There have been a number of pre-war flat heads where pricing has at least plateaued and in some cases have had significant price reductions.

If one believes the reign of the pre-war flathead is fading, it would suggest you should wait for prices to fall further before buying IMHO.

On the other hand if the price of a particular banjo falls to a level where you think "Hey! Now I can actually afford one!", then you probably should buy it before someone else reaches the same conclusion you have reached.

Recently a Lloyd Loar Gibson mandolin showed up at one of the famous on line dealers, and it had a price higher than has been seen in a few years, I think $165,000. Apparently that dealer is testing the market to see if the multi-year halving of Loar prices is over, and is trying to see if prices can go back up. Only time will tell. There have been plenty of "today's best alternatives" to Loars in the market both new and used. Gilchrist, Nugget, Monteleone, Duff, etc all priced in the $20,000-$30,000 range. Plus pre-war Gibson F5s that are not Loars, from the 20s, 30s and 40s, priced from $30,000 to $80,000. Banjos being somewhat more popular than mandolins (I hope) perhaps the banjo market is in the same spot. Declining interest for "collector pieces", and plenty of excellent quality alternatives at much more attractive prices.

The market where this is NOT happening is top quality vintage flat top Martin and Gibson guitars. Prices continue to climb there.

I have also noticed some "Dutch auction" type pricing, much like what some realtors do. Instead of trying to catch a falling knife, take it as an opportunity to make a serious offer and not risk getting sniped by someone else.

That has been my approach in buying used (although I've never had a Mastertone of any era). I don't let a high price deter me. If I am only willing to pay X, I let the seller know what I will do and why (e.g., I provide comps). Sometimes they say no and come back later to inquire whether the offer is still good. I've had others admit they were pulling a number out of the air and appreciated some real info on value. But typically a seller should give you first shot at your price privately before publicly lowering the price (so that they don't get dragged down further).

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Originally posted by BanjoMikeR

I see the prewar banjos on Huber’s site have been reduced. Are others lowering their asking prices also?

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Who knows with banjos, as prices have always gone up and down depending on the economy and other factors.  The overall trend however has been on an upward trajectory for a good many years, with dips here and there.  As Dick said, earlier, it seems that guitars, specifically Martin, has been about the only ones that have continued to climb in a more steady manner.  I sold an all original 1930 OM-18 during the Covid years and although I don't regret it, I wish I had not sold it.

With guitars and mandolins it is much easier to verify that the instrument is what it is being sold as ..... not always true with banjos.  Of course there have been fradulent mandolins and guitars on the market, but usually at some point they are discovered.  With banjos, phantom pre-war flathead tone rings show up with a regularity that I have always questioned.  It is not that I do not trust the experts, and certainly Steve Huber is one and trustworthy, it is ME that I don't trust, so unless I can verify what it is, then I am not going to buy it.  I own a prewar flathead and I know it is correct as the tone ring has always been with the instrument.

I think the bottom line is that the best of the best are pretty much always going to keep thier value or increase.  The middle and bottom not quite as sure.

They'll be even cheaper next year.