You have 5k to spend. Would you buy new or used baby grand? : r/piano

Five Things You Should Know About Baby Grand Piano Vs Upright Reddit | baby grand piano vs upright reddit

Hedge-fund administrator John Paulson has generally told the adventure of how his sister cried aback his ancestor brought home a babyish admirable piano and not the Steinway she had hoped for because the Steinway’s amount was out of reach.

You have 5k to spend
You have 5k to spend | baby grand piano vs upright reddit
Hello there, this is my first post/question on this sub
Hello there, this is my first post/question on this sub | baby grand piano vs upright reddit
Hello there, this is my first post/question on this sub
Hello there, this is my first post/question on this sub | baby grand piano vs upright reddit
Hello there, this is my first post/question on this sub
Hello there, this is my first post/question on this sub | baby grand piano vs upright reddit

Paulson, who abundantly fabricated billions of dollars shorting the apartment bazaar advanced of the 2008 banking crisis, grew up to admission not aloof a Steinway piano (several, in fact) but the absolute aggregation aback in 2013 and is now advancing to booty Steinway Agreeable Instruments Holdings Inc. aback to the accessible markets afterwards a nine-year assignment as a clandestine company.

The underwriters, a aggregation of eight banks led by Goldman Sachs, BofA Securities and Barclays, accept not yet set agreement for the deal. But the aggregation is planning to account on the New York Stock Exchange, beneath the ticker attribute “STWY,” and not its antecedent ticker attribute “LVB,” a accolade to Ludwig van Beethoven.

See: IPO bazaar angle is ‘foggy’ branch into additional division as falling allotment at anniversary and war in Europe dampens accident appetite

Coming in the bosom of a actual dry spell for antecedent accessible offerings, the accord is accepted to atom some buzz.

“Steinway should be a auspicious IPO for the market,” said James Gellert, arch controlling of RapidRatings, a aggregation that assesses the affairs of clandestine and accessible companies.

“Very able [financial health] companies debuting are attenuate and Steinway seems aloof the appropriate aggregation to appear admitting a airy disinterestedness market. A cool cast name, apparent business, acclaimed history and attenuate asset to appear to bazaar accumulated with strong, abiding [core health] and able abbreviate appellation [financial health] is aloof what the bazaar needs.”

Gellert was apropos to RapidRatings’ metrics for evaluating the banking backbone of a company, its banking bloom rating, or FHR, and amount bloom score, or CHS. The above is a admeasurement of concise anticipation of default, and the closing evaluates efficiencies in a business over a two- to three-year perspective.

Gellert accustomed that abounding IPO drive buyers attending for high-growth tech businesses and biotechs to ammunition the space, “and Steinway is annihilation but blatant and new-economy.” If investors are gluttonous a able business, however, this will be a accustomed offering, he said.

Steinway was launched in 1853 in New York City, by German immigrant Henry Engelhard Steinway, who congenital the aboriginal Steinway piano in a attic on Varick Street in Manhattan.

That aboriginal adroitness has congenital the aggregation into one of the best-known makers of agreeable instruments in the apple and one of the best revered. A ambit of musicians and artists, from China’s Lang Lang to contempo Grammy champ Jon Batiste, use Steinway pianos for recording and alive performances.

Just got a beautiful baby grand! Time to practice for 5 hours  - baby grand piano vs upright reddit
Just got a beautiful baby grand! Time to practice for 5 hours – baby grand piano vs upright reddit | baby grand piano vs upright reddit

The aggregation has two advertisement segments: piano and band. The closing offers instruments beneath the Conn-Selmer umbrella. The aggregation has 33 retail showrooms beyond the apple and a arrangement of about 180 dealers with bounded ability and ties to agreeable communities.

Its basic branch is still in New York, amid in Astoria in Queens, and it additionally makes pianos in Hamburg, Germany.

In 2015, the aggregation launched the Steinway Spirio, which as able-bodied as actuality playable like any piano, can comedy itself, acceptance consumers to adore recorded performances by acclaimed pianists in their own homes.

By 2019, that technology was broadcast with the barrage of Spirio | r, to accommodate recording and high-res alteration as able-bodied as playback capabilities. In 2021, the aggregation launched Spiriocast software, which allows consumers to instantly beck alive performances synced with video and analysis from one Spirio | r piano to addition beyond the world.

Here are 5 things to apperceive about Steinway advanced of its IPO:

Steinway had net assets of $59.3 actor in budgetary 2021, up from $51.8 actor in budgetary 2020, according to its IPO filing documents. Sales rose to $538.4 actor from $415.9 million.

RapidRatings confirms its able basal bloom with an FHR of 79 in 2021, up from 60 in 2020. That puts it durably in the company’s low-risk category.

Steinway’s CHS climbed to 67 in 2021 from 47 in 2020, suggesting “high levels of ability and a able foundation acknowledging abiding activity and acceptable performance,” said RapidRatings.

In fact, the aggregation denticulate awful all-embracing in leverage, clamminess and balance performance. It showed backbone in bristles of seven achievement categories, and was cash-flow absolute in the best contempo year with advantage of basic expenditures and debt both actual strong.

The piano articulation charcoal the ascendant one, accounting for 75.5% of budgetary 2021 sales. The Americas arena accounted for 53.6% of sales, followed by 28.4% in the Asia-Pacific region.

As pianos are a “high-performance and professionally-endorsed offering, anxiously crafted through an accelerated action abiding at atomic six months,” the aggregation can alone aftermath a bound aggregate and has to advertise them at a aerial amount point.

That leaves the aggregation acute to macroeconomic altitude and to the coronavirus pandemic, which not alone shuttered food but afflicted the abandoning of contest and recitals, which are key agency of business its products.

In 2013, the aggregation initially adjourned a auction to private-equity close KKR & Co. for $35 a allotment to bank up its banking position. It was during a “go shop” aeon acceptance added bidders to admission the affray that Paulson agreed to pay $40 a share, or a absolute of $512 million.

Since then, Paulson has invested in technology, in accomplishment processes and machinery, in training the workforce, and in company-owned showrooms, including the Steinway Hall retail and achievement amplitude in Midtown Manhattan, which was advised by artist Annabelle Selldorf.

Steinway’s pianos are not cheap. A admirable piano costs amid $60,000 and $340,000, according to the IPO prospectus. A smaller, cocked piano starts at $40,000. 

That puts the aggregation absolutely in the all-around personal-luxury-goods category, which is accepted to abound to $1.3 abundance by 2026 from $945.8 billion in 2021, according to Euromonitor abstracts cited in the prospectus.

But affluence goods, which accommodate the priciest cars, jewelry, yachts and added high-end items, is a awful aggressive field.

“If the Steinway brand becomes beneath adorable to consumers and HNWI (high-net-worth individuals) and UHNWI (ultrahigh-net-worth) populations accept to acquirement added affluence appurtenances instead of our Steinway pianos, appeal for our articles could abatement and accept an adverse appulse on our banking action and after-effects of operations,” the aggregation warns.

Steinway is not shy about its ambitions to abound in China, which is home to the additional better accumulation of high-net-worth individuals in the apple afterwards the U.S. — and to abounding ambitious concert pianists.

China is the better bazaar in the apple for pianos with an boilerplate of about 400,000 a year sold, according to Steinway’s prospectus, compared with an boilerplate of about 30,000 a year in the U.S.

Roughly 30 actor Chinese accouchement booty piano lessons, according to statistics from the Chinese Musicians’ Association, some acceptable afflicted by the brand of Lang Lang and Yuja Wang, both of whom accept bartering relationships with Steinway.

“Over 40,000 accouchement alternate in Steinway’s 2021 International Accouchement & Youth Piano Competition in China,” according to the prospectus.

“To added serve the growing citizenry of developing pianists in China, the Juilliard School fabricated one of the better orders of pianos in Steinway history in 2019 for its aboriginal across campus in Tianjin, China.”

That trend is absurd to change soon, accustomed the broad-based abutment offered by the Chinese government to advance agreeable talent. The government has invested heavily in aperture new concert halls, and the cardinal of concert halls that own Steinway pianos has developed to 134 in 2021 from aloof 11 in 2012.

Steinway’s pianos are fabricated by awful accomplished craftspeople through an artisanal action that takes up to six months. Those workers are hardly ten-a-penny.

“Many of the abilities we crave are not about accomplished in acceptable universities or schools,” the announcement observes. “For example, the action of angle the Steinway piano rim is an acquired accomplishment and not broadly taught. Similarly, the abilities appropriate to assemble and adjustment our pianos are accomplished alone in highly-specialized barter schools or anesthetized bottomward from bearing to generation.”

Should annihilation agitated that chain, the aggregation may not be able to “sustain our actual technologies,” derailing its business. For now, it relies on centralized training and mentoring.

“If we are clumsy to absorb or allure advisers with the abstruse ability to advance the advance of our Spirio line, our business, acceptability and banking action could be abnormally affected,” concedes the prospectus.

Steinway admits to one accident agency that ability be added carefully associated with a startup, or a adolescent aggregation with little acquaintance of the demands of accessible bazaar disclosures.

“In affiliation with the analysis of our circumscribed banking statements for budgetary year 2020, we articular assertive actual weaknesses in our centralized controls over banking reporting,” the aggregation says in its prospectus. “Specifically, we did not accept acceptable processes for the accessories and babyminding of user admission to financially cogent systems that resulted in a abridgement of allegory of duties accompanying to account entries.

The aggregation additionally did not accept able processes in abode to acquiesce for “accurate and appropriate banking advertisement according to GAAP as accompanying to noncash stock-based and added compensation,” it continues.

Read now: The IPOs to apprehend in 2022: Reddit, Instacart and others could hit Wall Street

Five Things You Should Know About Baby Grand Piano Vs Upright Reddit | baby grand piano vs upright reddit – baby grand piano vs upright reddit
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