Brian Murphy - Posted - 08/25/2024:  13:30:57

First, I am not bashing any sellers. As a fan of market economies, I think every seller should get as much as possible because that is good for the market and new builders. I just had no idea there were this many banjo players with this much disposable income. GRich era banjos in five figures. (Again, not a bad word to say about them). Many others above $4K level. Meanwhile, according to the YouTubers, there is a bit of a meltdown in the used guitar market these days. Maybe everyone is finally realizing why banjos are so much cooler than guitars.

jdeluke137 - Posted - 08/25/2024:  13:45:02

Everyone saw this ad.

Edited by - jdeluke137 on 08/25/2024 13:45:55

 

Culloden - Posted - 08/25/2024:  13:46:36

Are banjos really selling for what people are asking for them? Or have they been sitting idle for a long time at the same price?
If banjo players have that much disposable income, they probably didn't get it from playing banjo.

Texasbanjo - Posted - 08/25/2024:  14:21:30

Seems like we sell a lot of banjos here on the Hangout. If priced right, they seem to go quickly.

jdeluke137 - Posted - 08/25/2024:  14:49:13

quote:

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Originally posted by Culloden

Are banjos really selling for what people are asking for them? Or have they been sitting idle for a long time at the same price?

If banjo players have that much disposable income, they probably didn't get it from playing banjo.

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But professional musicians can make several dollars playing the banjo!  

lightgauge - Posted - 08/25/2024:  14:56:44

Yes, you can make 10's of dollars playing banjo, and an occasional free hotdog!

chuckv97 - Posted - 08/25/2024:  16:01:59

Banjos are definitely the “next big thing” !

Culloden - Posted - 08/25/2024:  16:21:38

quote:

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Originally posted by chuckv97

Banjos are definitely the “next big thing” !

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They've been the next big thing for quite a few decades now.

I've heard about being able to make tens of dollars playing the banjo. I just haven't done it yet.

Alvin Conder - Posted - 08/25/2024:  17:29:10

Interesting topic. Brian, you might find your answer in this very recent topic asked here on the Hangout - “What do you do?”.

I found that topic interesting as I wondered how all these extremely talented luthiers are selling so many high end instruments and the vintage market, over time, continues to increase upward.

banjohangout.org/topic/399005

It seems that a very larger percentage of us banjo players are either very successful Business people or tradesmen who are at the top of their game, or highly degreed Engineers, PhD’s, and the like.

It just might be a matter of disposable income at this point from people who worked very hard to get that disposable income and now are using it to get some well earned instruments.

That, or folks are just maxing out their credit cards…

rcc56 - Posted - 08/25/2024:  19:48:41

It was more fun when an old Vega, Bacon, or Cole could be bought for under $1000, and a nice old Gibson archtop for $1500. And yes, Virginia, I bought my nice old Fairbanks-made Bacon Professional for $850. From a retail shop. That was a little less than 3 weeks pay for me back then.

Everything started getting expensive starting with the beginning of the 21st century.

KCJones - Posted - 08/26/2024:  19:14:48

I read an article recently about how since about 2009, there's been a large stratification of the economy. A lot of people recovered, and actually recovered even better than before. But a lot of people did not. And now 15 years later, there a few different "economies" at this point and they don't really cross lines.

Maybe that's where the confusion comes from. If something seems really expensive for what it is, maybe you're not the target market. 5-figure banjos from the 80s-90s. Same situation as the Tony Trishka prewar.

Some people think spending $300 on a wool sweater is absolute insanity. For other people, it's the minimum price for a quality product.

Market values are seldom objective.

banjoez - Posted - 08/27/2024:  10:35:01

When someone wants something bad enough money becomes almost secondary. They will find a way (i.e. purchasing a collectible old PW). The bigger question is what is actually motivating them. Is it hype? Peer pressure? Nostalgia? Perception? Investment? You only go around once so "what the hell"? The experience of owning something rare and desirable? Can be a combination of things.

I personally don't think any banjo is worth more than a couple grand. I seem to sound pretty much the same on a decent $2500 banjo as I do on a $50,000 banjo so the high price of admission in some circles has never impressed me. This may sound counterintuitive but the better player you become the less you need. Think about it. 

Edited by - banjoez on 08/27/2024 10:50:43

Brian Murphy - Posted - 08/27/2024:  12:34:20

quote:

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Originally posted by banjoez

When someone wants something bad enough money becomes almost secondary. They will find a way (i.e. purchasing a collectible old PW). The bigger question is what is actually motivating them. Is it hype? Peer pressure? Nostalgia? Perception? Investment? You only go around once so "what the hell"? The experience of owning something rare and desirable? Can be a combination of things.

I personally don't think any banjo is worth more than a couple grand. I seem to sound pretty much the same on a decent $2500 banjo as I do on a $50,000 banjo so the high price of admission in some circles has never impressed me. This may sound counterintuitive but the better player you become the less you need. Think about it. 

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This is dead on.  I wish I truly understood the motives in the first paragraph.  I might be retired by now.  My most expensive banjo cost about $2,700.  Spending five times that amount will not make a palpable difference if I am the player.

gcpicken - Posted - 08/27/2024:  21:08:00

Someone mentioned motivation… I have a nice 1927 Granada archtop, conv. It does not make me any less lousy but even with my poor skills it screams. That said, I have a 2018 Huber Granada that is very close to that sound. The 1927 is all original, except for the 50 plus yo conversion neck. Part of the fascination it holds for me is that it has the original truss cover with the name of the man for whom it was made.

banjoez - Posted - 08/28/2024:  08:43:30

As far as disposable income goes, I don't think the economy is anywhere near as bad as "some" would have you believe. Seems like every other vehicle on the road is either a $50k+ pickup truck or giant SUV with either a soccer mom or a wannabe cowboy driving while complaining about the price of gas and chicken. Hmmmm. Interpret that any way you want. ( I drive a Honda Fit ) 

Edited by - banjoez on 08/28/2024 08:48:46

gcpicken - Posted - 08/28/2024:  08:53:38

quote:

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Originally posted by gcpicken

Someone mentioned motivation… I have a nice 1927 Granada archtop, conv. It does not make me any less lousy but even with my poor skills it screams. That said, I have a 2018 Huber Granada that is very close to that sound. The 1927 is all original, except for the 50 plus yo conversion neck. Part of the fascination it holds for me is that it has the original truss cover with the name of the man for whom it was made.

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Let me amend - The strings and bridge are not original. But even the tailpiece is from the 4-string. I'm glad I took a picture of how they put 5 strings through the 4-string tailpiece before my first string change.

gcpicken - Posted - 08/28/2024:  08:55:39

quote:

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Originally posted by banjoez

As far as disposable income goes, I don't think the economy is anywhere near as bad as "some" would have you believe. Seems like every other vehicle on the road is either a $50k+ pickup truck or giant SUV with either a soccer mom or a wannabe cowboy driving while complaining about the price of gas and chicken. Hmmmm. Interpret that any way you want. ( I drive a Honda Fit ) 

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Just a note - Jim Mills did a Certificate of Authenticity for it an commented that the banjo sold for $200 in 1927, and a new Ford automobile cost $385. 

steve davis - Posted - 08/28/2024:  09:12:12

I bought 2 Gold Star banjos from Heritage Auctions in 2010 and doubled my money selling them here.
Paid $500 and $600 and sold them for 1050 and 1200.

BG Banjo - Posted - 08/28/2024:  09:36:56

quote:

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Originally posted by lightgauge

Yes, you can make 10's of dollars playing banjo, and an occasional free hotdog!

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That's the truth. I'm in a country/bluegrass band. Whenever the band leader books us he always ends his email with, "and they said they'll feed us too." Like that's the clincher.

Edited by - BG Banjo on 08/28/2024 09:37:28

NotABanjoYoda - Posted - 08/28/2024:  10:52:28

"Seems like every other vehicle on the road is either a $50k+ pickup truck "

I wondered this too. I live in a old mining town where many cant buy cars or trucks at any price but I do see those nice lifted trucks. I own one of them. My 2019 F150 coyote V8 4x4 cost me 26900 brand new as part of a fleet purchase. I have an older 2012 F150 that looks more expensive that cost 4500. I put another 2500 into it.

So I started asking people in my town and my dirt bike buddies what they paid. All of the shiny, lifted SUVs and Trucks in this town survey were purchased used for 12k to 22k and with a payment plan.

Two of my riding buddies paid mid 20s for used Raptors which they bought off of widows. ie Low mileage look brand new.

I was the only one, so far, who bought a new truck. Devils in the details.

I the economy is worse than some think. My roof bid rejects are up 30% from 2022 and my fixed costs are up 38%. But people cant even do 2022 prices.

steve davis - Posted - 08/28/2024:  17:30:41

I usually get $100 for playing the banjo.That's enough with my car that gets over 40mpg and I never have a bar tab.

Edited by - steve davis on 08/28/2024 17:31:52

Jerry Hatrick - Posted - 08/30/2024:  01:05:48

I make shedloads of money busking with my banjo. Most passersby pay me pretty handsomely not to play any more.

gcpicken - Posted - 08/30/2024:  02:42:49

quote:

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Originally posted by steve davis

I bought 2 Gold Star banjos from Heritage Auctions in 2010 and doubled my money selling them here.

Paid $500 and $600 and sold them for 1050 and 1200.

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If you had invested that profit in Apple, it would be worth $34,309 today. Seriously - I ran the numbers. 

steve davis - Posted - 08/30/2024:  06:50:09

My favorite Apple is Macintosh.

szbassoon - Posted - 08/30/2024:  16:41:45

I'm a music teacher and my $20,000 bassoon and four saxophones take a lot of care and upkeep. If somebody in banjoland wants to judge me for only owning one decent banjo, then I guess that's going to be their problem.

Brian Murphy - Posted - 08/30/2024:  16:50:35

quote:

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Originally posted by szbassoon

I'm a music teacher and my $20,000 bassoon and four saxophones take a lot of care and upkeep. If somebody in banjoland wants to judge me for only owning one decent banjo, then I guess that's going to be their problem.

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I would never.  We will, however, judge you for playing a bassoon :-).