos to institutions such as concert halls, conservatories, colleges, universities and music schools. Approximately 20% of pianos sold in 2007 were to institutional customers. We have developed the “All-Steinway School” program to focus on increasing piano sales to music schools, as this market segment is typically less sensitive to economic cycles. Institutions can earn the “All-Steinway School” designation by owning essentially all Steinway-designed pianos, enabling them to provide their students and faculties with the best instruments possible for the study of music, from the practice room to the recital hall. The number of “All-Steinway Schools” grew 25% in 2007, to 85 schools and conservatories worldwide.

Market size and volume trends are difficult to quantify for international piano markets, as there is no single source for worldwide sales data. Outside the United States, our strongest market shares are in Germany, Austria, Switzerland, the United Kingdom, France, and Italy. We believe that we hold an average grand piano market share of approximately 18% in these countries. We also continue to expand our business in former Eastern Bloc countries where we doubled our unit sales in 2007.

Outside of the United States, China is currently the second largest grand piano market in the world. With our three piano lines, we believe our market share of grand piano units is currently 5% in China. Our unit sales in China more than doubled in 2007 and we expect a large portion of our long-term growth to come from this market.

In 2007, our piano sales had the following geographic breakdown based on customer location: approximately 47% in the United States, 31% in Europe, 7% in Japan, 5% in China, and the remaining 10% primarily in other Asian countries. Our largest piano dealer accounted for approximately 4% of piano sales in 2007, while the top 15 accounts represented 29% of piano sales.

Band Segment – Band & orchestral instruments are sold to student, amateur and professional musicians, and institutions. The majority of our instruments are purchased or rented from dealers by students enrolled in music education programs in the United States. Traditionally, students join school bands or orchestras at age 10 or 11 and learn on beginner level instruments, progressing to intermediate or professional level instruments in high school or college. We estimate that approximately 80% of our domestic band sales are generated through educational programs. The remaining domestic band sales are to amateur or professional musicians or performing groups, including orchestras and symphonies. Student level instruments accounted for approximately 65% of band & orchestral unit sales and approximately 35% of instrument revenues in 2007, with intermediate and professional instruments representing the balance.

Historically, over 80% of our band sales have been in the United States. We believe that the Asian and European markets present significant opportunities for growth due to the quality of our instruments and the strength of our brand names.

In 2007, approximately 76% of band sales were in the United States, 11% in Europe and the remaining 13% primarily in Japan and Canada. Our largest group of band dealers under common control accounted for approximately 13% of band sales in 2007, while the top 15 accounts represented approximately 41% of band sales.

For more information on our customers, please read Item 1 of our Annual Report on Form 10-K.

How much do your pianos cost?

The Family of Steinway-Designed Pianos is a comprehensive offering of the world’s finest pianos at three distinct price points to suit every buyer looking to purchase a fine quality piano. The family is comprised of our three brands: Steinway & Sons, Boston and Essex.

Steinway & Sons grand pianos, handcrafted in New York and Germany, are considered to be the highest quality pianos in the world and have one of the most widely recognized and prestigious brand names. We also offer Steinway & Sons upright pianos as well as two mid-priced lines of pianos under the Boston and Essex brand names.

Steinway & Sons pianos differ from all others in design specifications, materials used and the assembly process. We offer two premium-priced product lines under the Steinway & Sons brand: grand pianos and upright pianos. Grand pianos historically have accounted for the majority of our production. We offer seven sizes of the grand piano ranging from the 5’1” baby grand to the largest 9’ concert grand. The smaller grands are sold to both individual and institutional customers, while the concert grands are sold primarily to institutions. Steinway & Sons grand pianos are premium pianos in terms of quality and price, with retail prices for ebony pianos generally ranging from $44,000 to $111,000 in the United States. Limited edition pianos and pianos with special veneers sell for retail prices of up to $170,000.

We introduced the Boston line in the early 1990s to allow us to compete in the mid-priced category. Retail prices for upright and grand pianos generally range from $6,000 to $40,000 in the United States. Subsequently, we added a full line of pianos under the Essex brand name to our mid-priced offering. Retail prices for Essex pianos range from $4,000 to $20,000 in the United States.

Email us or check with your local dealer for current prices and payment plans.

How do I go about finding a quality used piano?

When purchasing a used piano, consider that the materials in even the best older pianos are subject to wear, humidity changes and inconsistent service or neglect. Better modern pianos are improvements over the older counterparts in materials and design. While the cost of a new piano is generally a fair prediction of quality, the price of a used piano is dependent upon an individual's assessment of condition. Oftentimes the outside appearance of a piano does not reflect the condition of the interior mechanisms.

For more information, click here for our Buyer's Guide.

When choosing a used piano, note the following definitions provided by the Piano Technicians Guild, Inc. to categorize the level of repairs on a piano: "A used piano that has been disassembled, inspected, repaired as necessary with replacement of all worn or deteriorated parts, reassembled, tested and approved to at least the tolerances of a new piano of like manufacture is said to have been rebuilt. A used piano that has been put back in good condition by cleaning, repairing and adjusting for maximum performance with replacement parts where specifically indicated is said to have been reconditioned." A rebuilt piano should be purchased because of its merits, rather than an attempt to economize.

I have an old Steinway that my parents left me. How old is it and what is it worth?

You can determine the approximate age of your piano by finding the serial number, typically located on the plate near the front of the piano, and referencing our list of serial numbers here http://www.steinway.com/technical/how_old.shtml. Steinway pianos have historically maintained their value exceptionally well. A used Steinway in excellent condition can be worth up to 80-85% of the value of a new piano. You can read more about the appreciation of value in a Steinway here http://www.steinway.com/steinway/sound_investment.shtml. If you have a piano you'd like to have restored, you can contact the Steinway Restoration Center at (718) 204-3175 in the United States or +49/40/85 391-106 in Hamburg, Germany.

How should I clean and care for my piano?

You can find information on caring for and maintaining your piano here http://www.steinway.com/technical/caring.shtml. You can get information on caring for the finish of your piano here http://www.steinway.com/technical/lacquer_finish.shtml.

What are all the parts of a Steinway grand?

A Steinway grand comprises over 12,000 parts. You can find a blueprint of a Steinway model M grand here http://www.steinway.com/technical/schematic.shtml.

What is the soundboard and what does it do?

In the piano the function of the soundboard is to take up and repeat the vibrations of the strings and thus create sound waves of vastly greater size and power than generated by the strings alone. You can read more about the soundboard and its function here http://www.steinway.com/technical/soundboard.shtml.

How do I contact Conn-Selmer?

Contact the Conn-Selmer Customer Service department by e-mail at custserv@conn-selmer.com. (Note: You will recieve a reply via e-mail within 48 hours.)

Alternately, you may contact us directly via telephone at 1-800-348-7567.

Can I buy direct from you?

Sorry, but we don't sell instruments, accessories, or repair parts direct. Contact or visit a Conn-Selmer, Inc. dealer/distributor concerning instrument, accessory, and repair part purchases.

Where can I purchase a Conn-Selmer, Inc. instrument?

Please feel free to make use of the dealer search tool on the Conn-Selmer website to locate a Conn-Selmer dealer nearest you.

What's the price on a Conn-Selmer, Inc. instrument?

Conn-Selmer, Inc. publishes manufacturer suggested retail prices (MSRP) for the United States only. These prices serve as a guideline. Dealers and music stores across the U.S. determine their own selling prices. Distributors and dealers outside the U.S. also set their own prices. Please consider more than price when buying a musical instrument, taking into account other important factors such as service, maintenance and repair, and other support that music stores can provide during and after the purchase.

How old is my instrument?

For your convenience, Conn-Selmer, Inc. has provided chronology charts based on serial numbers for dating instruments. Please visit any of our branded websites listed on the home page for more information.

I know my serial number. Can I tell how old my instrument is?

In many cases, the serial number will tell you the age of your instrument. You can browse the serial number history of our various brands here http://www.conn-selmer.com/content/resources/serialno.php.

Can I send my older instrument back to the factory for repair or an overhaul?

Sorry, but we do not offer repairs or overhauls of older instruments here at the factory. Please contact a Conn-Selmer, Inc. dealer/distributor for such services. Repair of a musical instrument requires both knowledge and experience therefore, we do not recommend that you attempt fixing or repairing your instrument at home.

How much is my old instrument worth?

Like any antique or collectible, the "value" or "worth" of your instrument rests in finding the right buyer. Conn-Selmer, Inc. does not deal in used, collectible, or antique instruments, nor do we offer appraisals. Many dealers and music stores around the U.S. offer such instruments. You may wish to consider reading or placing a classified ad in one of the many musician and instrument journals, trying these as starters:

International Musician
(publication of the American Federation of Musicians)
1501 Broadway
New York, NY 10036
phone (212) 869-1330
fax (212) 302-4374

Saxophone Journal
Dorn Publications, Inc.
P.O. Box 206
Medfield, MA 02052
phone (508)359-7004Test

Does Conn-Selmer, Inc. buy or sell used, collectible, or antique instruments?

Conn-Selmer, Inc. only deals in the manufacturing and distribution of new instruments and accessories. Please refer to the FAQ question regarding information buying or selling such instruments.

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