Investing in Music

HISTORICAL BACKGROUND
Is there any creative field where one can unequivocally state the name of its greatest proponent
without sparking a discussion or argument? Unlike painting, sculpting, writing or music composition
the violin making world has two names that surpass all others.
The very greatest violins ever made all came from one small city in northern Italy, Cremona; all were
made between 1685 and 1745 by the members of two families, Guarneri and Stradivari. Their work
stands alone, far above that of their predecessors and indeed any maker since.
Stradivari did not make his instruments for the average musician. His commissions came primarily
from the nobility throughout Europe. When we consider that the most important violinists at that
time, the Baroque era, were Corelli (1653-1713), Vivaldi (1678-1741) and Tartini (1692-1770) it is
staggering to imagine these makers constant striving to produce ever greater violins. Their beauty
notwithstanding, it would be many generations before the richness, complexity and shear strength of
sound would be fully appreciated.
It was not until the Romantic era, almost three quarters of a century later, that the unquestionable
superiority of these instruments to players and listeners was universally acknowledged. Their ability
to deliver demanding solo violin music with clarity and great presence in the new concert halls rather
than salons made them essential companions to soloists. Niccolo Paganini (1782-1840) was the
most celebrated virtuoso of his day. His performances, especially of his own compositions, were
legendary and sensationalized by stories of his gambling and extravagant lifestyle. His fame ignited
Europe. The violin that accompanied him throughout his life was made by Guarneri del Gesu in
1743. It had been given to Paganini when he was 15 years old and left to the city of Genoa on his
death. His violin, known as the Paganini - Canon, is housed today in the Palazzo Doria Tursi in
Genoa and is rarely heard in concert.

Niccolo Paganini (1782-1840)

PATRONAGE
Paganini was not the first soloist to be sponsored or to receive patronage, but the impact of his
performances and those of virtuosos who followed inspired the purchase of many great instruments.
Instruments have been loaned to top players and occasionally, as in the cases of Yehudi Menuhin,
Jacqueline Du Pre and others, even given to them. Like the Paganini-Canon, top instruments are
now known by the names of their famous players and owners, including those of various Kings,
Princes, Barons, Lords, Dukes, Counts and Earls.
When we consider names such as Medici, Napoleon, Rothschild, Wanamaker, Henry Ford and even
Louis Vuitton, the idea that these families bought instruments solely as investments is quite
unreasonable.

The patronage of artists has always appealed to Society. A

painter or sculptor might produce an inspiring work that would
impress the patrons friends and colleagues. Likewise, music
can entrance and seduce huge audiences, keeping them spellbound with very personal experiences. A solo violin, being so
close to the human voice, can touch the listener on every
emotional level. It is this individual intensity and impact that
makes the sponsorship and patronage of violinists such a
unique endeavor.
VALUE AND APPRECIATION
There are approximately 600 violins by Stradivari and 140 by
Guarneri del Gesu still in existence. Of these almost a third are
in collections or museums and no longer heard in the concert
hall. Many have not survived the ravages of time. Wars,
natural disasters and accidents have prompted foundations and
museums to collect and preserve the better examples. With
fewer instruments available to the ever increasing number of
talented string players, prices have escalated dramatically.
Fine examples of violins by Stradivari and Guarneri del Gesu
range in price from $3,000,000 to $15,000,000. As their values
have escalated, so have those of the second and third tier
makers.
Musicians salaries are no longer in line with
instrument prices, so a young professional cannot even dream
of purchasing one without assistance.
As a new member of the Cleveland Orchestra in the early
1960s, Philipp Naegele was told by George Szell that he
needed a better violin. He was newly married, starting a family
and had a mortgage. It was a huge struggle for him to buy the
Guadagnini violin that was offered to him it took him 5 years
to pay for this violin. Rare Violins of New York recently sold this violin for over $750,000 to a
Foundation that is loaning it to a concert artist. The thought of an orchestral musician today being
able to purchase such an instrument on only his salary is inconceivable.
SPONSORSHIP
Reasons for sponsoring a musician with the purchase of an instrument can vary. Whether it is for the
glamor and satisfaction of helping an individual or simply a means to attract publicity, the motive is
usually personal.
Sponsoring an individual soloist or concertmaster can be the most gratifying. In 1989 the gentleman
who was persuaded to purchase the Stradivari for Gil Shaham, instead of another piece of artwork,
was told that it would be a great financial investment. Within the year Gils career sky-rocketed and
he was playing to packed halls all around the world. For those who knew this gentleman and saw
him at many of those concerts, it was evident that this investment brought him unexpected pleasure
and an experience of unimaginable magnitude.
In 1998 a young couple came to New York looking to
buy a Stradivari violin for the concertmaster of the
Nashville Symphony. The orchestra was celebrating its
50th anniversary and had an upcoming East Coast tour
that included a concert at Carnegie Hall. The couple,
who knew nothing about violins, had one objective,
namely to create publicity for the orchestra and cultivate
support for classical music in the city of Nashville.
Indeed, their acquisition prompted the purchase of other
great instruments for the orchestra and eventually the
building of its new concert hall.
Many orchestras in the US own instrument collections or have the use of great instruments. The
Chicago Symphony owns 2 Stradivari violins in their collection, the Los Angeles Philharmonic has 1
Stradivari violin and 1 Stradivari cello, and the New York Philharmonic owns 1 Stradivari violin and a
Guarneri among their 15 or so instruments. In 2003 the New Jersey Symphony acquired a collection
of 30 instruments in the hope that the enhanced prestige and media attention would build greater
support in the community and attract new benefactors. However, the timing was wrong and four
years later, faced with financial issues, the orchestra was forced to place the instruments for sale.
The collection was purchased by two investment bankers who agreed to allow the orchestra to
continue using the instruments for a minimum of five years.
The most active orchestra purchasing instruments in the last few years is the Mariinsky Theatre

Orchestra. The conductor and director, Valery Gergiev

recognized the urgent need to develop the sound of the
orchestra and inspire its players. The initial proposal to
one of the Theatres wealthy sponsors was simple.
Rather than financing a single ballet or opera
production for which there would be the fleeting acclaim
of one evening, he should purchase a great instrument
and establish a permanent endowment. It was a huge
success for the orchestra, and inspired a flood of ongoing purchases that have amounted to many tens of
millions of dollars. As the worlds greatest instruments
continue to leave the US at an alarming rate, the need
to educate and cultivate new sponsors and collectors
within the US has become critical. The alternative is to
face a future that is musically and culturally deprived.
In November 2010 the Dallas Symphony Orchestra
launched the Great Orchestra Campaign to raise $50
million to enhance the artistic growth of the DSO and to
help solidify financial stability. Spearheaded by their
Music Director Jaap van Zweden who personally
pledged a substantial amount, the orchestra was well
on the way to achieving their goal within the first month
of the campaign announcement. The publicized artistic
enhancements included the hiring of new musicians
and funding for national and international tours. What
has not been publicized is that one of the first objectives
of van Zweden was to acquire high quality instruments.
As a string player himself he is acutely aware of the
huge impact great instruments make on the orchestra,
and his enthusiasm with local patrons has inspired
several purchases for the Dallas Symphony
Foundation.
The Dallas patrons who purchase an instrument
experience the ideal sponsorship.
Supporting an
individual who performs in the orchestra and gives solo
and chamber concerts is an immense inspiration not
only for the sponsor and musician, but to fellow
musicians and the community as a whole. Should
circumstances change and the instrument needed to be
sold, the patron would find that the musical investment was financially beneficial as well.

G.B. Guadagnini, Milan c1750

INVESTMENT
There have been several independent studies on the increasing values of fine stringed instruments
and all show with great enthusiasm what impressive financial vehicles these investments can be.
This may be true but there is an equally good reason to purchase
Bruno Price
RARE VIOLINS of NEW YORK